Countries with the fastest growing economy in the world: Countries thrive on a working economy. Different economic activities contribute to the growth and development of a country. These activities when put together form the economic index of a nation. Prior to the outbreak of the Corona virus pandemic, many countries had a robust economy and they were doing pretty fine. However, with the outbreak of the novel virus, economic activities were grounded and put on hold. Worldwide lockdowns we’re declared all round the globe. Countries worst hit we’re majorly countries that thrived on tourism and trades. This grossly affected their Gross Domestic Product. Again, with the spate of civil unrests which swept across some part of the globe preceding the advent of Corona virus, many countries that were affected shrunk in their economies.
These challenges notwithstanding, with the easing off of the lockdown and gradual return of normalcy to most part of the world, the economic life of many countries is gradually returning to normal. Some countries have put in place policies that have helped grow their economies. The indices for calculating the economic growth of a country is based on the countries level of production, her population and the purchasing power of her production when matched with her population. Below are some of the countries with a fast growing economy despite the global economic meltdown.
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1. United Arab Emirates: United Arab Emirates is a country found in the Middle East between Omani Republic and Saudi Arabia. It has nice geographic features which has contributed majorly to its economic growth via tourism.
The country has a huge deposit of oil. She has judiciously made use of the solid minerals and pearls which were the main stay of her economy before the discovery of oil. The infrastructural advancement and engineering practice in this country has made her home to most of the world’s tallest buildings. Notably, the Burj Khalifa, which is the words tallest building is found in this country. She therefore stands out and gains much economic fortunes from tourism. Abu Dhabi is the capital of the Federation of United Arab Emirates.
2. India: India has a population of over 1.3 billion people, and ranks as the second most populous nation in the world. It is one of the fastest growing economies in the world.
India has a fast growing economy and most of her work force is skilled one with agriculture accounting for the largest employer of labour. She has also delved into the production of services such as information technology and the development of softwares. The country is the world’s largest democracy and it has New Delhi as her capital.
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3. Libya: The North Africa country is one of the economies that is projected to be among the fastest growing in the world. Libya came to limelight courtesy of the policies of her former leader, President Maummar Gaddafi. Prior to the removal of President Maummar Gaddafi from power in 2011, she had a very robust economy. However, due to the political unrest caused by his removal coupled with the pandemic, she had a shrinking economy.
The economy is now gradually picking up at a fast rate and is projected to be the fastest growing economy by the International Monetary Fund.
4. The Maldives: The Maldives is an island that is known for her huge tourism potentials. Income realized from tourism has helped her to build infrastructures as well as providing public services at affordable rates. The country also engages in fishing and other commercial services to boost her economy.
As a result of the Covid 19 pandemic, the country shut its borders in 2020 which saw a great reduction in tourism (her major source of economic power) as there was a drastic reduction of visitors to the country. This notwithstanding, the country seems to have bounced back due to the easing off of restrictions put in place as a result of the pandemic. She is also projected to be one of the fastest growing economies by the International Monetary Fund.
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5. Guyana: Some Countries may not be among the big names one expects to hear when it comes to growing economies but they are sure, some of the fastest growing economies in the world. This is the case of Guyana. Guyana is one of the middle-income countries which managed to evade the contraction caused by the Covid 19 pandemic.
It has one of the highest emigration rates in the world and is rich in agriculture cum natural resources. Agricultural produce like sugar, rice, shrimp coupled with minerals such as gold and bauxite are some of her major exports.
6. Singapore: Located in Southeast Asia, Singapore is home to one of the world’s busiest ports. It has a population of over 5.7 million people. Singapore is one of the four Asian Economic Tigers.
She has witnessed impressive growth as massive production and manufacturing of goods have paved way for a free market economy. She also has a booming market in electronics and pharmaceutical industry.
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7. Japan: With Tokyo as its capital, Japan is unarguably one of the world’s most literate and technologically advanced nations of the world. Located in East Asia, it is the third largest economy in the world. It has a population of over 126 million people.
