Here are the top 10 fastest-growing economies in the world from 2014 to 2024
In the past decade, several developing countries have witnessed impressive economic growth. The countries with a Gross Domestic Product (GDP) at current prices of minimum 100 billion US dollars in 2014 are considered. The data available from the IMF shows that there are seven Asian countries in the top ten fastest growing major economies. Here are some of the fastest-growing economies in the world from 2014 to 2024.
Bangladesh has experienced the most significant growth. In 2014, its economy was worth 207 billion dollars. By 2024, it has more than doubled to 455 billion dollars, marking a 120% increase. This rapid expansion reflects Bangladesh’s progress in various industries and its growing role in the global economy.
Ireland also saw remarkable growth. The country’s economy grew by 117%, from 259 billion dollars in 2014 to 564 billion dollars in 2024. This boost can be attributed to Ireland’s strong technology and finance sectors, which have attracted significant investments.
Vietnam followed closely with a 100% increase. Its economy expanded from 233 billion dollars to nearly 466 billion dollars over the same period. Vietnam’s growth is driven by its manufacturing and export industries, which have helped it become a key player in the global market.
India‘s economy grew by 93%, rising from 2 trillion dollars in 2014 to nearly 4 trillion dollars in 2024. As one of the largest economies in the world, India’s growth reflects its expanding technology sector, increasing foreign investment, and a growing middle class.
Romania experienced an 85% growth, with its economy climbing from 200 billion dollars to nearly 370 billion dollars. Romania’s growth is fueled by improvements in its industrial sector and a rise in exports.
China remains a major global player with a 76% increase in its economy, from 10.5 trillion dollars in 2014 to 18.5 trillion dollars in 2024. Although its growth rate has slowed compared to previous years, China continues to be a dominant force due to its massive manufacturing sector and increasing consumer market.
Israel and Singapore also showed impressive growth. Israel’s economy grew by 69%, reaching 531 billion dollars, while Singapore’s economy grew by 67%, reaching 525 billion dollars. Both countries have strong technology and finance sectors, which contribute to their economic success.
Indonesia experienced a 66% growth, with its economy expanding from 891 billion dollars to 1.5 trillion dollars. This growth is driven by Indonesia’s large population and increasing demand for goods and services.
Finally, the United States saw a 63% increase in its economy, growing from 17.6 trillion dollars to 28.8 trillion dollars. Despite being a mature economy, the U.S. continues to grow due to its innovation and diverse industries.
These statistics highlight how diverse economies around the world are evolving and growing, shaping the global economic landscape in exciting ways.
