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Rapid Change: Top 10 Countries Seeing Economic Growth

economic growth
Gross Domestic Product, or GDP, is the measure of goods and services produced in an economy — an often-used tool to measure the success of a nation’s economic growth. While this has been the main measure of success over the last century or so, many are starting to questions its effectiveness at measuring total welfare of a country. While it is important to look at other factors in country growth, GDP remains a key aspect of reflecting the top ten countries with growing business.

The average world GDP growth is slightly under 3 percent, annually. As of 2017, the following countries have made the top ten list of fastest growing economies; interestingly, they are all developing countries.

10 Countries Seeing Economic Growth

  1. Ethiopia: 8.3 Percent
    Ethiopia has predominantly been an agricultural country — a fact that is still one of the main sources of business used. However, the country is growing into other fields that shows promising investment opportunities, such as construction or real estate and manufacturing items that range from anything from consumer purchasing to company purchasing.At this point, income for the average citizen still remains at one of the lowest levels, but the continued economic growth has had a positive effect i.e. bringing extreme poverty from 55.3 percent in 2000 to 33.5 percent in 2011.
  2. Uzbekistan: 7.6 Percent
    Uzbekistan is mainly known for its natural gas, gold and copper exports; however, when Russia and China’s markets decreased, this had a directly negative impact on the nation from 2013 to 2016. The Uzbekistan government evaluated its form of market and created space for investment and business growth within its systems. This evaluation had a positive impact, as Uzbekistan moved from fifth on the GDP growth list in 2015 to second in 2017.
  3. Nepal: 7.5 Percent
    A good deal of business has been drawn to Nepal and developed within Nepal due to a need for basic resources such as water, electricity and communication within the nation, especially after the 2015 earthquake. While this market still exists, Nepal’s ability to take the natural disaster and use it as an opportunity to grow and develop is a sign of its imagination and strength.
  4. India: 7.2 Percent
    India is the highest country for outsourcing, and the nation’s ability to use its resources of education and skills has created a unique market to many other countries. Inequality still holds India back from reaching its full potential, but many are speaking out against caste systems and gender inequality, thus drawing attention to the varying gaps (wage and education) surrounding different demographics.
  5. Tanzania: 7.2 Percent
    Tanzania’s rapid economic growth has been attributed to its gold export and tourism influx, but this development has led to new business in energy fields, real estate, infrastructure and agriculture. Tanzania still remains one of the poorest, but this is mostly attributed to population growth rather than an inability to grow business as the poverty rate fell from 60 percent in 2007 to 47 percent in 2016.
  6. Djibouti: 7 Percent
    Djibouti is a small country next to Ethiopia based off the water — a location creating a perfect market for shipping and trade. The nation’s recent spike in economic growth has been largely attributed to foreign investors finding opportunities in port facilities and construction. While the extreme heat in the country and low resources on clean water is still a battle for many citizens, the steady growth of market and job opportunities will surely increase quality.
  7. Laos: 7 Percent
    Laos possesses rich natural resources and a high utilization for hydroelectricity. Its central location in southeast Asia created strong trade with its neighboring countries, and also a growing global interest in the nation has created increased levels of tourism.
  8. Cambodia: 6.9 Percent
    Cambodia is in a similar situation as Laos, particularly with being in the same region. While starting a business in Cambodia can be difficult, especially without bribes, the nation’s economy continues to develop with the help of tourism, natural resources and water-based operations.
  9. Myanmar: 6.9 Percent
    In the past, Myanmar attracted an influx of foreign investment due to its many opportunities to expand business fronts such as telecom, tourism, natural resources and infrastructure; however, foreign investment in the nation has dropped in recent years. In 2017, the Myanmar government began to make a real push to increase investment again by restructuring its government and economy to a democracy form of government (from a military-based one) and creating a more market-oriented economy.
  10. Philippines: 6.9 Percent
    Many tourists flock to the Philippines to visit inexpensive hotels and visit beautiful beaches, particularly in recent years,. While this interest has increased economic growth, Phllippinian stubbornness is actually what continues to keep the economy moving despite the nation’s corrupt government and natural disasters.

While citizens fight for more freedom and better business opportunities, the Philippines’ economy and quality of life will improve even more quickly once government and citizens are able to reach more amicable agreements.

– Natasha Komen

Photo: Flickr