South Africa to overtake Nigeria and Egypt as the continent's largest economy: IMF
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- čas přidán 22. 04. 2024
- International Monetary Fund forecasts show that South Africa is set to overtake Nigeria and Egypt as the continent's largest economy.
The IMF says Nigeria's economy, which ranked as Africa's largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations.
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The fact that a country's economy is booming (if it really is) is kinda useless to ordinary citizens if that economy is not catering to the majority of the disadvantaged population of that country. 🤷♂️
Exactly 💯✅
Accept the economy is not booming the economies of both Nigeria and Egypt are just doing worse then ours now but its temporary they will soon overtake us again they are growing we are not.
If gdp increase by 3% the is 1% decrease in unemployment
So i would say if we could somehow increase the gdp by +105% then we can unemployment in single digit
But we've been growing at less than 2% of gdp for the past 15 years i don't see any improvement in our future, 😢so unemployment is unfortunately in our future
@@kaygee384during a global shutdown, constant economic sabotage from white monopoly and wars that affect the whole world, I would say that's very impressive. You're just a negative person.
Not booming at all. SA growth this year is 0.9% under 1%. The overtaking is not coz of increased economic output but The only reason SA overtakes Nigeria is simply that Nigeria currency lost too much value to usd.
Is it hard to agree that Nigerian economy is big because of large population? Not because of the quality of life
Denmark has a lower gdp than Bangladesh but ask anyone where they would rather stay… Bottom line it’s not the size of an economy but the quality of life it offers🤷♂️
Yes infrastructure matters. about 90% actually
Yeah
I think most people especially Nigerians tend to miss this point, especially when they are flexing on other smaller African countries who have a better quality of life and GDP per capita
Exactly. GDP can be misleading because it doesn’t measure wealth per capita and living standards.. For example, Singapore has roughly the same GDP as Nigeria with only 5.5 million inhabitants.
@@PurpleChamelion-iy2xe We became in over our heads being the "African Giant" instead of seeing our country is a mess.
Meaningless to the millions of unemployed in any of the three countries. More important is getting that unemployment rate down.
What are you doing to change that?
Nicely said, this is great for big corporations but means nothing to Small Business, Infrastructure and unemployment
Bigger economy means more money to go around genius
This what i mean, because corrupt goverment etc
@@caven7056 in 3rd world countries bigger economies don't mean more money to go around. It just means more money for those involved. South Africa (interchanges with Egypt and Nigeria) at one point is the biggest economy in Africa but at the same time have the highest unemployment rate in the world so really you can't say his genius for his comment.
Unemployment is still a big issue in South Africa. Inequality, poverty, crime, and other socio-economic.
There are bigger issues in the world, that's nothing.
Even if those problems didn't exist Mzungus would still say the same thing and point to anything negative........yet they still choose to live amongst us.
@@aeiou2If you are not a citizen of South Africa then sure, there bigger issues other than the problems we face.
All these you mentioned are just a tip of the iceberg when it comes to Nigeria.
@@slimpickens01 this is not about them , this is about African people to grow and live a better, peaceful safety life.
South Africa is the giant of Africa😂😂😂
SA is feeding the whole continent and thats why you see all this things fighting for staying in SA and not wanting to go back to their hopeless zoo called countries
😂 watch those drug dealers squirm. They are going to start eating eachother out of frustration.
Stop it!
@@youme1414SA is feeding millions of millions of poor hungry desperate ungrateful long liberated African failed nations
It is a rainbow nation
Who cares? Nigeria has been number 1 for the past 6 years, they are even called the giant of Africa, would anyone want to move there? I don’t think so
Exactly 😅
Nigerias gdp per capita is low.
They call themselves gaints of africa,which is useless
Nigeria inflation rate is higher than South Africa
Nigeria's population is over 200 million, GDP alone is a poor metric of a counties success.
Congrats to South Africa from Brazil.
It's not true! Don't believe the rumour, sir.
