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On the flip side, the 29 highest growth Economies!

29 Jun

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Doesn’t necessarily mean they’re the best, it just means they’re the fastest developing at the moment. Mostly due in part to oil and other natural resources.

#29: Botswana +12.1%

Est. 2012 GDP: +5.5 percent

Est. 2013 GDP: +6.5 percent

Est. 2014 GDP: +5.3 percent

Economy: Botswana’s diamond industry and exports comprise over a third of Botswana’s GDP, making it heavily reliant on this single commodity. However, other industries are becoming more important as well, like tourism, financial services, subsistence farming, and cattle raising.

#28: Republic of Congo +12.3%

Est. 2012 GDP: +6.0 percent

Est. 2013 GDP: +6.1 percent

Est. 2014 GDP: +5.8 percent

Economy: The Republic of Congo’s major exports are oil and forestry products, the former industry contributing a significant share to GDP. Another major driver of growth recently has been government spending on infrastructure development, buttressed by high oil prices.

#27: Tajikistan +12.3%

Est. 2012 GDP: +5.8 percent

Est. 2013 GDP: +5.9 percent

Est. 2014 GDP: +6.0 percent

Economy: Tajikistan is largely dependent on cotton and aluminum exports, but it is currently constructing a dam billed as the tallest in the world. If they are successful with the project, it would expand electricity output significantly.

#26: Panama +12.6%

Est. 2012 GDP: +6.1 percent

Est. 2013 GDP: +6.3 percent

Est. 2014 GDP: +5.9 percent

Economy: Panama’s services sector comprises nearly 80 percent of GDP. Major drivers of growth include the tourism, construction, and transportation industries as well as the operation and expansion of the Panama Canal.

#25: Zambia +12.9%

Est. 2012 GDP: +6.9 percent

Est. 2013 GDP: +6.3 percent

Est. 2014 GDP: +6.0 percent

Economy: Zambia’s economy is largely dependent on copper, its most valuable export. As such, growth is pretty strongly tied to high commodity prices.

#24: Guinea +12.9%

Est. 2012 GDP: +5.0 percent

Est. 2013 GDP: +6.0 percent

Est. 2014 GDP: +6.5 percent

Economy: Guinea has vast natural resources, and the first democratically elected president ever in the country has brought hope that Guinea can capitalize on mining and exporting these resources, spurring growth. The changing political environment also promises to draw more attention via foreign investment than in the past.

#23: Cape Verde +13.0%

Est. 2012 GDP: +5.8 percent

Est. 2013 GDP: +6.2 percent

Est. 2014 GDP: +6.4 percent

Economy: The services sector, including industries like commerce, transport, tourism, and public services, dominates the economy of Cape Verde, contributing to just over 75 percent of GDP. Foreign remittances are over 20 percent of GDP.

#22: Vietnam +13.2%

Est. 2012 GDP: +5.7 percent

Est. 2013 GDP: +6.3 percent

Est. 2014 GDP: +6.5 percent

Economy: Exports are a major driver of economic growth in Vietnam (exports grew 33 percent in 2011). Some of its major exports are garments, oil, electronics, rice, and machinery.

#21: Indonesia +13.2%

Est. 2012 GDP: +6.0 percent

Est. 2013 GDP: +6.5 percent

Est. 2014 GDP: +6.3 percent

Economy: Indonesia is a G20 economy with prudent fiscal management and a relatively robust financial sector. Its major exports are oil, electrical appliances, plywood, textiles, and rubber.

#20: Niger +13.3%

Est. 2012 GDP: +9.5 percent

Est. 2013 GDP: +6.8 percent

Est. 2014 GDP: +6.1 percent

Economy: Niger’s biggest sector is agriculture, at nearly 40 percent of GDP — much of this subsistence farming. It also has large uranium deposits and oil reserves, the latter of which is expected to contribute substantially to growth going forward.

#19: Bangladesh +13.3%

Est. 2012 GDP: +6.4 percent

Est. 2013 GDP: +6.4 percent

Est. 2014 GDP: +6.5 percent

Economy: The Bangladeshi services sector comprises half of the country’s GDP, and rice production in its agricultural sector is a major industry. Garment manufacture and foreign remittances are also important contributors to the Bangladeshi economy.

#18: Cambodia +13.5%

Est. 2012 GDP: +6.5 percent

Est. 2013 GDP: +6.8 percent

Est. 2014 GDP: +6.3 percent

Economy: Cambodia derives 30 percent of GDP from its agricultural sector, but the garment manufacture and tourism industries are also major contributors to the economy. Metals mining could become a contributor to growth in the future as opportunities in that area are explored.

#17: Uzbekistan +13.6%

Est. 2012 GDP: +8.0 percent

Est. 2013 GDP: +6.5 percent

Est. 2014 GDP: +6.7 percent

Economy: Uzbekistan is reliant on commodity prices as it derives much of its growth from high prices for its exports of gold, cotton, and natural gas. It also suffered relatively little from the financial crisis and subsequent slowdown in global growth due to its isolation and lack of connectivity with world financial markets.

