If you think that China is the world’s fastest growing economy, think again.
However, among the major (or large) economies, China does remain the fastest growing economy. But if you take smaller nations too in the list, China slips down the list.
1. Ghana: 20.146%
Many economists believe that Africa is the next boomtown. Several African nations are now growing at a rapid pace, trying to make lives better for their people. None more so than Ghana.
For quite a long time, Ghana received many an unflattering adjectives to describe its economy: ‘worst managed’, ‘disastrous’, etc. However, the small African nation has since then come a long way and is the world’s fastest growing economy today.
Ghana’s economy is growing at a blistering 20.15 per cent, says Economy Watch. It’s a $23.4-billion economy.
Blessed with rich reserves of natural resources, Ghana has suddenly turned around and is now speeding along the growth path.
Ghana suffered the most due to the ineffective economic policies of past military governments, says Wikipedia, but the new government has managed to bring the country out of economic doldrums.
Economic reforms, political stability, low crime rate, and an overhaul of earlier policies have made the nation very attractive to foreign investors.
Ghana is oil-rich, has large gold and diamond deposits, and has a booming tourism industry.
2. Qatar: 14.337%
3. Turkmenistan: 12.178%
4. China: 9.908%
5. Liberia: 9.003%
6. India: 8.43%
7. Angola: 8.251%
8. Iraq: 7.873%
9. Ethiopia: 7.663%
10. Mozambique: 7.548%