The top 10 fastest-growing Economies in the World are Macao SAR, Guyana, Palau, Niger, Senegal, Libya, Rwanda, Côte d’Ivoire, Burkina Faso, and Benin as per IMF projection for 2024. Every country on the globe faced a massive setback in their economic growth during the pandemic. This led to a massive fall in the global economy. Consequently, it became tough for the countries to regain their growth rate of the pre-pandemic period.
List of Top 10 Fastest Growing Economies in the World
The economy of a country is evaluated based on its Gross Domestic Product or GDP. It is the value of the goods and services produced by the country in a given period which is usually one year. The factors affecting the GDP are Investment, Saving, Import and Export. These four factors are responsible for a country’s economic growth. There are many indirect factors out of which the political scenario of the country is the most prominent one.
Below is the list of top 10 Fastest Growing Economy in the World, their Projected GDP rate, and Projected GDP per Capita in 2024 :
|
Fastest Growing Economies in 2024 Ranked |
|||
|---|---|---|---|
|
Rank |
Country |
Gross Domestic Product (GDP)% |
Gross Domestic Product Per Capita. (dollar) |
|
1 |
Macao SAR |
27.2 |
70130.301 |
|
2 |
Guyana |
26.6 |
25512.99 |
|
3 |
Palau |
12.4 |
18209.284 |
|
4 |
Niger |
11.1 |
695.723 |
|
5 |
Senegal |
8.8 |
1885.532 |
|
6 |
Libya |
7.5 |
6357.37 |
|
7 |
Rwanda |
7 |
997.98 |
|
8 |
Côte d’Ivoire |
6.6 |
2908.749 |
|
9 |
Burkina Faso |
6.4 |
952.37 |
|
10 |
Benin |
6.3 |
1540.137 |
Note: All the data is based on IMF World Outlook report oct 2023. Given GDP and GDP per capita(in dollars) are the projected value by IMF for 2024.
Lets discuss about the countries which are showing fastest growth in their economy in 2024.
10. Benin
The major sector of economy is agriculture based. Benin is specialized in producing and re-exporting of cotton. Although the economy is based on agriculture, but agribusinesses are also encouraged. Textile factories are being established in Glo Djigbé industrial zone.
| Metric | Value |
|---|---|
| Population | 13,712,828 |
| Real GDP (projected) | 6.3% |
| GDP per capita (projected) | $1,540.137 |
Government Initiatives: To improve the economy, government of Benin has planned to take following initiatives
- In 2024, export of raw cashew nut will be banned to encourage local processing units.
- Pool in investment through private and public sectors
- Creating Job opportunity in rural economy
- Promoting agribusiness and setting up textile factories to increase the production of cotton and other commodities
- inifiating finance toward the development of cotton industry and exports.
9. Burkina Faso
The major sector of economy in this country is agriculture and gold mining. It is the 3rd highest producer of gold in Africa.
The economic growth of Burkina Faso has regained its level in 2023. Infestation of insect had helped to increase the agricultural harvest. The service sectors continued to improve. Altogether they resulted the growth og gold production. The GDP is projected to reach 6.4%.
| Metric | Value |
|---|---|
| Population | 23,251,485 |
| Real GDP (projected) | 6.4% |
|
GDP per capita (projected) |
$952.37 |
Government Initiative: Government of Burkina Faso has planned the following steps to achieve the projected goal.
- the reopening of mines, and restarting the operation.
- Inflation has been slowed down steadily leading to increase in household consumption.
- encouraging decentralised governance and funding services and public goods.
8. Côte d’Ivoire
Côte d’Ivoire stands out as the eighth fastest-growing economy globally, with a notable real GDP growth rate projected at 6.6% for 2024. This growth is underpinned by its dominance in the cocoa industry, where it serves as the world’s largest producer, and by significant investments in infrastructure and the energy sector.
| Metric | Value |
|---|---|
| Population (2024 Projection) | 29,333,423 |
| Real GDP Growth (Projected) | 6.6% |
| GDP per Capita (Projected) | $2,486 (current US$ for 2022, latest available data) |
Government Initiative:
- Investing in roads, bridges, and energy projects to improve connectivity and power supply.
- Providing subsidies and technical assistance to farmers to increase productivity, especially in cocoa and coffee production, which are key exports.
- Enhancing the education system to improve literacy and skill levels among the workforce.
- Upgrading healthcare facilities and services to improve public health and workforce productivity.
- Simplifying business registration processes, improving the tax system, and protecting investors to attract foreign investment.
- Developing tourist sites and infrastructure to attract more visitors.
- Encouraging digital transformation and innovation to modernize the economy.
7. Rwanda
The major sectors of economy of Rwanda are agriculture, trade, hospitality and energy. Its economy is covering mainly the rural population which make it highly dependent on agriculture. Steady growth in service is due to construction and tourism has contributed to country’s GDP. The GDP of 2023 6.2% which has increased to 7% in 2024.
| Metric | Value |
|---|---|
| Population | 14,094,683 |
| Real GDP (projected) | 7% |
| GDP per capita (projected) | $997.98 |
Government Initiative:The Government of Rwanda is now inclined toward growing the economy
- Diversification of economy to multiple sectors.
- Initiatives based on logistics, regional trade, and conference hub.
- Encouraging Sustainable urbanization
- Promoting establishment of more industries
- Inflow of funds for increasing export of high value goods and services.
6. Libya
Libya’s economy is primarily dependent on petroleum sector. 95% of this sector include export and 60% of GDP.
