From Low to Middle Income: 10 African Economic Successes

Since the early 2000s, 39 countries, including 10 in Africa, have transitioned from low-income to middle-income status, significantly reducing extreme poverty. However, progress has slowed due to challenges such as conflicts, climate shocks, debt crises, and weak development. According to a World Bank report, Sub-Saharan Africa remains a focal point, with 26 nations accounting for over 40% of global extreme poverty. Annual per capita growth in today’s low-income countries has averaged just 0.1% since 2010, reflecting stagnation. Despite these setbacks, several countries have made remarkable economic strides, achieving Gross National Income (GNI) per capita growth from as low as $330 to over $5,000. These countries include Equatorial Guinea, Côte d’Ivoire, São Tomé and Principe, Republic of the Congo, Ghana, Mauritania, Angola, Kenya, Nigeria, and Zimbabwe. Their advancements underscore the potential for African nations to break the poverty cycle through sustained economic development.

Source: BUSINESS INSIDER AFRICA