Despite ongoing economic challenges, the International Monetary Fund (IMF) has affirmed Nigeria as the biggest economy in Africa ahead of South Africa and Egypt.
However, the IMF’s World Economic Outlook for October 2016, puts South Africa’s GDP at 280.36 billion Dollars, from 314.73 billion Dollars in 2015 while Nigeria’s GDP is at 415.08 billion Dollars, from 493.83 billion Dollars at the end of 2015.
According to the report, though Egypt’s 2016 data was reported as unavailable, its 2015 size remained at 330.15 billion Dollars while that of Algeria, one of the largest economies on the continent, was put at 168.31 billion Dollars.
Global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017.
The report identified the United States of America, China and Japan as the largest economies in the world.