In this article, we discuss the 5 fastest growing countries in Europe. If you want to see more fastest growing countries in Europe, go directly to 15 Fastest Growing Countries in Europe.
5. Malta
2023 Projected Real GDP Growth Rate According to IMF in October: 3.3%
Malta is one of the smallest countries in the world given its area of 122 square miles. Nevertheless, the island nation has a GDP per capita of $33,486 in 2021 and a GDP per capita, PPP of $48,581 for the same year, making it one of the more developed nations in Europe. In 2023, the IMF expects the country’s real GDP to expand by 3.3%.
4. Croatia
2023 Projected Real GDP Growth Rate According to IMF in October: 3.5%
Croatia is a country around Central and Southeastern Europe that has a population of around 3.98 million people. In 2013, the country joined as a member of the European Union and its economy has benefited from EU grant funds that have helped improve economic growth. In 2021, Croatia had a nominal GDP per capita of $17,685 and a GDP per capita, PPP of $34,314.
3. Ireland
2023 Projected Real GDP Growth Rate According to IMF in October: 4%
Ireland ranks #3 on our list of 15 Fastest Growing Countries in Europe given the IMF expects the country’s real GDP to expand by 4%. Given some big multinationals have headquarters in the country and their intellectual property asset transfers can affect GDP growth, Ireland’s GDP can be faster or slower than what it actually is for most of its citizens in some years. Nevertheless, Ireland is one of Europe’s developed countries.
2. Georgia
2023 Projected Real GDP Growth Rate According to IMF in October: 4%
Georgia is a country that occupies both Eastern Europe and Asia that has grown quite rapidly in recent years. In terms of its past, the country has averaged 4% percent growth from 2011 to 2021 according to The World Bank. According to the Asian Development Bank in September, the agency wrote in September it expected Georgia’s economy to expand by 7% in 2022. According to IMF estimates, the country could grow 4% this year too.
1. Kazakhstan
2023 Projected Real GDP Growth Rate According to IMF in October: 4.4%
Kazakhstan ranks #1 on our list of 15 Fastest Growing Countries in Europe given the IMF expects the country’s real GDP to increase by 4.4% in 2023. Like Georgia, Kazakhstan is both an Asian country and an European country in terms of its geography with around 85% of its territory in Asia and 15% in Europe. Although it is an Asian country, the EU is one of Kazakhstan’s biggest trade partners with the country sending the majority of its oil exports to Europe.
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