In this article, we look at 5 countries with the highest rate of economic growth in 5 years. You can see how we ranked these countries and read about some of the fastest growing regions in the world in our article, 20 Countries With Highest Rate of Economic Growth in 5 Years.
5. Ethiopia
Average Real GDP Growth (2018-2022): 7.1%
Ethiopia is located in East Africa. It is the second largest country in terms of population in Africa after Nigeria, and is one of the fastest growing economies in the region. It ranks fifth on our list of countries with highest rate of economic growth in 5 years. According to the IMF, the Ethiopian economy grew at an average real GDP growth rate of 7.1% between 2018 and 2022.
4. Maldives
Average Real GDP Growth (2018-2022): 7.12%
Maldives is the fastest growing economy in South Asia, having grown at 7.12% per year on average since 2018. Tourism is the major driver of the economy in Maldives. The country welcomed an estimated 1.6 million travelers in 2022. Maldives is known for its pristine beaches and is a popular honeymoon destination. Situated in the Indian Ocean, the island nation lies southwest of India and Sri Lanka, and is 750 km off from mainland Asia.
3. Tajikistan
Average Real GDP Growth (2018-2022): 7.36%
Tajikistan is one of the fastest growing economies in Asia. The country relies heavily on its exports of cotton, gold, and aluminum. In terms of real GDP, Tajikistan’s economy grew at an average of 7.36% over the last five years starting 2018. It registered a growth of 8% in 2022 according to figures released by the IMF.
2. Ireland
Average Real GDP Growth (2018-2022): 9.14%
Ireland is the fastest growing economy in the European Union, with two bumper years, 2021 and 2022, where it recorded real GDP growth of 13.6% and 12%, respectively. Between 2018 and 2022, the Irish economy expanded by an average of 9.14%. It ranks second on the list of countries with the highest rate of economic growth in 5 years.
1. Guyana
Average Real GDP Growth (2018-2022): 27.14%
With an average real GDP growth of 27.14%, Guyana tops the chart of countries with the highest GDP growth in the last five years. In 2022, the Guyanese economy grew at a staggering 62.3%, driven primarily by crude oil exports. The Caribbean island nation was one of the poorest countries in South America until 2015 when Exxon Mobil Corporation discovered large oil deposits in Guyana. The country is producing an estimated 360,000 barrels of oil per day, with half of the cargoes going to Europe.
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