The American and European economies are major drivers of global economic activities, being two of the largest economies in the world. The US alone has a GDP of $26.95 trillion, as of 2023. The high inflation and high interest rates in 2023 have created huge economic uncertainty. Throughout 2023, economists have had mixed analyses about the US economy being on the verge of a recession, or heading for a soft landing. As we mentioned earlier, the US economy is expected to beat consensus expectations in 2024. Goldman Sachs analysts project the US GDP to grow by 2.1% in 2024 compared to the 1% growth expected by economists' survey by Bloomberg. The probability of a US recession is less than many economists are projecting, according to Goldman Sachs Research. The probability of the US going into a recession over the next 12 months is 15%.
European economies are expected to perform better over the next two years than in 2023. According to the World Bank’s Global Economic Prospects, the Euro area has a real GDP growth rate forecast of 1.3% and 2.3% for 2024 and 2025 compared to a real GDP growth rate forecast of 0.4% for 2023. East Asia and the Pacific have forecasted real GDP growth rates of 5.5%, 4.4%, and 4.5% for 2023, 2024, and 2025. South Asia has a forecasted real GDP growth rate of 5.9%, 5.1%, and 6.4% for 2023, 2024, and 2025, the highest growth rates compared to the rest of the regions. Overall, Asia seems to be on a solid growth trajectory during this time of high economic uncertainty. Sub-Saharan Africa remains the second best-performing region with the highest real GDP growth potential. For 2023, 2024, and 2025, the real GDP growth rates are forecasted to be 3.2%, 3.9%, and 4% for Sub-Saharan Africa. Most of the fastest growing economies in the world in 2023 belong to Africa, South America, and the Pacific including Guyana, Libya, Fiji, Mozambique, and the Democratic Republic of the Congo, among others.
According to the Global Economic Outlook 2023-2025 from German insurance and asset management firm Allianz SE (ETR:ALV), the overall global economic activity is expected to remain in below-trend growth between 2024 and 2025. Consumer demand will remain soft due to negative wealth effects and increasing precautionary savings. Moreover, the drop in global trade reached historic lows in the last two years, following the ongoing destocking process in the manufacturing sector. Allianz SE (ETR:ALV) projects the US GDP to grow over 1.1% in 2024, the slowest GDP growth rate since 2009. Leading European economies including Germany and France are both expected to grow by almost 0.7% in 2024, followed by a GDP growth rate of 1.6% in 2025. Asia’s biggest economy, China is projected to have a GDP growth rate of 4.7% in 2024 and 4.2% in 2025.
Businesses in Growing Economies
The economies that are growing swiftly are driven by their core businesses and thriving markets. Tata Consultancy Services Limited (NSE:TCS), Adani Enterprises Limited (NSE:ADANIENT), and Grameenphone Ltd. (DSEX:GP) are some of the leading companies operating out of flourishing economies.
Tata Consultancy Services Limited (NSE:TCS) is one of the leading technology and consultancy services companies in India. On December 18, Tata Consultancy Services Limited (NSE:TCS) announced that it has assisted the operator of Swiss and Spanish financial market infrastructures, SIX. Tata Consultancy Services Limited (NSE:TCS) through its technology has helped SIX in modernizing its post-trade platform for the Swiss market. The Indian company has improved SIX’s development through automation solutions, saving up to 4-5 months. Tata Consultancy Services Limited’s (NSE:TCS) representative from Europe Central, Uma Rijhwani, said:
“TCS and SIX have achieved a major feat by modernizing the Swiss post-trade platform of SIX in record time. The new, state-of-the-art system brings to bear the power of digital technologies to transform the Swiss post-trade market infrastructure, while providing a solid foundation for SIX’ expansion into global markets.”
Adani Enterprises Limited (NSE:ADANIENT) is one of the top multinationals in India and a part of the Adani Group. Adani Enterprises Limited (NSE:ADANIENT) is working on its way to decarbonization and is at the forefront of India’s green energy transition. The Adani Group plans to achieve net zero by 2050 for most of its subsidiaries. The Adani Group’s portfolio companies will be investing over $100 billion during the next 10 years towards achieving energy transition. On December 15, Adani Enterprises Limited (NSE:ADANIENT) held its third edition of ‘Green Talks.’ The company is focused on helping social startups through its nonprofit open platform, Green Talks. During the event, the founders of five startups presented their ideas. The Adani Group offers financial aid prizes to startups.
