In this article, we take a look at the 5 fastest developing countries in 2023. For more such countries, go to the 16 Fastest Developing Countries in 2023.
5. Fiji
2023 Growth Percentage Change: 7%
Fiji, a country in the South Pacific, had a GDP size of $4.3 billion in 2021. According to the Asian Development Bank, Fiji’s GDP growth is expected at 6.3% in 2023, closer to IMF’s 7% projection, with per capita GDP growth expected to increase by 5.7%. Fiji’s improved economic performance in 2022 can be attributed to a stronger-than-expected rebound in tourism.
4. Maldives
2023 Growth Percentage Change: 7.2%
Maldives, officially the Republic of Maldives, is a state in South Asia whose GDP was sized at $5.4 billion in 2021. The economy experienced a significant rebound after the contraction caused by the COVID-19 pandemic. This was possible due to the Maldives’ responsive and effective policy measures. The real GDP growth rate increased dramatically from a decline of 33.5 percent in 2020 to 37 percent in 2021, mainly due to the recovery of the tourism sector.
3. Senegal
2023 Growth Percentage Change: 8.3%
Senegal, officially the Republic of Senegal, is a country in West Africa on the Atlantic Ocean coastline. The GDP of the country was valued at $27.63 billion in 2021. Moreover, the official estimate for Senegal’s GDP was $62 billion in purchasing power parity terms at the end of 2022. Senegal’s recent economic growth can be attributed to a more robust export portfolio, bolstered by increased private investment in the mining sector. Additionally, the country’s first gas project is set to begin operations by the close of 2023, further contributing to this growth.
2. Libya
2023 Growth Percentage Change: 17.5%
Libya’s GDP was worth 42.82 billion USD in 2021, and the official estimate for Libya’s GDP was $121 billion at the end of 2022 in purchasing power parity terms. Libya’s economy relies heavily on income generated from its petroleum industry, which accounts for more than 95% of its export earnings and 60% of its GDP. As a result of this, and due to its relatively small population, Libya has one of Africa’s highest nominal per capita GDP figures.
1. Guyana
2023 Growth Percentage Change: 37.5%
Guyana’s economy is thriving due to its rapidly expanding oil production. The country’s GDP was worth 8.044 billion USD in 2021. As one of the world’s fastest-growing economies, Guyana is expected to double its GDP by 2023, boosting per capita income to over $20,000. Increasing oil and gas revenues enables significant investment in infrastructure and poverty reduction efforts.
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