In this article we are going to list the 5 fastest growing developing countries in 2020. For a detailed coverage of this topic and a more comprehensive list please take a look at the 15 fastest growing developing countries in 2020.
5. Mongolia
Average real growth rate of the country over the past decade (2011 – 2020): 6.83%
Mongolia makes our list of the fastest growing developing countries in 2020, with the country’s economy mostly based on livestock and agriculture rather than industrialization like most other countries in our list. It also has extensive deposits of various minerals including tin, gold, tungsten, copper and coal which form the bases of its industrial impact.
4. Rwanda
Average real growth rate of the country over the past decade (2011 – 2020): 7.02%
After the Rwandan genocide in 1994, most people thought that the country would continue to suffer from the repercussions and would find it hard to grow properly later on. However, in an extremely remarkable display of resiliency, the country has managed to overcome the massive impact of the genocide and has witnesses a major economic boom over the past two decades, which has led to massive growth and development and ensured that the country is considered among the most developed countries in Africa.
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3. Turkmenistan
Average real growth rate of the country over the past decade (2011 – 2020): 7.98%
Turkmenistan is the fastest growing developing country in Asia, with an average growth rate of nearly 8% across the past decade. The country’s economy is significantly dependent on its vast oil and gas resources, and is said to have the sixth largest gas reserves in the world. The country is also home to significant agricultural activities, and is among the biggest producers of cotton as well.
2. Ethiopia
Average real growth rate of the country over the past decade (2011 – 2020): 8.75%
Fending off strong competition from fellow Africa countries, Ethiopia has the fastest growing economy in all of Africa, and also has a significant population with over 109 million people. 2020 hasn’t really been a good year for the country though, with civil wars between its armed forces and rebel factions increasing significantly in 2020, resulting in a lot of civilian deaths and negative economic impact as well. However, there is opportunity for improvement as over the past 15 years, most international organizations such as the World Bank and the IMF highlighting the fast growth in Ethiopia.
1. Nauru
Average real growth rate of the country over the past decade (2011 – 2020): 8.77%
Topping the list of the 5 fastest growing developing countries in the world is a country I definitely did not expect to see in Nauru. Nauru is a small island country in the Central Pacific. It is also one of only two countries in the world to have an average real GDP growth rate of more than 8%. It also has the second smallest population in the entire world, after the Vatican City, with just 10,670 residents. For comparison’s sake, my city has more than 20 million residents and my country has more than 220 million people.
Nauru has actually experienced a significantly high economy back in the 1970s when its GDP per capita was $50,000 which was the second highest in the world at the time after just Saudi Arabia. However, this economy was dependent on the mining of phosphate, which started to decline in the 1980s and the economy wasn’t diverse enough to absorb the impact of the same. While there are no personal taxes in the country, there is high unemployment at 23% while the people who are employed mostly work for the government with 95% of the employed population being employed by the government.
See also: 11 countries with the highest standard of living in 2017 and 10 countries that have the happiest students in the OECD
