East Africa was Estimated to be the Strongest Economic Area in Africa

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According to the latest report from the Institute of Chartered Accountants in England and Wales (ICAEW), East Africa was regarded to be the region on the continent with the strongest economic growth, with a forecast of 6.3 percent growth in 2018.

According to the Economic Insight report released on Wednesday, Ethiopia remains the region’s powerhouse, with growth forecast at 8.1 percent, and recent reforms under new Prime Minister Abiy Ahmed.

According to the report, Kenya’s strong growth (forecast at 5.4 percent in 2018) results from a services boom.

The report further notes that in North Africa, very strong performances in Libya and Egypt help to drag overall GDP growth up.

In Libya, continued improvements in oil production after the civil conflict are expected to result in GDP growth of 16.5 percent this year.

In Egypt, structural and policy reforms have boosted manufacturing and investment while the tourism sector has continued to recover; GDP growth in 2018 is forecast at 5.3 percent.

These two performances will boost the region’s growth to 1.8 percent, even if the picture in Morocco, Algeria and Tunisia is less rosy, noted the accountancy body.

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