The fastest growing economy in the world: – According to the level of activities of the World Economy Ranking of each country in 2023, the most current list of countries by GDP is 105 trillion dollars. China, which is the second largest economy and expanding more rapidly than the United States, is followed by the United States for having the largest nominal GDP in the world.
The top five contributors to global GDP are Japan, Germany, India, the United Kingdom and France. A list of historical, present and projected GDP figures for each country from 2020 to 2026 shows that global GDP increased to 112.6 trillion in 2023 from 103.86 trillion in 2022. These countries will have the highest GDP rankings at the global level. world by 2023.
The fastest growing economy in the world
When talking about the largest economy in the world, the United States, Germany, India, China and other countries immediately come to mind. However, many economies around the world are expected to see tremendous growth and stability in the coming years. These nations with the fastest economic growth make up a significant portion of the global economy.
Despite having the world’s largest economy, the United States’ GDP is not currently expanding at the fastest rate in the world in 2023. The United Arab Emirates, India, Egypt, Saudi Arabia and many other countries top the list of those with the fastest growth. economies. Even if the global economy is slowing down, India’s economy has proven to be one of the largest and fastest growing in the world, as has been implied several times.
Overview of the world’s fastest growing economy
List of fastest growing economies in the world 2023
A country’s ability to cope with obstacles, GDP growth rate, inflation rate, debt, population and many other elements play an important role in a country’s growth rate. Due to the impacts of the pandemic, many nations are still finding it difficult to get back on track. However, several nations have not only recovered but are also showing encouraging growth rates.
In terms of real GDP growth, Macau SAR, Guyana, Libya, Palau, Senegal, Maldives and Fiji top the list, while in terms of fastest growing economies, India, United Arab Emirates, Egypt, Qatar, Arabia Saudi and China is at the top. Check the list –
- United Arab Emirates
- Egypt
- Qatar
- Saudi Arabia
- India
- Porcelain
- Thailand
- Japan
- Brazil
- Singapore
Although these countries currently occupy the first place, this could change in the future depending on economic developments. Additionally, these nations (aside from Brazil, China, and India) do not necessarily have the largest economy. Despite having a substantial growth rate, they still have a long way to go before overtaking the largest economy.
However, the faster growth rate reveals its bright future. These nations can begin to make significant contributions to the global economy in the coming years. In the coming years, the notable contributions of all these countries will increase.
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The best economy in the world
The largest GDP in the world, $23.3 trillion, is in the United States. The United States has maintained its position as a result of its varied economy. The economy has been strengthened by multinational companies such as Apple, Microsoft and Amazon. The U.S. economy benefits from strong banking, good infrastructure, and a skilled workforce. Because of its adaptability and durability, even during the COVID-19 outbreak, the U.S. economy is the strongest in the world.
List of world’s 10 fastest growing economies with GDP in 2023
Many eminent and influential organizations around the world take into account many variables and create a list of nations based on their GDP, development rate, etc. The IMF, the World Bank and the UN are some of these institutions.
Although a country’s GDP is expected to reach a certain level next year, it can change depending on the state of the economy. As a result, check these sources periodically for current GDP figures.
Check out the list of the world’s 10 fastest growing economies in 2023.
- United Arab Emirates
- GDP: 498,978 billion dollars
- Population – 9,525,875
- By 2024, the UAE’s GDP is expected to reach $519,226 million.
- The annual percentage change in the UAE’s GDP is around 3.5%.
- Egypt
- GDP – 387.110 billion dollars
- Population – 112,928,036
- The annual percentage change in Egypt’s GDP is around 3.7%.
- Qatar
- GDP – 219.570 billion dollars
- Population – 2,718,873
- The annual percentage change in Qatar’s GDP is around 2.4%.
- By 2025, Qatar’s GDP is expected to reach $237.335 billion.
- Saudi Arabia
- GDP – 1,061,902 billion dollars
- Population – 37,010,095
- The annual percentage change in Saudi Arabia’s GDP is around 3.1%.
- By 2026, Saudi Arabia’s GDP is projected to reach $1,161,992 billion.
- India
- GDP – 3,736,882 billion dollars
- Population – 1,430,198,731
- The annual percentage change in India’s GDP is around 5.9%.
- By 2024, India’s GDP is likely to reach $4,062,154 million.
- Porcelain
- GDP – 19,373,586 billion dollars
- Population – 1,425,611,963
- The annual percentage change of China’s GDP is about 5.2%.
- By 2024, China’s GDP is expected to reach $20,881,368 million.
- Thailand
- GDP: 574.231 billion dollars
- Population – 71,811,462
- Thailand’s annual GDP percentage change is around 3.4%.
- By 2024, Thailand’s GDP is expected to reach $616.998 billion.
- Japan
- GDP – 4,409,738 billion dollars
- Population – 123,214,365
- Japan’s annual GDP percentage change is around 1.3%.
- By 2024, Japan’s GDP is expected to reach $4,526,480 billion.
- Brazil
- GDP – 2,081,235 billion dollars
- Population – 216,568,485
- The annual percentage change in Brazil’s GDP is around 0.9%.
- By 2024, Brazil’s GDP is expected to reach $2,210,617 million.
- Singapore
- GDP: 515,548 billion dollars
- Population – 6,019,288
- Singapore’s GDP annual percentage change is around 1.5%.
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Ranking of the world economy 2023 in billions
By the end of this year, global GDP (World GDP Ranking 2023) will have exceeded $105 trillion. The International Monetary Fund (IMF) calculates this figure using the GDP of the world economy from the previous year.
World economy ranking 2023 IMF
The United States, China and Japan have the world’s three largest economies by nominal GDP, according to the International Monetary Fund. India’s GDP is forecast to grow 6.1% in fiscal year 2023-2024, slower than the rest of the world but still above average, according to the World GDP Rankings 2023 India. India would likely account for 15% of global growth by 2023.
Conclusion
The fastest growing economy in the world is a title that many countries aspire to achieve. It represents not only economic prosperity but also potential for development and improvement in various sectors. Currently, India has the distinction of being the world’s fastest growing economy. With its large population and emerging market, India has seen rapid growth in recent years, driven by various factors such as rising consumer spending, infrastructure development and a thriving technology sector. This growth has not only brought economic benefits but has also presented opportunities for foreign investment and global partnerships. As India continues to develop and innovate, its position as the world’s fastest growing economy shows its potential for future success and makes it an attractive destination for business and commerce.
Frequently asked questions about the world’s fastest growing economy
Which country is the fastest growing economy in the world?
Guyana has been the world’s fastest growing economy in terms of real GDP since 2018, recording average economic growth of 27.14% over the past five years, including 62.3% in 2023, according to the IMF.
Is India the fastest growing economy?
India is likely to grow 6.7 per cent over the next three years, maintaining its tag as the fastest-growing major economy, S&P Global Ratings said. S&P Global Ratings has said India will continue to be the fastest growing economy among Asia Pacific nations.
Is India growing faster than China?
India’s birth rate is almost double that of China. And India has surpassed China in economic growth over the past two years: Its GDP grew 6.1 percent last quarter, compared with China’s 4.5 percent.
Why is India developing rapidly?
With the kind of structural reforms and growth-oriented policies implemented in recent years in collaboration with state governments and local self-governments working collectively to achieve this, India is not only growing on a large scale but also faster.
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Source: vtt.edu.vn