In January, The World Bank released its latest report on the Global outlook, which is released biannually and measures the economic growth of almost 200 countries, by calculating the countries’ year-on-year percentage in GDP. With the latest report released, we have come up with a list of the top five fastest growing economies.
1) India – The country came in the fifth place with a 7.7 percent progress in its GDP. India often receives global attention because the country’s economy is both stable and huge. Services are fundamental contributor for the economy, which counts for two thirds of Indian GDP, while consumerism is on the rise thanks to its growing middle class. India takes top five in our list of the fastest growing economies of 2017.
2) Cote d’Ivoire – Cote d’Ivoire or Ivory Coast had its productivity to rise exponentially in 2012, and has progressed by 8.1percent. Now, cocoa, coffee and palm oil is the country’s biggest contributor to the economy. The government also channels oil revenue into education and infrastructure development, which in turn help in the industry.
3) Ghana – Ghana’s political and legal systems have been centered to maintaining the economy’s strong expansion. The discovery of oil reserves in 2010 became a major cause of development at present, together with its fiscal consolidation plan; the country’s GDP grew by 8.1 percent and has taken up 3rd place as one of the top five fastest Growing Economies.
4) Ethiopia – Although Ethiopia is Africa’s largest beneficiary of developmental aid and currently still one of the world’s least developed countries, several of its sectors are showing great improvement for the country’s economy. A burgeoning services industry underlies the hope that Ethiopia will become a middle-income country by 2025.
5) Bhutan – A country located between China and India, Bhutan’s mountainous terrain makes it difficult to build infrastructure, hence making its manufacturing industries one of its weak links in the economy’s growth. Instead, Bhutan gains its prosperous growth in hydro power, agriculture and forestry. Bhutan’s GDP was up by 11.1 percent taking number one of the world’s fastest growing Economies.