Fastest growing major economies, details
Business: In the last decade, many developing countries have seen impressive economic growth. Data available from the International Monetary Fund (IMF) shows that seven Asian countries feature in the list of the top 10 fastest-growing major economies in the last 10 years. Countries with a minimum gross domestic product (GDP) of $100 billion at current prices in 2014 are considered. Here are some of the world’s fastest-growing economies from 2014 to 2024. Bangladesh has experienced the highest growth in the group. In 2014, its GDP was $207 billion.
By 2024, it is set to more than double to $455 billion, representing a 120% increase. This rapid expansion reflects Bangladesh’s progress in various industries and its growing role in the global economy. However, in 2024, its GDP recorded a modest 2% annual growth. Ireland also saw significant growth. The country’s economy has grown by 117%, going from $259 billion in 2014 to $564 billion in 2024. Ireland’s economic growth rate was 3.3% last year. This growth can be attributed to Ireland’s strong technology and finance sectors.
Vietnam followed this with a growth of 100%. Its economy grew from $233 billion to nearly $466 billion in the same period. Vietnam’s growth is driven by its manufacturing and export industries, which have helped it become a major player in the global market. Vietnam recorded a 7.4% GDP growth in 2024. India’s economy grew by 93%, going from $2 trillion in 2014 to nearly $4 trillion in 2024. Moreover, it witnessed a 10.2% annual economic growth in 2024. As one of the world’s largest economies, India’s growth reflects its expanding technology sector, rising foreign investment, and a growing middle class.
Romania experienced 85% growth, with its economy growing from $200 billion to nearly $370 billion. Romania’s growth is supported by improvements in its industrial sector and increased exports. In 2024, its GDP grew by 7%. China remains a major global player with its economy growing by 76%, from $10.5 trillion in 2014 to $18.5 trillion in 2024. Although its growth rate has slowed compared to previous years, China remains a major force due to its huge manufacturing sector and growing consumer market. It recorded 4.9% annual growth in 2024. Israel and Singapore also showed impressive growth. Israel’s economy grew by 69% to reach $531 billion, while Singapore’s economy grew by 67% to reach $525 billion. Both countries have strong technology and finance sectors, which contribute to their economic success.
In 2024, Israel’s GDP grew by 4.2% while Singapore’s GDP grew by 4.7%.
Indonesia experienced 66% growth, with its economy growing from $891 billion to $1.5 trillion. It also recorded 7.6% GDP growth in 2024. This growth is driven by Indonesia’s large population and growing demand for goods and services. Finally, the United States saw its economy grow by 63%, growing from $17.6 trillion to $28.8 trillion. The US economy grew by 5.2% last year. Despite being a mature economy, the US continues to grow due to its innovation and diverse industries.
