Top 30 Developing Countries in the World in 2024
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In this piece, we will look at the Top 30 Developing Countries in the World in 2024. For more countries, head on over to Top 5 Developing Countries in the World in 2024.
In the intricate tapestry of the global economy, where 193 countries contribute to the mosaic of interconnected markets, the focus often narrows down to a select few that wield significant influence. But one striking feature that keeps the world economy interlinked is the growth of foreign direct investment (FDI), which refers to investment by transnational corporations or multinational enterprises in foreign countries to control assets and manage production activities. FDI has become a significant source of private external finance for developing countries, supporting their economic development in various ways.
In 2023, despite earlier expectations, global FDI defied projections by growing 3%, reaching an estimated $1.37 trillion with developed countries investing significant amounts in developing countries, as per UNCTAD's Global Investment Trends Monitor released on January 17. Looking forward, the report suggested a potential modest increase in FDI flows for 2024, citing stabilization in inflation and borrowing costs in major markets.
The United States has topped the list for over two decades as the country with highest FDI outflows, contributing to the economic growth of developing countries. In 2022, the US reported an outflow of $426.25 billion, according to Money Visualist, which is exactly in line with its position as the world's foremost economic powerhouse and wealthiest nation, an unwavering dominance sustained from 1960 to the recent past of 2023.
While the annual GDP growth rate holds steady at 1.6%, the United States continues to epitomize economic resilience and diversity on the global stage. This economic juggernaut boasts an impressive array of sectors, encompassing services, manufacturing, finance, and technology, all contributing to a formidable GDP of $27 trillion in 2024. Notably, the per capita GDP stands at an enviable $80,410, as of 2024, underscoring the country's wealth distribution. In parallel, China has emerged as a formidable force in the economic landscape, and boasted a whopping $149.69 billion FDI outflow in 2022. With a staggering GDP of $17,786 billion, as of 2024, China's economic prowess is underlined by a per capita GDP of $12,540 and an impressive annual GDP growth rate of 5.2%, showcasing the nation's robust trajectory in the world economic order.
Indeed, the economic landscape is far from uniform, as highlighted by the subtleties of individual nations. The discernible disparities in economic development become particularly apparent when considering the classification provided by the International Monetary Fund (IMF), which designates 152 countries as developing nations. This classification underscores the reality that most of the world's regions are still in the process of development, rather than having achieved the status of fully developed economies. Notably, these developing nations collectively harbor a staggering population of 6.82 billion, revealing a stark truth—more than two-thirds of the global population resides within their borders. This demographic magnitude accentuates the significance of understanding and addressing the unique challenges and opportunities inherent to the economies that fall under the umbrella of developing nations.
The swift pace of growth and industrialization within the developing world has not only transformed these economies but has also given rise to a new breed of multinational companies (MNCs) that have become prominent players on the global stage. Recognizable brands such as Infosys (NYSE:INFY) Tata motors Ltd (NYSE:TTM) and Embraer S.A. (NYSE:ERJ) now extend their influence across borders, marking their presence as ubiquitous entities. These MNCs from developing nations are increasingly asserting themselves as significant market forces within their domestic, regional, and even global arenas, catalysing a surge in South-South Foreign Direct Investment (FDI). The appeal of developing countries to MNCs from various corners of the globe lies in factors such as lower operational costs, robust growth prospects, and, in many instances, access to untapped natural resources. This trend underscores the evolving dynamics of the global economic landscape, where developing country MNCs are not only contributors to their own economic growth but also integral players in the broader narrative of international business and commerce. Before we move on to the list of Top 30 Developing Countries in the World in 2024, let’s look at what MNCs such as Infosys, Tata Motors Ltd, and Embraer S.A. are up to in terms of their contribution to the global economy.
Infosys (NYSE:INFY)
Indeed, Infosys Limited (NYSE:INFY) is recognized as a notable player in the global information technology sector. Established in Pune, India, the company has evolved into a prominent Indian multinational, specializing in a comprehensive range of services such as business consulting, information technology, and outsourcing solutions. Headquartered in Bangalore, Infosys has emerged as a key contributor to the IT industry, both within India and internationally.
