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15 Fastest Growing Country in the World (2018)

These countries are growing at incredible speed, so does that give you and me some kind of opportunity? Let’s check the list to find out.

15. China

GDP growth: 6.7%

China had the largest economy in the world for most of the past two thousand years, during which it has seen cycles of prosperity and decline. As of 2014, China has the world’s second-largest economy in terms of nominal GDP, totalling approximately US$10.380 trillion according to the International Monetary Fund.

Source: Wikipedia Image: Wikimedia

14. Macau

GDP growth: 6.765%

Macao’s economy is based largely on tourism. Other chief economic activities in Macao are export-geared textile and garment manufacturing, banking and other financial services. The clothing industry provides about three quarters of export earnings, and the gaming, tourism and hospitality industry is estimated to contribute more than 50% of Macao’s GDP, and 70% of Macao government revenue.

Source: Wikipedia Image: Wikimedia

13. Nepal

GDP growth: 6.8%

Nepal’s gross domestic product for 2012 was estimated at over $17.921 billion. In 2010, agriculture accounted for 36.1%, services comprised 48.5%, and industry 15.4% of Nepal’s GDP. While agriculture and industry are contracting, the contribution by the service sector is increasing.

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12. Senegal

GDP growth: 6.801%

After its economy contracted by 2.1% in 1993, Senegal instituted a major economic reform program with the support of international donors. This reform began with a 50 percent devaluation of the country’s currency. Government price controls and subsidies were also dismantled. As a result, Senegal’s inflation went down, investment went up, and the gross domestic product rose approximately 5% a year between 1995 and 2001.

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11. Laos

GDP growth: 6.907%

The Lao economy depends heavily on investment and trade with its neighbours, Thailand, Vietnam, and, especially in the north, China. Pakxe has also experienced growth based on cross-border trade with Thailand and Vietnam. In 2009, despite the fact that the government is still officially communist, the Obama administration in the US declared Laos was no longer a Marxist–Leninist state and lifted bans on Laotian companies receiving financing from the US Export-Import Bank.

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10. Cambodia

GDP growth: 6.947%

In 2016 Cambodia’s per capita income is $3,735 in PPP and $1,227 in nominal per capita. Cambodia graduated from the status of a Least Developed Country to a Lower Middle Income country in the same year 2016. Most rural households depend on agriculture and its related sub-sectors.

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9. Djibouti

GDP growth: 7%

Djibouti’s economy is largely concentrated in the service sector. Commercial activities revolve around the country’s free trade policies and strategic location as a Red Sea transit point. Due to limited rainfall, vegetables and fruits are the principal production crops, and other food items require importation.

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8. Bangladesh

GDP growth: 7.1%

Bangladesh, a developing country with a market-based mixed economy, is one of the Next Eleven emerging markets. Its per-capita income was US$1,190 in 2014, with a GDP of $209 billion. Bangladesh has the third-largest South Asian economy and the second-highest foreign-exchange reserves.

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7. Malaysia

GDP growth: 7.21%

Malaysia is a relatively open state-oriented and newly industrialised market economy. The state plays a significant but declining role in guiding economic activity through macroeconomic plans. Malaysia has had one of the best economic records in Asia, with GDP growing an average 6.5 per cent annually from 1957 to 2005.

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6. Iraq

GDP growth: 7.234%

Iraq’s economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. The lack of development in other sectors has resulted in 18%–30% unemployed and a depressed per capita GDP of $4,000. Public sector employment accounted for nearly 60% of full-time employment in 2011.

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5. India

GDP growth: 7.499%

According to the International Monetary Fund, the Indian economy in 2017 was nominally worth US$2.454 trillion; it is the sixth-largest economy by market exchange rates, and is, at US$9.489 trillion, the third-largest by purchasing power parity, or PPP. With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12, India is one of the world’s fastest-growing economies.

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4. Ivory Coast

GDP growth: 7.632%

Ivory Coast has, for the region, a relatively high income per capita and plays a key role in transit trade for neighboring, landlocked countries. The country is the largest economy in the West African Economic and Monetary Union, constituting 40% of the monetary union’s total GDP.

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3. Vietnam

GDP growth: 7.7%

In 2012, Vietnam’s nominal GDP reached US$138 billion, with a nominal GDP per capita of $1,527. According to a December 2005 forecast by Goldman Sachs, the Vietnamese economy will become the world’s 21st-largest by 2025, with an estimated nominal GDP of $436 billion and a nominal GDP per capita of $4,357.

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2. Ethiopia

GDP growth: 8.5%

According to the IMF, Ethiopia was one of the fastest growing economies in the world, registering over 10% economic growth from 2004 through 2009. It was the fastest-growing non-oil-dependent African economy in the years 2007 and 2008. In 2015, the World Bank highlighted that Ethiopia had witnessed rapid economic growth with real domestic product growth averaging 10.9% between 2004 and 2014.

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1. Libya

GDP growth: 55.1%

The Libyan economy depends primarily upon revenues from the oil sector, which account for over half of GDP and 97% of exports. Libya holds the largest proven oil reserves in Africa and is an important contributor to the global supply of light, sweet crude. During 2010, when oil averaged at $80 a barrel, oil production accounted for 54% of GDP.

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