I know I'm no pundit of Economics but my understanding is that it's as a result of the Nigerian and Egyptian economies plunging down its not like we've grown our economy.
By the way things are going Philippines will catch up to south Africa in 6 years.
@@gregmasters8558 boers want their land called cape independence after the election it will get worse.
We know, weve watched the same news. It is there in the news.
Honestly speaking, I don't get impressed when some poor country hits the headlines as being the fastest growing economy and such.
This is because, most of this so called growth is just paper growth with little to no real improvement in an average person's average income and standard of living.
Thanks to rapidly growing population, per capita income shows negligible growth.
Despite reporting high gdp growth, several of these poor countries don't have any improvement in basic amenities and infrastructure, don't have any major reforms Implemented, can't stop brain drain, sees worsening social order, sees increasing corruption, sees increasing income inequality, poor social security and don't have any plans for sustaining the high growth.
Average incomes of the people may increase, but the costs increase faster resulting in negligible improvement in purchasing power or savings. Increase in unexpected costs and weakening currency add further fuel to the fire.
There is no improvement in the quality and variety of products and services, education, healthcare and human capital development either.
A lot of these countries are destined to get stuck in the middle income trap and face resource shortages and climate change effects as well. Some of them are doomed to face some economic crisis as well.
Hence, before getting overhyped about a poor country being the world's fastest growing economy, dig deeper and find out whether these underlying issues are getting solved or not. Mere GDP growth does not make a country developed. It involves solving the underlying problems mentioned above as well.
For an example, people who lived in the US in the 50s or the UAE in the 80s and 90s know what real growth and development is. This real development is not experienced by people who live in these so called fast growing economies.
@@SathyaswamyS South Africa is a melting pot. Everyone got an opinion about us
Mzansi should still work very hard to keep up its economic status of African's Top economy. However, - Tourism, Sport, Energy, Agriculture, Civil-constructions and Mining - Metallurgical Ore manufacturing could turn things around if more Efforts are prioritised late in 2024.
SA economy is not larger than Nigeria's. Please...
we are doing well, other countries just like dragging us down
Given this is one of the most unequal countries, this statistic just shows that problems are brewing due to growing discontent.
I have my analysis, It would take Nigeria more than 40 years to host the FIFA World Cup. Search why?
There is no benefit to hosting world cup, government spend billions to host after that they leave instead of using the money to do better things
We hosted FIFI World Cup before SA. Go and figure that out!
@@youme1414 You talking Propaganda, Which year na?
@@Tshepo10111 FIFA U17 in 2009. Just admit you don't know about it. Thank you.
40years?...idiota
This is old news. IMF made a statement last year and SA was the biggest economy in Africa since December last year. BBC did this story last hear already while SABC is playing catch up
No south africa is not the biggest and is still not, it has always been a projection that it Might be but has never happened, and it wont happen this year too.
South Africa remains the Giant of the continent whatever the situation
Time will tell who is the true giant of Africa!
A step in the right direction
NIGERIANS MUST NOT FORGET THAT SOUTH AFRICA HAS DISCOVERED 3 BILLIONS BURRELL OF OIL IN MPUMALANGA PROVINCE IN SOUTH AFRICA .THIS IS ADDING TO OUR 32 MINERAL RESOURCES .SOUTH AFRICA HAS ALL MINERAL RESOURCES AND THOSE MINERAL RESOURCES WHO ARE NOT FOUND IN OTHER AFRICAN COUNTRIES .WE ARE A DEVELOPED COUNTRY AND OUR INFRASTRUCTURE IS TOP NORCH 👌.
In the West coast as well
Why Nigeria tho?