#16: Kazakhstan: +13.7%

Est. 2012 GDP: +6.0 percent

Est. 2013 GDP: +5.8 percent

Est. 2014 GDP: +7.5 percent

Economy: Kazakhstan’s economy is heavily dependent on commodity prices, as the major driver of growth there is export of its natural resources — fossil fuels, including oil, and mined metals and minerals.

#15: Tanzania +13.9%

Est. 2012 GDP: +8.0 percent

Est. 2013 GDP: +6.4 percent

Est. 2014 GDP: +7.0 percent

Economy: The agricultural sector in Tanzania contributes to over 25 percent of GDP and 85 percent of exports. Tourism and gold mining have been major growth drivers in recent years.

#14: Ghana +14.0%

Est. 2012 GDP: +7.2 percent

Est. 2013 GDP: +7.0 percent

Est. 2014 GDP: +6.5 percent

Economy: Ghana’s agricultural sector comprises over 25% of GDP, while its services sector contributes about half of GDP. Gold and cocoa are its major exports and it will soon be a player in oil production as well, which will contribute to growth.

#13: Democratic Republic of the Congo +14.0%

Est. 2012 GDP: +7.2 percent

Est. 2013 GDP: +7.0 percent

Est. 2014 GDP: +6.5 percent

Economy: Agriculture accounts for nearly 40 percent of the country’s GDP, and mining of natural resources constitutes the bulk of the country’s exports.

#11: India +14.5%

Est. 2012 GDP: +6.7 percent

Est. 2013 GDP: +6.8 percent

Est. 2014 GDP: +7.0 percent

Economy: The Indian economy is one of the world’s four largest developing economies, with a massive services sector providing much of the developed world with information technology and outsourced business services.

#10: Haiti +14.5%

Est. 2012 GDP: +7.3 percent

Est. 2013 GDP: +7.1 percent

Est. 2014 GDP: +6.9 percent

Economy: The Haitian economy was rocked in 2010 by a massive earthquake — since then, foreign aid has poured in to aid in the country’s rebuilding. Foreign remittances comprise 20% of GDP and apparel manufacture constitutes 10% of GDP.

#9: Angola +14.7%

Est. 2012 GDP: +8.1 percent

Est. 2013 GDP: +7.4 percent

Est. 2014 GDP: +6.8 percent

Economy: Angola is one of the newest members of OPEC, and oil-related economic activity constitutes about 85 percent of the country’s GDP.

#8: Uganda +14.8%

Est. 2012 GDP: +4.0 percent

Est. 2013 GDP: +7.0 percent

Est. 2014 GDP: +7.3 percent

Economy: Uganda’s agricultural sector — especially its coffee crop — accounts for the majority of the country’s exports. Oil exports are also slated to become a bigger part of the Ugandan economy.

#7: Ethiopia +15.2%

Est. 2012 GDP: +7.7 percent

Est. 2013 GDP: +7.2 percent

Est. 2014 GDP: +7.8 percent

Economy: Ethiopia, like many other poor African states, has an economy largely driven by agriculture, which comprises 41 percent of GDP. The government has attracted substantial foreign investment into the country’s agricultural and manufacturing sectors in recent years.

#6: Rwanda +15.5%

Est. 2012 GDP: +7.2 percent

Est. 2013 GDP: +7.5 percent

Est. 2014 GDP: +7.2 percent

Economy: Rwanda, though extremely poor, has a burgeoning services sector that accounts for over half of the country’s GDP. However, nearly 90 percent of the population is engaged in agriculture, and mostly for subsistence.

#5: Mozambique +15.6%

Est. 2012 GDP: +6.7 percent

Est. 2013 GDP: +7.2 percent

Est. 2014 GDP: +7.8 percent

Economy: Mozambique’s economy is highly dependent on aluminum prices; the metal comprises nearly a third of the country’s exports. Subsistence agriculture accounts for nearly 30 percent of GDP.

#4: Laos +15.6%

Est. 2012 GDP: +8.2 percent

Est. 2013 GDP: +7.6 percent

Est. 2014 GDP: +7.4 percent

Economy: The economy of Laos, a country on the UN’s list of least developed economies, is growing quickly, albeit from a very low level, as a result of foreign and infrastructure investment. Subsistence agriculture accounts for nearly 30 percent of GDP.

#3: China +17.72%

Est. 2012 GDP: +8.2 percent

Est. 2013 GDP: +8.6 percent

Est. 2014 GDP: +8.4 percent

Economy: China recently passed Japan to become the world’s third largest economy and is also the world’s largest exporter across a wide range of industries — major sectors including consumer goods and raw materials.

#2: Sierra Leone +19.5%

Est. 2012 GDP: +44.5 percent

Est. 2013 GDP: +11.1 percent

Est. 2014 GDP: +7.6 percent

Economy: Sierra Leone’s economy is mainly driven by its abundance of natural resources — mining is a major industry and diamonds account for almost half of the country’s exports.

#1: Iraq +25.4%

Est. 2012 GDP: +11.1 percent

Est. 2013 GDP: +13.1 percent

Est. 2014 GDP: +11.0 percent

Economy: Iraq’s major export is oil, and it accounts for 90 percent of the government’s revenues. The country is also in a rebuilding phase in the wake of U.S. occupation, with construction a major driver of the economy as well.

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Posted by on June 29, 2012 in WORLD

 

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