The country is set to achieve remarkable economic growth of 7% this year, making it the 5th fastest growing economy in the world by 2023, according to a report by the International Monetary Fund, IMF. The figures reflect the optimistic projections previously released by the Mozambican government, which had already revised growth expectations upwards, surpassing the initial target of 5% set in the Economic and Social Plan and State Budget (PESOE) for 2023.
The IMF’s analysis endorses the government’s optimistic view, reaffirming the forecast of 7% growth in Gross Domestic Product (GDP), solidifying Mozambique’s position as the country with the highest economic growth in sub-Saharan Africa this year. This rate is more than double the average of the 46 countries in the region, estimated at 3.3%.
The prominence of Mozambique’s economic performance places the country at the top of the list of the most dynamic African economies in 2023, behind only Libya, which projects a remarkable growth of 12.5%, recovering from a sharp drop of -9.6% in 2022, according to the report.
Mozambique’s leading position in sub-Saharan Africa is confirmed by the report, which ranks the country ahead of significant economies such as the Democratic Republic of Congo (DRC), Ivory Coast, Rwanda and Ethiopia, forming the regional top five with growth rates ranging from 6.7% to 6.1%.
In comparison, other major African economies show more modest growth, with Nigeria estimated at 2.9%, Angola at 1.3% and South Africa at 0.9%. In the context of the Community of Portuguese Speaking Countries (CPLP), Guinea-Bissau and Cape Verde outperform the region’s average, while São Tomé and Príncipe and Equatorial Guinea face challenges with growth rates of 0.5% and -6.2%, respectively.
Globally, Mozambique’s economic performance also stands out. If the IMF’s forecasts are confirmed, the country will be the second fastest growing economy on the continent, behind only Libya. Internationally, Mozambique ranks among the top five rising economies, along with Guyana, Samoa, Fiji and Armenia, with all economies projected to grow at an impressive rate of 7%.
This economic performance by Mozambique, well above the world average of 3%, and outperforming even major powers such as China and India, signals a promising scenario for the country. Robust growth reinforces Mozambique’s position as an important player on the global economic scene, attracting the attention of investors and highlighting the country’s potential to drive sustainable development in the region.
