Top 5 Developing Countries in the World in 2024

4. Saudi Arabia

GDP per capita: $33,144.33

Saudi Arabia is an arid and sparsely populated kingdom situated in the Middle East. Historically, the country experienced a significant economic boom during the 1970s and ’80s, driven by enormous revenues from oil exports. Unlike many developing nations, Saudi Arabia possessed abundant capital, leading to the implementation of vast development projects that transformed the once underdeveloped country into a modern state.

At the present time, Saudi Arabia’s GDP stands at 1.11 trillion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 1.6 percent. This indicates a moderate economic growth trend for the country, reflecting its ongoing reliance on oil exports and efforts to diversify its economy.