Grameenphone Ltd. (DSEX:GP) is a top telecom service provider based out of Bangladesh. On October 26, Grameenphone Ltd. (DSEX:GP) announced the appointment of its new Chairman. Petter-Børre Furberg has been appointed the new Chairman of Grameenphone Ltd. (DSEX:GP), effective from October 1, 2023. Petter-Børre Furberg has been part of Telenor since 1998 and has held different senior management positions in the telecom group. On October 25, Grameenphone Ltd. (GP:DSEX) reported its results for the third quarter of 2023. The company posted revenue of BDT 41.09 billion during Q3 2023. The company added 0.8 million new subscribers in Q3 2023, reaching 82 million total subscribers at the end of the first nine months of 2023. Grameenphone Ltd. (DSEX:GP) continues to thrive and play an important role in the telecom industry of Bangladesh.
These were a few leading companies from some of the growing economies in the world. Now, let’s take a look at the list of fastest growing countries based on the World Bank’s GDP forecast for 2025.
World Bank's GDP Forecast for 2025 by Country
World Bank's GDP Forecast for 2025 by Country
Our Methodology
For the list of the World Bank’s GDP forecast for 2025 by country, we took the forecasted data of real GDP growth for 2025 of each country from the World Bank’s Global Economic Prospects. The real GDP growth figure represents the economy's total value at constant prices of final goods and services produced in a country.
We ranked the top 30 countries in ascending order of the forecasted real GDP growth rates for 2025. For the countries with similar real GDP growth rates, we ranked them based on their 2023 GDP (PPP). We took the GDP (PPP) data from the International Monetary Fund’s (IMF) database.
World Bank's GDP Forecast for 2025 By Country
30. Burkina Faso
Forecasted Real GDP Growth (2025): 5.10%
GDP (2023): $62.80 Billion
Burkina Faso is located in West Africa and has a GDP of $62.80 billion. With a forecasted real GDP growth rate of 5.10% for 2025, Burkina Faso ranks 30th among the countries based on the World Bank’s GDP forecast for 2025.
29. Senegal
Forecasted Real GDP Growth (2025): 5.20%
GDP (2023): $78.55 Billion
Senegal is situated in the western part of the African continent and has a GDP of $78.55 billion. The country has a forecasted real GDP growth rate of 9.9% and 5.20% for 2024 and 2025, respectively. Senegal is one of the growing economies based on the World Bank’s GDP forecast for 2025 by country.
28. Cabo Verde
Forecasted Real GDP Growth (2025): 5.30%
GDP (2023): $5.72 Billion
Officially the Republic of Cabo Verde is an island country in West Africa. Cabo Verde has a GDP of $5.72 billion and a forecasted real GDP growth rate of 5.30% for 2025. Cabo Verde is one of the growing economies based on the World Bank’s GDP forecast for 2025 by country.
27. Mozambique
Forecasted Real GDP Growth (2025): 5.30%
GDP (2023): $53.71 Billion
Mozambique is situated in Southern Africa and has a GDP of $53.71 billion. With a forecasted real GDP growth rate of 5.30% for 2025, Mozambique is placed among the top countries based on the World Bank’s GDP forecast for 2025.
26. Kenya
Forecasted Real GDP Growth (2025): 5.30%
GDP (2023): $338.96 Billion
Kenya is located in East Africa and has a GDP of $338.96 billion. The country has a forecasted real GDP growth rate of 5.20% and 5.30% for 2024 and 2025, respectively. Kenya is placed 26th among the growing economies based on the World Bank’s GDP forecast for 2025 by country.
25. Togo
Forecasted Real GDP Growth (2025): 5.50%
GDP (2023): $25.10 Billion
Located in West Africa, Togo has a GDP of $25.10 billion. Togo’s forecasted real GDP growth rates are 5.30% and 5.50% for 2024 and 2025. The country is one of the growing economies according to the World Bank’s GDP forecast for 2025 by country.
24. Nepal
Forecasted Real GDP Growth (2025): 5.50%
GDP (2023): $150.8 Billion
Nepal is located in South Asia and has a GDP of $150.8 billion. Nepal’s real GDP is forecasted to grow by 5.50% in 2025. Ranked 24th on our list, Nepal is one of the growing economies according to the World Bank’s GDP forecast for 2025 by country.
