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Macau
(Image: Unsplash)
India, China or America? The countries with the fastest growing economies in 2024 will surprise you. It's time to seize the moment in Macau.
By 2050, let alone 2075, the United States will no longer be at the top of the global economic rankings. Among OECD countries, Indonesia, China and India have the fastest growth rates. But around the world, small states will overtake the economies of these giants in 2024.
Fastest growing economies in 2024
The average global GDP is expected to rise by about 2.9 percent in 2024. But the growth prospects for the Dutch economy are only 1 percent. This is not surprising for a mature economy, but it is much lower than the economic growth expected for the group's surprising leaders.
According to the International Monetary Fund's October forecast, the following 10 countries will be the world's largest economic growth diamonds in 2024.
| nation | Growth 2024 |
|---|---|
| Macau | 27.2% |
| Guyana | 26.6% |
| Palau | 12.4% |
| Niger | 11.1% |
| Senegal | 8.8% |
| Libya | 7.5% |
| Rwanda | 7% |
| Cote d'Ivoire | 6.6% |
| Burkina Faso | 6.4% |
| Boys | 6.3% |
Macau
The former Portuguese colony of Macau is now part of China, but like its neighbor Hong Kong, it has “autonomous” status (it is not). This small country is considered the Las Vegas of Asia and relies mainly on gamblers to keep the economy going. Tourism accounts for 70 percent of Macau's GDP. The country is also said to be a money laundering paradise for Chinese billionaires.
Guyana
Guyana, Suriname's neighbor, is experiencing an economic boom due to the ongoing discoveries of oil wells on the coast. In 2023, the country with a population of less than 1 million led the world's fastest-growing economies, with a staggering 62% increase in GDP. In 2024, growth is expected to decline slightly, but Guyana is still in second place with growth of 26.6 percent.
Palau
Palau has an area of only 466 square kilometers, but it consists of about 340 islands. The country is located in the Pacific Ocean, to the right of the Philippines and above the Moluccas. Like Macau, Palau's economy has a strong focus on the tourism sector (about 40% of GDP), but the country is at risk of extinction at sea due to global warming.
