Fastest Growing Economies 2022

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Economic growth can be defined as the increase in the capacity of an economy to produce goods and services. There is no agreed-upon ideal growth rate for a country or best way to achieve it.

Factors of Economic Growth

Different economists and sources have different ideas as to what drives economic growth. The following are several measured that the United States has employed to promote economic growth: consumer psending, business investment, tax cuts and rebates, deregulation (to relax the rules imposed on an industry or business), increasing infrastructure spending (creates jobs for those who build the infrastructure and increases productivity by enabling businesses to operate efficiently).

Another way to look at how to achieve economic growth is by increasing the quality and quantity of the four factors of production. The factors of production are the resources used in creating goods and services in an economy. These factors are land, labor, capital, and entrepreneurship. Additionally, the four following methods can lead to economic growth: increase the amount of physical capital, make technological improvements, grow the labor force, and increase human capital (increase the skillfulness of the labor force).

Measuring Economic Growth

Economic growth is most commonly measured by real gross domestic product (GDP). GDP is the total monetary value of all goods and services produced in a specific period within a country’s borders. GDP provides a snapshot of a country’s overall economic health. Real GDP means that GDP has been adjusted for inflation. Growing an economy means manufacturing more goods and providing more services than during a previous period. To do so, it is important to consider not only the number of goods but their value as well. For example, a smartphone is worth more than a t-shirt. Additionally, not all individuals place the same value on certain goods as others do.

South Sudan’s real GDP growth rate is 11.3%. South Sudan’s economic growth is largely attributed to its oil sector. The country’s exports are projects to increase by 23% during fiscal year 2019/2020. Despite South Sudan’s economic achievements, it remains to be one of the poorest countries in the world. Additionally, South Sudan needs to address its underlying causes of conflict and focus on peace and stability to continue steady economic growth.

Rwanda’s real GDP growth rate is 10.1%. Rwanda’s economy was nearly destroyed by the genocide of 1994 but has since rehabilitated both its economy and its political stability. Rwanda’s economy has actually bounced back to a better standing than before 1994. Rwanda was in an economic boom before the COVID-19 pandemic, which has caused large disruptions in Rwanda's exports and tourism. The country is hoping to become a middle-income country by 2035 and a high-income country by 2050.

Libya’s real GDP growth rate is 9.9%, making it the third-fastest growing economy in the world. Libya’s economic growth was largely attributed to a substantial increase in crude oil production that averaged over one billion barrels per day over 2017-2019. Libya’s economic growth is expected to be delayed as political rivals have failed to maintain peace in the country. The conflict has taken a heavy toll on the economy, which has also taken a hit from the COVID-19 pandemic, as the production and exportation of oil have stopped since January 2020.

Dominica’s real GDP is growing at a rate of 9.2%. Dominica’s economy is driven by agriculture and tourism, with its government promoting the nation as an “ecotourism” destination. In recent years, the government has focused on making Dominica a major offshore financial services center. It is also one of five East Caribbean nations that have a citizenship by investment program, which grants foreigners citizenship for a fee. Despite Dominica’s high real GDP growth rate, the country faces very high debt, which equated to about 77% of GDP in 2016.

Ethiopia’s real GDP is currently growing at 9.0%. The country’s real GDP is $84.36 billion. From 2006/2007 to 2016/2017, Ethiopia experienced growth averaging 10.3%, which has since decreased. The country still struggles with low per capita income but is striving to become a lower-middle-income country by 2025.