I mean they also mentioned Egypt too
WE ARE THE ONLY WHICH HAS COAL IN ABUNDANCE ,NOW THE DISCOVERED OIL 🛢 IN MPUMALANGA PROVINCE IS ADDING TO SOUTH AFRICA 🇿🇦 S RICHES .I THINK SOUTH AFRICA 🇿🇦 MUST NOW ADD GOLD AND OIL 🛢 TO OUR CURRENCY .PEOPLE WE HAVE URANIUM MINERAL RESOURCE IN ABUNDANCE HENCE WHY WE DENEL COMPANY WHICH DEVELOP WEAPONS .WE HAVE IRON IN ABUNDANCE HENCE WHY EVERY HOUSE FACTORY 🏭 HAS BAGGLERS ON THE WINDOWS AND DOORS .WE HAVE DIAMONDS HAVE PLATINUM IN ABUNDANCE .AMERICA DOESN'T SCARE US WITH THEIR THREAT OF SANCTIONS .
That's so narrow minded. Go to school. You're embarrassing us
SA is a developing country. Not a developed country in any way.
Nigeria and Egypt must revive their economy because the future is for Africa, and we should all move together. ❤
How far ahead would SA be if the government ran the country effectively?
We would be a first world country. But alas, we suffer.
SA will remain at the top for the next 70 years, we always been there, that's our spot
Absolutely
south africa will never be at the top it is always projection after projection but never actually happens at the end of the year
Sesibuyile
Never South Africa growth is 0.9% only there is country that growth rate is 6.2% in the top 5 largest economy in Africa
That is a big lie. Nigeria still has the largest GDP on the continent. We haven't even included the informal market yet. Go Nigeria!
SA has always been number 1. No country in Africa is more advanced
That's why your blacks are unemployed, ignorant people.. ain't feeling ashamed being dominated by whites
Why is that? becoz of whites? Africans need to learn how to build on their own
Lol so we are the largest just because the top dogs are facing challenges ? We didnt come up top because of our hardwork?
That's the point mchana. We've worked too hard. So hars that even when we're Lazy, the continental economy still favors us
This is Tinubu’s legacy. 🤦🏾♂️
Mumu man!
I will wait to hear of the decrease of unemployment, until then nothing worthwhile
Nigeria’s GDP needs to be at least $1.4 Trillion dollars for it to be taken seriously. These our leaders are mumu people. It’s not rocket science!
In fact all these 3 countries mentioned in this video should've been trillion dollar economies by now but alas!
Brazil's gdp its 2.2 trillions dollars with small population than Nigeria. 1.4 trillion still nothing for a country with more than 222 million people.
@@italomatheus8615Brazil small population? I don't think so
@@chigo2446 brazil 205 million people and nigeria 222 million.
@@italomatheus8615 Yeah! Online calculator's population. In reality Nigerian population is way lesser than Brazilian.
So whos the third position
Accept the economy is not booming the economies of both Nigeria and Egypt are just doing worse than ours now
plus we keeping amapiano
Depends on the oil price/production if it goes up to 100$ a barrel Nigeria will be the largest
Dollars 😂😂
Currency Depreciation says hi!!
Not if the ANC has somethng to say about it!
Ramaphosa deserves round of applause for a while👋👋
They won't say it, but if it was a negative🥱. They forget there's no perfect governance.
South Africa should not rest on its laurels as this projected improvement is from a very low base driven by a very low purchasing power of the average consumer.
wuuu they coming ke
If South Africa can sort out Eskom and Transnet then our economy would grow extremely fast
W south africa from India. keep growing.
African need no India
One thing some of our Africa brother and sister do not understand is when ever your country makes a positive response to the economy of the nation, the world bank, IMF, and Google will start talking rubbish about the country and try to put them on the list of the country that is not doing well, but I can tell you that anytime you see such updates from your country just know that your country is doing the right thing
The economic ding dong between these three countries namely, Egypt, Nigeria and South Africa and who is on top of who, will always remain useless until all the economic benefits filter down to all the citizens of all these countries. The largest chunk of the economy in all these three countries is controlled by the corporate sector which has a no or less inclination towards the welfare of the whole society hence we don't see the rippling effect and impact of these economies to the societies in which they are based.
You do not Make sense MR Whining, South Africa With it's Corrupt Government Still manage to Provide Social Grants and Free medical Service, Subsidized Electricity /Water and Free Housing. so No Comparison Stop Complaining and Do Something for yourself..
