Egypt among three Arab Countries on the list of largest economies in Africa in 2024: IMF

Egypt among three Arab Countries on the list of largest economies in Africa in 2024: IMF

Three Arab countries – Egypt, Algeria, and Morocco – are among the top ten largest economies in Africa in 2024, according to data from the International Monetary Fund (IMF).

Egypt ranked third with an expected GDP of US$358 billion this year, while Algeria came in fourth with an expected GDP of $239 billion.

The IMF expects Morocco’s GDP to reach $157 billion this year, placing it sixth among Africa’s largest economies.

South Africa remains the continent’s largest economy, with an expected GDP of $401 billion in 2024.

Prime Minister Mostafa Madbouly announced earlier in March that Egypt signed an agreement with the International Monetary Fund (IMF) to increase the value of the country’s funding from three billion to eight billion dollars.

An agreement was also settled with IMF experts regarding the first and second reviews under the IMF’s Extended Fund Facility (EFF), following efforts by the government that included a sharp devaluation of the currency and an increase in interest rates.

Largest deal of its kind

Egypt earlier in February announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”

Prime Minister Madbouly said that the project includes establishing hotels, entertainment projects, tourist resorts, a