Niger ranked Africa's fastest growing economy in Africa despite coup & ECOWAS Sanctions - In July 2023, Niger witnessed a military coup that ousted President Mohamed Bazoum, sparking international condemnation. The regional bloc ECOWAS imposed sanctions and threatened military intervention if Bazoum wasn't reinstated. Niger, defying these pressures, eventually withdrew from the bloc altogether. Also, various Western entities cut off international funding to Niger following the coup, leading many experts to hastily conclude that Niger's economy was going to be on life support in a few months. But in a shocking turn of events, Niger has surprisingly defied these grim projections, experiencing continued economic growth. In fact, it is now projected to be the fastest-growing economy in Africa this year despite the many factors working against it. Why did experts predict economic gloom and doom for Niger? And how did the West African nation manage to defy the odds to overturn all the negative narratives? In today's video, we will shed more light on these questions and many more. Before we dive into our topic today, if you haven't already, please consider subscribing to our channels and ringing the bell to be notified about all our exciting future videos.
In an unusual turn of events, Niger, a landlocked junta-led country in West Africa, has the highest projected economic growth in 2024 across the entire continent. This is despite facing severe obstacles, mainly from the West and the Economic Community of West African States following a coup in the country that saw then-Presidential Guard commander General Abdourahamane Tchiani oust and detain his master President Mohamed Bazoum. According to the African Development Bank's Macroeconomic Performance and Outlook report, Niger now has the strongest economic development prospects in the whole of Africa for 2024, with a growth projection of 11.2%. Niger is followed by Senegal in 2nd place with 8.2%, Libya in 3rd place with 7.9%, Rwanda in 4th place with 7.2%, and Ivory Coast in 5th place with 6.8%. The report also notes that over 50% of the top 20 countries on the list of the fastest-growing economies in the world would come from Africa.
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