Three Arab nations—Egypt, Algeria, and Morocco—have been identified as among the largest economies in Africa for the year 2024, according to the International Monetary Fund (IMF).
Egypt ranks third with an expected Gross Domestic Product (GDP) of $358 billion for the current year.
Algeria follows closely, positioned fourth with an anticipated GDP of approximately $239 billion.
Morocco is listed sixth, with a forecasted GDP of $157 billion for 2024.
South Africa leads the continent as the largest African economy, with a projected GDP of $401 billion in 2024.
These figures highlight the significant economic contributions and growth trajectories of these nations within the African continent.
Last week, the European Union (EU) announced its commitment to provide Egypt with a financial aid package worth €1 billion ($1.07 billion) aimed at short-term support to stabilize the country’s economy.
The Arab Republic also secured an agreement with the IMF for an extended loan program worth $8 billion.
Additionally, a deal was struck with the EU on a multi-billion-dollar aid package designed to foster cooperation and mitigate migration issues.
The Arab Republic received approval from the IMF’s Executive Board for an increase in its extended financial support program to eight billion dollars. This allows for an immediate withdrawal of about $820 million.
The fund agreed to expand the scope of the agreement after Egypt’s struggling economy was further impacted by the war in Gaza, which slowed tourism growth and prompted Houthi attacks in the Red Sea.
This led to a halving of the Suez Canal revenues, a major source of foreign currency for Egypt alongside tourism and shipping.
