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In today’s interconnected world, economic growth is a key indicator of a country’s development and prosperity. As we look ahead to the year 2024, several countries are poised to experience significant economic growth.
In this article, we will explore the top 10 fastest growing economies projected for 2024.
1. Macao SAR (27.2%)
Macao SAR, a special administrative region of China, is the fastest growing economy in the world with an annual growth rate of 27.2%.
Known as one of the richest places globally, Macao SAR has transformed into an international gaming hub and tourist destination that rivals Las Vegas.
Since its return to China in 1999, Macao SAR has become a major gambling center, driving its economic growth.
2. Guyana (26.6%)
Guyana, a country on the northern Atlantic coast of South America, is the second fastest growing economy in 2024 with a growth rate of 26.6%.
With a population of 730,000 people and its capital city Georgetown, Guyana has experienced steady economic growth since 2014 when it was recognized as an emerging market economy by the IMF.
The mining, agriculture, and tourism sectors contribute significantly to its economic expansion.
3. Palau (12.4%)
Palau, a small island country in the western Pacific Ocean, is projected to have an average annual growth rate of 12.4% until 2024.
With a population of about 20,000 people, Palau has been experiencing economic growth since 2013. The main languages spoken in Palau are Palauan and English.
This archipelago of islands is expected to continue its economic progress, making it one of the fastest growing economies in 2024.
4. Niger (11.1%)
Niger, a landlocked country in Western Africa, faces significant challenges as one of the poorest nations globally.
With the highest birth rate in the world, Niger’s economy heavily relies on agriculture and livestock production.
However, drought conditions and a rapidly growing population have strained the country’s resources.
The government struggles to provide jobs for its citizens, leading to high unemployment rates and migration to other countries, primarily Libya.
5. Senegal (8.8%)
Senegal, a country in West Africa, is the westernmost nation on the African mainland.
With an area of 196,722 square kilometers, Senegal’s economy depends largely on agriculture and fishing, with limited but growing manufacturing industries.
The capital city, Dakar, is located on the Atlantic coast. Other major cities include St Louis, Touba, and Thies. Senegal is projected to experience 8.8% economic growth in 2024.
6. Libya (7.5%)
Libya’s economy was severely affected by political unrest starting in 2011. From 2010 to 2014, the country’s GDP contracted by approximately 50%.
However, with the resumption of oil production and exports, Libya’s economy has shown signs of recovery.
The International Monetary Fund (IMF) forecasts real GDP growth of 7.5% for Libya in 2024, primarily driven by the recovering oil industry.
7. Rwanda (7.0%)
Rwanda, a country in East Africa, is expected to achieve 7.0% economic growth in 2024.
With a favorable investment climate, Rwanda aims to become a middle-income country by 2025.
The country has one of the fastest growing economies in Africa, with agriculture being the main driver of growth.
Improved productivity and higher yields from improved seeds have contributed to Rwanda’s economic expansion.
8. Cote d’Ivoire (6.6%)
Cote d’Ivoire, also known as Ivory Coast, is the largest economy in West Africa with a population of 24.8 million.
The country’s GDP of $74.45 billion is primarily driven by cocoa production, making it the largest producer in the world.
Cote d’Ivoire is expected to experience 6.6% economic growth in 2024.
9. Burkina Faso (6.4%)
Burkina Faso, a landlocked country in Africa, is the largest country in West Africa with a population of 19 million people.
The country’s major industries include agriculture, cotton textiles, and gold mining.
Despite being one of the poorest countries globally, Burkina Faso is predicted to achieve 6.4% economic growth over the next ten years.
10. Benin (6.35%)
Benin, the smallest country in West Africa with a population of about 11 million people, borders Nigeria, Togo, Burkina Faso, Niger, and Ghana.
Benin has one of the fastest growing economies in Africa, with an annual growth rate of 6.35% predicted by the IMF.
The government has implemented reforms and worked closely with international organizations to promote democracy and economic development.
In conclusion, these ten countries are expected to have the fastest growing economies in 2024.
Each country has its unique factors contributing to its economic growth, from tourism and mining to agriculture and manufacturing.
As these economies continue to expand, they offer opportunities for investment and development.
