In the African economic landscape of 2024, Egypt, Algeria, and Morocco stand out as key players, ranking among the continent’s top economies according to IMF data.
Egypt takes the third spot with an anticipated GDP of $358 billion, closely followed by Algeria in fourth place with an expected GDP of $239 billion. Morocco secures the sixth position with its GDP projected to reach $157 billion this year.
South Africa maintains its lead in the rankings with an expected GDP of $401 billion for 2024.
Egypt recently signed a significant agreement with the IMF to boost its financing from three to eight billion dollars, underlining the government’s commitment to economic growth. This agreement follows a series of strategic moves, including currency devaluation and interest rate hikes, to meet the IMF’s extended financing facility requirements.
Moreover, Egypt unveiled a groundbreaking investment partnership with the United Arab Emirates for the development of Ras al-Hikma. The ambitious project encompasses the construction of hotels, entertainment venues, tourist resorts, a financial and commercial district, and an international airport within a city spanning over 170 million square meters.
With investments estimated at a minimum of $150 billion, the Ras al-Hikma urban development project is poised to create numerous job opportunities and attract around eight million tourists, fostering growth in the region. Additionally, the Egyptian government has assured the residents of Ras al-Hikma that their compensation and well-being are top priorities in this transformative project.
For more details on the economic developments in Egypt and other African countries, please visit the following relevant articles:
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For further insights and in-depth coverage, explore the provided article links.