In this article, we will analyze the global economy by highlighting the 20 countries with the highest economic growth rates over the past 10 years. If you want to skip the detailed analysis, you can go directly to the next page. 5 countries with the highest economic growth rates over the past 10 years.
The global economy is recovering
according to report According to the International Monetary Fund, global growth is expected to slow from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024. The global economy continues to recover from the severe impact of the coronavirus disease (COVID-19) and Russia’s invasion of Ukraine. However, economic activity has still not returned to pre-pandemic levels, especially in emerging market and developing countries.
Bright side of slowing global economic recovery
Geopolitical tensions, the aftermath of a global pandemic, and high inflation are weighing on the global economy. However, certain countries continue to grow. In 2023, the United States will surpass the European Union, the United Kingdom, Japan, Canada, and other developed countries. Become the world’s largest economy by 2050.
December 7th, CNN report The US GDP grew at a rate of 5.2% in the third quarter of 2023, outpacing China. The IMF also expects US GDP to grow 2.1% this year and 1.5% in 2024, more than double the UK’s expected growth rate, and the euro, which is expected to grow 0.7% this year. It even exceeds the range. This year it will be 1.2% and next year it will be 1.2%. The country also continues to raise funds around the world. The Inflation Control Act would pump $369 billion into clean energy projects and could attract more investment into the country. Cumulative venture capital investment in AI in the United States over the past decade was more than double that in China and nearly 10 times that in the European Union or the United Kingdom.
Differences with the US euro area This can be explained based on several factors, the first being energy prices. Because Europe is a net importer of energy, inflation rates in the region are higher than in the United States. The eurozone was highly exposed to the rise in natural gas prices following Russia’s invasion of Ukraine. An example of this energy shock is Germany, which experienced a decline in production due to its dependence on Russian gas.
China, the world’s second-largest economy, continues to be affected by weak consumer spending, declining real estate prices and declining global demand for manufactured goods. Although the economy is making efforts to recover, growth remains slow. At the same time, the IMF predicted that India’s economy will expand by 6.4% this year and next. The Modi government plans to make India his $5 trillion economy by 2025. These dynamics will make India the world’s fastest growing major economy.other fastest growing economy in the world has also been covered previously.
American multinationals leading the way
As the United States is a global super economy, it is home to many companies that have a presence all over the world. Major U.S. multinational companies contributing significantly to the region’s economic growth include Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (New York Stock Exchange:WMT), and eBay Inc. (Nasdaq:ebay). Let’s take a look at what these companies have been up to.
November 16th, Amazon.com, Inc. (NASDAQ:AMZN) announced The start of an extensive strategic partnership with Hyundai Motors, one of the world’s largest automakers. The partnership will allow auto dealers to sell vehicles at Amazon.com (NASDAQ:AMZN) U.S. stores for the first time, and Hyundai will be the first brand available to customers in 2024. They are also becoming more data-driven organizations by choosing Amazon Web Services (AWS) as their preferred cloud provider to drive their digital transformation. Additionally, Hyundai’s next-generation vehicles will have access to a hands-free Alexa experience in 2025.
Walmart Inc. (NYSE:WMT) is America’s leading multinational retail giant. The company announced on December 13th, report It is offering customers one last chance to save before the holiday season. Customers will be able to shop her new sale on many gifts spanning technology, apparel, home goods and other items until December 21st. This final holiday savings event is Walmart Inc. (NYSE:WMT) offers a variety of delivery options, including in-store pickup, delivery, and express delivery.
eBay Inc. (NASDAQ:EBAY) is an American multinational e-commerce company headquartered in San Jose, California. The company announced on November 29th, report To accelerate the growth of the trading card hobby, the company announced that it has entered into a commercial agreement with COMC, an innovator in the sports trading card field. eBay Inc. (NASDAQ:EBAY) teeth We also make Our investment in COMC will give eBay customers access to new services, including easier and more efficient listings. The deal will also help sellers digitize their inventory and help buyers find the cards they want.
The United States is one of the world’s strongest economies, but several other economies have also experienced impressive growth on average over the past decade. Let’s take a look at the 20 countries with the highest economic growth rates over the past decade.
