Natural resources, Human resources, Capital resources and Technological development determine the economy of any state. Having capabilities to meet the growing demand of the population is termed as a good economy. The modern time economies are large due to the growth in societies and gradual expansion in market demands making it more complex. In spite of that few countries have managed to be the fastest growing economies in the world. It is interesting to know the ten most rapidly growing economies of the globe.
- Papua New Guinea
- Sri Lanka
Though there is a economic breakup throughout the world, Qatar has emerged as a balanced state. For the past several years it has hold the position of the fastest growing economy. Qatar has taken the credit of being the world’s highest growth rate of 18.7. Qatar’s economy is backed up by its oil companies which accounts for the half of the GDP.
Ghana takes the second position in this list. Ghana is gifted with rich natural resources. Even its agriculture is responsible for the one-third of the GDP while service sector reports forty percent of GDP. Oil productions at the offshore jubilee field of Ghana, which started in 2010 is liable to increase the economic growth of the country.
Herding and agriculture are the traditional occupations of the region since time immemorial. In spite of this it has gone up to be among the leading economies with 11.5 GDP because it has mineral deposits and foreign investors have always shown interest in it.
Turkmenistan though maximum of its land is desert, Agriculture, gas and oil resources have help in the growth rate. Currently it has also started few foreign investments such as connecting China with its gas pipes increasing its growth rate to 9.9 GDP.
Energy, construction and retail are the sectors which have benefited Iraq and has allowed it to refine its economy. Now the government of Iraq is in process of attaining certain additional foreign investments for the betterment of its people though its GDP growth rate is 9.6.
China is the sixth fastest growing major economy with 9.5 GDP. Unlike other countries they have taken a smarter technique of exporting finished goods to those nations from whom they have imported raw materials.
7. Papua New Guinea
Following China is Papua New Guinea with 9 GDP. In spite of the fact that it has an agricultural based economy oil, copper and gold has contributed to seventy two percent of its export.
Next comes Argentina because of its maintained life quality and GDP per income. The country is profited by its export based agriculture and wide range industrial sector due to which it has attained 8.8 GDP.
Turkey has 8.5 GDP and is the second last among the top ten fastest growing economies. Service sector and industries are the main factor behind its growth though thirty percent is also rendered by agriculture.
10. Sri Lanka
Tourism, tea export, apparel, textile, rice production and other agricultural products have made the economy of Sri Lanka secured and option for father future growth. Today it is the world’s ten fastest growing economy with 8.3 GDP.