Mauritius takes the top spot in Africa, boasting 3.8% GDP growth and $10,500 GDP per capita.
South Africa secures the second spot with 1.3% GDP growth, $6,200 GDP per capita, and a population of 55.4 million.
Morocco shines in third place with 4.1% GDP growth, $3,000 GDP per capita, and a sizeable population of 34.3 million.
When it comes to economic vitality and opportunities for entrepreneurs, Africa offers a diverse landscape of business potential. Forbes has recently released its rankings for the Best African Countries for Business, providing insights into the most promising nations for investment, growth, and innovation. Let’s delve into the list and explore the standout performers:
Mauritius takes the top spot in Africa and secures an impressive 39th place globally. The nation showcases a GDP growth rate of 3.8% and boasts a remarkable GDP per capita of $10,500, signifying a thriving business environment. Despite a trade balance/GDP ratio of -6.6%, Mauritius shines with a population of 1.4 million, indicating a concentrated market with opportunities for targeted growth.
2. South Africa
South Africa holds the 59th position globally, sustaining a GDP growth rate of 1.3%. Its GDP per capita stands at $6,200, offering a moderate environment for business ventures. The nation faces a trade balance/GDP ratio of -2.5% and holds a substantial population of 55.4 million, potentially providing access to a diverse customer base.
Ranking 62nd globally, Morocco exhibits a robust GDP growth rate of 4.1%, contributing to its economic vibrancy. With a GDP per capita of $3,000, the nation offers a cost-effective backdrop for business operations. While the trade balance/GDP ratio is -3.6%, Morocco’s population of 34.3 million presents a sizable market for various industries.
At number 66 globally, Seychelles boasts an impressive GDP growth rate of 5.3%, indicating a flourishing economy. Its high GDP per capita of $15,500 suggests a financially capable consumer base. However, the nation faces a notable challenge with a trade balance/GDP ratio of -20.5%, offset by its small population of 0.1 million.
Tunisia claims the 82nd spot globally, demonstrating a steady GDP growth rate of 2%. With a GDP per capita of $3,500, the nation offers a cost-efficient environment for business endeavours. Despite a trade balance/GDP ratio of -10.5%, Tunisia’s population of 11.5 million presents opportunities for targeted market penetration.
Seizing the 83rd position globally, Botswana showcases a solid GDP growth rate of 2.4%. Its substantial GDP per capita of $7,600 signifies a financially stable population. Notably, the nation excels with a trade balance/GDP ratio of 12.3%, suggesting a favourable environment for trade. With a population of 2.2 million, Botswana offers a niche market for select industries.
Rwanda ranks 90th globally on the list, boasting an impressive GDP growth rate of 6.1%. While its GDP per capita is relatively low at $700, the nation is still marked by a dynamic business landscape. Despite a trade balance/GDP ratio of -6.8%, Rwanda’s population of 12.2 million presents opportunities for market expansion and diversification.
Securing the 93rd spot globally, Kenya showcases a notable GDP growth rate of 4.9%. With a GDP per capita of $1,500, the nation offers an affordable backdrop for business ventures. Despite a trade balance/GDP ratio of -6.3%, Kenya’s vast population of 48.4 million offers a substantial consumer base for various industries.
Ghana claims the 94th position globally, standing out with a remarkable GDP growth rate of 8.4%. Its GDP per capita of $1,600 signifies a growing middle class and increased consumer spending. Despite a trade balance/GDP ratio of -4.5%, Ghana’s population of 28.1 million provides ample opportunities for market engagement and expansion.
Completing the top 10 list, Egypt secures the 95th position globally with a solid GDP growth rate of 4.2%. Its GDP per capita of $2,400 reflects a growing middle-class population and increasing consumer potential. Despite a trade balance/GDP ratio of -6.3%, Egypt stands out with a substantial population of 99.4 million, representing a vast and diverse market for various industries.