Top 10 Fastest Growing Economies

The global economic recession doesn't mean that every economy has to suffer. The following list features countries that are still witnessing stellar economic growth rates, although slightly lower than in previous years. The majority of the countries on our list are in Sub-Saharan Africa, which are both diversifying away from primarily commodities-based economies and developing infrastructure. The remaining countries on the list are in Asia. Western nations, specifically in Europe suffered the biggest declines and aren't expected to see positive growth until 2011.



10. The Gambia +3.8%

Down considerably from last year's growth rate of more than 6%, Gambia was affected by a decline in commodities prices. Agriculture makes up the vast majority of the West African nation's economy, but tourism is now its fastest growing sector. Most tourists are European, but future growth in the industry will depend on expanding to include American tourists as well.










9. Indonesia +4.2%

Although its economic growth has slowed to a 6-year low, continued growth in government and consumer spending has kept the economy afloat. Most government and private sector development has gone primarily to the telecommunications and transportation industries which saw double-digit growth rates.






8. Tanzania +5.3%

Tanzania continues to grow, albeit less than last year, as it is less dependent on agriculture. Significant growth has been seen in the tourism, services, and mining sectors. The mining industry has grown so much that Tanzania is now Africa's third biggest gold producer, with metals exports growing at an average annual rate of 4%.






7. India +5.8%

After growing by nearly 9% in 2008 and close to 10% in 2007, things have definitely slowed down. A sharp decline in FDI of over 40% is certainly to blame, as the US overtook India as the second largest recipient of FDI this year. Economists are optimistic that economic growth will pick up in 2010, but don't expect a return to its normal 9% rate until 2011.









6. Djibouti +6.5%

A key port of entry to East Africa and the Red Sea, Djibouti has been a key recipient of FDI in the region. Most of that investment has gone to the service sector, which makes up over three quarters of the economy. Although, Djibouti's banks have benefited most, future growth will be in infrastructure--specifically with the development of Al-Nour city and intercontinental bridge projects.










5. Republic of Congo (Brazzaville) 6.5%

The growth of the oil sector over the past decade has contributed to its robust average annual growth rate of over 7% from 2005 to 2008. Home to a portion of the world's second largest rain forest, there is potential for future growth in eco-tourism as well as infrastructure development in the capital, in which 1/3 of the country resides.










4. Ethiopia 6.5%

The government's program to pave and expand the country's roadways is mainly responsible for continuing economic growth this year. As a result, travel times have been cut in half, vastly improving the flow of commerce.

Despite a slower demand for the country's chief export, coffee, lower oil prices have pretty much balanced things out. Future growth is seen in the growth of luxury exports such as leather.






3. China +7%

After slowing to a rate of 6.1% during the first quarter, China recently returned to its normal average annual rate of nearly 8%--in line with government forecasts. The "easy credit" stimulus program pushed the growth of both consumer spending and exports back to double digits. Nonetheless, the government cautions that recent growth depends largely on the stimulus due to a worldwide decline in demand for Chinese goods.









2. Malawi +7%

Surging corn, tobacco, and telecommunications industries have propelled Malawi to become Africa's fastest growing economy. Although things have slowed down this year, the country is still growing briskly. Further growth can be seen in other agricultural products like tea and sugar as well as in the eco-tourism sector thanks to Lake Malawi and wildlife.







1. Qatar +9%
Not nearly as popular as other Persian Gulf investment destinations, Qatar offers the world's fastest growing economy and one of its wealthiest consumer markets. With 15 Billion in oil reserves, the petroleum industry has long been the cornerstone of its economy. As a result, the national GDP per capita is one of the world's highest at over $65,000.


In order to maintain economic growth, Qatar has realized the need to diversify. With 5% of the world's natural gas resources, the gas industry has recently become the largest contributor to the national GDP. But, government plans to boost tourism to 1.4 million annual visitors will help revive its retail and hospitality industries.










* Average economic growth rates calculated for the first half of 2009 using respective national government and IMF data resources. Images courtesy of respective government tourism agencies.