The developing countries have emerged as powerhouses, and they contribute to global growth in output and consumption. The average growth rate is about 2.7 percent, but countries like China and India has a growth rate of 7.0 percent.
The following are some of the world’s fastest-growing economies:
Senegal is located in West Africa. It is one of the world’s fastest-growing economies and has a projected growth of 6.6 percent. Senegal’s economy is centered mostly on natural resources and Commodities. Agriculture is a major sector in the country, and it produces many cash crops. The tourism of the country is also stable and blooming as it has an excellent French Colonial heritage and a brilliant natural attraction.
Bhutan is known as the ‘land of the thunder dragon,’ and is a land-locked country in the Himalayas and lies between India and China which are the world’s most populated countries. Bhutan has a fast growing economy and is fueled by forestry, tourism, agriculture, and hydro-power. Bhutan’s economy is expected to grow at a rate of 11.1% during 2017-19. Gross National Happiness (GNH) is given more emphasis to build the nation’s prosperity than the Gross Domestic Product (GDP).
Ethiopia is one of Africa’s largest recipient of developmental aid, but several sectors of the country shows great promise for the economy. It is hoped that by the year 2025 Ethiopia will become a middle-income country. The country is slowly developing in its construction sector and also has a good public infrastructure investment. The Grand Ethiopian Renaissance Dam is considered the crowning glory of the country’s recent growth.
India is one of the top five fastest growing economies in the world. Backed by ample resources, robust domestic demand, macroeconomic fundamentals, favorable demographics and a proactive government the country is said to have an annual growth of 7.73% during 2017 to 2019. India is an excellent country for investors as it is both stable and huge. Companies via ADRs listed on the United States exchanges focus on investing in India.
Cambodia also has one of the world’s fasted growing economy and has a projected economic growth of 7.0 percent. Cambodia faces numerous socio-political issues, and a widespread poverty exists in the country as there are corruption and lack of political freedom. Cambodia also has a low per capita income despite being one of the fastest growing economies in Asia. Agriculture is one of the dominant economic sectors in the country and has a strong growth in construction, textiles, tourism, and garment sectors.
Ghana is one of the most stable African nations and has a low corruption and macroeconomic stability. The economic journey of the country has been quite bumpy in recent years. Ghana’s fiscal deficit and monetary policy led to soaring inflation, high levels of debt, and depreciating the currency. The nation’s growth slowed down in 2014-16 but is expected to rise in the next few years to an average annual growth rate of 8.1%.