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.