5 Fastest Developing Countries in 2023

4. Maldives

2023 Growth Percentage Change: 7.2%

Maldives, officially the Republic of Maldives, is a state in South Asia whose GDP was sized at $5.4 billion in 2021. The economy experienced a significant rebound after the contraction caused by the COVID-19 pandemic. This was possible due to the Maldives’ responsive and effective policy measures. The real GDP growth rate increased dramatically from a decline of 33.5 percent in 2020 to 37 percent in 2021, mainly due to the recovery of the tourism sector.