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Kenya surpasses Angola to become the third largest economy in sub-Saharan Africa
According to a Bloomberg report on June 5, according to IMF data, Kenya replaced Angola as the third largest economy in sub-Saharan Africa.
Due to the decline in oil production, Angola’s economy has been shrinking every year since 2016, coupled with the devaluation of Angola’s Kwanza in 2019, while the Kenyan shilling has remained stable.The International Monetary Fund predicts that due to the impact of the epidemic, Angola’s GDP in 2020 will show a negative growth of 1.4%, while Kenya’s GDP is expected to grow by 1%.
The report said that due to the impact of the epidemic, the economy of sub-Saharan Africa is expected to fall into the first recession in 25 years,According to the International Monetary Fund, Nigeria’s GDP in 2020 is expected to show a negative growth of 3.4%, but it still ranks first in sub-Saharan African countries, and South Africa is expected to have a negative growth of 5.8%, ranking second, Kenya And Angola ranked third and fourth respectively.But if all African countries were included, Kenya fell to sixth place, with Egypt, Algeria and Morocco ranking third, fourth and fifth respectively.