10 Fastest Growing Economies in the World

As an entrepreneur, the prospect of starting up internationally can be a pretty scary one. In addition to not knowing the language or the social expectations of a business owner, a foreign economy can be a fickle, confusing thing to get a handle on. However, if you set up shop in one of these burgeoning ecosystems, you shouldn’t have a problem at all.

That’s right, thanks to the Global Economic Prospects report from the World Bank, knowing which countries have the world’s fastest growing economies is easier than ever. With global growth projected to increase in the coming years, this kind of knowledge is invaluable to budding entrepreneurs and established tech leaders alike, as international expansion will become a crucial necessity before you know it.

As for which countries enjoyed the fastest growing economies, Ethiopia claimed the top spot with a projected GDP growth forecast of 8.3 percent, a staggering number compared to the global average of 2.7 percent. This notably high percentage is mostly due in part to the Ethiopian government’s commitment to improve infrastructure around the country, as well as a strong demand from locals. Ethiopia overtook Kenya, who took the top spot in the 2016 report.

Ethiopia’s top spot should hardly be surprising at this point. Since 2014, the East African country has enjoyed impressive GDP growth, hovering around an average of 9 percent per year, dwarfing most of the other countries on the list in that time. However, growing public debt and potential droughts could get in the way of the country’s lofty projections, which would mean Uzbekistan (7.6 percent), Nepal (7.5 percent), and India (7.2 percent) would be poised to replace them as the fastest growing economies in the world.

‘‘Worsening drought conditions will severely affect agricultural production, push food prices higher, and increase food insecurity in the sub-region,’‘ wrote the authors of the report.

For a more in-depth look at the fastest growing economies in the world, take a look at the list below and make sure to check out the full study here.

Read more about reports and rankings on TechCo

Did you find this article helpful? Click on one of the following buttons
We're so happy you liked! Get more delivered to your inbox just like it.

We're sorry this article didn't help you today – we welcome feedback, so if there's any way you feel we could improve our content, please email us at contact@tech.co

Written by:
Conor is the Lead Writer for Tech.co. For the last six years, he’s covered everything from tech news and product reviews to digital marketing trends and business tech innovations. He's written guest posts for the likes of Forbes, Chase, WeWork, and many others, covering tech trends, business resources, and everything in between. He's also participated in events for SXSW, Tech in Motion, and General Assembly, to name a few. He also cannot pronounce the word "colloquially" correctly. You can email Conor at conor@tech.co.
Back to top