The IMF in its World Economic Outlook for October released last week, said that South Africa’s gross domestic product will reach $401bn based on current prices in 2024, compared to Nigeria’s $395bn and Egypt’s $358bn.
According to the Fund, South Africa is expected to fall back behind Nigeria shortly after and eventually slide to the third position behind Egypt by 2026.
The report which was obtained by The PUNCH reads in part, “In sub-Saharan Africa, growth is projected to decline to 3.3 per cent in 2023 before picking up to 4.0 per cent in 2024, with 0.2 percentage point and 0.1 percentage point downward revisions for 2023 and 2024, respectively, and with growth remaining below the historical average of 4.8 per cent.
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