Sky Scrappers Aren’t Necessary for the Fastest Growing Economies

While the top ten highest economies have plenty of sky scrappers – “Sky Scrappers Aren’t Necessary for the Fastest Growing Economies” because they are in agriculture and the land!  China is listed in both economies.

According to Barry Malone/Reuters from Business Insider:”Keep in mind that the fastest-growing economies typically aren’t among the largest, most developed ones. In fact, most of these countries suffer from high income inequality, low levels of per capita gross domestic product, elevated political instability, and rampant corruption…”

Barry Malone says, the top #1 fastest growing economy is Ethiopia’s economy, based on the forecasts from the World Bank’s Global Economic Prospects ,  and “is mostly agriculture-based, but the government has made a push to diversify into manufacturing, textiles, and energy generation.”

1. Ethiopia

2015 GDP: +9.50%

2016 GDP: +10.50%

2017 GDP: +8.50%

2014-2017 GDP CAGR: +9.70%

1. Ethiopia

In fact, all of the countries suffering from high income inequality will be getting a better economy per capita.  Included are countries as follows:

Ethiopia, Turkmenstan, Burma, Uzbekistan, Cote d’Ivoire, Papua New Guinea, India, Congo, Bhutan, Mozambique, Tanzania, Rwanda, China.

 


12. Rwanda

2015 GDP: +7.00%

2016 GDP: +7.00%

2017 GDP: +7.50%

2014-2017 GDP CAGR: +7.12%

Economy: Ninety percent of the population works in subsistence agriculture or mineral agroprocessing, while tourism, minerals, coffee, and tea round out Rwanda’s economy. Though the country has taken significant steps forward since the 1994 genocide, 45% of the population still lives below the poverty line.

11. Tanzania

Reuters/Finbarr O’Reilly

2015 GDP: +7.20%

2016 GDP: +7.10%

2017 GDP: +7.10%

2014-2017 GDP CAGR: +7.15%

Economy: Tanzania has recently seen high growth rates because of gold production and tourism. The economy also runs on telecommunications, banking, energy, and mining, as well as agriculture. In terms of per capita income, however, the country is one of the poorest in the world.

Source: World Bank, CIA World Factbook

10. Mozambique

2015 GDP: +7.20%

2016 GDP: +7.30%

2017 GDP: +7.30%

2014-2017 GDP CAGR: +7.30%

Economy: Mozambique has attracted large investment projects in natural resources, which means the country’s high growth rates should continue. Some analysts believe that Mozambique might be able to generate revenues from natural gas, coal, and hydroelectric capacity greater than its donor assistance within five years.

But the vast majority of the country works in subsistence agriculture, and over half the population remains below the poverty line.

Source: World Bank, CIA World Factbook

9. Bhutan

Reuters/Kamal Kishore

2015 GDP: +7.90%

2016 GDP: +8.40%

2017 GDP: +7.00%

2014-2017 GDP CAGR: +7.55%

Economy: Bhutan has a small and relatively undeveloped economy that relies on hydropower, agriculture, and forestry. It exports a large amount of hydropower to India, which has the potential to “spur sustainable growth” in the next few years — as long as Bhutan works to fix its “chronic delays in construction.”

Source: World Bank, CIA World Factbook

8. India

Reuters/Arko Datta

2015 GDP: +7.40%

2016 GDP: +7.80%

2017 GDP: +8.00%

2014-2017 GDP CAGR: +7.57%

Economy: Prime Minister Narendra Modi’s India has received high marks from analysts, even with delayed reforms. The services industry is a major source of India’s economic growth, accounting for nearly two-thirds of its output with less than one-third of its labor force. Yet problems such as corruption, poverty, and discrimination against women and girls continue to hold back the country.

7. Papua New Guinea

2015 GDP: +16.00%

2016 GDP: +5.00%

2017 GDP: +2.40%

2014-2017 GDP CAGR: +7.60%

Economy: Eighty-five percent of the population works in agriculture, and a small sector exports natural resources including mineral deposits such as gold, copper, and oil. But the government has numerous problematic areas, including security for investors, poor investor confidence, the privatization of state institutions, and the restoration of integrity to state institutions.