Something positive about South Africa and now ordinary citizens have a leg to stand on for JOB creation ASAP😂😂😂😂
We have already taken over back to our original spot,but all of that means nothing if employment and the inequality is not improving
Hang in there, there is war out there that's affecting the whole world. Unemployment will be taken care of people must just stop being pompous and work "undesirable jobs" to earn a living no handouts.
Our companies keep employing foreigners instead of the citizens, the unemployment will keep growing until border get closed
No, it's still a projection it has not happened yet.
It's a prediction but if it really happens remember those two countries went down it's not like SA overcome them itself
@@larrygii2448 check the stats sweetie .It has already surpassed lol .We were on top when the ANC took over and lost that along the way but we are reclaiming our position .
Okay gearing to overtake 😂😂😂😂, they have not, even overtook Nigeria and Egypt, and dey are making mouth, this is a case, of the chicken, counting it's eggs, b4 hatching🤫.
Am a Nigeria, SA is quality, so let them take over for the next 50 years
Who are you to say which country should take over.
@@elianakaleka6272 I am your uncle
Time to invest what you have! Naira50% to a 💲.Rand always give us headache once it crosses R20:00 and just check the value of Rand v naira😢😢😢
It's not that South Africa is doing significantly better - It's just that the other countries are facing currency and economic issues - SA's stunted economic growth is still concerning
Dey play
Whether SA, Egypt, Nigeria or Zimbabwe it doesn't matter. This only matters to corrupt politicians and business people. I don't see ordinary people, the suffering masses of the continent celebrate.
@youme1414 Where are you ooohh😂😂😂 You are not giant anymore???
Whats the point whose benefiting on this economy if the indigenous of the country i still subjected to the living conditions that we see here in SA no point is so meaningless no point really
Some people in the chat are like a step in the right direction, nope, Nigeria is facing major, major problems, Unilever just left and many more are leaving, I don't know about Egypt, but South Africa is worse and worse by the day, it is just that we are compared to countries who are probably going through more struggles than us.
Nigeria will recover when:-
A. The 650,000bpd Lagos, the old 450,000bpd, 200,000bpd Akwa Ibom, the new 100,000bpd ph and 30 modular refinaries reach full production,
B. LNG train 7 double Nigeria LNG output and,
C. The $13billion investment attracted by Tibubu get Nigeria crude oil prodution to 2.6mbpd.
D. When Nigeria start exporting rice by 2027. The Naira will become stronger, many of our roads and railway's infrastructures projects must have been completed.
No African country have more projects going for them.
Ethiopia🇪🇹 also will over take Nigeria 🇳🇬 in 2026 and Algeria🇩🇿 in 2027
LOL, that wont happen Nigeria will be at the top by the end of the year, current projection is already wrong. because Naira has gained
@@jidebolarinwa697 in2024 GDP of Ethiopia 🇪🇹 is $205 billion .Nigeria 🇳🇬 GDP $252 billion....in 2026 Ethiopia 🇪🇹 GDP $265 billion ... Nigeria 🇳🇬 GDP $254 billion
@@jupiterplanet1316 LOL, Are you new to IMF??? just like every other projection it will be wrong. go and look at October 2023 data, you will see a different projection, April 2024 data, you will see a different projection, BY October this year you will see a different projection. that is how it has always been they project based on current event which changes in just a week. Naira for example wont be N1800 like they projected
@@jupiterplanet1316 lol, so what did the numbers say in October 2023 just 6 months ago?? what did it say April 2023 just 1 year ago?? this are projections that changes every time. By October 2024 you will get a different projection, non of which is ever true. The GDP you are quoting will be way off. LOL
Bro, that will never happen, forget whatever numbers you are reading.
In most African countries the economy is informal, nobody put in all the details to be accounted for, these numbers are only on formal business transactions but if you add all of these two, you will see that Nigerian economy is twice those figures maybe even South Africa or Egypt
SA has a sizable informal economy. Most of which is powered by immigrants and township economy.
