There has been much ado made about the growth of China's economy lately, and projections forecast that within the next 50 years it will overtake the United States as having the highest GDP in the world. With both China and India at the forefront, the next 50 years is likely to see a major shift globally, as more and more economic power is diverted away from North America and Western Europe and into Asia. While many accept this shift is already occurring, the countries with the fastest growing GDP are ones you will likely not expect. While the United States and European Union are often seen as the premier economic powerhouses of the world, the truth is that GDP growth in these areas has become rather stagnant in recent years.
The Fastest Growing Economies
According to the International Monetary Fund, Libya has the fastest growing GDP in the world. The major reason behind the north African country's economic growth is the reestablishment of the oil industry, after it was ravaged for years by Civil War that began in 2011. As much of the Libyan economy relies on crude oil production, the reestablishment of the industry goes a long way in encouraging the growth of the country's GDP. Experts say. however, that the country has not yet returned to pre-war levels.
Following Libya is Bhutan. Bhutan is a landlocked country located in central Asia. It has historically been one of the world's least-developed countries. However, an increase in exports to neighboring India has helped to encourage economic activity in the country. Furthermore, although Bhutan has been rather closed off to tourists in recent years, the country is only now opening up its tourism sector - an industry that may hold much economic potential thanks to the country's mountainous natural beauty and peaceful reputation.
The country with the world's third quickest growing GDP is the west African country of Ghana. Previously ranked as the world's quickest growing economy, the economy of Ghana still ranks high for growth. Although much of the Ghanaian economy is based on the service sector, the economy is quite diverse, particularly for a small country. Ghana is also a resource-rich country. Renewable energy sectors, such as wind and solar energy, are also a burgeoning industry in the country.
Why Are So Many Economies in Asia and Saharan Africa Flourishing?
One factor that may be linked to the growth of sub Saharan African and Asian economies has been decreased crude oil prices. By not having to spend as much on importing crude oil, nations lacking their own oil reserves are able to have more economic freedom. Furthermore, with regard to the impressive GDP growth in sub Saharan Africa, Sierra Leone is a shining example of economic progress within the region. With a real GDP growth rate of 6.1%, Sierra Leone is just one of many nations in the region registering positive economic numbers since the passing of the most recent mass Ebola scare and an increased sense of peace and geopolitical stability. Similarly, in Asia foreign investments and exports of agricultural products and technology continue to drive economies upward.
Data source: International Monetary Fund.
GDP Growth By Country
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