23. Liberia
Forecasted Real GDP Growth (2025): 5.60%
GDP (2023): $9.72 Billion
Located in West Africa, Liberia has a GDP of $9.72 billion. The country has a forecasted real GDP growth rate of 5.50% and 5.60% for 2024 and 2025. Liberia is one of the growing economies according to the World Bank’s GDP forecast for 2025 by country.
22. Guinea
Forecasted Real GDP Growth (2025): 5.60%
GDP (2023): $48.75 Billion
Guinea is located in West Africa and has a GDP of $48.75 billion. With a forecasted real GDP growth rate of 5.60% for 2025, Guinea ranks 22nd among the growing economies according to the World Bank’s GDP forecast for 2025 by country.
21. The Gambia
Forecasted Real GDP Growth (2025): 5.80%
GDP (2023): $7.50 Billion
The Gambia is a small West African country having a GDP of $7.50 billion. The Gambia’s forecasted real GDP growth rates are 5.50% and 5.80% for 2024 and 2025. The Gambia is one of the growing economies according to the World Bank’s GDP forecast for 2025 by country.
20.Uzbekistan
Forecasted Real GDP Growth (2025): 5.80%
GDP (2023): $371.65 Billion
Located in Central Asia, Uzbekistan has a GDP of $371.65 billion and is one of the growing economies according to the World Bank’s GDP forecast for 2025 by country. Uzbekistan has a forecasted real GDP growth rate of 5.80% for 2025.
19. Djibouti
Forecasted Real GDP Growth (2025): 5.90%
GDP (2023): $7.19 Billion
Djibouti is situated in East Africa and has a GDP of $7.19 billion. With a forecasted real GDP growth rate of 5.90% for 2025, Djibouti is placed among the countries based on the World Bank’s GDP forecast for 2025.
18. Maldives
Forecasted Real GDP Growth (2025): 5.90%
GDP (2023): $14.74 Billion
Maldives is situated in South Asia and ranks among the growing economies according to the World Bank’s GDP forecast for 2025. Maldives has a GDP of $14.74 billion and a forecasted real GDP growth rate of 5.90% for 2025.
17. Panama
Forecasted Real GDP Growth (2025): 5.90%
GDP (2023): $190.31 Billion
Panama is a South American country having a GDP of $190.31 billion. The country’s forecasted real GDP growth rates are 5.80% and 5.90% for 2024 and 2025. Panama is one of the growing economies according to the World Bank’s GDP forecast for 2025.
16. Philippines
Forecasted Real GDP Growth (2025): 5.90%
GDP (2023): $1.28 Trillion
Officially the Republic of the Philippines has a GDP of $1.28 trillion. The Philippines’ forecasted real GDP growth rate for 2025 is 5.90%.
15. Benin
Forecasted Real GDP Growth (2025): 6.10%
GDP (2023): $59.24 Billion
Benin is a West African country that has a GDP of $59.24 billion. Benin’s forecasted real GDP growth rates are 5.90% and 6.10% for 2024 and 2025, respectively. Benin is one of the thriving economies according to the World Bank’s GDP forecast for 2025.
14. Tanzania
Forecasted Real GDP Growth (2025): 6.20%
GDP (2023): $227.72 Billion
Located in East Africa, Tanzania has a GDP of $227.72 billion. The country has a real GDP growth forecast of 6.20% for 2025. Tanzania is placed 14th among the growing economies according to the World Bank’s GDP forecast for 2025.
13. Cambodia
Forecasted Real GDP Growth (2025): 6.30%
GDP (2023): $98.32 Billion
Cambodia is a Southeast Asian country and has a GDP of $98.32 billion. Cambodia’s forecasted real GDP growth rates are 6.10% and 6.30% for 2024 and 2025. Cambodia ranks among the rising economies according to the World Bank’s GDP forecast for 2025.
12. Bangladesh
Forecasted Real GDP Growth (2025): 6.40%
GDP (2023): $1.48 Trillion
Bangladesh is one of the fastest growing economies in Asia according to the World Bank’s GDP forecast for 2025 by country. Bangladesh has a forecasted real GDP growth rate of 6.40% for 2025.
11. Côte d'Ivoire
Forecasted Real GDP Growth (2025): 6.50%
GDP (2023): $202.65 Billion
Côte d'Ivoire is a West African country and has a GDP of $202.65 billion. The country has a forecasted real GDP growth rate of 6.50% for both 2024 and 2025. Ranked 11th on our list, Côte d'Ivoire is one of the rising economies according to the World Bank’s GDP forecast for 2025 by country.
