The world's fastest growing economies

If you think that China is the world's fastest growing economy, think again. However, among the major (or large) economies, China does remain the fastest growing economy. But if you take smaller nations too in the list, China slips down the list.


1. Ghana: 20.146%
Many economists believe that Africa is the next boomtown. Several African nations are now growing at a rapid pace, trying to make lives better for their people. None more so than Ghana. For quite a long time, Ghana received many an unflattering adjectives to describe its economy: 'worst managed', 'disastrous', etc.  However, the small African nation has since then come a long way and is the world's fastest growing economy today.
Ghana's economy is growing at a blistering 20.15 per cent, says Economy Watch. It's a $23.4-billion economy.


2. Qatar: 14.337%
With a GDP growth rate of 12.337 per cent, Qatar is the world's second fastest growing economy, says Economy Watch. It's a $132-billion economy. The economy of Qatar, one of the world's largest exporters of petroleum, is primarily oil-based. High oil and gas prices have boosted the economy of this Gulf state over the last few years.


3. Turkmenistan: 12.178%
Turkmenistan is blessed with the world's fourth-largest reserves of natural gas. The country is also the world's 10th largest producer of cotton. It is the world's third fastest growing nation with a GDP growth rate of 12.18 per cent, according to Economy Watch. It is a $41-billion economy.


4. China: 9.908%
China is the world's fourth fastest growing economy at 9.908% GDP growth rate, and in monetary terms it is of the order of a whopping $6 trillion, says Economy Watch. China, which most economists believe could soon upstage the United States as the world's largest economy, showed some signs of slowing down.However, the rising inflation rates in China are posing a new challenge to the country.China's gross domestic product grew 9.6 per cent in the third quarter as compared to the same period last year. The growth rate slowed down from 11.9 per cent in the first quarter and 10.3 per cent in the second quarter.
5. Liberia: 9.003%
Even though Liberia remains one of the poorest countries on earth, it has shown robust economic activity in the last few years. This African nation is the world's fifth fastest growing economy with a GDP growth rate of 9.003 per cent, says Economy Watch. It is a $1.05 billion economy.


6. India: 8.43%
Economy Watch says that the India, at 8.43 per cent GDP growth rate, is the world's sixth fastest growing economy. India is a $1.5-trillion economy. The India growth story is enviable. Despite plaguing problems, India has emerged stronger and resilient to the global crisis so far. India is expected to be the world's fastest growing economy by 2018, according to Economist Intelligence Unit (EIU), the research arm of the Economist magazine. The growth rate for the first quarter was revised upwards to 8.9 per cent from 8.8 per cent.


7. Angola: 8.251%
Angola is the world's seventh fastest growing economy at a GDP growth rate of 8.251 per cent, as per the Economy Watch report. It is a $ 99-billion economy. Battered by a civil war for close to 25 years, Angola has since then come a long way. Fresh pro-people and pro-reform policies have seen funding from the International Monetary Fund and other global lenders rising. These funds are being utilized to create infrastructure in the nation, thus generating employment and healthy economic activity.


8. Iraq: 7.873%
Iraq is growing at 7.873 per cent, making it the world's eighth fastest growing economy, according to Economy Watch. It is a $93-billion economy.


9. Ethiopia: 7.663%
Economy Watch says that with an annual GDP growth rate of 7.663 per cent, Ethiopia is the world's ninth fastest growing economy. It is a $31.7-billion economy. Over the last two decades, Ethiopia has been noticing the fruits of focused efforts at propelling its economy. Some reforms were undertaken in spite of opposition from various political quarters in the country.


10. Mozambique: 7.548%
Mozambique, a member of the Southern African Development Community, is the world's 10th fastest growing economy with a GDP growth rate of 7.548 per cent. It is a $10.5-billion economy. The SADC free trade plan aims at eliminating tariffs and trade barriers, thus making it more competitive.
Like in India, a majority of the population in Mozambique too is engaged in the agriculture sector.


11. Timor Leste (East Timor): 7.4%
Timor Leste (or East Timor) is the world's eleventh fastest growing economy with an annual GDP growth rate of 7.4 per cent. It's a tiny, $732-million economy.East Timor's economy is mainly driven by the sectors of agriculture and oil and gas.


12. Laos: 7.395%
The GDP growth rate of Laos is 7.395 per cent, making it the world's 12th fastest growing economy. It is a $6.9-billion economy. Agriculture is the most important part of the Laotian economy. Over 80 per cent of the country's working people are engaged in the agri sector. The sector also accounts for about 50 per cent of the nation's GDP.

Source :Rediff business