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:
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 :