In this article, we will discuss the 25 fastest growing economies in the world in 2023. If you want to skip our detailed analysis, you can go directly to 5 Fastest Growing Economies in the World in 2023.
Global Economic Outlook
The global economy is facing one of the worst times since the financial crisis of 2007-2008. It all began with the COVID-19 pandemic, followed by supply chain issues post-pandemic, the Ukraine-Russia war, disruptions in energy and food markets caused by the war, and now Israel’s continuous aggression on the Gaza strip. Things have not been stable since the COVID-19 pandemic as the world faces one problem after another. Overall, global economic conditions seem vulnerable to these geopolitical risks along with high inflation and high interest rates. The unprecedented tightening of global monetary policies to overcome high inflation has slowed down economic progress.
However, some positives will have a healing impact on the global economy. According to the IMF’s October 2023 World Economic Outlook, headline inflation is on its way to decline from 9.2% in 2022 to 5.9% in 2023. For 2024, the projected rate for headline inflation is around 4.8%. Core inflation, excluding food and energy prices, is also expected to decline to 4.5% in 2024. This gives a green signal for global economies with a “soft landing” scenario, especially in the US. The rise in unemployment across the US seems to be very modest, with the unemployment rate expected around 3.9% by 2025. Surprisingly, the US showed resilient consumption and investment during 2023, when there were mixed thoughts on recession. As we mentioned earlier, Goldman Sachs analysts expect the US economy to beat market expectations in 2024 following recession fears in 2023. As per the estimates, the US GDP is projected to grow by 2.1% in 2024 compared to the 1% growth projected by Bloomberg’s economists.
Most of the emerging market economies showed strong resilience to the global economic turmoil compared to developed economies. China was an exception, where the economy faced strong headwinds from its real estate crises and weakening investor confidence. Service-oriented economies saw a notable improvement compared to manufacturing economies. For instance, France and Spain benefited from improved tourism, while China and Germany lagged as manufacturing economies.
Global economic growth is projected to slow from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024. Advanced economies are expected to end 2023 with a growth rate of 1.5%, and 2024 with a growth rate of 1.4%. The slowdown in advanced economies is due to weaker-than-expected growth in the euro area, despite the stronger-than-expected US momentum. While, emerging markets and developing economies are forecasted to report a modest decline, from 4.1% in 2022 to 4% in both 2023 and 2024. The growth forecast for Asia remains unchanged at 4.8% for 2024. Inflation in developing Asia is expected to decline to 3.6% in 2023 and 3.5% in 2024, down from 4.4% in 2022. The richest countries in Asia by GDP per capita are key players behind the strong economic outlook for the region including Singapore, Qatar, United Arab Emirates, Taiwan, and Saudi Arabia, among others.
Major Companies in The Fastest Growing Economies
With the reopening of China and its states, tourism is once again coming back to life and the casino industry of Macao is back on track. Macao is one of the biggest gambling cities in the world and home to some of the leading casino companies including Sands China Ltd. (HKG:1928), a subsidiary of Las Vegas Sands Corp. (NYSE:LVS).
On September 25, Sands China Ltd. (HKG:1928) announced its collaboration with Kakao Pay and Macau Pass S.A. Kakao Pay is South Korea's leading mobile payment and digital wallet service and Macau Pass S.A. provides flexible cross-border mobile payment options for Korean travelers. With the payment platform services of Kakao Pay and Macau Pass S.A. at Sands China Ltd. (HKG:1928), the casino will be able to attract more visitors from an important source market. Here is what the Senior Vice President of e-commerce at Sands China Ltd. (HKG:1928) said:
“Korea is one of the top inbound tourism countries and The Venetian Macao and The Parisian Macao have long been favoured by Korean guests, who are also drawn to our latest integrated resort, The Londoner Macao. This meaningful cooperation with Kakao Pay and Macau Pass is aligned with our philosophy to continually seek solutions that enhance the customer experience, including the use of familiar technology from their home market. This in turn supports the Macao SAR government's policies and efforts to diversify visitor source markets geared toward tourism and economic revival, as together we raise the city's profile as a world centre of tourism and leisure.”
