Top 10 Countries with the Fastest Growing Economies in the World

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The global economy is facing one of the worst economic situations since the financial crises of 2008. The plummeting world economy began in 2020 as a result of the COVID-19 pandemic and has been exacerbated by political instabilities including the War in Ukraine and Israel’s aggression on the Gaza strip. These disasters caused disruptions in energy global supply chains, leading to increased energy costs and rising inflation in general. Some countries such as Guyana and Macau remain resilient amidst these challenges, but some like Finland and Germany experience negative GDP growth in 2023. Recent data released by the IMF indicates that the world’s average economic growth is 3.0. This article highlights the 10 fastest economies in the world in terms of GDP growth. Developing countries dominate this list because they still have room for development and improvement.

  1. India

India has the 11th highest GDP growth in the world with a growth rate of 6.3% and GDP per Capita of $2,610. India is the only trillion-dollar or one of the most developed countries that almost made to the list of top 10 fastest growing economies in the world. Its real GDP is $3.73 trillion and a GDP per capita of $2,610.

The list of top 10 countries with fastest growing economies in the world in 2023 begins here:

  1. Tajikistan

The list of less developed or developing countries with high GDP growths in the world begins here. Tajikistan is a small country in Central Asia with a population of 9.5 million people. The country has a fast-growing economy with a GDP growth of 6.5% and GDP per Capita of $1,810. Tajikistan is placed 10th among the fastest growing economies in the world in 2023.

  1. Democratic Republic of the Congo (DRC)

The Democratic Republic of Congo is one of the mineral-rich countries of Central Africa. Its GDP growth rate of 6.7% makes it one of the fastest growing economies in the world. The DRC also has a real GDP of $67.51 billion and a GDP per Capita of $675.48.

  1. Mozambique

Mozambique is located in the southern part of Africa and has a real GDP of $21.94, GDP per Capita of $647.14, and GDP growth rate of 7%. This growth rate places the country in the 8th position in the list of world’s fastest growing economies in 2023.

  1. Armenia

Armenia is now in the world’s limelight thanks to its 7th fastest growing economy in the world in 2023. The country recorded a GDP growth rate of 7% and GDP per Capita of $8,280 in 2023. I would place Armenian economy as one of the best in the world considering its huge per capita GDP and still managing to grow its economy by almost a double figures.

  1. Fiji

The sixth fastest growing economy in the world in 2023 is Fiji. The South American nation is projected by IMF to grow at a rate of 7.5%. Its per capita GDP is $6,020 and real GDP is $5.51 billion.

  1. Samoa

At number 4 in this list of fastest growing economies in the world in 2023 we have Samoa. This small island in the Oceania has a real GDP of only $940 million and a GDP per Capita of $4,640. Its GDP growth rate of 8% makes it the fourth fastest growing economy in the world in 2023.

  1. Maldives

Maldives is a small nation located in South Asia with a population of 521,457 people. The country is the 4th fastest growing economy in the world in 2023 with 8.1% GDP growth rate. With a GDP of $5.406 billion and GDP per capita of $11,645, the country is one of the best places to live.

  1. Libya

Libya opens the list of top 3 fastest growing economies in the world. The country has a GDP growth rate of 12.5% and a real GDP of $40.19. However, with a large population the GDP per Capita is only $5,870. Nevertheless, the country remains a strong economy, probably owing to its richness in oil.

  1. Guyana

Guyana is another small country in South America. Guyana’s population is 804,567 while its GDP per Capita is $20,560. It has an IMF-projected GDP growth rate of 38.4% in 2023, hence ranking the second fastest growing economy in the world.

  1. Macau

Macau is now the place to be if you are considering to live and do business in one of the fastest growing economies in the world. With a GDP growth rate of $74.4%, the country is placed 1st in the list of world’s top 10 fastest growing economies in the world. What is more, the country’s GDP per capita is insanely recorded by IMF as $54,300 in 2023. This administrative region of China has real GDP of $38.48 billion and a population of only 686,607 people. It looks like everyone in this country is rich.

What about Kenya?

Kenya is an East African country with one of the fastest growing economies in Africa, but it has not made it to the top 10. Its growth rate of 5.0% places it at position 39 in the world in terms of economic growth using the GDP growth rate measure.

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