The world never stops growing and nor do the 10 fastest growing countries in it by GDP for 2014. The growth of many countries on this list is thwarted by corruption and poverty. However each one you see here has hit a new high in its GDP growth last year, taking it farther up the worldwide rankings.
There are still many way underdeveloped places around the globe. While many of the world’s countries are blooming in their development and life can certainly be called civilized, a lot of the other countries still resemble the things we read in history books. These countries usually have severely underdeveloped economies, poor business relations with their neighbors and even worse heads of state. This makes the GDP for them very low and the GDP per capita even lower. However, this allows for sudden, big spurts in growth many of which end up on this list.
The type of growth we will be classifying is dependent on various factors, biggest of all being different economical stimuli and the building of new markets and relations.
This lost of the 10 fastest growing countries won’t show you the biggest countries or the one with the highest GDP, it will show the ones which have grown the most on average, compared to their initial status. A lot of the countries on the list are third-world but hopefully, their growth will go on to take them up the social status ladder.
10. Ethiopia
Seemingly left to its own device, Ethiopia has shown exceptional growth in 2014 mainly due to their development of coffee exporting. Agriculture remains one of the main economical factors in the country, while corruption keeps the GDP per capita from reflecting the overall.
9. Angola
Angola relies on its oil production for more than eighty percent of its GDP. This allowed it to become a member of OPEC and reach this list of the 10 fastest growing countries in the world by GDP for 2014. However, like many of the countries you will see here, most people remain dependent on agriculture to survive.
8. Laos
While more than seventy-five percent of Laos still rely on farming to get by, its abundance of undeveloped resources has brought some major foreign investors. This has let it grow less and less plagued by poverty over the last couple of decades.
7. Ghana
This middle-income African nation is still struggling to manage its debts and inflation. However, a well developed Services sector has brought a sudden spurt of growth for the country.
6. Mozambique
While Mozambique’s population still undeveloped resources , leaving more than half of it under the line, foreign aids and aluminum export are keeping it alive. Recent increases in the prices of their main export globally have allowed for a growth in GDP.
5. China
China, being an already established global force, has recently experienced noticeable growth by slowly letting go of their old economic model and introducing free markets. Albeit being one of the first in pollution, China is also among the leaders in renewable energy research, and that’s why is among these fastest growing countries in the world by GDP for 2014.
4. Sierra Leone
In the so far observed model it is a typical growing African nation. Nearly half the population survives on farming. Being infamous for the land of “blood diamonds”, Sierra Leone has been hard at work to repair the damage and has made diamonds a substantial, regular export.
3. The Democratic Republic of Trior-Leste
A country about which many of us know nothing, the Democratic Republic of Trior-Leste is focused mainly on drilling for oil and gas. The income from all that is currently being invested by the government to repair the infrastructure which has been severely damaged by war.
2. Iraq
We all know that Iraq is all about oil. Since the US troop withdrawals, foreign investments have been raining for the country which is slowly returning to its pre-war economical status. The recent introduction of free markets and development of its infrastructure are also big contributors.
1. Mongolia
Transforming back from being a Soviet republic hasn’t been easy for any of the former ones. Mongolia is currently number 1 among the Fastest Growing Countries in the World by GDP for 2014, making good use of the abundance and variety of resources it has. Its exports to China have also brought back a good amount of investments into the country’s industry and infrastructure.