Guyana, South America, is one of the only three economies on track to experience double-digit growth in 2023 and 2024. The country’s oil economy has grown significantly since 2020. On November 14, American top-tier oil and gas firm, Exxon Mobil Corporation (NYSE:XOM), announced that it has initiated production at Payara, Guyana’s third offshore oil development on the Stabroek Block. Exxon Mobil Corporation (NYSE:XOM) is now producing around 620,000 barrels per day in Guyana. With other production facilities in Guyana, the oil group expects to produce more than 1.2 million barrels per day on the Stabroek Block by 2027. Exxon Mobil Corporation (NYSE:XOM) is working with the government of Guyana to secure regulatory approvals for a sixth project at Whiptail.
India is the only trillion-dollar economy that is on a solid trajectory driven by its growing economy. The IMF projects the Indian economy to grow by 6.3% in 2024, the highest growth rate among emerging market and developing economies. Reliance Industries Limited (NSE:RELIANCE) is India’s multinational conglomerate that plays a significant role in the country’s economy. On December 1, Reliance Industries Limited (NSE:RELIANCE) announced that Jio, its telecom subsidiary, formed a partnership with TM Forum to open the first Innovation Hub in Mumbai. The Innovation Hub will focus on accelerating the development of generative AI and large language models to emphasize use cases for telecommunication service providers. Reliance Industries Limited (NSE:RELIANCE) is bringing industry leaders together to build telecom technology landscapes around generative AI, working on security, accuracy, privacy, performance, and scalability challenges.
These were a few leading companies from some of the fastest growing economies in the world. Now, let’s take a look at the list of fastest growing economies in 2023.
25 Fastest Growing Economies in the World in 2023
25 Fastest Growing Economies in the World in 2023
Our Methodology
We have used real GDP growth rates, compiled annually, for countries to rank the 25 fastest growing economies in the world in 2023. The real GDP growth figure represents the economy's total value at constant prices of final goods and services produced in a country. The figures are from 2023 and were sourced from the International Monetary Fund (IMF).
We ranked the countries in ascending order of the real GDP annual growth rates in 2023. For the countries with similar GDP growth rates, we ranked them based on their GDP per capita in ascending order.
25 Fastest Growing Economies in the World in 2023
25. Togo
GDP Growth Rate (2023): 5.40%
GDP Per Capita (2023): $1,000
Togo is a West African country located in the Gulf of Guinea. The country has a real GDP of $9.11 billion and a GDP per capita of $1,000. With a projected GDP growth rate of 5.40% in 2023, Togo is one of the fastest growing economies in the world in 2023.
24. Benin
GDP Growth Rate (2023): 5.50%
GDP Per Capita (2023): $1,450
Benin is also a West African country that has a real GDP of $19.94 billion. Benin has a GDP per capita of $1,450 and is expected to grow 5.50% in 2023. Ranked 24th on our list, Benin is one of the fastest growing economies in the world in 2023.
23. Uzbekistan
GDP Growth Rate (2023): 5.50%
GDP Per Capita (2023): $2,510
Uzbekistan is a Central Asian country having a real GDP of $90.39 billion and a GDP per capita of $2,510. Uzbekistan’s GDP growth rate of 5.50% ranks the country among the fastest growing economies in the world in 2023.
22. Mongolia
GDP Growth Rate (2023): 5.50%
GDP Per Capita (2023): $5,350
Located in East Asia, Mongolia is a small economy with a real GDP of $18.78 billion. The country has a GDP per capita of $5,350 and is projected to have a growth rate of 5.50% in 2023. Mongolia ranks 22nd on our list of the fastest growing economies in the world in 2023.
21. The Gambia
GDP Growth Rate (2023): 5.60%
GDP Per Capita (2023): $903.29
The Gambia is a small West African country and has a real GDP of $2.39 billion and a GDP per capita of $903.29. With an estimated GDP growth rate of 5.60% in 2023, The Gambia ranks among the fastest growing economies in the world in 2023.
20. Cambodia
GDP Growth Rate (2023): 5.60%
GDP Per Capita (2023): $1,920
Cambodia is a Southeast Asian country having a real GDP of $30.94 billion and a GDP per capita of $1,920. Cambodia’s GDP growth rate of 5.60% makes it one of the fastest growing economies in the world in 2023.
19. Antigua and Barbuda
GDP Growth Rate (2023): 5.60%
GDP Per Capita (2023): $19,070
Antigua and Barbuda is an island country in the Caribbean and has a real GDP of $1.95 billion. The country has a GDP per capita of $19,070 and is projected to have a growth rate of 5.60% in 2023. Antigua and Barbuda ranks 19th among the fastest growing economies in the world in 2023.
