In this article, we will look at the 20 fastest developing countries in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Developing Countries in 2024.
The global economic landscape faces a series of challenges, including the slowed economic recovery as an aftermath of the pandemic, geo-political conflicts in the shape of the Russia-Ukraine crises, increased cost of living around the world, and the side effects of tight monetary and fiscal policies. Due to these challenges, the global growth projections remain below the historical average of 3.8%. However, despite a tough economic outlook, some regions, including Africa, continue to demonstrate resilient growth and form a greater part of our list of 20 fastest developing countries in 2024.
Africa an Emerging Economy
Africa is an Emerging economy and has remained resilient despite various economic shocks over the past few years. According to the African Development Bank, 15 African countries posted an economic expansion of more than 5% in 2023. Moreover, the region is expected to claim 11 out of 20 positions on the list of fastest-growing economies in 2024. The economic landscape of Africa is characterized by the cross-regional performance variation across different countries. Factors behind cross-regional performance variations include a less commodity-dependent economy, economic diversification, increased investment in key strategic growth sectors, rising public and private sector consumption, and a developing export market.
Africa suffered a slow growth rate in 2023 due to multiple shocks, and the effects are expected to be reflected in the 2024 growth projections. According to a report by the African Development Bank, Africa’s average real GDP growth was estimated to be 3.2% in 2023 against a growth rate of 4.1% in 2022. The slower growth rates are attributed to the weak economic recovery after the pandemic, geo-political fragmentation, the Russia-Ukraine crisis, and the recent conflict in the Middle East. In addition to these external factors, internal factors, including political instability, weaker exports, and tight fiscal and monetary policies, have disrupted the region’s economic growth momentum. To read more about Africa’s best and worst-performing countries, you can look at the 20 Largest Economies in Africa Ranked by PPP and the 35 Poorest Countries in Africa Based on 2023 GDP Per Capita.
Looking ahead, the growth in the Central African region is projected to weaken from 3.8% in 2023 to 3.5% in 2024 before rebounding to 4.1% in 2025. Even with the subdued performance, the growth rates for 13 African countries are projected to be 1% higher than in 2023. Moreover, the region is on track to remain the second fastest growing globally, second only to Asia.
Leading Companies in Africa
MTN Group Limited (JSE:MTN), Vodacom Group Limited (JSE:VOD), and Naspers Limited (JSE:NPN) are some of the leading companies driving growth in Africa. If you want to read more about the business landscape of Africa, you can look at the 15 Untapped Small Business Ideas In Africa in 2023.
MTN Group Limited (JSE:MTN) is a leading integrated telecommunication service provider in South Africa. The company engages in the provision of broadband and Internet products and services for national and international customers. Moreover, MTN Group Limited (JSE:MTN) is a leading internet provider in 13 Middle Eastern and African countries and holds mobile licenses in 21 countries. On February 29, MTN Group Limited (JSE:MTN) announced signing a Memorandum of Understanding (MoU) with Ericsson to boost sustainability and digital skills across Africa. Under this collaboration, both companies will explore opportunities to develop and promote innovation in communication technologies while emphasizing the decarbonization of their value chain ecosystem.
Vodacom Group Limited (JSE:VOD) is a subsidiary of Vodafone Group plc (NASDAQ:VOD) and a leading mobile communication company that provides various services to individuals and businesses. Based in South Africa, Vodacom Group Limited (JSE:VOD) operates in providing voice, data, internet connectivity, and cloud management services. The company also runs a financial service platform, M-Pesa, that allows users to access digital transactions. On March 7, Vodacom Group Limited (JSE:VOD) announced its partnership with Microsoft Corporation’s (NASDAQ:MSFT) South African unit to bolster digital skills for in-demand jobs in the region. Under the collaboration, both companies will work together to reduce the 44% unemployment rate among South Africans. The online training courses would be available free of cost at the Mzansi Digital Learning platform and will provide literacy on topics including digital economy, business, cyber security, and artificial intelligence.
Naspers Limited (JSE:NPN) is a leading South African multinational company that provides internet, e-commerce, and media services. Naspers Limited (JSE:NPN) is also a leading investor in the technology industry and invests in global internet companies worldwide. Moreover, the company has investments in integrated social networks, including Tencent Holdings Limited (HKG:0700). Naspers Limited (JSE:NPN) has a business presence in Africa, Europe, Latin and North America, Asia-Pacific, and the Middle East.
With this context, let’s look at the 20 fastest developing countries in 2024.
20 Fastest Developing Countries in 2024
Our Methodology
To compile the list of the 20 fastest developing countries in 2024, we relied on two indicators: real GDP growth rates and GDP per capita growth rate. Both of these indicators are good measures of determining economic growth. The real GDP growth indicates an improved economy, whereas the GDP per capita growth measures the change in output per person. We have sourced real GDP growth rates from the IMF. We calculated the annual GDP per capita growth rate for each country between 2022 and 2023 using GDP per capita current prices (US dollars per capita) data from the IMF. The list is ranked in ascending order of the real GDP growth rate primarily and GDP per capita growth rate secondarily. The secondary metric was used to break the tie when a tie-break was necessary.