The company's steadfast commitment to innovation and pursuit of excellence has propelled its reputation to the forefront of the technology services domain, cementing its position as a respected name in the ever-evolving landscape of global business and IT solutions. During the quarter ending in December 2023, Infosys reported a consolidated net profit of Rs 61 billion, reflecting a 7% decrease compared to the previous year's quarter where the net profit stood at Rs 65 billion. This profit figure was slightly below the experts' estimate of Rs 61 billion. However, there was a positive development in revenue from operations during the third quarter, rising by 1% to reach Rs 388 billion when compared to Rs 383 billion in the corresponding quarter of the previous year. This highlights Infosys' ability to maintain revenue growth amidst the dynamic market conditions.
Tata motors Ltd (NYSE:TTM)
Tata Motors Limited (NYSE:TTM), a prominent player in the automotive industry, holds a significant position in the global market. This Indian multinational, headquartered in Mumbai, is an integral part of the esteemed Tata Group. With expertise in manufacturing a diverse range of vehicles, including cars, trucks, vans, and buses, Tata Motors has solidified its role as a leader in the automotive sector. Operating as part of the USD 128 billion Tata Group, the company's market valuation stands at an impressive USD 42 billion.
Renowned for its commitment to innovation and quality, Tata Motors continues to shape the automotive landscape. During the quarter ending in December 2024, Tata Motors reported commendable earnings. The company witnessed a surge in consolidated net profit, multiplying 2.4 times year-on-year (YoY) to reach Rs 70 billion. Additionally, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) showed substantial growth, increasing by a remarkable 42.5% YoY to Rs 154 billion. Operating margin also experienced a positive expansion, rising by 171 basis points to 13.94%. These results reflect Tata Motors' ability to generate strong growth and profitability even in challenging market conditions, reinforcing its position as a key player in the automotive sector.
Embraer S.A. (NYSE:ERJ)
Embraer S.A. (NYSE:ERJ) is a prominent Brazilian multinational corporation that has established itself as a significant presence in the aerospace industry. Known for its wide range of offerings, Embraer is engaged in the design, manufacturing, and sale of various aircraft, including commercial, military, executive, and agricultural models. The company also provides leasing services and aviation support, extending its influence and impact. As the third-largest producer of civil aircraft worldwide, Embraer holds a formidable position in the aviation landscape, following established industry leaders such as Boeing and Airbus.
This highlights the company's expertise in delivering cutting-edge aerospace solutions across diverse sectors. Embraer's financial outlook is robust, with a strong order book valued at $17.6 billion. The company has also outlined plans to reduce its debt and has set targets to resume dividend payments to shareholders by 2025. Furthermore, the growing popularity of Embraer's E2 jets in the U.S. regional market bodes well for the company's future prospects. These positive factors position Embraer for anticipated profits in the fiscal year 2023, with expectations that earnings per share (EPS) will double by 2024. This trajectory showcases Embraer's strong performance and underscores its ability to meet the evolving demands of the aerospace industry.
Against this backdrop, we delve into the realm of the Top 30 developing countries in 2024, seeking to unravel the complexities that shape their trajectories.
A long pipeline snaking through a rural landscape - symbolizing the companies midstream energy services.
Methodology
In crafting our list of Top 30 Developing Countries in the World in 2024, we adopted the International Monetary Fund's (IMF) definition of “developing countries” to systematically narrow down our selection of countries for the ranking purposes. The IMF classification provides a comprehensive framework for identifying nations in the developmental phase, enabling a focused analysis. To further refine our rankings, we employed the gross domestic product income (GDP) per capita as the primary metric. This approach allowed us to gauge the economic performance of each country on a per-person basis, providing insights into the distribution of wealth and the overall economic well-being of the population. All the statistics and figures presented are based on the current year, 2024 and have been sourced from World Population Review and International Monetary Fund.
By combining these methodologies, we aim to present a comprehensive and insightful overview of the Top 30 Developing Countries in the World in 2024, considering both their developmental status and economic indicators, which are reflected through GDP per capita, as provided by International Monetary Fund.
NOTE: We have curated the list with primarily the lens of GDP per capita, to give you a perspective on countries in the developing world with the highest level of financial well-being at the individual level. Therefore, our list also includes developing countries that suffer from resource-curse. We acknowledge the fact that some of the countries on our list may not be the ideal representation of economic development, as is understood in the conventional sense.
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30. Belarus
GDP per capita: $7,238.10
The first name in our list of Top Developing Countries in the World in 2024 is Belarus. Belarus is a landlocked nation in Eastern Europe, sharing borders with Lithuania and Latvia to the northwest, Russia to the north and east, Ukraine to the south, and Poland to the west. It covers an area roughly one-third the size of its southern neighbor, Ukraine.
