20 Countries With the Fastest-Growing Economies Right Now


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Multiple contributing factors determine the growth of a country. The country’s population, growing industries and sectors, and the political condition can play essential roles in influencing growth. Growing economies can play essential roles on a global scale as they can influence global markets. Here are 20 countries with the fastest-growing economies right now:

India

20 Countries With the Fastest-Growing Economies Right Now

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With an annual GDP growth rate of about 7.6%, India’s thriving economy has grown due to the country’s booming tech sector, digitalization efforts, and strong consumer market. The country has made many investments in improving infrastructure and increasing the growth of its renewable energy sector, which have both played essential roles in spurring growth. Additionally, India has a large young and skilled workforce driving innovation and contributing to economic growth.

China

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China has dedicated investments to developing artificial intelligence, electric vehicles, and improving infrastructure to solidify its global position, reflected in its annual GDP growth rate of about 5.2%. The country has also introduced various initiatives like the Belt and Road Initiative, which aims to enhance trade opportunities as domestic consumption increases along with the expansion of the middle class.

Bangladesh

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Bangladesh’s thriving garment industry and export diversification have played crucial roles in helping the country emerge as a fast-growing economy with an annual GDP growth rate of about 5.8%. The Bangladeshi government has increased investments in infrastructure and the energy sectors, which has helped boost productivity. Different initiatives have been adopted, particularly within education, to empower the country’s youth and increase the skilled workforce.

Vietnam

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Vietnam has an annual GDP growth rate of about 5%, thanks to its robust manufacturing sector, which has made it a manufacturing hub for electronics and textiles. The country has successfully executed trade agreements with major global players and has a favorable investment climate that attracts foreign direct investments. The digital transformation across the country and the focus on the renewable energy industry have also played an essential role in the country’s economic expansion.

Philippines

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The strong services sector, which includes business process outsourcing and remittances from overseas workers, has significantly benefitted the Philippines’s economy, which has seen an annual GDP growth rate of about 5.5%. The country has focused on developing infrastructure under various government initiatives, and investments in education and technology have significantly grown in recent years. Enhanced urbanization and the large English-speaking workforce have attracted many global businesses, which supports economic growth.

Ethiopia

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Ethiopia has been experiencing an annual GDP growth rate of about 6.5%. Its growth has significantly been driven by large investments made in the agricultural and manufacturing sectors and the development and improvement of infrastructure. The emergence of industrial parks in the country and the focus on renewable energy projects have helped to attract foreign investments. Ethiopia has also introduced various government reforms that aim to improve the country’s business environment.

Kenya

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The thriving tech sector and focus on innovation in Kenya have enabled its economy to see an annual GDP growth rate of about 5.4%. The strong private sector, the strengthening of the business sector, the increase in digital infrastructure, and the large investments in various public and private sectors have positively reflected the country’s economy. The growth in renewable energy and agricultural industries and the middle class have also contributed to the country’s economic growth. Kenya’s revolutionary mobile banking services, which have improved financial access in the country, have also helped improve financial operations, positively impacting the economy.

Indonesia

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Indonesia has seen a steadily growing economy thanks to its abundance of natural resources, expanding digital economy, and focus on infrastructural development, all of which have contributed to an annual GDP growth rate of 5%. The country’s government initiatives, which look to attract foreign investments and boost domestic industries, have also proven to be successful, which has been extremely beneficial to the country’s economy. Indonesia also has a young population which provides a robust consumer base while the country’s strategic location has helped to improve relations with neighboring countries.

Saudi Arabia

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The implementation of Vision 2030 in Saudi Arabia has played an essential role in its rapid growth. The country has witnessed a GDP growth rate of about 4.6%. The high oil prices, the strong banking sector, and the increased investments in renewable energy, tourism, and technology have helped to diversify the country’s economy and reduce the dependency on oil. Saudi Arabia also has various reforms and projects that aim to attract foreign investments, helping to reshape the country’s economic landscape and providing a strong foundation for continued growth.

Rwanda

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The country’s focus on technology, innovation, and infrastructure has driven rapid economic growth in Rwanda. The country has regulations and frameworks that ease business operations and attract foreign investments, contributing to its growth. Various government initiatives in the agriculture and tourism sectors have enabled sustainable development, contributing to the country’s growth, with an annual GDP growth rate of about 6.5%.

