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Ghana and Nigeria among world’s fastest growing economies in 2012/2013

The west African nations of Ghana and Nigeria are expected to be among the world’s fastest growing economies in 2012, according to an emailed research note by Charles Robertson, global chief economist at Renaissance Capital.

Robertson’s data comprises consensus forecasts and the latest estimates of gross domestic product (GDP) growth figures.

In 2011, Ghana was the fastest growing economy from a total of 43 markets included in Renaissance’s graphs. This growth was largely off the back of Ghana’s new oil industry. Nigeria had the 6th highest GDP growth, ahead of India.

In 2012, Ghana is again expected to show the strongest GDP growth, with Nigeria in 4th position.

However, next year Ghana’s growth will slow down, while Nigeria is likely to remain in 4th position. “Finally Ghana shifts out of overdrive and gives Asia a chance to shine a little – though personally I doubt China will be growing at 9% in 2013. Around 7% to 8% looks more realistic, if only due to base effects,” notes Robertson.

In 2013, South Africa, the continent’s largest economy, is likely to grow faster than Australia. “It might be a good time for the South Africans who emigrated to Australia to sell up their inflated property prices, sell the overvalued AUD and move back to South Africa,” says Robertson.

“A lot of the emerging Europe, Middle East and Africa economies we cover are doing an awful lot better than most give them credit for. Helped by Nigeria, Kazakhstan and Ghana, they take two to three places in the top 5 in 2011-13. South Africa consistently beats developed market commodity exporters,” says Robertson.

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  • WhyDoWantMyNAme

    In like 20 years Africa is really going to become rich. Especially West Africa

  • Nasuruddin.R

    amazing research !! its a useful message to the readers and i hope the economy of INDIA will rise double than Nigeria’s….

  • Jibanananda

    this is amazing that before 2008-09 the economy of Nigeria was not in a god it would be or may be the impact of Globalisation.
    so go Nigeria go ……………..
    best of luck

  • John

    When you add in that Ghana’s neighbour and the number three economy in the region, Ivory Coast, is expecting at least 8% growth this year (2012), the West African region is looking in good shape.

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