We can often read news about the “state of the current economy” as if it were something to dread. While globally, this may not be the best time for some of the world’s biggest forces, certain developing countries have managed to find their path and beat the rest of the world with their economic growth. In order to see how countries grow economically, we have used average annual GDP.
The Republic of Nauru is a tiny Island in Micronesia with the total surface of just 8.1 sq. miles and just over 11.000 citizens. This small nation, an equivalent of a small town, bases its economy on coconut products, phosphate mining and offshore banking. Looking at the average GDP for the last ten years, Nauru proves to be the fastest growing country in the world with an average GDP of 16%. This first place may just be an honorary one, as the nation’s future projections are not as promising as they have been in the past. This is why we have used this GDP to show that stats from the past do not necessarily speak for the future, as this country, for example, has a predicted GDP of -4% for the following year. The country has failed to secure its future and now when they are on the verge of running out of the valuable phosphate, they are relying on help from others to survive.
The Kingdom of Bhutan is a country located in the Eastern Himalayas between India and China. It covers 14,824 sq. mi and has a population of 797,765 people. Limited by the mountains, Bhutan does not allow for its Landscape to put any restrains on its growth, but uses it to its advantage. The economy relies heavily on agriculture and the aspiration of having 100% organic farming. One of their products you may find in your local store is red rice. Some great exports are apples and oranges distributed throughout the market in Bangladesh. It also has a thriving industry which makes almost a quarter of its economy with forestry being the leading branch of the industry. While it has allowed them to grow economically, forestry has had a great impact on the country’s environment and natural resources. Hydroelectricity exported to India is one of the greatest contributors to the country’s growing GDP. Himalayan rivers are what makes this large export possible and the country is receiving aid from various parts of the world to help it make greater uses of the resource. Last but not the least, Bhutan is a high-value tourist destination, with many spiritual sites and natural beauties found fascinating by most. The country has had an average of 6.7% GDP over the last ten years with a projection of an 11.1% growth for the period of 2017-2019.
The Federal Democratic Republic of Ethiopia is located on the Horn of Africa with the surface of 426,400 sq. mi and a population of around 102.5 million people. Significantly larger than the above-mentioned, this country is still very far away from being developed, however with the average 10-year GDP of 9.8% and the forecasted growth of 8.7% from 2017 to 2019, this country is certainly showing an improvement. This famously impoverished country has been reporting growth in all fields, including health and life expectancy. When it comes to the economy, they also heavily rely on hydropower and pride themselves at the largest hydroelectric power station on the continent, Grand Ethiopian Renaissance Dam. Large-scale projects such as this one are the country’s hope at attracting foreign investors, as well as certain tax incentives. The country’s greatest export is coffee.
The Republic of Ghana lies along the Gulf of Guinea in West Africa. The country covers 92,497 sq mi and has around 27 million citizens. The country’s 10-year average is 7%, however, the predicted annual GDP for 2017-2019 is 8.1%. The country’s political system and stability are what has helped it stand out from the rest of the continent’s nations. Its economy relies on oil, cocoa, and gold to help the economy pick-up from the recent falls due to poor monetary policy. Ghana Vision 2020 is the country’s plan to see itself become Africa’s first developed country within the next ten years and a newly industrialized country during the 2030’s. Apart from the natural resources, another great source of income for this country has been brought through the tax on real estate. The development of the economy has led to the development of the construction sector and more opportunities for real estate in urban areas.
The Republic of Côte d’Ivoire is a next-door neighbor to the 3rd ranked Ghana. It covers some 124,504 sq. mi with the population of around 24 million. It plays a significant role in the region as a transit trade channel for the inland countries. Once the country was out of the civil war it got an opportunity to grow again. Following those events, the country has received an IMF donation worth $4.5bn. The government now invests its revenue into infrastructure and education hoping that it will have long-term effects on the industry. It is the world’s greatest cocoa-bean exporter, but it also exports other goods, coffee being the second largest export. The expected GDP for the three-year period is 8.07% and the ten-year average is 5.4%
The Republic of India is located in South Asia and covers an area of 1,269,219 with 1,324 million people living in it, making it the second most populous country in the world. India has recently been named a newly industrialized country by the IMF which means that it is one step away from being one of the developed countries. This is what makes it unique on our list. It is the only large economy with a high GDP. The 10-year average is 7% and the forecast for the three years is 7.73% per annum. The country owes its growth to a number of big reforms happening in all fields and represents a true opportunity for investors. Some of the developing industries are telecommunication industry, automotive industry, and pharmaceutical industry. The country exports textiles, jewelry, petroleum products, engineering goods, software, chemicals, leather etc.
As we can see above, with the marvelous exception of India, those who have the most room for improvement, have improved the most. We are hoping to see many more developing countries take a turn to be the top 5 on this list and boost the global growth.