The classification of several African countries as lower-middle-income puts them in a distinct position globally. Although this classification denotes a step up from low-income status, it also has a unique mix of benefits and drawbacks that influence these countries’ growth paths.
Lower-middle-income African nations frequently struggle with substantial levels of poverty and income inequality despite their being a level above low income countries. This inequality affects vulnerable populations, social mobility and inclusive growth.
Additionally, many low- and middle-income African countries suffer from infrastructural deficits and institutional weaknesses. Inadequate roads, electrical supply, and bureaucratic inefficiencies can stifle business operations, discourage investment, and hamper overall economic growth.
List of African countries categorized as lower-middle income countries
25 July 2024 04:30 PM
The classification of several African countries as lower-middle-income puts them in a distinct position globally. Although this classification denotes a step up from low-income status, it also has a unique mix of benefits and drawbacks that influence these countries’ growth paths.
Business Insider Africa presents the list of African countries categorized as lower-middle income countries.
This list is courtesy of the World Bank.
The African countries that fall into this category are almost as many as the low-income African
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Lower-middle-income African nations frequently struggle with substantial levels of poverty and income inequality despite their being a level above low income countries. This inequality affects vulnerable populations, social mobility and inclusive growth.
Additionally, many low- and middle-income African countries suffer from infrastructural deficits and institutional weaknesses. Inadequate roads, electrical supply, and bureaucratic inefficiencies can stifle business operations, discourage investment, and hamper overall economic growth.
SEE ALSO: List of African countries currently categorized as upper-middle income countries
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However, lower-middle-income countries are better positioned to participate in international commerce should the trajectory of their economies look positive. This could result in preferential trade agreements, lower tariffs, and better market access.
Investors tend to view lower-middle-income countries favorably due to a promising economic prospect and growth potential. This can attract foreign direct investment (FDI), which in turn stimulates job creation, technology transfer, and industrial development, contributing to overall economic expansion.
With that said, here are the African countries listed as lower-middle income countries by the World Bank.
List of African countries categorized as lower-middle income countries
Angola
Benin
Cabo Verde
Cameroon
Comoros
Congo, Republic
Côte D’Ivoire
Djibouti
Egypt
Eswatini
Ghana
Guinea
Kenya
Lesotho
Mauritania
Morocco
Nigeria
Sao Tome and Principe
Senegal
Tanzania
Tunisia
Zambia
Zimbabwe
Credit: Business Insider Africa