This is not gonna happen Especially for Egypt
It has already happened
@@ntokozolugogo4762 It has not happen
Egypt is tanking. Go inform yourself
@@YouReallyNeedToKnowThis It's south africa that is actually tanking , egypt and Nigeria only devalued the currency not tank.
@@jidebolarinwa697 Lol you think I don't know about the multinational leaving Nigeria, the sudden and extreme rise in the cost of living? The unemployment crisis, the lack of infratructure... To compare SA to Nigeria is to be mentally ill.
Egypt is nothing but desert outside of cairo. They built a new city no one asked for no they're deep in debt and the currency is in free fall... Egypt is definitely struggling.
SA recently stopped having power outages, the rand is improving, cot of fuel is dropping... Diamond, gold and oil recently discovered in large supply... You'll have to find some else to lie to bro
All this is futile. What did it result for Nigeria. Worst infrastructure remains. Still no drinking water. In a nutshell that country it's inhabitants would readily love call it a giant of Africa is worse off. Maybe in Europe and America a larger economy means better lives for their citizens, but certainly not for Africans.
You have been indoctrinated in your whole life that Nigeria's infrastructure is bad without any evidence to support your assertion.
I have a conviction that the rationale behind people's aversion towards Nigeria is bcuz it is dubbed as the giant of Africa which we Nigerians don't really care about.
Stop being gullible and try to know the current state of the country. We aren't competing to be the best in Africa but want the best for the country.
India as well.
🚮
Not under Ramaphoria and his ANC.
Under Ramaphosa and ANC South Africa has done wonders.
😂😂
There we go again wasting our energies worrying about the wrong thing! We always lose focus of the bigger picture every time we talk about these useless competitions. The majority of us South Africans don't care! Tell us about what Africa is doing to free itself instead of useless stats! What mega projects are we undertaking as a continent to accelerate our development? That would be something to call home about NOT this useless stats!
If you do some research on those topics you will find answers, don't be LAZY!
@@aeiou2 You have completely missed the point of what i was trying to address!!! So i will just leave it at that!!!
Well done ANC. Well done Ramaphosa for steering the country expertly out of ravages of Covid 19.
are you for real we are steering the anc out of power very soon 😅
@@kaizersuze9000then you and your chomies are higher grade idiots!
Yes, well done indeed we are the leaders of Africa we must take our rightful place!
Okay I can agree that they dealt with COVID quote well but that doesn't mean we need to keep em here bro. We should probably get the DA in to focus on infrastructure and employment (maybe corruption but can't really be sure about that) then afterwards we could start talking about possibly bringing back the ANC when we can compare their track record to something that isn't Apartheid.
@@qhayiya252 I hope you're not suffering from that WC illusion. Go see for yourself how black people and coloureds live there, that's why DA is out of power come 29th. The majority has had enough of Kool Aid in WC.
That is just a thing on paper or wherever it is
In reality, SA is as bad as Zimbabwe
Pre 94 SA was head and shoulders above any other country on the continent . Since 94 it's been a downhill slide .
Not really others catching up to South Africa, Botswana was the poorest country in the World in 80s it has now taken over South Africa/North African countries in terms of per capita gdp
@@ambessaseway5594 catching up you say , what like Zim and Mozzie and all the other nations that are flooding in here .
@Scar_762 Mozambique is 1 of the fastest growing economy in Africa largely to gas/coal exports, Zimbabwe economy growing 4% but is suffering from el Nino drought. Many countries have immigration Kenya has 4 million migrants
Sabotaged
Forever crying for apartheid.
Apartheid is gone bro! Accept and move back to Europe if SA is so bad... WHY ARE YOU STILL HERE????
Useless info for some 😢no jobs corruption
The IMF doesn't know that they're talking about. The people running the IMF don't go to the nations that they report on.
Fake news
ANC⚫️🟡🟢 🔥 🗳 🔥 🗳 🔥 🗳 🔥
Nonsensical. SA is failing
it's not all doom n gloom