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Fast Growing Economies

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Accelerating Economies Across the Globe

In the global landscape, the growth status of a country's economy is an important indicator of its development, living standards, and international standing. Real Gross Domestic Product (Real GDP), which takes into account inflation or deflation, provides a measure of economic output to reflect the true growth in an economy. This financial yardstick is crucially used to study the capacity of an economy to produce goods and services, indicative of its overall economic health.

Key findings from the data:

  • The Regions with the most notable Real GDP Growth are primarily developing economies, with Macau leading the pack with a massive 58.90% growth, followed by Guyana at 37.20% and Libya at 17.50%.
  • Among the 'BRICS' club of major emerging economies, India is the fastest-growing with a Real GDP Growth of 5.90%, followed by China at 5.20%.
  • Developed economies like the United States and countries in the European Union display a relatively slower Real GDP Growth. For instance, the United States is at 1.60%, Germany at -0.10%, and the United Kingdom at -0.30%.
  • In the list of top 50 fastest-growing economies, Asian continents harbor the most number of countries, indicating a shift of economic momentum towards Asia-Pacific regions. 
  • Interesting outliers include Ireland, with a Real GDP Growth of 5.60%, outpacing most of its European counterparts. This denotes the growing significance of smaller nations in contributing to global economic growth. 

Fastest Growing Economies in the World

Macau leads the pack, with an astonishing Real GDP growth rate of 58.90%, making it the fastest-growing economy in the world. The restoring gaming industry and increased tourism have significantly contributed to this unparalleled growth.

Coming in second is Guyana, boasting a Real GDP growth rate of 37.20%. Guyana's growth has been fueled by recent massive oil discoveries and the subsequent investments.

In third place is Libya, showing the tenacity of a nation in recovery. With a surprisingly high Real GDP growth rate of 17.50%, Libya's economy is bouncing back strongly post-conflict, fuelled by oil production and rebuilding efforts.

Then we have Palau, with an impressive Real GDP growth of 8.70%. As a rapidly developing island state, tourism constitutes a significant part of Palau's economy, driving its growth.

Rounding out the top five is Senegal, demonstrating an encouraging Real GDP growth rate of 8.30%. An agriculture-based economy, its growth is also underpinned by infrastructure development, especially in transportation.

Other nations showing commendable growth include Maldives (7.20%), Fiji (7.00%), DR Congo (6.30%), Ivory Coast (6.20%), and Rwanda (6.20%).

Fastest growing economies based on Real GDP Growth : 

  1. Macau - 58.90%
  2. Guyana - 37.20%
  3. Libya - 17.50%
  4. Palau - 8.70%
  5. Senegal - 8.30%
  6. Maldives - 7.20%
  7. Fiji - 7.00%
  8. DR Congo - 6.30%
  9. Ivory Coast - 6.20%
  10. Rwanda - 6.20%

By Country

Full Data Set

Frequently Asked Questions

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