In this article, we will go over the 11 countries with the highest GDP growth rate in the world. If you want to skip our discussion about the global economy, go to 25 Countries with the Highest GDP Growth Rate in the World.
11 – Benin
Real GDP Growth Rate – 6.3%
Benin is 11th on our list of the 25 countries with the highest GDP growth rate in the world. The most important sector in the country is Agriculture, and a large part of its population depends on subsistence agriculture. The country is expected to experience growth in the coming years because of recent government expenditure on infrastructure and tourism.
10 – India
Real GDP Growth Rate – 6.3%
India is among the top ten countries ranked according to GDP growth rate. The country has recently sharply raised government spending on infrastructure. It is among the three largest economies in Asia and its growth is led by strong manufacturing and construction activities.
9 – Burkina Faso
Real GDP Growth Rate – 6.4%
Burkina Faso, although part of our list, is a low-income country. The main growth driver of the country is its services sector, which accounts for nearly half of its GDP. The country saw a slowdown in its real GDP growth to 3.2% in 2022 from 6.9% in 2021. Some of the factors for this slowdown include the closure of mines, socio-political instability, and military coup.
8 – Côte d’Ivoire
Real GDP Growth Rate – 6.6%
Côte d’Ivoire, or Ivory Coast, is 8th on our list of countries with the highest GDP growth rate in the world. It is the largest economy in the West African Economic and Monetary Union. The country is heavily reliant on Agriculture, and it is the largest cocoa producer in the world.
7 – Rwanda
Real GDP Growth Rate – 7%
Rwanda, the seventh country on our list, has a services sector-based economy as it accounts for more than 50% of its GDP. Other major sectors in the country include agriculture, forestry, and fishing, which together account for almost 30% of its GDP.
6 – Libya
Real GDP Growth Rate – 7.5%
Libya has shown unstable GDP growth over recent years with large expansion followed by large contraction. Its GDP grew by 28.3% in 2021 but contracted by 12.1% in 2022 amid rising conflict.
5 – Senegal
Real GDP Growth Rate – 8.8%
Senegal is among the top 5 countries with the highest GDP growth rate in the world. Its economy is driven by the mining, construction, tourism, fishing, and agriculture sectors.
4 – Niger
Real GDP Growth Rate – 11.1%
Niger is fourth on our list of the 25 countries with the highest GDP growth rate in the world, even though it is one of the poorest countries in the world. More than half of its population earns its living by subsistence agriculture. 3 – Palau
Real GDP Growth Rate – 12.4%
Palau is among the top 3 countries with the highest GDP growth rate in the world. The country has seen unstable GDP growth over the recent years.
2 – Guyana
Real GDP Growth Rate – 26.6%
Guyana is second on our list of the 25 countries with the highest GDP growth rate in the world. Its GDP growth rate reached an all-time high of 64.4% in 2022, although it is one of the poorest countries in Latin America.
1 – Macao
Real GDP Growth Rate – 27.2%
Macao tops our list of the countries with the highest GDP growth rate in the world. Apparel exports and gambling-related tourism sectors are the backbone of its economy.
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