A LOOK ON SOME FASTEST GROWING ECONOMIES–AT A RATE HIGHER THAN INDIA-NOTHING TO BE SURPRISED

GHANA

Several African nations are now growing at a rapid pace. So, this way Ghana also is no exception. It’s unique only in a way that, no nation is witnessing the growth in GDP rate as high as Ghana. Since a long time, unflattering adjectives like ‘worst managed’, ‘disastrous’, etc., were used when it came to talking of Ghana; but now they do not hold true. The Ghana of today has come a long way ahead in its journey towards prosperity and has earned the status of being the world’s fastest growing economy today. Ghana’s economy is growing at a phenomenal rate of 20.15 per cent. Ghana is oil-rich, has large gold and diamond deposits, while at the same time, the boom that is being witnessed by its tourism sector has added more glitter to its diamonds.

QATAR

Qatar is an oil- and gas-rich nation with world’s third largest gas reserves. It has undoubtedly enjoyed the status of being a nation which is world’s largest exporters of petroleum, and has got something more remarkable added to it. The growth in GDP of Qatar has helped it in achieving a new distinction, and that is of being the world’s second fastest growing economy growing at a rate of 12.337 per cent. The economy of Qatar is primarily oil-based. High oil and gas prices have boosted the economy of this Gulf state over the last few years. The per capita income of Qataris stands at $66,100, which in comparative terms makes it, a nation with sixth highest per capita in the world, and still Qataris do not know a phenomenon known as Income Tax .

TURKMENISTAAN

Turkmenistan is also not far away when it comes in terms of being blessed with reserves of natural gas. In this context Turkmenistan stands at the rank of being world’s fourth-largest nation in terms of owning the reserves of natural gas. In present story it has earned slot at number three, due to it being the world’s third fastest growing nation with a GDP growth rate of 12.18 per cent. Although oil and gas is the biggest revenue generator for Turkmenistan, agriculture too accounts for a healthy percentage of its GDP. Citizens in Turkmenistan get 120 liters of petrol free every month for car drivers, while truck/bus drivers get 200 liters of petrol free. Apart from this, electricity too is subsidized for the citizens. Probably, one should not expect beyond this and turn greedy.

CHINA

China, which in this story has earned a slot at number four, also happens to be the world’s fourth fastest growing economy at 9.908% GDP growth rate. In monetary terms, it turns out to be of order of amazing $6 trillion. However, now certain not so desired elements have started to raise their heads. The rising inflation rate in China is a new challenge, which stands in way of growth, of the economy of the country. China’s gross domestic product grew 9.6 per cent in the third quarter as compared to the same period last year. The growth rate slowed down from 11.9 per cent in the first quarter and 10.3 per cent in the second quarter.

LIBERIA

Even though, the nation still continues to live with dubious and infamous distinction of being one of the poorest countries on earth; Liberia has recorded robust economic activity in past couple of years. This African nation, despite of all said and done, has managed to steal the fifth rank when it comes to the list of world’s fastest growing economies. The Liberia, now as world’s fifth fastest growing economy has a GDP growth rate of 9.003 per cent. It is a $1.05 billion economy. The nation has rich reserves of iron ore, and also exports rubber. In the last few years, it has been receiving a lot of foreign direct investment which has resulted in higher employment, better infrastructure and spurt in economic activity.

 

 

 

 

 

 

 

 

————Always Yours — As Usual — Saurabh Singh