As of now, Belarus's GDP stands at 66.33 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 1.3 percent. This suggests a modest economic growth trajectory for the country, reflective of various economic factors and regional dynamics.
29. Thailand
GDP per capita: $7,731.30
Thailand is a nation situated in the heart of mainland Southeast Asia. Positioned entirely within the tropical zone, Thailand boasts a rich variety of ecosystems. These include the lush, forested hills in the northern regions, the fertile expanses of rice fields in the central plains, the expansive plateau in the northeast, and the rugged coastal areas along the narrow southern peninsula.
As of the present, Thailand's GDP stands at 543.25 billion US dollars, with a real GDP growth rate of 3.2 percent. This indicates steady economic expansion and development for the country, reflecting its diverse economic sectors and strategic location within the region.
28. Georgia
GDP per capita: $8,573.08
Georgia is a country situated in Transcaucasia, positioned at the eastern terminus of the Black Sea, and is placed at 28th position in our list of Top Developing Countries in the World in 2024. Agriculture plays a significant role in Georgia's economy, contributing roughly half of the gross domestic product (GDP) and employing around one-fourth of the labor force. Additionally, the industrial and service sectors each employ approximately one-fifth of the labor force.
As of now, Georgia's GDP stands at 31.42 billion US dollars, with a real GDP growth rate of 4.8 percent from the previous year, 2023. This suggests a robust and expanding economy, driven by various economic sectors.
27. Albania
GDP per capita: $8,877.34
Albania, situated in southern Europe, occupies the western part of the Balkan Peninsula, positioned on the Strait of Otranto, the southern gateway to the Adriatic Sea. Bordered by Montenegro to the northwest, Kosovo to the northeast, North Macedonia to the east, Greece to the southeast and south, and the Adriatic and Ionian seas to the west and southwest, respectively, Albania's strategic location has long played a significant role in its history and geopolitics. Italy, Albania's immediate western neighbor, lies approximately 50 miles (80 km) across the Adriatic Sea.
As of now, Albania's GDP stands at 25.3 billion US dollars, with a real GDP growth rate of 3.3 percent in this year. This suggests ongoing economic development and progress for the nation and hence justifies its place here in our list of Top Developing Countries in the World in 2024.
26. Grenada
GDP per capita: $12,107.91
Grenada, an island nation situated in the West Indies, marks the southernmost point of the north-south stretch of the Lesser Antilles in the eastern Caribbean Sea, positioned roughly 100 miles (160 km) off the coast of Venezuela. With an oval shape, the island spans around 21 miles (34 km) in length and 12 miles (19 km) in width. Its southern dependencies, including Carriacou, the largest among them located approximately 20 miles (32 km) north-northeast, cover an area of about 13 square miles (34 square km). The nation's GDP stands at 1.39 billion US dollars.
25. Montenegro
GDP per capita: $ 12,297.28
Montenegro is a nation situated in the west-central Balkans, positioned at the southern terminus of the Dinaric Alps mountain range and is placed 25th in our list of Top Developing Countries in the World in 2024.
Montenegro's GDP stands at 7.66 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.7 percent. This indicates a positive economic trend for the country, reflective of various factors such as tourism, energy, and infrastructure development.
24. Serbia
GDP per capita: $12,356.82
Serbia is one of the top developing countries in GDP per capita. It is a landlocked nation situated in the west-central Balkans, historically part of Yugoslavia for much of the 20th century. With a GDP standing at 81.69 billion US dollars, Serbia maintains its economic activity in various sectors despite its landlocked status. The real GDP growth rate from the previous year, 2023, is estimated at 3 percent, indicating a moderate yet stable economic expansion for the country.
23. Mauritius
GDP per capita: $12,773.30
Mauritius is an island nation situated in the Indian Ocean, positioned off the eastern coast of Africa, and is positioned 23rd in our list of Top Developing Countries in the World in 2024. Geographically, it is classified as part of the Mascarene Islands. Mauritius boasts a diverse and developing economy, characterized by manufactured exports, agriculture, tourism, and financial services.
As of the present, Mauritius' GDP stands at 16.11 billion US dollars. The real GDP growth rate from the previous year, 2023, is estimated at 3.8 percent. This indicates a continued positive economic trajectory for the country, driven by various economic sectors.
22. Russian Federation
GDP per Capita: $13,324.16
Russia is a vast country that extends across eastern Europe and northern Asia, covering a significant portion of both continents.
