In this article, we discuss 5 of the fastest growing economies in the world. If you want to see more of the fastest growing economies in the world, go directly to 15 Fastest Growing Economies in the World in 2022.
5. Saint Kitts and Nevis
Real GDP growth in 2022 According to IMF: 9.8%
Due to the pandemic, Saint Kitts and Nevis’ economy contracted substantially in 2020 as tourism which accounts for around 60% of the country’s GDP weakened substantially. Given that tourism has rebounded since 2020, however, the economy of Saint Kitts and Nevis has also rebounded. According to IMF estimates, the economy of Saint Kitts and Nevis could grow 9.8% this year, ranking the country #5 on our list of 15 Fastest Growing Economies in the World in 2022.
4. Barbados
Real GDP growth in 2022 According to IMF: 10.5%
Like other tourism destinations, Barbados’ economy is expected to benefit from the rebound in tourism in 2022. Due to the pandemic, the economy of the island, which is the largest in the Eastern Caribbean, contracted by 18%. In 2021, Barbados’ economy began to recover with 1.4% growth, and the IMF expects the island’s real GDP to expand by 10.5% in 2022. In terms of the future, the U.S. State Department describes the opportunities for Barbados,
The country’s services sector continues to hold the largest growth potential, especially in the areas of international financial services, information technology, global education services, health, and cultural services. The gradual decline of the sugar industry has opened land for other agricultural uses. Investment opportunities exist in the areas of agricultural processing and alternative and renewable energy. Uncertainty about the trajectory of economic recovery of the tourism, commercial aviation, and cruise industries impacts the potential for projects in those sectors. The government has identified renewable energy and climate resilience projects as top priorities. In 2021, Barbados joined the Organization of Economic Cooperation and Development (OECD) framework seeking to harmonize global corporate minimum tax rates at 15 percent.
3. Seychelles
Real GDP growth in 2022 According to IMF: 10.9%
The IMF expects the real GDP of Seychelles to grow 10.9% in 2022, ranking the nation of 115 islands in the Indian Ocean #3 on our list of 15 Fastest Growing Economies in the World in 2022. One reason for the strong expected growth is the rebound in tourism. The country’s economy is also expected to grow 5.4% in 2023.
2. Fiji
Real GDP growth in 2022 According to IMF: 12.5%
As a nation with over 300 islands in the South Pacific, Fiji is a tourism destination whose economy is expected to expand by 12.5% this year thanks to the rebound in tourism due to the easing of Covid-19 restrictions. Unlike many other countries, inflation is also expected to be relatively moderate in Fiji at 4.8% for 2022.
1. Guyana
Real GDP growth in 2022 According to IMF: 57.8%
With an expected real GDP growth rate of 57.8% in 2022, Guyana ranks #1 on our list of 15 Fastest Growing Economies in the World in 2022. The World Bank describes the country,
The Co-operative Republic of Guyana is a small, sparsely populated South American country with abundant natural resources. The country is endowed with fertile agricultural lands, valuable mineral resources including bauxite and gold, extensive tropical forests that cover 80 percent of the country, and recently discovered large offshore oil and gas reserves.
The World Bank also describes why the country is expected to grow substantially this year,
Guyana’s economy is expanding at an extraordinary rate, fueled primarily by the expansion of oil output and is expected to remain one of the world’s fastest-growing economies in the medium term. Oil production, and consequently real GDP, is expected to jump in 2022 with real GDP expected to more than double by 2023, pushing per capita income to over US$20,000 at the current nominal exchange rate.
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