Top 10 Fastest Growing Economies Worldwide

Niger is predicted by the IMF to be the 4th fastest growing economy globally and the fastest in Africa in 2024, with a growth rate of 11.1%. Despite challenges like inflation and sanctions, which have weakened the economy, oil revenue provides significant hope for recovery. According to a March 1 report from the African Development Bank (AfDB), the country's GDP could increase by 11.2% in 2024, following a 4.3% growth in 2023. With a 7.7% rise in GDP per capita in 2022, extreme poverty dropped by 6.4%. The IMF estimates that if Niger exports 90,000 barrels of oil daily through the Agadem-Sèmè pipeline to Benin, it could generate around €610 million in tax revenue by 2025. Currently, Niger exports 20,000 barrels per day. On March 2, the China National Petroleum Corporation, responsible for the project, announced the completion of the pipeline, expecting a major increase in oil exports.

2024 GDP Growth: 11.1%

Senegal is ranked as the 5th fastest growing economy globally, according to the latest IMF report. The country's economic growth is driven by key sectors such as mining, construction, tourism, fishing, and agriculture, which are major sources of employment in rural areas. Senegal is also rich in natural resources, including iron, zircon, gas, gold, phosphate, and newly discovered oil reserves. Additionally, Senegal boasts one of the best-developed tourism industries in Africa. The economy remains somewhat dependent on foreign aid.

The outlook for Senegal's economic growth is promising, with strong economic activity expected, reflecting the dynamism of industrial production. In 2023, the economy is projected to grow by 4.7%, supported by a recovery in the secondary sector thanks to the normalization of international commodity prices, a favorable institutional environment, and the use of public-private partnerships to fund public investments. Additionally, foreign direct investment in hydrocarbon exploration is boosting economic development. Investment in agriculture, electricity generation, information technology, and transportation is further stimulating growth.

2024 GDP Growth: 8.8%

Libya's economy is primarily driven by oil revenues, which account for over 95% of export earnings and 60% of GDP. This, combined with a small population, has made Libya one of the countries with the highest nominal GDP per capita in Africa. The IMF forecasts that Libya will be the 6th fastest growing economy globally in 2024.

Despite facing significant challenges, Libya holds high potential for reconstruction and economic diversification, supported by substantial financial resources. Oil fields like Al Sharara and El Feel have resumed production, and the ports of Sidra and Ras Lanuf have reopened, allowing the National Oil Corporation to rapidly increase oil output to 453,000 barrels per day in October, 1.108 million barrels per day in November, and 1.25 million barrels per day in December. If oil production and exports continue without major disruptions, Libya is set to benefit from surging global oil prices, leading to higher financial revenues and a robust cash flow.

2024 GDP Growth: 7.5%

Rwanda's economy continued its strong growth in 2022, despite weakened external demand and necessary restrictive monetary policies to control inflation. Rwanda's economy has remained resilient and adaptable, overcoming both external and domestic challenges, achieving a 7.6% growth rate in the first three quarters of 2023. The GDP growth is projected to reach 7.0% in 2024, ranking 7th globally. The service sector has sustained domestic demand, while the industrial sector's recovery has contributed to strong growth and a positive economic trajectory.

Rwanda has successfully balanced inflation control, managing external deficits, and maintaining financial caution, which reflects a robust financial sector. Despite a growing external deficit and the depreciation of the Rwandan franc, fiscal responsibility has been maintained, with prudent financial management strategies in place. The banking sector remains stable and profitable, contributing to the recovery of the economy and positioning it for strong future growth.

2024 GDP Growth: 7.0%

With an estimated GDP growth of 6.9% in 2019 (or 4.2% per capita), Côte d'Ivoire continues to be one of the strongest performing economies in Sub-Saharan Africa, driven largely by the expanding middle class, which supports demand across all sectors. In 2024, the IMF projects that Côte d'Ivoire will become the 8th fastest growing economy globally.

Côte d'Ivoire's economy is poised for rapid growth, driven by the recovery of services and enhanced productivity in both industry and agriculture. The government has rolled out an ambitious public investment program aimed at bridging infrastructure and social service gaps that have widened after more than a decade of political crisis. Increased investment is helping restore productivity growth in manufacturing and food industries, which is expected to boost exports and stimulate private consumption, contributing to GDP growth.