As of now, Russia's GDP stands at approximately 1.9 trillion US dollars, making it one of the largest economies globally. The real GDP growth rate from the previous year, 2023, is recorded at 1.1 percent. Despite challenges and fluctuations, Russia's economy remains substantial, driven by various sectors such as energy, manufacturing, technology, and agriculture.
21. Argentina
GDP per capita: $13,394.34
Argentina, a country situated in South America, spans the majority of the southern portion of the continent, making it the world's eighth largest nation.
As of the moment, Argentina's GDP is recorded at 632.63 billion US dollars, with a real GDP growth rate of 2.8 percent from the preceding year, 2023. This reflects a moderate economic expansion, underscoring the nation's diverse economic sectors including agriculture, manufacturing, mining, and services.
20. Malaysia
GDP per capita: $13,913.20
20th country in our list of Top Developing Countries in the World in 2024 is Malaysia, which is a nation located in Southeast Asia, spanning parts of the Malay Peninsula and the island of Borneo. Renowned for its stunning beaches, lush rainforests, and a vibrant blend of Malay, Chinese, Indian, and European cultural influences, Malaysia offers a diverse tapestry of experiences.
As of the present, Malaysia's GDP stands at 465.54 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 4.3 percent. This indicates a healthy and growing economy, reflective of Malaysia's dynamic economic sectors and cultural diversity.
19. Kazakhstan
GDP per capita: $14,395.61
Kazakhstan is a landlocked country located in Central Asia. Renowned for its abundant natural resources, Kazakhstan's major exports encompass agricultural products, raw materials, chemical products, and manufactured goods.
As of now, Kazakhstan's GDP stands at 290.99 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 4.2 percent. This indicates a robust and expanding economy, driven by its diverse array of natural resources and export sectors.
18. Turkey
GDP per capita: $15,368.27
Turkey, a nation with a unique geographical position spanning both Asia and Europe, has historically served as both a barrier and a bridge between the two continents.
At present, Turkey's GDP stands at approximately 1.34 trillion US dollars, with a real GDP growth rate of 3 percent from the previous year, 2023, justifyinfg its place here in our list of Top Developing Countries in the World in 2024. This reflects a steady economic expansion, driven by diverse sectors such as manufacturing, agriculture, tourism, and services.
17. Costa Rica
GDP per capita: $17,249.42
Costa Rica, despite its name ("Rich Coast"), does not boast extreme wealth, nor does it suffer from poverty to the same extent as many of its neighboring countries. The nation's wealth is more evenly distributed among all social classes compared to other Central American countries.
As of now, Costa Rica's GDP stands at 91.93 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.2 percent. This indicates a stable and positive economic performance, reflecting the country's relatively equitable distribution of wealth and its resilience in the face of economic challenges.
16. Bulgaria
GDP per capita: $17,319.64
Bulgaria is a nation located in southeastern Europe, occupying the eastern part of the Balkan Peninsula. Established in the 7th century, Bulgaria holds the distinction of being one of the oldest states on the European continent. Historically, it has served as a crucial intersection for significant trade routes linking northern and eastern Europe to the Mediterranean region, as well as western and central Europe to the Middle East.
As of now, Bulgaria's GDP stands at 110.34 billion US dollars, with a real GDP growth rate of 3.2 percent from 2023. This signifies a continued economic expansion and development for the country.
15. Chile
GDP per capita: $17,647.27
Chile is the 15th country in our list of Top Developing Countries in the World in 2024, which is a nation located along the western seaboard of South America. Its economy relies heavily on the exploitation of agricultural, fishing, forest, and mining resources. Historically, Chile developed based on a few key agricultural and mineral exports, a pattern often observed in Latin America.
As of the present moment, Chile's GDP stands at 354.47 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 1.6 percent. This indicates a modest economic growth trajectory for the country, reflective of its diverse economic sectors and historical development patterns.
14. Panama
GDP per capita: $19,346.10
Panama is a Central American nation situated on the Isthmus of Panama, which serves as the narrow land bridge connecting North and South America. The country boasts a significant service-oriented economy, with nearly three-fourths of its gross domestic product (GDP) being generated by the service sector. This proportion is higher than that of any other Latin American country, and the service industry also employs the majority of the workforce.
As of now, Panama's GDP stands at 87.24 billion US dollars, with a real GDP growth rate of 4 percent from the previous year, 2023. This indicates a robust and expanding economy, driven primarily by the service sector.
