In 2024, several developing and emerging economies are projected to experience high growth rates. Guyana leads the ranking with a GDP growth rate of over 43%. Additionally, Macao SAR, Niger, and Samoa are expected to grow at around 10%. These rapidly expanding economies are part of the emerging markets and developing nations. Since they have not yet fully utilized their natural and human resources, their growth rates are significantly higher than those of developed countries.
Many of the fastest-growing economies are in Africa, a region that is still developing. Since much of the continent’s natural resources remain untapped, therefore, many African countries are experiencing high GDP growth rates globally.
Top Countries With Highest GDP Growth
The following table highlights the countries with the highest GDP growth in 2024.
| Rank | Country | Real GDP Growth (Annual Percent Change) |
|---|---|---|
| 1 | Guyana | 43.8% |
| 2 | Macao SAR | 10.6% |
| 3 | Niger | 9.9% |
| 4 | Samoa | 9.7% |
| 5 | Palau | 8.1% |
| 6 | Georgia | 7.6% |
| 7 | Rwanda | 7.0% |
| 8 | India | 7.0% |
| 9 | Tajikistan | 6.8% |
| 10 | Benin | 6.5% |
The data is sourced from the International Monetary Fund (IMF).
Countries Projected to Experience the Fastest Growth in 2024
Guyana
Guyana is projected to have the highest GDP growth rate at 43.8%, mainly because of its rapidly growing oil industry. The country, once dependent on agriculture, mining, and forestry, has now become one of the fastest-growing economies due to large offshore oil reserves. According to Our World in Data, the country’s oil production increased by approximately 425% from 2020 to 2023, making it a major contributor to the global crude oil supply. Additionally, the oil industry has attracted significant foreign investment, which further contributes to infrastructure development and job creation.
Macao SAR
Macao SAR has the second-highest projected GDP growth rate globally. The country is known as “Las Vegas of Asia” due to its booming gaming and tourism industries. Since gaming licenses were liberalized in 2001, the region has attracted a large number of tourists from mainland China. It attracts millions of visitors each year, especially from mainland China, which positively impacts its economic growth and development. Additionally, the country has invested heavily in infrastructure development to accommodate the large number of tourists.
Top 10 Richest Countries in the World 2025
Niger
Niger’s economy is projected to grow at 9.9% annually. The country is rich in natural resources like uranium and oil, which largely contribute to its growth. Additionally, improvements in regional trade and ongoing projects in agriculture and energy are also contributing to its rapid economic growth. The government’s investments in roads, power plants, and other infrastructure projects are driving economic growth in the country.
Palau
Palau, a small island nation in the Pacific, is expected to grow at 8.1%. The country’s tourism sector, driven by its pristine natural environment, plays a key role in its economic growth. Additionally, the US provides substantial financial aid to Palau through the Compact of Free Association, which further helps stabilize the economy.
Rawanda
Rwanda’s economy is projected to grow at 7%. The country often boasts one of the highest GDP growth rates in Africa. It has a diversified economy, with agriculture, construction, and services sectors playing a key role in boosting its growth. Additionally, the tourism and manufacturing sectors also contribute to Rwanda’s economic growth. The country has promoted a business-friendly environment, and the government has invested heavily in infrastructure like roads and airports to promote trade and regional connectivity.
India
India’s GDP growth rate of 7% makes it one of the fastest-growing emerging economies in Asia. The country’s economic growth is driven by its strong domestic demand, a thriving IT industry, and a resilient services sector. Additionally, initiatives like “Make in India” and advancements in infrastructure also contribute to India’s high growth level. The country has the largest population globally, and its young population provides a strong workforce with high potential for productivity and economic growth.
Tajikistan and Benin also recorded high GDP growth rates in 2024. Tajikistan’s strong growth is mainly driven by remittances from citizens working abroad and a booming mining sector, especially gold exports. Meanwhile, Benin’s economy is growing fast due to its strong political leadership, major infrastructure projects, and the expansion of regional trade through the Port of Cotonou.
Conclusion
The GDP growth rate is a crucial indicator of a country’s economic health. The countries with the highest projected GDP growth rates are often developing and emerging nations. Countries like Guyana, Macao SAR, and Palau show how key industries like oil and tourism can drive strong economic growth.
Add Comment