In this article, we will look at the 5 African countries with the potential to develop soon and become a first world nation. You can read our detailed discussion and a more comprehensive list by visiting 15 African Countries with the Potential to Develop Soon and Become a First World Nation.
5. South Africa
HDI Value: 0.717
Annual GDP per Capita Growth as of 2023: -0.30%
Insider Monkey Score: 0.3570
GDP per Capita (2024): $16,420
As its name implies, South Africa is located on the southern-most tip of the African continent. The country has a population of 59.89 million people as of 2022, according to estimates by the World Bank. It has an Human Development Index Value of 0.717, ranking it fifth on our list.
4. Botswana
HDI Value: 0.708
Annual GDP per Capita Growth as of 2023: 1.00%
Insider Monkey Score: 0.3590
GDP per Capita (2024): $20,100
Botswana takes the fourth spot on our list of the 15 African countries with the potential to develop soon and become a first world nation. The landlocked country lies in Southern Africa, and has a GDP per capita of $20,100 as of 2024. It has an Insider Monkey SCore of 0.3590.
3. Algeria
HDI Value: 0.745
Annual GDP per Capita Growth as of 2023: 2.50%
Insider Monkey Score: 0.3850
GDP per Capita (2024): $16,480
Algeria underwent a 2.50% increase in its annual GDP per capita in 2023, bringing its GDP per capita to $16,480 in 2024. Officially known as the People’s Democratic Republic of Algeria, Algeria is located in North Africa’s Maghreb region. It ranks third on our list with an Insider Monkey Score of 0.3850.
2. Seychelles
HDI Value: 0.802
Annual GDP per Capita Growth as of 2023: 3.30%
Insider Monkey Score: 0.4175
GDP per Capita (2024): $43,150
Seychelles is made up of 115 islands scattered in the Indian Ocean, off the East African coast. It is the smallest country in Africa as well as the least populated sovereign country in the continent, with a population of 100,600 as of 2022, according to World Bank estimates. The country houses numerous natural reserves, scenic beaches, and coral reefs, along with rare wildlife such as the giant Aldabra tortoises.
1. Mauritius
HDI Value: 0.796
Annual GDP per Capita Growth as of 2023: 7.10%
Insider Monkey Score: 0.4335
GDP per Capita (2024): $32,090
Mauritius ranks first on our list of the 15 African countries with the potential to develop soon and become a first world nation. This East African island nation lies in the Indian Ocean around 2,000 kilometers off the southeastern coast of the region, located east of Madagascar. Famous for its scenic lagoons, clear beaches, and reefs, the country has a mountainous landscape with waterfalls, rainforests, and hiking trails. Mauritius also houses rare wildlife, including the flying fox. It has a population of 1.263 million people as of 2022, according to estimates by the World Bank. The country is one of the most stable economies in Africa, and holds a 4.9% projected real GDP change in 2024, according to IMF. Its GDP has been on an upward trajectory since 2020 and is expected to continue increasing well until 2030. It currently stands at $16.36 billion as of 2024.
To learn about other African countries with the potential to develop soon and become a first world nation, you can check out our detailed report 15 African Countries with the Potential to Develop Soon and Become a First World Nation. At Insider Monkey, we delve into a variety of topics, ranging from the African countries with potential to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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