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‘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.
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.