2024 GDP Growth: 6.6%

Burkina Faso is a low-income country in the Sahel with limited natural resources, yet the IMF forecasts it to be the 9th fastest growing economy globally in 2024. The country’s economy is largely driven by agriculture and mining, particularly gold. In the early 2000s, Burkina Faso implemented several legal reforms to increase gold production, leading to a gold mining boom, making gold the country's primary export and key source of economic growth.

Gold exports (valued at $6.74 billion), raw cotton ($502 million), other oilseeds ($169 million), coconuts, Brazil nuts, and cashews ($168 million), and zinc ore ($162 million) have shown consistent growth in recent years. The service sector in Burkina Faso accounts for 48% of GDP and remains a key growth driver, supported by the expansion of the public sector economy. Agricultural growth is hindered by security challenges, limiting access to rural areas.

2024 GDP Growth: 6.4%

Benin, located at the crossroads of two key regional corridors, the Abidjan-Lagos and Cotonou-Niamey routes, has become an important trade and tourism hub in West Africa. The country's real GDP growth remained stable at 6% in 2022, following a notable 7.2% in 2021, driven by primary, secondary, and tertiary sectors. The IMF forecasts that Benin will be the 10th fastest growing economy globally in 2024, showcasing resilience in the face of various crises.

The country's GDP growth is expected to average 6.4% annually during 2024-2025, supported by increased infrastructure spending, higher agricultural output, and broader recovery in the region. Recent financial reforms have led to steady tax revenue growth and reduced fiscal deficits. Ongoing fiscal consolidation, mainly through improved revenue generation, will help Benin gradually reduce its budget deficit and meet the regional convergence criterion of 3% GDP by 2025.

2024 GDP Growth: 6.4%

Macau remains one of the world’s most open economies, and the IMF forecasts it will be the fastest growing economy globally in 2024 due to its diversification efforts. The region's GDP is expected to grow at the fastest rate as the gaming sector continues to recover, along with investments in non-gaming business ventures that are boosting overall private investment. Macau’s limited agricultural land and natural resources mean it relies heavily on imports like food and energy. The IMF commends Macau’s ‘flexible’ Financial System Act and encourages ‘financial innovation’ in the region.

Tourism is another major driver for Macau's economy, generating over 60% of local jobs and contributing approximately 70% of GDP. The World Tourism Organization ranks Macau as one of the world’s top tourist destinations. The growing influx of mainland Chinese visitors, following the easing of travel restrictions, along with increased public infrastructure spending and significant investment related to the liberalization of Macau's gaming industry, has further fueled economic development.

2024 GDP Growth: 27.2%

Guyana is projected by the IMF to be the second fastest growing economy in the world. This small South American nation is rich in natural resources. With a low population density, approximately 90% of its 800,000 residents live along the narrow coastal plains, which make up only 10% of the country’s landmass. Guyana benefits from fertile agricultural land, valuable mineral resources like bauxite and gold, and vast tropical forests covering 80% of its territory. Notably, the country has recently discovered significant offshore oil reserves.

Guyana's per capita GDP has been rising rapidly since oil production began in 2019, reaching 278,000 barrels per day (bpd) in 2022. The country’s estimated oil reserves exceed 11.2 billion barrels, with natural gas reserves estimated at about 17 trillion cubic feet. Guyana is expected to continue being one of the world’s fastest growing economies, with double-digit growth projected for both 2023 and 2024 as new oil fields come online.

2024 GDP Growth: 26.6%

Palau is one of the most efficient island economies in the Pacific. According to the latest IMF forecasts, Palau is expected to be the third fastest growing economy globally, contingent on the global economic recovery post-pandemic. The economy of Palau is largely driven by tourism and various services such as trade, subsistence agriculture, and fishing. The service sector dominates, contributing nearly 80% of the GDP (World Bank, 2023).

Palau relies heavily on financial assistance from the United States, through the Compact of Free Association, as well as aid from the European Union. Recently, the government has taken steps to diversify its economy to reduce dependence on foreign aid, which constitutes about 20% of its GDP and funds half of its public spending. Palau boasts one of the highest living standards in the Pacific, with a per capita income nearly twice that of the Philippines and significantly higher than Micronesia (13,785 USD in 2022). The unemployment rate is very low, at 1.7% according to government statistics.

2024 GDP Growth: 12.4%