The report said the continent attracted healthy foreign investment in the period across sectors. Morocco’s automotive sector was the big draw card for foreign investors, with the sector attracting 14 projects in 2016, up from just four projects in 2014. The country’s economy was rebased last year giving more weight to these newer sectors meaning Nigeria overtook South Africa as the continent’s economic powerhouse. South Africa also outpaced Kenya to resume the role of being Africa’s largest intra-regional investor last year after Kenya’s outbound FDI projects sharply declined from 36 in 2015 to 14 last year. The calculation says the country's economy will more than double in that time frame. By providing your email, you agree to the Quartz Privacy Policy. The top economies in the world, the United States and China, will reach over $20 trillion in GDP by 2030. Nigeria’s economy will more than double in the next 15 years, according to projections from the United States Department of Agriculture. The report, titled EY’s Attractiveness Program Africa 2017, said the long-term outlook for Africa was far more positive as economies were in a fundamentally better place now than they were 15 to 20 years ago. Figure 3.3 shows the 2030 forecast of GDP shares (in US dollars) by country and region, based on this model. AFRICA is well on track to be a $3trillion (R39.63trln) economy by 2030 through economies of nineteen countries that are expected to grow more than 5percent in the process. Africa’s economic growth has stabilized at 3.4 percent in 2019 and is expected to pick up to 3.9 percent in 2020 and 4.1 percent in 2021 but to remain below historical highs. projections from the United States Department of Agriculture. Egypt's sweeping reform program aimed at addressing the budget deficit will be part of the reason the country's GDP grows to $471.5 billion by 2030, experts say. Asian countries are still maintaining GDP growth of 4-8% depending upon the country. “During 2016, capital investment into Africa rose 31.9percent. The bank sees developing economies like Indonesia, Turkey, Brazil, and Egypt all moving up the ladder – and by 2030, it estimates that seven of the world’s largest 10 economies by GDP (PPP) will be located in emerging markets. Enjoy! Egypt was the third largest beneficiary of foreign investment on the continent with 79 projects, followed by Nigeria with 51 projects and Kenya with 40 projects. Investment per project averaged $139million, against $92.5m in 2015. The most notable decline recorded by EY was with regards to the FDI jobs that plummeted by 81.4percent. The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. On the Foreign Direct Investment (FDI) front, the report found that South Africa retained its appeal as a launchpad for growth across the continent, with North African countries making inroads in attracting foreign investment. This is 1 to 5% faster annual growth than the rest of the world. By 2030 it is expected to climb up to 19th place just ahead of the Netherlands. Between now and 2030, Egypt’s economic status in the world will make a massive jump. Ethiopia is slated to be Africa's eighth largest economy in 2030 with a GDP of $122.3 billion. Egypt’s GDP will rise from $1.2 trillion to $8.2 trillion by 2030. The calculation says the country's economy will more than double in that time frame. Today, with an annual GDP of around $500 billion, Africa’s largest economy is 27th in the world. These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Structural evolution will continue, and as economic conditions improve globally, much of Africa will be well positioned to accelerate the growth momentum once again,” the report said. Projections say Libya's GDP will reach $128.2 billion in 2030, but the turmoil the country is currently experiencing following the fall of dictator Moammar Gadhafi may affect the calculations. Around 60% of Algeria's workforce is employed in the public sector, and this country is expected to be the fourth largest economy in Africa in 2030. The model did not examine most African nations (only South Africa, Egypt, Algeria, and other larger countries were included) or small island nations; however, it did cover more than 90 % of the world's overall GDP as of 2010 (Motohashi 2014). A total number of 139 FDI projects were implemented in the country, including Nestlé's launch of its instant coffee factory in KwaZulu-Natal after investing $87.4m in the plant’s expansion. Long-term forecasts and scenarios are also key to understanding some of the big economic issues that will shape global business in the coming decades. The title of Africa's second largest economy will still belong to South Africa in 15 years time according to experts who predict GDP will reach $810.6 billion -- nearly double current figures. By 2030 it is expected to climb up to 19th place just ahead of the Netherlands. But other industries such as the booming film and telecommunications sectors, as well as manufacturing, have picked up in recent years. The EIU has an established methodology for producing long-term economic forecasts for 82 economies. Morocco was Africa’s second largest recipient of FDI, with 81 projects. A latest report by professional services firm Ernst & Young (EY) has said that 17 countries would average growth of between 3and 4.9 percent during period. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. Click through to find out which countries will have the largest economies on the continent in 15 years time. In sixth place comes Morocco, with a projected GDP of $184 billion in 2030. © 2020 Quartz Media, Inc. All rights reserved. Experts predict GDP of $330.7 billion. The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. Chinese companies invested in 66 projects in the continent valued at $36.1bn, making it the biggest investor in Africa when it come to the value of the projects. These are some of our most ambitious editorial projects. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. Kenya's GDP will be $107.5 billion in 2030, according to the projections. In 2030, the world will have about 8.56 billion and Asia will have nearly 5 billion people. © 2020 Independent Online and affiliated companies. Kick off each morning with coffee and the Daily Brief (BYO coffee).