Uzbekistan

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Uzbekistan has established itself as one of the fastest-growing economies in Central Asia thanks to the country’s extraction of gold, oil, and gas and its strong agricultural sector. The country has also adopted various market reforms, enabled privatization, and improved investment policies, positively impacting its economy. The focus on modernizing industries and expanding trade has had a significant influence. At the same time, the country’s strategic location has been central to attracting foreign investors and boosting exports, leading to an annual GDP growth rate of 5.6%.

Cambodia

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Tourism, manufacturing exports, and real estate have all played essential roles in Cambodia’s annual GDP growth rate of 5.4%. Its garment industry is the primary source of economic growth. The government has focused on improving infrastructure and introducing investment-friendly policies, which have helped to support industrial growth within the country. Additionally, the trade agreements developed with neighboring countries have been central to bolstering economic prospects in Cambodia.

Turkey

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The strong government policies and robust domestic and external demand that Turkey has seen in recent years have played an essential role in helping the country’s economy see an annual GDP growth rate of about 4.5%. Its strategic locations between Europe and Asia drive the trade agreements and investments that the country sees. At the same time, the strong manufacturing base, agricultural exports, and growing tourism sector have all contributed to economic growth. Turkey has also introduced many infrastructural projects to support its continued upward trajectory and sustain its growth.

Ghana

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As one of the largest cocoa producers in the world, Ghana has experienced significant economic growth. Agriculture, mining, and trade sectors are essential to the country’s economy. At the same time, the increase in investments and focus on industrialization and infrastructure has helped to attract foreign investors to help the country sustain its growth. Ghana also has a growing middle class and has displayed political stability, which has played an essential role in the country’s economic growth, with an annual GDP growth rate of about 4.4%.

Senegal

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Senegal has experienced rapid economic growth in recent years thanks to its rich hydrocarbon resources, favourable economic climate, and declining inflation rates. The country’s economy has thrived through increased investments in the oil and gas, agriculture, and technology sectors, which have been crucial to the country’s growth experiences. Its stable political climate and strategic location have opened many opportunities, leading to an annual GDP growth rate of about 4.3%.

Nigeria

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The increased political stability in Nigeria has positively impacted the country’s manufacturing and services sectors, which have been central to the country’s economic growth, with an annual GDP growth rate of about 4.2%. The country’s large population has also spurred this growth, its efforts in diversifying its economy, and the increased investments in the tech and entertainment industries. Oil exports have remained a significant contributor to the country’s economy, and the efforts to improve the agricultural and renewable energy industries have positively enabled Nigeria to reshape its economic future.

Qatar

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Oil and natural gas have played significant roles in Qatar’s economic growth in the past, and the country’s efforts to create a more diversified future have helped to increase growth and establish the country as one of the fastest-growing economies in the world, with an annual GDP growth rate of about 4.2%. Qatar has strategically invested in improving its infrastructure and introducing global events, attracting sizeable foreign support. The country has also witnessed diversification towards technology, finance, and tourism, which have helped to position the country as a robust economy.

Malaysia

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Strong domestic demand and export expansion have played an essential role in enabling Malaysia to become a fast-growing economy, with an annual GDP growth rate of about 4.4%. The country’s strong manufacturing sector and significant technology and renewable energy investments have driven growth. Malaysia has positioned itself as a strong regional trade hub. It continues to adopt and introduce favorable investment policies that have enabled the country to become a top destination for foreign businesses, all contributing to the growth that the country has witnessed.

Egypt

Egypt has been able to sustain strong GDP growth with an annual growth rate of about 3.4%, which has helped it establish itself as one of the fastest-growing economies in the world. The economy has rebounded despite a decline, thanks to the introduction of various infrastructure megaprojects, increased investments in the energy sector, and the growing tourism sector. Egypt has also introduced various reforms to improve business conditions and attract foreign investments, which have helped strengthen the country’s economy.

South Korea

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Innovation and technology have been key factors in driving economic growth in South Korea and improving its competitiveness in the Asian region. The country has established itself as a leader in technology, innovation, and manufacturing. It continues to drive growth through the increase in investments in green energy, biotech, and artificial intelligence, which have all contributed to a GDP that grows at an average of about 5.7% annually.

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