Fastest Growing Economies 2022

Country 2022 Population
China1,448,471,400
India1,406,631,776
United States334,805,269
Indonesia279,134,505
Pakistan229,488,994
Nigeria216,746,934
Brazil215,353,593
Bangladesh167,885,689
Russia145,805,947
Mexico131,562,772
Japan125,584,838
Ethiopia120,812,698
Philippines112,508,994
Egypt106,156,692
Vietnam98,953,541
DR Congo95,240,792
Iran86,022,837
Turkey85,561,976
Germany83,883,596
Thailand70,078,203
United Kingdom68,497,907
France65,584,518
Tanzania63,298,550
South Africa60,756,135
Italy60,262,770
Kenya56,215,221
Myanmar55,227,143
Colombia51,512,762
South Korea51,329,899
Uganda48,432,863
Spain46,719,142
Argentina46,010,234
Sudan45,992,020
Algeria45,350,148
Ukraine43,192,122
Iraq42,164,965
Afghanistan40,754,388
Canada38,388,419
Morocco37,772,756
Poland37,739,785
Saudi Arabia35,844,909
Angola35,027,343
Uzbekistan34,382,084
Peru33,684,208
Malaysia33,181,072
Mozambique33,089,461
Ghana32,395,450
Yemen31,154,867
Nepal30,225,582
Venezuela29,266,991
Madagascar29,178,077
Cameroon27,911,548
Ivory Coast27,742,298
Niger26,083,660
Australia26,068,792
North Korea25,990,679
Taiwan23,888,595
Burkina Faso22,102,838
Sri Lanka21,575,842
Mali21,473,764
Malawi20,180,839
Zambia19,470,234
Syria19,364,809
Chile19,250,195
Kazakhstan19,205,043
Romania19,031,335
Guatemala18,584,039
Ecuador18,113,361
Senegal17,653,671
Chad17,413,580
Netherlands17,211,447
Cambodia17,168,639
Somalia16,841,795
Zimbabwe15,331,428
Guinea13,865,691
Rwanda13,600,464
Benin12,784,726
Burundi12,624,840
Tunisia12,046,656
Bolivia11,992,656
Haiti11,680,283
Belgium11,668,278
South Sudan11,618,511
Cuba11,305,652
Dominican Republic11,056,370
Czech Republic10,736,784
Greece10,316,637
Jordan10,300,869
Azerbaijan10,300,205
Honduras10,221,247
Sweden10,218,971
Portugal10,140,570
United Arab Emirates10,081,785
Tajikistan9,957,464
Hungary9,606,259
Belarus9,432,800
Papua New Guinea9,292,169
Austria9,066,710
Israel8,922,892
Switzerland8,773,637
Togo8,680,837
Serbia8,653,016
Sierra Leone8,306,436
Hong Kong7,604,299
Laos7,481,023
Paraguay7,305,843
Libya7,040,745
Bulgaria6,844,597
Nicaragua6,779,100
Kyrgyzstan6,728,271
Lebanon6,684,849
El Salvador6,550,389
Turkmenistan6,201,943
Singapore5,943,546
Denmark5,834,950
Republic of the Congo5,797,805
Finland5,554,960
Norway5,511,370
Slovakia5,460,193
Palestine5,345,541
Oman5,323,993
Liberia5,305,117
Costa Rica5,182,354
Ireland5,020,199
Central African Republic5,016,678
Mauritania4,901,981
New Zealand4,898,203
Panama4,446,964
Kuwait4,380,326
Croatia4,059,286
Moldova4,013,171
Georgia3,968,738
Eritrea3,662,244
Uruguay3,496,016
Mongolia3,378,078
Bosnia And Herzegovina3,249,317
Jamaica2,985,094
Qatar2,979,915
Armenia2,971,966
Albania2,866,374
Puerto Rico2,829,812
Lithuania2,661,708
Namibia2,633,874
Gambia2,558,482
Botswana2,441,162
Gabon2,331,533
Lesotho2,175,699
North Macedonia2,081,304
Slovenia2,078,034
Guinea Bissau2,063,367
Latvia1,848,837
Bahrain1,783,983
Equatorial Guinea1,496,662
Trinidad And Tobago1,406,585
Timor Leste1,369,429
Estonia1,321,910
Mauritius1,274,727
Cyprus1,223,387
Eswatini1,184,817
Djibouti1,016,097
Fiji909,466
Reunion908,061
Comoros907,419
Guyana794,045
Bhutan787,941
Solomon Islands721,159
Macau667,490
Luxembourg642,371
Montenegro627,950
Western Sahara626,161
Suriname596,831
Cape Verde567,678
Maldives540,985
Brunei445,431
Malta444,033
Belize412,190
Bahamas400,516
Guadeloupe399,794
Martinique374,087
Iceland345,393
Vanuatu321,832
French Guiana314,169
New Caledonia290,915
Barbados288,023
Mayotte286,259
French Polynesia284,164
Sao Tome And Principe227,679
Samoa202,239
Saint Lucia185,113
Guam171,519
Curacao165,529
Kiribati123,419
Micronesia117,489
Grenada113,475
Saint Vincent And the Grenadines111,551
Tonga107,749
Aruba107,609
United States Virgin Islands103,971
Antigua And Barbuda99,509
Seychelles99,426
Isle of Man85,732
Andorra77,463
Dominica72,344
Cayman Islands67,277
Bermuda61,939
Marshall Islands60,057
Northern Mariana Islands58,269
Greenland56,973
American Samoa55,030
Saint Kitts And Nevis53,871
Faroe Islands49,233
Sint Maarten43,966
Monaco39,783
Turks And Caicos Islands39,741
Saint Martin39,730
Liechtenstein38,387
San Marino34,085
Gibraltar33,704
British Virgin Islands30,596
Palau18,233
Cook Islands17,571
Anguilla15,230
Tuvalu12,066
Wallis And Futuna10,982
Nauru10,903
Saint Barthelemy9,945
Saint Pierre And Miquelon5,759
Montserrat4,965
Falkland Islands3,539
Niue1,622
Tokelau1,378
Vatican City799

Fastest Growing Economies 2022

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