This article looks at the Top 5 Developing Countries in the World in 2024. If you wish to check out our detailed discussion on Top 30 Developing Countries in the World for 2024, you may go to Top 30 Developing Countries in the World in 2024.
5. Kuwait
GDP per capita: $33,031.651
Kuwait, officially known as the State of Kuwait, is a nation located in West Asia. Positioned at the northern edge of Eastern Arabia, it sits at the tip of the Persian Gulf, sharing borders with Iraq to the north and Saudi Arabia to the south.
As of now, Kuwait’s GDP stands at 167.01 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.6 percent. This signifies a positive economic trend for the country, driven by various factors including its oil reserves, infrastructure development, and diversification efforts.
4. Saudi Arabia
GDP per capita: $33,144.33
Saudi Arabia is an arid and sparsely populated kingdom situated in the Middle East. Historically, the country experienced a significant economic boom during the 1970s and ’80s, driven by enormous revenues from oil exports. Unlike many developing nations, Saudi Arabia possessed abundant capital, leading to the implementation of vast development projects that transformed the once underdeveloped country into a modern state.
At the present time, Saudi Arabia’s GDP stands at 1.11 trillion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 1.6 percent. This indicates a moderate economic growth trend for the country, reflecting its ongoing reliance on oil exports and efforts to diversify its economy.
3. Bahamas
GDP per capita: $35,541.82
The Bahamas is an archipelago and sovereign nation located on the northwestern edge of the West Indies. Previously a British colony, The Bahamas gained independence and became a sovereign country within the Commonwealth in 1973.
As of now, The Bahamas’ GDP stands at 14.51 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 1.8 percent. This indicates a modest yet stable economic growth trajectory for the country, reflective of various factors including its tourism industry and financial services sector.
2. Brunei Darussalam
GDP per capita: $35,813.10
Brunei is a small nation situated on the island of Borneo, encompassed by Malaysia and the South China Sea. Despite its size, Brunei boasts stunning beaches and biodiverse rainforests, a significant portion of which is safeguarded within reserves.
Brunei’s GDP stands at 15.78 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.5 percent. This indicates a positive economic trajectory for the country, reflecting its efforts in various sectors such as oil and gas, tourism, and financial services.
1. Qatar
GDP per capita: $84,898.64
Qatar is an independent emirate located on the west coast of the Persian Gulf. Despite its small size, the country holds significant influence as a trusted mediator between rivals in the region. Additionally, Qatar is renowned as one of the world’s largest exporters of natural gas.
At present, Qatar’s GDP stands at 246.36 billion US dollars. The real GDP growth rate from the preceding year, 2023, is recorded at 2.2 percent. This indicates a steady economic progression, underscoring Qatar’s pivotal role in the global energy market and diplomatic landscape.
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