By Igwe Patrick
Experiencing economic growth is not limited to ‘Third World’ countries over ‘First World’ countries, but emerging and developing economies tend to exhibit faster growth rates than already developed economies.
Here are 10 nations projected to have the highest and fastest economic growth:
1. South Sudan
Since the end of the war, South Sudan’s economy has been dependent on oil, which has been one of the largest players in the growth of the country’s GDP. South Sudan’s economy is projected to rebound with stability returning to the region. Revitalization of the oil sector is on the way, leading to a 27.2% growth in GDP.
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2. Guyana
Guyana is a South American nation with continuous discoveries of offshore oil leading to a ramp-up in status amongst the energy giants of the world. Guyana’s oil production has led to a 14.4% growth in GDP.
3. Libya
Libya’s resumption in oil production has them at an advantage, with projections of a 13.7% growth. The resumption of oil production is owed to the resolved conflicts between rival political factions within the country.
4. Senegal
Senegal has seen an increase in oil and gas production and recent advancements in hydrocarbon production. These sectors are the driving agents of economic growth in Senegal with a projected 9.3% growth.
5. Palau
Palau is an island nation with a recently rejuvenated tourism sector post-pandemic with resumption of global travel. The island nation is projected to have an 8.5% growth.
6. Sudan
Sudan’s resumed reconstruction post-conflict has the country projected at an 8.3% growth.
7. Uganda
Uganda has a projected 7.5% growth in GDP. This growth is majorly driven by the exploration of oil and infrastructural development within the country.
8. Niger
Despite being one of the poorest countries in the world, the economy of the landlocked country is experiencing visible growth which can be linked to its oil sector expansion.
9. Macau SAR
Macau SAR is not a fully independent country but has a high degree of autonomy in how it runs itself. Macau is projected to have a 7.3% growth with gaming and tourism on the increase.
10. Bhutan
The hydropower sector of the Kingdom of Bhutan is thriving and greatly impacting the economy. With exports on the increase, the economy of Bhutan has prospects of a 7.2% growth.
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