Kenya Overtakes Angola to Become 3rd Largest Sub-Saharan Economy

Kenya is now the third-largest economy in Sub-Saharan Africa after surpassing Botswana. 

Bloomberg notes that while IMF projects Kenya’s GDP to grow by 1%, Angola’s GDP might fall by 1.4% in the year 2020. Kenya’s economy has been on a steady rise since 2013, hitting shy of a GDP of $100 billion in 2019. Inversely, Angola’s economy has declined since 2016 due to the decline in oil output and the devaluation of its currency.

SEE ALSO: Kenya’s Economy to Rebound in 2021

Last year December, the IMF launched the Extended Fund Facility planning to disburse $3.7 billion to grow the economy and reduce oil dependency.