13. Romania
GDP per Capita: $20,214.00
Romania is a southeastern European country renowned for its picturesque landscapes, including the forested region of Transylvania, encircled by the majestic Carpathian Mountains.
As of now, Romania's GDP stands at 382.93 billion US dollars, with a real GDP growth rate of 3.8 percent from the previous year, 2023. This signifies a robust and positive economic trajectory for the country, driven by various sectors including manufacturing, agriculture, and services.
12. Trinidad and Tobago
GDP per capita: $20,739.03
12th country in our list of Top Developing Countries in the World in 2024 is Trinidad and Tobago, which is an island country located in the southeastern West Indies, comprising two main islands—Trinidad and Tobago—as well as several smaller islands.
As of the latest data, Trinidad and Tobago's GDP stands at 29.62 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 2.2 percent. This indicates a modest economic growth trend for the country, reflecting its reliance on sectors such as energy, manufacturing, and tourism.
11. Seychelles
GDP per capita: $21,094.60
Seychelles is an island republic located in the western Indian Ocean, consisting of approximately 115 islands known for their lush tropical vegetation, stunning beaches, and diverse marine life.
As of the latest data, Seychelles' GDP stands at 2.12 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.9 percent. This indicates a positive economic trend for the country, reflecting its reliance on tourism, fisheries, and other sectors.
10. Oman
GDP per Capita: $21,381.11
10th in our list of Top Developing Countries in the World in 2024 is Oman, which is a nation situated on the southeastern coast of the Arabian Peninsula, where the Persian Gulf and Arabian Sea meet. Traditionally a rural and agricultural country, Oman's coastal populations rely heavily on fishing and overseas trading for their livelihoods. However, since the discovery of oil in commercial quantities in 1964, Oman's economy has undergone significant transformation. Today, oil revenues account for approximately two-fifths of Oman's gross domestic product (GDP) and about three-fourths of the government's income.
As for The Bahamas, its GDP stands at 112.35 billion US dollars, with a real GDP growth rate of 2.7 percent from the previous year, 2023. This indicates a positive but moderate economic growth trajectory for the country, reflecting various factors including its tourism industry and financial services sector.
9. Uruguay
GDP per capita: $22,658.60
Uruguay, placed 9th in our list of Top Developing Countries in the World in 2024, is a nation situated on the southeastern coast of South America. Despite being the second smallest country on the continent, Uruguay has a rich history and cultural heritage. It has often been overshadowed politically and economically by its larger neighbors, Brazil and Argentina.
As of now, Uruguay's GDP stands at 81.07 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.2 percent. This indicates a steady and positive economic trajectory for the country, reflective of its diverse economic sectors and stable governance.
8. Barbados
GDP per capita: $22,888.90
Barbados is indeed a small island state located at the easternmost edge of the Caribbean. With a total area of only 430 square kilometers (166 square miles) and a coastline spanning 97 kilometers (60.3 miles), it is one of the tiniest countries in the Americas in terms of land area.
Despite its small size, Barbados has a notable economy, with a Gross Domestic Product (GDP) of approximately 6.66 billion US dollars. This indicates a relatively healthy economic output for a nation of its size. However, it's important to note that Barbados faces various economic challenges, including dependence on tourism, vulnerability to natural disasters, and debt issues.
7. Poland
GDP per capita: $23,434.22
Poland is one of the top developing countries in 2024. The country is situated in central Europe, known for its rich history, vibrant culture, and economic resilience. As of the latest data, Poland's GDP stands at 488.06 billion US dollars. The real GDP growth rate from the preceding year, 2023, is recorded at 2.3 percent. This signifies a modest economic growth trajectory for the country, driven by various sectors including manufacturing, services, and technology.
6. Bahrain
GDP per capita: $29,080.64
6th country in our list of Top Developing Countries in the World in 2024 is Bahrain, which is a small Arab state located in a bay on the southwestern coast of the Persian Gulf. It is an archipelago comprising Bahrain Island and around 30 smaller islands. The name "Bahrain" is derived from the Arabic term "al-baḥrayn," meaning "two seas."
At present, Bahrain's GDP stands at 47.12 billion US dollars. The real GDP growth rate from the previous year, 2023, is recorded at 3.6 percent. This indicates a positive economic trend for the country, reflecting its efforts to diversify its economy beyond oil and gas and invest in sectors such as finance, tourism, and manufacturing.
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Disclosure: None. Top 30 Developing Countries in the World in 2024 is originally published on Insider Monkey.