20 Fastest Developing Countries in 2024
20. Gambia
Real GDP Growth Rate (2023): 5.6%
GDP Per Capita Growth Rate (2023): 7.28%
Gambia is a small country in West Africa that ranks 20th on our list of fast developing countries. It had a real GDP growth rate of 5.6% and a GDP per capita growth rate of 7.28% in 2023.
19. Guinea
Real GDP Growth Rate (2023): 5.9%
GDP Per Capita Growth Rate (2023): 11.5%
Ranking 19th on our list of fastest developing countries is another West African country, Guinea. Guinea experienced a real GDP growth rate of 5.9% in 2023, and its GDP per capita grew by 11.5% during the same year.
18. Bangladesh
Real GDP Growth Rate (2023): 6%
GDP Per Capita Growth Rate (2023): -4.01%
Bangladesh is a South Asian country and ranks as the 18th fastest developing country in 2024. It had a real GDP growth rate of 6% and a GDP per capita growth rate of -4.01% in 2023.
17. Panama
Real GDP Growth Rate (2023): 6%
GDP Per Capita Growth Rate (2023): 6.25%
Panama is a Central American country on the Caribbean and Pacific Ocean coast. It ranks 17th on our list of fastest developing countries in 2024. The country experienced real GDP growth of 6% in 2023, and its GDP per capita grew by 6.25% during the same year.
16. Ethiopia
Real GDP Growth Rate (2023): 6.1%
GDP Per Capita Growth Rate (2023): 27.4%
Ethiopia is an East African country ranking 16th on our list. The country had a real GDP growth rate of 6.1% and a GDP per capita growth rate of 27.4% in 2023.
15. Rwanda
Real GDP Growth Rate (2023): 6.2%
GDP Per Capita Growth Rate (2023): 2.68%
Rwanda is another African country ranking on our list of fastest developing countries in 2024. The country had a real GDP growth rate of 6.2% and a GDP per capita growth rate of 2.68% in 2023.
14. Saint Vincent and the Grenadines
Real GDP Growth Rate (2023): 6.2%
GDP Per Capita Growth Rate (2023): 9.61%
Saint Vincent and the Grenadines is an Island country in the eastern part of the Caribbean Sea. It is one of the fastest developing countries in 2024. The country posted a growth of 6.2% in its real GDP in 2023. Moreover, the GDP per capita of Saint Vincent and the Grenadines grew by 9.61% during the same year.
13. Cote d’Ivoire
Real GDP Growth Rate (2023): 6.2%
GDP Per Capita Growth Rate (2023): 10.31%
Cote d’Ivoire ranks as the 13th fastest developing country in 2024. The country’s real GDP grew by 6.2% in 2023, with a GDP per capita growth rate of 10.31%.
12. Georgia
Real GDP Growth Rate (2023): 6.2%
GDP Per Capita Growth Rate (2023): 22.39%
Georgia is an Eastern European and Western Asian country. Its real GDP grew at a rate of 6.2% in 2023. Georgia ranks as the 12th fastest developing country in 2024.
11. India
Real GDP Growth Rate (2023): 6.3%
GDP Per Capita Growth Rate (2023): 9.22%
India is another South Asian Country that occupies a greater part of Asia. India posted a real GDP growth rate of 6.3% in 2023. It ranks as the 11th fastest developing country in 2024.
10. Tajikistan
Real GDP Growth Rate (2023): 6.5%
GDP Per Capita Growth Rate (2023): 10.62%
Tajikistan posted a growth of 6.5% in its real GDP for 2023. Moreover, it had a GDP per capita growth rate of 10.62% during the same year. It stands 10th on our list of fastest developing countries in 2024.
9. Democratic Republic of Congo
Real GDP Growth Rate (2023): 6.7%
GDP Per Capita Growth Rate (2023): -0.60%
Democratic Republic of Congo witnessed a real GDP growth of 6.7% in 2023. Moreover, its GDP per capita grew at a rate of -0.60%. It ranks 9th on our list of fastest developing countries in 2024.
8. Mozambique
Real GDP Growth Rate (2023): 7%
GDP Per Capita Growth Rate (2023): 11.37%
Mozambique is an East African Country ranking 8th on our list. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 11.37% in 2023.
7. Armenia
Real GDP Growth Rate (2023): 7%
GDP Per Capita Growth Rate (2023): 25.74%
Armenia is the 7th fastest developing country. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 25.74% in 2023.
6. Fiji
Real GDP Growth Rate (2023): 7.5%
GDP Per Capita Growth Rate (2023): 10.05%
The economy of Fiji is experiencing strong growth; its real GDP grew by 7.5% in 2023, and the country posted a per capita GDP growth rate of 10.05% during the same year. It ranks 6th among the 20 fastest developing countries in 2024.
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Disclosure: None. 20 Fastest Developing Countries in 2024 is originally published on Insider Monkey.