According to the World Bank’s 2019 classification countries based on their GDP, Morocco strong economic performance and a growing GDP, cemented the country’s position as one of the top 5 economies on the continent.
Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth.
GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used while South Africa’s GDP was $352 billion, based on an average rand-dollar exchange rate of 14.43 for the year.
Egypt led in North Africa while South Africa led southern African countries in the list of Africa’s strongest Economies even though the market has been performing dismally in the recent past due to the country’s weak macroeconomic policies and decade of mismanagement.
However, economists predict that non-diversified economies, highly dependent on fossil fuel production, will take a major GDP hit in 2020 due to the severe drop in oil prices.
The loan is part of the Financial and Digital Inclusion Development Policy Financing Project (DPF) to boost mechanisms that promote digital transformation in the country.
The assistance came with the aim of reinforcing financial inclusion. It is also set to improve access to competitive digital infrastructure and services.