Mubasher: The Sub-Saharan economies are expected to boom in the next years, with the regional GDP is projected to reach $2.4 trillion by 2023, an analysis from the Dubai Chamber of Commerce and Industry showed, according to the Emirates News Agency (WAM).
The combined economic growth of the Sub-Saharan region is expected to increase to 8.4% in the next five years.
The drivers of the region’s growth include commodity prices, infrastructure investments, increased consumer spending power, a fast-growing population, urban expansion, and improved business confidence.
Nigeria and South Africa are the two biggest economies in terms of growth rate in Sub-Saharan Africa. Both economies accounted for 47% of the regional GDP in 2018.
“[The regions] fastest-growing economies provide attractive business opportunities for international investors due to their stable market conditions, as well as other key trends such as an improved business climate, strong government commitment towards local investments and rising foreign direct investment,” Dubai Chamber’s analysis said.