The top ten fastest growing economies of the world are ranked by GDP, or Gross Domestic Product. GDP is based on the total market value of goods and services produced by a country. Although most of the countries listed here would be considered poor by traditional Western benchmarks, their rapidly expanding economic growth, coupled with signs of governmental stability, forms the basis for their ranking as the world’s top ten growing economies.
Top 10 Fastest Growing Economies in the World as of 2014:
Mongolia is number one, with mineral deposits of copper, gold, coal, uranium and tin. The exporting of such items have shown a growth of their economy of 15.3 percent. Their mixed capitalist/socialist economy continues to thrive.
Iraq comes in second place, with oil exports leading the strength of their economy. Foreign investments have been facilitated by the introduction of free market ideology since the fall of Saddam Hussein. This has strengthened the economic growth by 12.26 percent according to the World Bank. Very recent events in Iraq however, to wit, the incursion by the paramilitary force called the Islamic State of Iraq and the Levant, have markedly depreciated Iraq’s number two standing.
The Democratic Republic of Timor-Liste, or East Timor, in Indonesia ranks third on the list, with offshore drilling for oil and gas being the catalyst for economic growth. Other in-demand exports such as coffee, marble, and sandalwood augments their ever-increasing economic profits from oil and gas. The GDP growth rate of East Timor is 10 percent.
Africa’s Sierra Leone is fourth and, while the majority of its residents work at substance-level farming, this country’s wealth comes from the mining of diamonds. Their GDP growth-rate percentage is 9.54. These diamonds have been called blood diamonds due to being mined during times of war and social conflict. However, the country has worked diligently in trying to remove the stigma of its recent past in this regard.
China is ranked number five and is the world’s largest exporter of manufactured goods. The country has implemented some elements of free trade while retaining a communist politburo and the framework of a government-controlled economy. It has a GDP growth percentage of 8.40 and is currently the second largest economy in the world behind the United States.
Mozambique is ranked sixth. The export of raw aluminum is responsible for one-third of their total exported materials. The extraction of titanium and garment production has led this country’s growth to a GDP ranking of 8.0 percent.
Ghana is seventh with half of its growth coming from service industries and the other half from exports of whale oil, gold and cocoa products. Manufacture and export of digital technological goods, and a burgeoning automotive industry, has helped to support their economic growth. The GDP is 7.80 percent.
Laos comes in the eighth position for fastest-growing economy. Foreign investment in mining and construction have bolstered their rate of growth. The push to encourage private sector business in the late 1980s continues to foster an increasing economy. The GDP grows at a rate of 7.5 percent.
Ethiopia is ninth. Coffee has become a huge export for this country. Their GDP growth rate is 7.5 percent. This is one of Africa’s fastest growing economies. Agriculture is responsible for the largest portion of this growth in this second-most populated country in Africa. Government-owned properties have become privatized encouraging additional economic growth.
Another African country, Angola, comes in tenth with oil production and oil related industries responsible for the increase in their economy. Angola’s percentage of growth, based on GDP, is 7.2 percent. The recent strengthening of economic ties with trading partner Brazil will assure Angola continued growth. The focal points of construction and energy industry will continue to strengthen the bond between these two countries.