Seychelles is the Emerging Nation with Highest GDP in Africa
By Shubhendra Anand , 24 November, 2023
The African region is emerging as a developing nation with growth in its gross domestic product (GDP). Various reasons contribute to Africa as an emerging nation in 2023. Seychelles is the most developed nation in Africa, with a gross domestic product of USD 19,470 in 2022.
Seychelles is emerging as a developing economy in 2023 due to its stronghold over the nation's tourism and fisheries. These two are the critical factors in driving the economy and growth of Seychelles. In 2023, the Gross Domestic Product is expected to slow to 5.1 percent and 4.2 percent by 2023 because of disruptions in the global supply chain. According to a recent study, Seychelles can make economic progress and balance conservation by adapting different financial tools and methodologies. Since Seychelles depends heavily on its coastal areas for fishery, aquaculture farms and infrastructure are aided by the government's support. The investment in the aquaculture of Seychelles is due to its availability in the fishery industry.
Thus, the country can improve the food security and value chain in the fishery by emphasizing the progress of the aquaculture industry in 2023. Waste management is another sector where Seychelles is seeing growth gradually since 2022. According to information from trusted sources, waste management services collect, sort, and recycle waste and logistics via business-to-business (b2b) and public-private partnerships (ppp) to minimize the waste accumulation in landfills. To achieve waste management targets, the government of Seychelles has also incorporated digital solutions through different technologies, such as food waste tracking applications, biogas production through anaerobic digestion (AD), and others. Through anaerobic digestion, Seychelles can achieve end products like biogas and digestate for multiple usages, such as farming, households, landscaping companies, etc.
According to a survey, improving waste management will boost the export potential of waste materials like glass and others. Tourism is the essential sector contributing around 20 percent to the GDP and towards one-fourth of employment in Seychelles.
Seychelles is followed by Equatorial Guinea, with USD 10,980 GDP in 2022, as Africa's second most developing nation. The African countries are slowly growing daily with evolving agricultural, tourism, and other sectors. The African region will witness significant economic changes throughout 2023.
Seychelles GDP From Agriculture
Latest News
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
The world seems to be transforming, with nations taking necessary actions related to energy transformation in 2024. The developing and developed economies are ready to invest in producing low-carbon emission-based fuels. Hence, the demand for…
Electricity is the primary sector in the energy market. It helps in the growth of overall sections of the economy, such as transportation, data centers, and households, among others. The clean energy transition plays a different role in the energy…
Head Research