We recently compiled a list of the 20 Fastest Developing Countries in 2024 and in this article, we will look at the fastest developing country in 2024.
Growth Trends and Economic Stability in Developing Nations
According to a report by the International Monetary Fund (IMF), the growth in developing economies is expected to remain steady at 4.2% in 2024 and 2025. This stability is attributed to the fact that there is moderate growth in emerging and developing Asia but increasing growth in the Middle East, Central Asia, and sub-Saharan Africa.
Low-income developing countries are expected to experience a gradual increase in growth, rising from 4% in 2023 to 4.7% in 2024 and 5.2% in 2025, as some near-term growth constraints ease. Growth in emerging and developing Asia is expected to decline from 5.6% in 2023 to 5.2% in 2024, and further to 4.9% in 2025, largely due to a slowdown in China. China’s growth is projected to decrease from 5.2% in 2023 to 4.6% in 2024 and to 4.1% in 2025 as the country’s property sector continues to show weakness. The growth in India is projected to remain strong at 6.8% in 2024 and 6.5 % in 2025 due to high domestic demand and a growing working-age population. Growth in emerging and developing countries in Europe is forecasted to decrease from 3.2% in 2023 to 3.1% in 2024, and 2.8% in 2025 as the effects of high private consumption, supported by wage growth in a tight labor market fade. In the Middle East and Central Asia, growth is projected to rise from 2.0% in 2023 to 2.8% in 2024 and 4.2% in 2025 as some constraints on near-term growth ease. In sub-Saharan Africa, growth is expected to increase from 3.4% in 2023 to 3.8% in 2024 and 4.0% in 2025 as supply issues gradually.
Global headline inflation is projected to decrease from an annual average of 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025 due to changes in monetary policies, softening in labor markets, and a decline in energy prices. Advanced economies are expected to experience a more rapid decline, with inflation dropping by 2% in 2024, while the decrease in emerging market and developing economies will occur mainly in 2025. Advanced economies are anticipated to return to their pre-pandemic inflation rates with inflation averaging at 2% in 2025, approximately a year before emerging market and developing economies are expected to return to their pre-pandemic average of around 5%.
The Fastest-Developing Country in 2024
The Co-operative Republic of Guyana is a small South American nation, which is the fastest developing country in 2024, due to the discovery of substantial offshore oil and gas reserves recently. Guyana’s resources are estimated at over 11.2 billion barrels of oil and about 17 trillion cubic feet of natural gas reserves. Guyana’s GDP per capita has been rapidly increasing since oil production began in 2019 and reached 278,000 barrels per day in 2022. The country is projected to maintain double-digit economic growth in 2023 and 2024 with the commencement of additional oil fields. Historically, Guyana’s GDP per capita was among the lowest in South America, but economic growth since 2020, averaging 40% annually over the last few years, has boosted GDP per capita to over $26,590 in 2024.
Exxon Mobil Corporation (NYSE:XOM) is one of the largest international energy and petrochemical companies driving growth in Guyana. The company is operating numerous ongoing exploration and development operations offshore and is the first and largest oil producer in Guyana. Exxon Mobil Corporation (NYSE:XOM) is the operator of the Stabroek and Canje Blocks offshore and has discovered over 30 reserves since May 2015. Notable discoveries include Payara in 2017, which encountered 95 feet of high-quality oil-bearing sandstone, and Snoek, also in 2017, with 82 feet of oil-bearing sandstone. Subsequent finds like Ranger (2018), which encountered 230 feet of high-quality oil-bearing carbonate reservoir, and Yellowtail (2019), with 292 feet of oil-bearing sandstone, have added to the block’s resource base. The gross recoverable resource for the Stabroek Block is now estimated to be nearly 11 billion oil-equivalent barrels. Major development projects include Payara, Liza deep, Turbot, Ranger, Snoek, Pacora, Longtail, Pluma, Hammerhead, Tilapia, Haimara, Yellowtail, Lau Lau, and Tripletail, with production capacities ranging from 120,000 to 250,000 barrels of oil per day. Exxon Mobil Corporation (NYSE:XOM) is also planning a Gas to Energy Project in cooperation with the Government of Guyana which is expected to start by the end of 2024 and is aimed to reduce the cost of electricity in Guyana by transmitting gas from Liza Phase 1 and 2 via pipeline to gas processing facilities. The pipeline will be able to transport up to 50 million standard cubic feet of natural gas per day.
On April 12, Exxon Mobil Corporation (NYSE:XOM) announced the start of another offshore oil and gas project in Guyana and obtained the necessary government and regulatory approvals. This project is the sixth on the Stabroek block, an oil and gas block in the Atlantic Ocean, about 120 miles offshore of Guyana. The new field is expected to add 250,000 barrels per day to Guyana’s production capacity by the end of 2027 and bring the country’s total production capacity to approximately 1.3 million barrels per day. Since oil production began in 2019, over $4.2 billion has been paid into Guyana’s Natural Resource Fund, and Exxon Mobil Corporation (NYSE:XOM), along with its contractors, has spent more than $1.5 billion with Guyanese suppliers which supported local employment and economic development. Commenting on the event, Liam Mallon, president of Exxon Mobil Corporation (NYSE:XOM) Upstream Company said:
“Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day. Our unrivaled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers, and contractors. The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.”
On March 15, Exxon Mobil Corporation (NYSE:XOM) also announced a discovery in Guyana at the Bluefin well in the Stabroek block offshore which is situated about 8.5 kilometers southeast of the Sailfin-1 well in the southeastern part of the Stabroek block.
The developing economies are forecasted to see a steady GDP growth rate and a gradual decrease in global inflation which will further contribute to a balanced and sustained global economic recovery. With that in context let’s take a look at the 20 fastest developing countries in 2024.
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Our Methodology
To compile our list of the 20 fastest developing countries in 2024, we sourced data for real GDP growth rate in 2024 from the International Monetary Fund (IMF). We also sourced the GDP per capita (PPP) from the IMF. Our list ranks the 20 fastest developing countries in 2024 in ascending order real GDP growth rate in 2024.
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The Fastest Developing Country in 2024
1. Guyana
GDP Growth Rate in 2024: 33.90%
GDP Per Capita in 2024: $26,590
Guyana is a small nation in South America that is known for its rich biodiversity and natural beauty. Guyana discovered substantial oil and gas reserves, began oil production in 2019, and reached 278,000 barrels per day in 2022. Guyana has a real GDP growth rate of 33.90% and a GDP per capita of $26,590 in 2024. Guyana’s growth rate has been averaging around 42% annually over the last three years, making it the fastest-developing country in the world. Guyana also has fertile agricultural land and valuable minerals like bauxite and gold.
Curious to learn about what other countries are considered the fastest developing in 2024? Check out our report on the 20 Fastest Developing Countries in 2024.
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