South Africa set to topple Nigeria to become Africa's biggest economy again
South Africa is set to briefly overtake Nigeria and Egypt as the continent’s largest economy next year, International Monetary Fund forecasts show.
Bola Tinubu has announced significant policy changes aimed at getting the state’s finances back on track since he became president of the West African nation at the end of May, including revamping the foreign-exchange system, scrapping costly gasoline subsidies and taking steps to address dollar shortages and boost tax revenue.
"We believe the IMF’s projections reflects where it believes meaningful reforms will take place. South Africa’s transient emergence as Africa’s largest economy in 2024 is mainly due to the shrinking of Nigeria and Egypt’s GDP in dollar terms, following sharp currency devaluations," says Yvonne Mhango, Bloomberg's Africa economist."However, the long-term trajectory shows Nigeria and Egypt regaining their top spots, with the former taking a strong lead.
The delay has stalled IMF reviews that were initially scheduled for March and September. Successful appraisals could unlock about $700 million in postponed loan tranches, give Egypt access to a $1.3 billion resilience fund and potentially spur major Gulf investments.
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