According to International Monetary Fund (IMF), the overall global recovery remains slow with baseline forecast to slow from 3.5% (2022) to 3.0% (2023) and 2.9% in 2024. When breakdown according to markets, emerging market and developing economies are faring slightly better compared to advanced economies. The emerging market and developing economies are projected to have a modest decline in growth from 4.1% (2022) to 4.0% (2023 and 2024) whilst the advanced economies are expected to slow from 2.6% (2022) to 1.5% (2023) and 1.4% (2024).
By further breaking down the projections according to regions i.e. United States, Latin America and The Caribbean, Euro Area, Middle East and Central Asia, Emerging and Developing Asia and Sub-Saharan Africa, we can see that Euro Area, Sub-Saharan Africa and Middle East and Central Asia are projected to have positive growth in 2024 while the rest (United States, Latin America and The Caribbean and Emerging and Developing Asia) will have a declining or retaining growth.
Which Countries See the Most Growth in 2024?
When dwell further to breakdown by countries, it is no surprising that the countries that will see the most growth in 2024 are from two of the world’s fastest growing regions i.e. Asia and Sub-Saharan Africa.
For Asia Pacific region, the fastest growing economies are forecasted to be Macao (+27.2%), Palau (+12.4%) and India (+6.3%). Macao and Palau rely heavily on their tourism industry where this industry alone covers roughly 70% and 40% of their GDP, respectively. India, on the other hand, has just recently became the world’s largest country by population and the country’s population is expected to reach 1.7 billion by 2064, another 40 years to come.
As illustrated, Sub-Saharan Africa accounts for half of the top 20 list with Guyana (+26.6%), Niger (+11.1%) and Senegal (+8.8%) leading the rank. These countries are relying heavily on their oil industry and Guyana, with only 815,000 population, is expected to become the second fastest growing economy in 2024. This economic surge can be largely attributed to the increasing oil exports from the Stabroek Block, an offshore oil field under development by a consortium led by Exxon Mobil. According to reports from the BBC, Guyana possesses oil reserves exceeding 11 billion barrels, making it a key factor in its economic growth.