24 Fastest Growing Economies in the World in 2024

1. Guyana

Average GDP Growth: 32.86%

Guyana is an unsurprising part of our list of the fastest growing economies in 2024. This is because it is at the center of some of the hottest developments in the global crude oil industry. The Guayanan economy is worth 16.3 billion, which lends it a GDP per capita of $20,564. So why is its economy growing in double digit percentages?

Well, US mega oil giant Exxon Mobil Corporation (NYSE:XOM) is at the center of Guayana’s fortune. It discovered a block of oil estimated to have at least ten billion barrels offshore in 2015. Production started in 2019 and led to Guaya’s GDP growth jumping from 4% in 2019 to a whopping 43.5% in 2020. Production touched 650,000 barrels this year, and it has also led to conflicts with Guyana’s neighbor Venezuela.

As if this weren’t enough, BMI expects Guyana’s economic growth to sit at a stunning 115% over the next five years according to a September 2023 report. The IMF’s 2024 GDP growth projection for Guyana is 33.9%, However, some quarters have already started to worry about the Dutch Diseases taking hold of Guyana and geopolitical tensions threatening smooth oil production.

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