Her huge manufacturing industry and production of electronics and steel, coupled with her huge service sector account for her rising economy. Again, a stable political atmosphere has made the economy a thriving one hence, making her one of the fastest and stable economies of the world.
8. Brazil: With capital in Brasilia and a population of over 211 million people, the South American country covers about half of the landmass of the South American continent. She is highly rich in natural resources and has an active economy in agriculture, mining, manufacturing and service sectors. She is one of the world’s greatest tourist attractions.
Of recent, Brazil was faced with civil and political unrests which somehow had a negative toll on her economy.
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9. Saudi Arabia: Seen as the giant of the Middle East, Saudi Arabia has Riyadh as her capital with a population of over 34 million people. She has a huge deposit of natural resources which has increased her economic growth. She also boasts of having a stable growing economy and is one of the fastest growing economies in the world.
10. China: Located in Asia, China is one of the world’s fastest growing and largest economies in the world. With capital in Beijing, China is the most populous nation in the world. The country is trying all within her powers to balance her growing population with her resources. She is also a major industrial hub and majors in engineering practice around the globe.
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11. United States: United States of America also known as USA is the most developed economy in the world and it is still one of the fastest growing economy in recent years. In 2022, USA experienced some declining GDP in the first quarter of the year, however it’s GDP has significantly increased since then; as there have been an increased employment rate, increase in utilization of resources in the state, increase in GDP per capital and an increase in nominal GDP.
USA GDP per Capita is estimated at $60,436, while the GDP nominal is estimated at $20.89 trillion; the highest in the world. This recent economic growth in USA has been heightened by the increase in the productivity of companies in the state, reduced imports, and the technological advancements in the state.
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12. South Korea: South Korea is another fast growing economy in the world today. Just like USA, it’s economy is well developed and it’s economic growth is still on the rise and estimated to even rise higher in the future.
This Economic growth in the South Korea is as a result of the increased exports in the past one year, Increase in investments within the country, and increase in technological advancements and innovation. South Korea currently has a GDP of $1.80 trillion.
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13. Macao (Special Administrative Region)
Population: 658,000
A modest but steady economy supports this high-income area. The comeback of domestic demand and the gradually increasing number of returning foreign tourists will drive the recovery in Macao SAR. The economy is expected to grow, aided by growing investment brought on by the granting of more casino concessions. Today, the region is home to 42 casinos that produce gross revenues of more than USD10 billion, some 20 years after the gambling industry was liberalized.
The largest and nearest neighbour of the region, China, which forbids casinos and gambling, is particularly interested in Macao. The COVID-19 impact was devastating to Macau’s economy, with the region still dealing with low visitor numbers in 2022. Additionally, the zero-COVID policy that China has in place will delay the region’s economic recovery to its pre-pandemic level until late 2024. Nevertheless, according to the IMF’s updated 2022 projections, the region’s GDP is expected to rise to 37.6% in 2022 and 26% in 2023.
14. Barbados
Population: 287,700
The economy of this nation is projected to increase by 11% in 2022, largely due to a robust tourism recovery that is forecast to approach pre-pandemic levels by 2024. Despite this, the future remains highly uncertain and there are serious worries, such as those related to rising global commodity prices as a result of Russia’s invasion of Ukraine, which is driving up inflation.
There are several factors that could hasten this country’s economic recovery, even though there is still a lot of uncertainty in the world. Improving the ease of doing business, maintaining and increasing tourist arrivals, hastening the execution of investment projects, and bolstering the private sector are some examples.
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In conclusion, economic growth of a country is measured using several yardsticks ranging from population, level of production and distribution of wealth among the population. Where these factors are stable, and a country has a high input from her level of production, the country is said to be a growing economy. These countries are some of the world’s growing economies and there are many more which can be explored for greater economic benefits.
Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.