Source: World Bank, CIA World Factbook

6. Cote d’Ivoire

2015 GDP: +8.00%

2016 GDP: +7.70%

2017 GDP: +7.50%

2014-2017 GDP CAGR: +7.80

Economy: About two-thirds of the population works in agriculture-related industries. The country is the world’s largest producer and exporter of cocoa beans and is also a major player in the coffee and palm-oil industries.

5. Uzbekistan

2015 GDP: +7.60%

2016 GDP: +7.80%

2017 GDP: +8.00%

2014-2017 GDP CAGR: +7.87%

Economy: Uzbekistan has been slowly transitioning from its Soviet past to a market-based economy. It’s the fifth-largest cotton exporter and also has natural gas and gold. Notably, the country is working toward enforcing bans on child labor in its cotton harvesting.

Source: World Bank, CIA World Factbook

4. Myanmar/Burma

2015 GDP: +8.50%

2016 GDP: +8.20%

2017 GDP: +8.00%

2014-2017 GDP CAGR: +8.30%

Economy: Myanmar, one of the poorest nations in Southeast Asia, started an economic overhaul in 2011 in an attempt to reintegrate into the global economy. The country has a young labor force and natural resources, and it has attracted loads of foreign investment.

Living standards for the majority of population, however, have not improved much.

Source: World Bank, CIA World Factbook

3. Democratic Republic of the Congo

Junior D.Kannah/AFP/Getty Images

2015 GDP: +8.00%

2016 GDP: +8.50%

2017 GDP: +9.00%

2014-2017 GDP CAGR: +8.62%

Economy: The Democratic Republic of Congo has huge natural-resource wealth, which it hasn’t been able to efficiently monetize because of systemic corruption, conflict, and political instability. That said, its economic is slowly recovering since the tumultuous 1990s.

Source: World Bank, CIA World Factbook

2. Turkmenistan

Reuters/Aman Mehinl

2015 GDP: +8.00%

2016 GDP: +9.00%

2017 GDP: +9.00%

2014-2017 GDP CAGR: +9.07%

Economy: Turkmenistan’s extremely corrupt economy relies on two major industries: cotton and gas. The former Soviet republic, which has the fourth-largest known gas reserves in the world, recently started sending its gas to China, and it may even start shipping gas over to Europe.

But “prospects in the near future are discouraging,” however, “because of endemic corruption, a poor educational system, government misuse of oil and gas revenues, and [the capital’s] reluctance to adopt market reforms,” according to the CIA Factbook.

Source: World Bank, CIA World Factbook


Top Ten Highest Economies

Excerpt from U.S. News

United States

#1 in Best Countries: Power

#7 in Best Countries

The United States of America is a North American nation that is the world’s most dominant economic and military power. Likewise, its cultural imprint spans the world, led in large part by its popular culture expressed in music, movies and television. In 2016 the country elected Donald Trump president, whose campaign rhetoric raised questions around the world, including from the country’s closest allies, about the nation’s future course on the global stage.

Following the terrorist attacks on Sept. 11, 2001, the U.S. launched its War on Terror, including the Iraq War, the ongoing war in Afghanistan and other military strikes, including the 2011 killing of al-Qaida leader Osama bin Laden. The war has had wide-reaching effects on the country’s politics, economy and global alliances that resonate to this day.

more

$17.4 trillion gdp 321.4 million population $56,084 gdp per capita, ppp

Russia

#2 in Best Countries: Power

#27 in Best Countries

The scale of Russia is difficult to imagine. It is the world’s largest country by land mass – nearly twice as big as Canada, the world’s second-largest nation – and covers all of northern Asia and much of Eastern Europe. It shares land borders with more than a dozen countries, and shares sea borders with Japan and the United States.

more

$1.9 trillion gdp 144.1 million population $25,965 gdp per capita, ppp

China

#3 in Best Countries: Power

#20 in Best Countries

Home to one of the world’s oldest civilizations, China has been ruled by the Communist Party since 1949, when the nation was established as the People’s Republic of China. The country is the world’s most populous and is considered the second-largest by land mass.

more

$10.4 trillion gdp 1.4 billion population $14,340 gdp per capita, ppp

13. China

13. China

REUTERS

2015 GDP: +7.10%

2016 GDP: +7.00%

2017 GDP: +6.90%

2014-2017 GDP CAGR: +7.10%

Economy: China is a manufacturing powerhouse and exporter, and many believe that its economy will surpass that of the US within the next decade. The government faces major problems, however, as the country transitions into a consumption-based economy. Additionally, per capita income is below the world average.