Earlier tourism was also a part of the GDP but due to Libyan Civil War this sector was completely disabled. Therefore, the petroleum industry has taken over the economy of Libya. Libyan oil field has enjoyed a stress-free twelve-moth period pushing the year 2023 to the second highest year of export of crude oil. But there is still a risk of fall in upcoming years due to political instability. The GDP of Libya is expected to rise upto 7.5% in 2024.
| Metric | Value |
|---|---|
| Population | 6,888,388 |
| Real GDP Growth (Projected) | 7.5% |
| GDP per Capita (Projected) | $6,357.537 |
Government Initiative:The Government of Libya is now focused
- on rejuvenating the energy sector of the country by starting new exploration projects,
- initiating and developing renewable energy project and hydrocarbon sector recovery.
- Supporting local entrepreneur and creating job opportunities
- Stabilising the socio-political enviroment by reducing economic inequality in the population.
5. Senegal
The country of west Africa, Senegal is dependent on gas industry and emerging oil reserve.
Primarily the country had Agriculture and tourism as its main stream for GDP. Due to high concern of health hazard, the oil and natural gas production has been postponed for next few years which may affect the FDI.By implementing right strategy and proper allocation of resources, the country expects to achieve 8.8% GDP by 2024.
| Metric | Value |
|---|---|
| Population | 1,804,366 |
| Real GDP Growth (Projected) | 8.8% |
| GDP per Capita (Projected) | $1,885.532 |
Govenrment Initiative: Following steps Government of Senegal has planned to impore its economy
- improving the labour market by creating more job opportunities for the people
- Promoting human capital
- Enabling good governance by protecting rights of the citizen and increasing security
- Improving commercial production sectors.
4. Niger
Niger, located in Sahel, is poorly distributed economy. The economy is mostly dependent on agriculture for its 40% of its GDP and large oil production. In 2023, the Real GDP was 4.1% reduced from 11.9 during 2022. If the proper steps are taken by the government then the Niger’s GDP is expected to reach 11.1%.
| Metric | Value |
|---|---|
| Population | 28,238,972 |
| Real GDP Growth (Projected) | 11.1% |
| GDP per Capita (Projected) | $695.723 |
Government Initiative: Government initiative to improve economy of NIger are as follows
- To invest in financial, digital and critical infrastructure.
- Establish strong foundation for diversification and and steady MSME economy
- Creating healthy business environment
- Promoting development opportunities to reduce the social and economic difference across the states.
3. Palau
Palau, a country with a population of 18024, is situated in Oceana The major economy driver of this country is tourism and workforce which form 40% and 30% respectively of the contribution to its GDP. Apart from tourism, wholesale/ retail trading, local commercial fishery are the participant in contributing to GDP. In 2023, the GDP of Palau is forecasted to reach 12.8% by 2024.
| Metric | Value |
|---|---|
| Population | 18,024 |
| Real GDP Growth (Projected) | 12.8% |
| GDP per Capita (Projected) | $730.875 |
Government Initiative: Following steps are to be taken by government to reach the GDP goal.
- To administer the external Aid received from US. Also
- Injecting fund in tourism industry to develop the country more tourist friendly
- Creating more jobs by encouraging entrepreneurs.
2. Guyana
Guyana, a country situated in the northern coast of South America.Primarily Guyanese economy was dependent on agriculture and mining industries. Its economy forecasted by IMF to increase 26.6% in 2024.
| Metric | Value |
|---|---|
| Population | 813,834 |
| Real GDP Growth (Projected) | 26.6% |
| GDP per Capita (Projected) | $25,513 |
Government initiative: Guyanese government had came up with the following objective to achieve the projected GDP.
- Improving agricultural production and creating rural employment to meet food requirement
- Roll-out Free university education
- Providing training and capacity building to create well trained human resources for oil and gas and other sectors.
1. Macau SAR
Macau Special Administrative Region (SAR) of Republic of Chain is a small nation. Some of the main sectors of Macau SAR that contributes to its GDP are gaming and tourism industry. As per International Monetary Fund Report of October 2023, Macao SAR has Projected GDP for 2024 is 27.2%.
| Metric | Value |
|---|---|
| Population | 713,082 |
| Real GDP (projected) | 27.2% |
| GDP Per Capita (projected) | $70,130.0 |
Government Initiatives: Government of Macao had made a focused plan to achieve the prospective GDP.
- Developing healthy environment for research and development for various domain.
- Develop and optimize tourist product and expanding tourist source
- Make secured environment for gaming with law
- Improving relations with other nation
- Supporting artisan and native culture.
Conclusion
We can say that most of the South Asian countries as well as south African countries have taken well planned initiative to achieve the projected goal. Proper allocation of execution these plan can improve the global economy as well. Along with industrial development and service sector promotion, agriculture sector has made it place in the budget. Also to create employment, primary sector, secondary sector and tertiary sector need to be develop.
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FAQ on Top 10 Fastest Growing Economy
Which Country is the Fastest Growing Economy in the World?
China is the fastest growing economy in the world.
What is the economic forecast for 2024?
Unemployment will increase inflation will be lower resulting to slow economic growth.
Which is the fastest economy in 2024?
South asia will be the fastest economy in 2024, driven by blooming Indian economy.
Which will be the biggest economy in the world in 2025?
Germany and France both are expected to grow steadily by 0.7% in 2024, leading them to be the biggest economy of the world in 2025.
Will India be a rich country?
India is the fifth largest economy in the world with 139th position in GDP( nominal)
Is India the Fastest Growing Economy?
India was among the fastest-growing major economies in the world, but whether it is the fastest can vary depending on the specific time frame and economic metrics used for comparison.