18. Guinea
GDP Growth Rate (2023): 5.90%
GDP Per Capita (2023): $1,540
Located in West Africa, Guinea has a real GDP of $23.21 billion. The country has a GDP per capita of $1,540 and is expected to have a growth rate of 5.90% in 2023. Guinea is placed 18th among the fastest growing economies in the world in 2023.
17. Bangladesh
GDP Growth Rate (2023): 6%
GDP Per Capita (2023): $2,620
Bangladesh is one of the largest economies in South Asia. The country has a real GDP of $446.35 billion and a GDP per capita of $2,640. With a projected growth rate of 6% in 2023, Bangladesh ranks among the fastest growing economies in the world in 2023.
16. Panama
GDP Growth Rate (2023): 6%
GDP Per Capita (2023): $18,490
Panama is a South American country having a real GDP of $82.35 billion and a GDP per capita of $18,490. Panama’s projected GDP growth rate of 6% places the country among the fastest growing economies in the world in 2023.
15. Ethiopia
GDP Growth Rate (2023): 6.10%
GDP Per Capita (2023): $1,470
Ethiopia is one of the fastest growing economies in Africa. The country has a real GDP of $155.80 billion and a GDP per capita of $1,470. With an estimated growth rate of 6.10% in 2023, Ethiopia ranks 15th among the fastest growing economies in the world in 2023.
14. Rwanda
GDP Growth Rate (2023): 6.20%
GDP Per Capita (2023): $1,030
Rwanda is an East African country that has a real GDP of $13.93 billion. Rwanda has a GDP per capita of $1,030 and is expected to grow 6.20% in 2023. Ranked 14th on our list, Rwanda is one of the fastest growing economies in the world in 2023.
13. Côte d'Ivoire
GDP Growth Rate (2023): 6.20%
GDP Per Capita (2023): $2,730
Côte d'Ivoire is a West African country having a real GDP of $79.43 billion and a GDP per capita of $2,730. Côte d'Ivoire’s GDP growth rate of 6.20% makes it one of the fastest growing economies in the world in 2023.
12. Georgia
GDP Growth Rate (2023): 6.20%
GDP Per Capita (2023): $8,160
Georgia is located at the intersection of Europe and Asia. The country has a real GDP of $30.02 billion and a GDP per capita of $8,160. With an expected growth rate of 6.20% in 2023, Georgia ranks 12th among the fastest growing economies in the world in 2023.
11. Saint Vincent and the Grenadines
GDP Growth Rate (2023): 6.20%
GDP Per Capita (2023): $9,360
Saint Vincent and the Grenadines is located in the south of the Caribbean. The country has a real GDP of $1.04 billion and a GDP per capita of $9,360. Saint Vincent and the Grenadines’ GDP growth rate of 6.20% places the country among the fastest growing economies in the world in 2023.
10. India
GDP Growth Rate (2023): 6.30%
GDP Per Capita (2023): $2,610
India is the only trillion-dollar economy on our list that ranks among the fastest growing economies in the world in 2023. India has a real GDP of $3.73 trillion and a GDP per capita of $2,610.
9. Tajikistan
GDP Growth Rate (2023): 6.50%
GDP Per Capita (2023): $1,810
Tajikistan is a Central Asian country having a real GDP of $11.82 billion and a GDP per capita of $1,810. With a GDP growth rate of 6.50%, Tajikistan is placed ninth among the fastest growing economies in the world in 2023.
8. Democratic Republic of the Congo
GDP Growth Rate (2023): 6.70%
GDP Per Capita (2023): $675.48
Democratic Republic of the Congo is situated in Central Africa. The country has a real GDP of $67.51 billion and a GDP per capita of $675.48. Democratic Republic of the Congo is one of the fastest growing economies in the world in 2023.
7. Armenia
GDP Growth Rate (2023): 7%
GDP Per Capita (2023): $8,280
Armenia has a real GDP of $24.54 billion and a GDP per capita of $8,280. Armenia’s GDP growth rate of 7% makes it rank seventh among the fastest growing economies in the world in 2023.
6. Mozambique
GDP Growth Rate (2023): 7%
GDP Per Capita (2023): $647.14
Mozambique is located in Southern Africa and has a real GDP of $21.94 billion. Mozambique has a GDP per capita of $647.14 and is expected to grow 7% in 2023. Ranked sixth on our list, Mozambique is one of the fastest growing economies in the world in 2023.
