Markets
Ranked: The Fastest Growing Economies In 2024
IMF Projections: The Fastest Growing Economies in 2024
Which countries will see the most economic growth in 2024?
To answer this question, we’ve visualized GDP growth forecasts from the IMF’s October 2023 World Economic Outlook. Unsurprisingly, many of these countries are located in Asia and Sub-Saharan Africa—two of the world’s fastest growing regions.
Country | Region | GDP Growth 2024 (%) |
---|---|---|
🇲🇴 Macao SAR | Asia Pacific | 27.2 |
🇬🇾 Guyana | Americas | 26.6 |
🇵🇼 Palau | Asia Pacific | 12.4 |
🇳🇪 Niger | Sub-Saharan Africa | 11.1 |
🇸🇳 Senegal | Sub-Saharan Africa | 8.8 |
🇱🇾 Libya | Middle East and North Africa | 7.5 |
🇷🇼 Rwanda | Sub-Saharan Africa | 7.0 |
🇨🇮 Côte d'Ivoire | Sub-Saharan Africa | 6.6 |
🇧🇫 Burkina Faso | Sub-Saharan Africa | 6.4 |
🇧🇯 Benin | Sub-Saharan Africa | 6.3 |
🇮🇳 India | Asia Pacific | 6.3 |
🇬🇲 The Gambia | Sub-Saharan Africa | 6.2 |
🇪🇹 Ethiopia | Sub-Saharan Africa | 6.2 |
🇰🇭 Cambodia | Asia Pacific | 6.1 |
🇹🇿 Tanzania | Sub-Saharan Africa | 6.1 |
🇧🇩 Bangladesh | Asia Pacific | 6.0 |
🇩🇯 Djibouti | Middle East and North Africa | 6.0 |
🇧🇮 Burundi | Sub-Saharan Africa | 6.0 |
🇵🇭 Philippines | Asia Pacific | 5.9 |
🇻🇳 Vietnam | Asia Pacific | 5.8 |
🌍 World Average | -- | 2.9 |
For India, data and forecasts are presented on a fiscal year basis (starting April). Continue reading below for additional context on these figures.
Highlights: Asia Pacific
The fastest growing economies in Asia are forecasted to be Macao (+27.2%), Palau (+12.4%), and India (+6.3%).
- The economy of Macao is heavily reliant on tourism, an industry that represents over 60% of the region’s jobs, as well as roughly 70% of its GDP.
- Palau is a tiny country consisting of 340 islands, representing an overall land area of 180 square miles (466 square kilometers). According to the U.S. State Department, tourism represents approximately 40% of Palau’s GDP.
- India, which recently became the world’s largest country by population, is expected to reach a peak of 1.7 billion people by 2064.
Highlights: Sub-Saharan Africa
Sub-Saharan Africa accounts for half of the top 20 list, with Niger (+11.1%) and Senegal (+8.8%) leading.
- A recent military coup could have serious implications on Niger’s future economic growth. The country’s Agadem oil field, which is majority owned by China National Petroleum Corporation (CNPC), could see its exports disrupted as a result of global sanctions.
- Senegal’s economy is also linked to the oil industry, meaning its growth could fluctuate in the years to come.
Oil Drives Growth for Guyana
Guyana (+26.6%), with a population of only 815,000, is expected to be the second fastest growing economy in 2024. Interestingly, it was the world’s fastest growing economy last year, with a 62% increase in GDP, and is likely to claim that title again in 2023 with expected growth of 37%.
This growth is largely driven by rising oil exports from Stabroek Block, an offshore oil field being developed by an Exxon Mobil-led consortium. According to BBC, Guyana has over 11 billion barrels in oil reserves.
Maps
Mapped: The 10 U.S. States With the Lowest Real GDP Growth
In this graphic, we show where real GDP lagged the most across America in 2023 as high interest rates weighed on state economies.
The Top 10 U.S. States, by Lowest Real GDP Growth
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
While the U.S. economy defied expectations in 2023, posting 2.5% in real GDP growth, several states lagged behind.
Last year, oil-producing states led the pack in terms of real GDP growth across America, while the lowest growth was seen in states that were more sensitive to the impact of high interest rates, particularly due to slowdowns in the manufacturing and finance sectors.
This graphic shows the 10 states with the least robust real GDP growth in 2023, based on data from the Bureau of Economic Analysis.
Weakest State Economies in 2023
Below, we show the states with the slowest economic activity in inflation-adjusted terms, using chained 2017 dollars:
Rank | State | Real GDP Growth 2023 YoY | Real GDP 2023 |
---|---|---|---|
1 | Delaware | -1.2% | $74B |
2 | Wisconsin | +0.2% | $337B |
3 | New York | +0.7% | $1.8T |
4 | Missississippi | +0.7% | $115B |
5 | Georgia | +0.8% | $661B |
6 | Minnesota | +1.2% | $384B |
7 | New Hampshire | +1.2% | $91B |
8 | Ohio | +1.2% | $698B |
9 | Iowa | +1.3% | $200B |
10 | Illinois | +1.3% | $876B |
U.S. | +2.5% | $22.4T |
Delaware witnessed the slowest growth in the country, with real GDP growth of -1.2% over the year as a sluggish finance and insurance sector dampened the state’s economy.
Like Delaware, the Midwestern state of Wisconsin also experienced declines across the finance and insurance sector, in addition to steep drops in the agriculture and manufacturing industries.
America’s third-biggest economy, New York, grew just 0.7% in 2023, falling far below the U.S. average. High interest rates took a toll on key sectors, with notable slowdowns in the construction and manufacturing sectors. In addition, falling home prices and a weaker job market contributed to slower economic growth.
Meanwhile, Georgia experienced the fifth-lowest real GDP growth rate. In March 2024, Rivian paused plans to build a $5 billion EV factory in Georgia, which was set to be one of the biggest economic development initiatives in the state in history.
These delays are likely to exacerbate setbacks for the state, however, both Kia and Hyundai have made significant investments in the EV industry, which could help boost Georgia’s manufacturing sector looking ahead.
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