Spotlight - Five of the Fastest Growing Global Economies
As the global population continues to grow and the pervasiveness of the Internet makes the world much more connected than ever before, the opportunity for expanding international business ventures is on the rise. Every nation is unique in its native resources, many of which are also used to generate revenue for that particular country. Because of this, there are several places around the world where their economies are on the rise and growing quickly. Let’s take a look at the handful of countries around the world that are experiencing this trend and could be fertile ground for international commerce:
- Myanmar—World Economic Forum, citing the International Monetary Fund (IMF) and its 2016 World Economic Outlook report, wrote that Myanmar is the fastest-growing economy in the world. In 2016, this tiny country in Southeast Asia is expected to have a gross domestic product (GDP) growth of 8.6 percent. Once one of the poorest nations in the region, Business Insider wrote that in 2011, the country began massive overhaul efforts to improve its standing in the global economy and is now leveraging its natural resources and youthful labor force to attract foreign investors from around the world.
- Ivory Coast (Côte d’Ivoire)—CNBC Africa wrote that new government policies that promote economic growth from within have had a positive impact on investments from the Ivory Coast’s public and private business sector. As a result, the West African nation is expected to have its GDP grow by 8.5 percent, making it the second-fastest growing economy in the world.
- Bhutan—Many people may not have heard of this country or even know where it is. Situated in Asia on the eastern edge of the Himalayas, this Buddhist kingdom's main export is hydropower, the majority of which is exported to India, according to The Heritage Foundation’s 2016 Index of Economic Freedom report. The World Economic Forum places Bhutan’s GDP growth this year at 8.4 percent, as the country has worked to implement regulatory reforms that make it easier to start a business, while opening its banking sector to encourage more partnerships with foreign financial institutions.
- India—For years, China had long been lauded as the world’s fastest-growing economy. Now, the country whose population has also eclipsed 1 billion, is the fourth-fastest growing global economy with a GDP of 7.5 percent. Prime Minister Narendra Modi, who took office in 2014, introduced several economic reforms, such as a tax on sales of goods and services (its primary source of economic growth). According to the Telegraph, India is strengthening its infrastructure and attracting foreign investors from around the world.
- Laos—Another tiny country in the Asia-Pacific (APAC) region, Laos joined the World Trade Organization in 2013, ending 15 years of negotiation, according to The Heritage Foundation. With 75 percent of the Laotian workforce involved in subsistence farming, the 7.4 percent GDP growth can largely be attributed to an increase in tourism, according to The Economist, as well as reforms in the financial sector and other regulatory improvements that make it easier to start a business with limited capital.