Countries, rich in natural resources, who’ve maintained a steady supply of world’s agricultural food-requirements till now, but at the cost of back-breaking, interest-based loans which also brought with them policies and restrictions detrimental to their cultural upkeep, resulting in ever-spreading poverty, finally having lead to the madness we see across the Globe that we call terrorism – economic terrorism, in fact.
Countries of Africa and Asia which share 75% of world output, and consume less proportionately, have miraculously survived to now appear as the emerging economies – powerhouses, as many would eye them. Ironically, these agriculturally fertile lands are being convinced through economic hitmen, of their plight if they desist from accepting loans to build manufacturing industry for which the lands under implied terror are neither ready nor have the mindset to take any advantage of such a suggestion – not that there is any advantage.
There is the talk of planting trees. Why? Because green lands are being connived into clearing woodlands to develop the industry. Crop seeds are being manipulated to produce more grain. Why? Because, agricultural land is being replaced with fume-producing, harmful smoke, spreading disease.
There is Global-warming. Why? Because vested interests have made aggressive lands to impose their will on the weaker ones over the past century. How food-producing people can be under the poverty-line, needs some brains to understand and digest.
United Nations Organisation was seen as imperative. Why? Because usurping of lands and produce is leading to a war of terror. Only, it’s the terrorists who appear terrorized. Below is a list of 10 top fastest growing economies, and what they might offer (in the light of what I’ve explained above):
List of Fastest Growing Economies
Mozambique has attracted large investment projects from foreign lands which should ensure good growth rate figures in future. But, since the majority of its population remains in agriculture, so does half the country’s population remain below the poverty line. With +7.12% current average GDP growth rate from 2015-2017, Mozambique ranked as No. 10 in the list of top 10 fastest growing economies in the world.
Bhutan relies on its hydropower, agriculture, and forestry. The country is braving through ‘chronic delays in construction’, and once through should be on the road to faster progress. One of the smallest countries land-wise, Bhutan is the fastest growing economy, today. This small economy of only $2 Billion is expected to grow at 11.1% within a period from 2017 to 2019. Bhutan places its priority and bases of its economic growth on GNH (Gross National Happiness and not on GDP. If we take a look at the World Bank’s report on the fastest growing economies in the world we can observe that the previous 3 years average GDP growth rate is +7.55%.
One-third of the labor-force of India works in the Services industry which is the country’s major source of economic growth. Yet poverty is an ingrained issue with corruption in governance, while discrimination holds back the progress of India, especially with respect to female rights.
India is the only Trillion-dollar economy ($2 Trillion) in this Top 10 List of Fastest Growing Economies, but with an external debt figure of $529 Billion (June 2018). Credit goes to Mr. Modi’s government, leading the way into new reforms that are encouraging foreign investments, setting new trends.
India is now a land of opportunities for those who seek to invest. ADRs and ETFs are additional routes available in US Exchange that aspire to open more doors for foreign investors in India. The recent report published from the World Bank shows that India’s current GDP growth rate is +7.57%, the average of 2015 to 2017.
7. Papua New Guinea
85% of Guinea’s population finds its work in agriculture, but a small number also works in a sector concerned with exports of natural, mineral reserves like gold, copper and oil. Here, again corruption hinders progress but the good news is that the World bank acknowledges currently Papua New Guinea’s average GDP rate is +7.60% from previous 3 years.
6. Cote d’Ivoire
The West African country’s two-thirds population works in agricultural related industries, being a major contributor to coffee and palm-oil production. Cote d’Ivoire has a steady 7.80%( 2015-2017) average growth in GDP of $31.76 Billion but is struggling with widespread poverty. FDI is in place here in Cote d’Ivoire, too, and the government encourages joint ventures.
Uzbekistan is progressing after its independence from the Soviet Union as a market-based economy, being the 5th largest Cotton exporter in the world, with big natural reserves of gas and gold. The notable thing here is the recently published report of World Bank where we can find Uzbekistan as one of the fastest growing economies in the world with an average GDP growth rate of 7.87%.
One of the poorest nations in South East Asia, Myanmar agreed to reintegrate into the Global economy, attracting loads of foreign investment. However, the living standards of the majority remain as they were but the previous 3 years average figure of +8.30% annual growth rate indicated by World bank is very hopeful for the people of Myanmar.
With +8.62% annual growth rate in the GDP, Ghana is also one of the fastest growing economies in the world. At a minor level, exports of manufactured goods like digital technology, automotive and ship-construction, as well as of a wide range of mineral resources at a larger scale have ensured Ghana a higher GDP than most West African countries.
The Ghanaian revolves around Services, making up 50% of its GDP and employing only 28% of the countries workforce, and 53.6% of the workers employed in agriculture that make up the other half or so of the country’s GDP. Industrial development in Ghana still remains basic.
Ghana is the 2nd largest Gold producer in the world and is rich in Diamond, manganese, bauxite and oil reserves.
The unforeseen plunge in oil prices led to an economic crisis which compelled the government to resort to IMF in 2015, and this hampered a lot of the progress made in previous years.
This former Soviet republic, having the 4th largest reserves of gas in the world, has begun to sell its gas to China and might think of expanding its exports Westward. However, the country’s future progress seems discouraging, with all the corruption, poor systems of education, and most importantly due to the government’s refusal to adapt to market reforms, as seen in the CIA Factbook. Turkmenistan must overcome the above-mentioned problems to continue the previous figures of +8.62% annual increase in its GDP.
An agricultural-based economy, Ethiopia’s government has agreed to broaden its output through industrialization which is to allow for manufacturing machinery, textiles and energy-generation. International ThinkTanks see Ethiopia’s GDP rising @ +9.73% average growth from 2015 to 2017, but per Capita income remains as one of the lowest throughout the developing world.
Ethiopia being one of the fastest growing economies in the world has remained engulfed in poverty and under-development throughout the modern era, despite its growth in double-digits into the turn of the 21stcentury.
To attract foreign investors through FDI (Foreign Direct Investment), Ethiopia is to invest huge sums in large-scale projects that would enhance the country’s infrastructure and energy-development, at the same time also ensuring tax incentives to the investors who’ll enjoy strategically choice locations for the industry.