Top 10 Fastest Growing Economies of the World

The top 10 fastest growing economies of the world features information on the countries that have performed well in the 2011 fiscal and are expected to repeat the same in the year ahead.

Top 10 Fastest Growing Economies by GDP Growth for 2011:
The listing is done on the basis of the economies GDP Growth, for the year 2011. The GDP or the Gross Domestic Product of any economy is an economic measure representing the total market value of all final goods and services produced there in any given year. Here, we have considered the GDP Growth, i.e., the year-on-year percent change in constant prices which are denoted in national currency.

Below is the list of the top ten fastest growing economies for the year 2013:

Rank Country GDP Growth (In %)
1 South Sudan 32.06
2 Libya 20.19
3 Sierra Leone 17.14
4 Mongolia 14.04
5 Paraguay 11
6 Timor-Leste 10
7 Iraq 9.04
8 Panama 8.98
9 The Gambia 8.9
10 Mozambique 8.4

Source: IMF

Brief About the Economies:

Qatar: The IMF states that Qatar economy will perform well in this fiscal but the overall growth rate will be slower.
Ghana: The IMF has further stated that the economy will grow by a minimum of 13.5% in 2011, which makes it the quickest growing economy on a global basis.
Mongolia: As per the recent statistics of the National Statistics Office the national government has earned 2.64 billion dollars in the first 10 months of the present fiscal.
Iraq: The US President, Barack Obama, has said that in the year ahead, it will perform better that India and China, from an economic point of view. The administration is presently looking at economic revival through reconstruction activities.
China: This Asian giant is presently facing some problems due to its high reliance on exports for ensuring consistent economic growth. With world trade expected to decline in 2012 China could face some hard times, as per economic experts.
Turkmenistan: The national economy is primarily based on oil resources as well as natural gas reserves, which are among the biggest in the world. Cotton sales also play an important part in its economic sustenance.
Haiti: At present the government is focusing a lot on making the private-public partnership sector a stronger one to ensure continued economic growth.
Ethiopia: Though featuring the list, the economy is facing several teething problems. Recently, the construction sector at the national capital, Addis Ababa and other major cities have been hit hard by the new laws.
India: Though one of the fastest growing, India has not done well in 2011 from an economic perspective. Its currency exchange value and benchmark stock index have performed well below par and this has made it one of the lower performers among the Asian nations.
Papua New Guinea: This Oceanian economy has plenty of natural resources but optimum utilization has not been possible due to the unsuitable terrain. PNG also faces other problems such as high infrastructure development expenses and law and order related issues.
Find the map for the top ten fastest growing economies here – Top Ten Fastest Growing Economies Map

Last Updated: 23rd June 2015