Source: World Bank, CIA World Factbook

United Kingdom

#4 in Best Countries: Power

#3 in Best Countries

The United Kingdom is a highly developed nation that exerts considerable international economic, political, scientific and cultural influence. Located off the northwest corner of Europe, the country includes the island of Great Britain – which contains England, Scotland and Wales – and the northern portion of the island of Ireland.

The year 2017 ushered in anxiety about the country’s role on the global stage, due to the public voting in the summer of 2016 to leave the European Union. The vote raises questions about the European Union, as well as the policies supporting the eurozone.

more

$3.0 trillion gdp 65.1 million population $41,499 gdp per capita, ppp

Germany

#5 in Best Countries: Power

#4 in Best Countries

Germany, the most populous nation in the European Union, possesses one of the largest economies in the world and has seen its role in the international community grow steadily since reunification. The Central European country borders nine nations, and its landscape varies, from the northern plains that reach to the North and Baltic seas to the Bavarian Alps in the south.

more

$3.9 trillion gdp 81.4 million population $46,974 gdp per capita, ppp

France

#6 in Best Countries: Power

#9 in Best Countries

It is difficult to overstate the influence France has on the world, both in the past and today. Located in Western Europe, France is one of the world’s oldest countries, and its reach extends around the globe through science, politics, economics and perhaps above all, culture.

Starting in the Middle Ages, France evolved through kingdom, empire and finally, into a republic. It was one of the first nations to champion the rights of the individual. France today is a democracy with a separation of power falling between executive, legislative and judicial branches of government.

more

$2.8 trillion gdp 66.8 million population $41,476 gdp per capita, ppp

Japan

#7 in Best Countries: Power

#5 in Best Countries

Japan, one of the world’s most literate and technically advanced nations, is an East Asian country made up of four main islands. While most of Japan is covered by mountains and heavily wooded areas, the country’s roughly 126 million people lead a distinctly urban lifestyle. Long culturally influenced by its neighbors, today the country blends its ancient traditions with aspects of Western life.

more

$4.6 trillion gdp 127.0 million population $38,142 gdp per capita, ppp

Israel

#8 in Best Countries: Power

#30 in Best Countries

Israel, the only Jewish nation in the world, is a small country on the eastern shore of the Mediterranean Sea. For its relatively small size, the country has played a large role in global affairs. The country has a strong economy, landmarks of significance to several religions and strained relationships with many of its Arab neighbors.

more

$305.7 billion gdp 8.4 million population $34,054 gdp per capita, ppp

Saudi Arabia

#9 in Best Countries: Power

#32 in Best Countries

Saudi Arabia is the giant of the Middle East, with both the vast majority of land and wealth of the Arabian Peninsula falling within its borders.

Millions of devout Muslims from around the world participate in a pilgrimage to Mecca each year, believed to be the birthplace of the Muslim prophet Mohammed and the cradle of Islam. A fierce religious identity dominates the Sunni-majority nation, with principles of the Koran, conservative Sunni teachings known as Wahhabism and strict Islamic Shariah law present in all aspects of life.

more

$746.2 billion gdp 31.5 million population $53,802 gdp per capita, ppp

United Arab Emirates

#10 in Best Countries: Power

#22 in Best Countries

The United Arab Emirates, or UAE, is a federation of seven emirates on the southeast end of the Arabian Peninsula. The country, wedged between between Oman and Saudi Arabia, has rocky desert, wetlands, waterless mountains and coastlines that stretch along the Gulf of Oman and the Persian Gulf.

The emirates that currently comprise the UAE were known as the Trucial States in the 19th century as a result of a series of agreements with Great Britain. In 1971, six of these states merged to form the UAE; a seventh joined in 1972.

more

$399.5 billion gdp 9.2 million population $67,217 gdp per capita, ppp

Share