The world is in a state of transition. While some countries are facing economic turmoil, there are others that are experiencing unprecedented growth. The list below shows the fastest growing economies in 2024 according to The IMF report:
1. Macao SAR (27.2%),
Macao SAR is a special administrative region of China. It has the fastest growing economy in the world, with an annual growth rate of 27.2%. Macao SAR is also known as one of the richest places in the world. Macau has been a major gambling center since Portuguese colonial rule ended in 1999 with its return to China, which turned it into an international gaming hub and tourist destination that rivals Las Vegas.
2. Guyana (26.6%),
The second country on our list of fastest growing economies in 2024 is Guyana. It is a country on the northern Atlantic coast of South America with a population of 730,000 people and its capital city is Georgetown. Guyana’s economy has been growing steadily since 2014 when it was included in IMF’s World Economic Outlook Database as an emerging market economy for the first time. The main sectors contributing to its economic growth are mining, agriculture and tourism
3. Palau (12.4%),
Palau is a small island country located in the western Pacific Ocean. It has a population of about 20,000 people and is an archipelago of islands. The official languages are Palauan and English, although there are many other languages spoken in this country as well. Palau has been growing economically since 2013 and is expected to continue this trend until 2024 when it will have an average annual growth rate of 12%. This makes Palau one of the fastest growing economies in 2024!
4. Niger (11.1%),
Niger is a landlocked country in Western Africa. It has the highest birth rate in the world, and it’s one of the poorest countries on earth. Niger’s economy is heavily dependent on agriculture and livestock production, but it has been hit hard by drought conditions over recent years. The government has struggled to provide jobs for its rapidly growing population as well, which means that huge numbers of young people are forced into unemployment or migration abroad (mainly Libya).
5. Senegal (8.8%),
Senegal is a country in West Africa. It’s the westernmost nation on the mainland of Africa and has a total area of 196,722 square kilometers (75,823 sq mi). Dakar is Senegal’s capital and largest city, located on its Atlantic coast. Other major cities include St Louis, Touba and Thies. Senegal’s economy depends largely on agriculture and fishing; manufacturing industries are limited but growing (textile milling).
6. Libya (7.5%),
Libya’s economy was severely affected by the political unrest that began in 2011. The country’s GDP contracted by around 50% from 2010 to 2014, but has since recovered as oil production and exports have resumed. The International Monetary Fund (IMF) forecasts real GDP growth of 7.5% for Libya in 2024, up from 1.7% in 2019. Growth will be driven by recovering oil production and exports, which hit an all-time high of 1 million barrels per day (bpd) in February 2019 after climbing above 500,000 bpd since December 2018 after years of decline due to conflict between rival factions vying for power over Tripoli or Misrata.[1]
7. Rwanda (7.0%),
Rwanda’s economy is expected to grow by 7.0% in 2024, according to the IMF. The country has a favorable investment climate and is on track to achieve its goal of becoming a middle income country by 2025. Rwanda has one of the fastest growing economies in Africa, with GDP growth averaging 6% over the last decade. The main driver behind this growth was agriculture: while agriculture accounted for only 2% of GDP in 2007-08, it now makes up more than 40% of Rwanda’s output thanks to improved productivity and higher yields from improved seeds (which have been provided through aid programs).
8. Cote d’Ivoire (6.6%),
Cote d’Ivoire (Ivory Coast) has a population of 24.8 million and is the largest economy in West Africa. The country has a GDP of $74.45 billion, which makes it the largest producer of cocoa in the world.
9. Burkina Faso (6.4%),
Burkina Faso is a landlocked country in Africa. It’s the largest country in West Africa and has a population of 19 million people. The official language of Burkina Faso is French, but many other languages are spoken as well. The capital city is Ouagadougou and its major industries include agriculture, cotton textiles and gold mining (the latter two being their main exports). The GDP per capita is $1,100 which makes it one of the poorest countries in the world – however this has been predicted to increase by 6.4% over the next ten years!
10. Benin (6.35)
With a population of about 11 million people, Benin is the smallest country in West Africa. It borders Nigeria to the west, Togo to the east, Burkina Faso and Niger to its north and Ghana in south-west Africa. Benin has one of the fastest growing economies in Africa with an annual growth rate of 6.35% between 2017-2024 predicted by IMF (International Monetary Fund). The main reason for this rapid growth is due to its openness as well as reforms carried out by government officials who have been working closely with international organizations such as World Bank and IMF since 1990s when they started promoting democracy across African countries like Mali or South Africa during apartheid era back then before Nelson Mandela became president after winning elections held on 27 April 1994 following apartheid regime ended after almost 40 years rule under racist policies implemented by white minority government which led them losing power once they realized how much damage had been done during those years without realising what effect could happen if things continue going down same path without changing anything else except removing certain laws related specifically towards blacks only while allowing whites continue doing whatever they want regardless whether laws were broken or not!
So, what do you think? Are these the fastest growing economies in 2024? Do you think there are other countries that should be on this list? Let us know in the comments section below!