20 countries with the highest economic growth rates over the past 10 years
Our methodology:
To compile our list of the 20 countries with the highest economic growth rates over the past decade, we obtained data from the International Monetary Fund (IMF). The latest data was available from 2022. We considered the real GDP growth of all countries over the past 10 years. The real GDP growth rates of each country over the past 10 years were averaged and ranked in ascending order.
20 countries with the highest economic growth rates over the past 10 years
20. Democratic Republic of the Congo
Average real GDP growth rate: 5.35%
The oil sector accounts for a significant portion of the Democratic Republic of Congo’s GDP and exports. With an average real GDP growth rate of 5.35% over the past 10 years, the Republic of Congo is another of the countries with the highest economic growth during this period.
19. Seychelles
Average real GDP growth rate: 5.44%
Seychelles’ economy relies primarily on tourism and fishing. The country is one of the most prosperous countries in sub-Saharan Africa, with the highest GDP per capita of any African country.
18. Cambodia
Average real GDP growth rate: 5.51%
With an average real GDP growth rate of 5.51% over the past 10 years, Cambodia ranks as one of the countries with strong economic growth over the past decade. The recovery in the services sector has contributed to the country’s recent economic growth.
17. Benin
Average real GDP growth rate: 5.53%
Benin is among the 20 countries with the highest economic growth rates over the past decade. The national economy is resilient to external conditions such as the closure of the border with Nigeria and the increase in petrol prices due to reforms implemented in Nigeria.
16. Niger
Average real GDP growth rate: 5.69%
Niger is another African country that has enjoyed high economic growth rates over the past decade. The real GDP growth rate during this period was 5.69%. The national economy is heavily dependent on agriculture.
15. India
Average real GDP growth rate: 5.78%
India is one of the fastest growing economies in the world. The country’s economic performance expanded due to strong domestic demand, strong investment activity, and consumer spending.
14. Guinea
Average real GDP growth rate: 5.85%
Guinea is one of the 20 countries with the highest economic growth rates over the past decade. The agricultural sector, natural resources and processing industries are important economic resources for Guinea.
13. Uzbekistan
Average real GDP growth rate: 5.87%
Uzbekistan has maintained economic growth over the past decade. The average real GDP growth rate during this period was recorded at 5.87%. In the first half of 2023, the country’s real GDP growth was driven by exports, remittances and consumption.
12. Vietnam
Average real GDP growth rate: 6.1%
With an average real GDP growth rate of 6.1% over the past 10 years, Vietnam ranks as one of the countries with the highest economic growth rate. The agricultural sector is a major support for the economy, contributing not only to employment but also to GDP.
11. Tanzania
Average real GDP growth rate: 6.18%
Tanzania is also a country that has enjoyed a high economic growth rate over the past 10 years. Recent strong export growth and structural reforms aimed at improving economic competitiveness are contributing to Tanzania’s economic growth.
10. China
Average real GDP growth rate: 6.24%
China is one of the world’s leading economic powers. The country has maintained an average real GDP growth rate of 6.24% over the past 10 years. Significant improvements were also made in poverty eradication, health and education during this period.
9. Malta
Average real GDP growth rate: 6.26%
Malta is one of the 20 countries with the highest economic growth rates over the past decade. The country’s tourism sector has rebounded strongly following the pandemic, and economic growth is expected to remain strong in the coming years.
8. Rwanda
Average real GDP growth rate: 6.34%
Rwanda has experienced high economic growth over the past decade. Despite challenges such as Russia’s invasion of Ukraine, climate-related issues, and inflationary pressures in 2022, Rwanda maintained economic growth. It has also achieved higher standards of living than any other African country.
7. Bangladesh
Average real GDP growth rate: 6.5%
Bangladesh has experienced relatively high economic growth over the past decade, as evidenced by an average real GDP growth rate of 6.5% over this period. Factors contributing to the country’s economic growth include strong ready-made garment exports, remittance inflows, and stable macroeconomic conditions.
6. Maldives
Average real GDP growth rate: 6.82%
The Maldives has been ranked as one of the countries with the highest economic growth over the past decade. During this period, the country recorded an average real GDP growth rate of 6.82%. The national economy is highly dependent on tourism, which drives the country’s sustainable economic performance.
Click to continue reading 5 countries with the highest economic growth rates over the past 10 years.
Recommended articles:
Disclosure: None. 20 countries with the highest economic growth rates over the past 10 years Originally published on Insider Monkey.