The world economy in 2024 showed a combination of moderate expansion and regional variance, including the best-performing economies.
For example, a growing middle class, strong public and private investment, and improvements in technology integration are expected to propel India’s 6.7% growth rate to the top. Its expansion is also aided by structural changes and integration into international value chains.
China, Vietnam, the Philippines, and Indonesia are prominent Asian nations that have benefited from increased exports, robust domestic demand, and government investments in technology and infrastructure.
The United States remains resilient, with economic forecasts upgraded due to stronger-than-expected investment in artificial intelligence and manufacturing.
Middle East economies like Saudi Arabia continue to capitalize on diversification efforts and oil-based revenue stability.
Emerging markets in Asia are outperforming due to their focus on technology, electronics, and supply chain enhancements, despite headwinds such as inflation and geopolitical risks.
Advanced economies, especially in Europe, face weaker growth amid high energy prices and geopolitical tensions.
In 2024, several economies stood out for their exceptional performance.
Macao SAR (China) and Guyana ranked as the fastest-growing economies globally, with GDP growth rates of 27.2% and 26.6%, respectively. Their growth was driven by recovery in tourism, gaming industries (Macao), and the oil and gas sector (Guyana).
Spain, Ireland, and Greece emerged as top performers among developed nations, as highlighted by The Economist. Spain led this group with robust GDP growth (3.5%) and strong stock market performance. Greece, ranked third, saw significant gains in GDP (3.7%), fiscal surplus, and reduced unemployment.
African nations, particularly Niger, Senegal, and Rwanda, also ranked highly for their economic dynamism. Despite political challenges, Niger is projected to achieve 11.1% growth, while Senegal and Rwanda expect 8.8% and 7% growth, respectively.
Meanwhile, traditional economic leaders like Germany and the UK underperformed, reflecting structural challenges in Northern Europe.
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