Six (6) African countries appear in the Top 10, having the strongest growth, a ranking dominated by Guyana.
Senegal is among the top 10 fastest growing emerging markets in the world, according to data from the International Monetary Fund’s World Economic Outlook 2024 released on April 2.
According to the study, “this performance testifies to the dynamism and economic potential of the country. Rapid growth offers significant opportunities for economic development, job creation and improvement of the population’s living conditions. »
According to forecasts from the International Monetary Fund (IMF), Senegal’s economic growth is projected at 7.1% for 2024. The financial institution notes that this growth reflects economic activity impacted in the first quarter by the electoral context and a delayed start. of gas production until December 2024.
Large emerging markets are expected to play a greater role in global economic growth in the future, driven by demographic changes and a growing consumer class.
This chart shows the emerging markets expected to grow the fastest through 2029, based on data from the International Monetary Fund’s World Economic Outlook 2024.
This ranking can attract the attention of foreign investors and strengthen the confidence of local economic players, which could further stimulate growth and promote the development of various economic sectors. It is also a positive signal for the government, which can see its economic policies and reforms praised on the world stage.
At the same time, many smaller countries are expected to see their economies grow twice as fast as the global average over the next five years, thanks in part to their wealth of natural resources. That said, high debt levels pose risks to future economic activity.
The third smallest nation in South America by area, Guyana is expected to experience the fastest economic growth in the world by 2029.
This is due to a major discovery of oil deposits in 2015 by ExxonMobil, which helped the country’s economy quadruple in just the last five years. By 2028, this country of just 800,000 people is expected to have the highest crude oil production per capita, surpassing Kuwait for the first time.
Bangladesh, where 85% of exports come from the textile industry, is expected to experience the strongest growth in Asia. In fact, over the past 30 years, this country of 170 million people has not experienced a single year of negative growth.
India, which ranks eighth, is expected to record an average annual real GDP growth rate of 6.5% through 2029. This growth is expected to be fueled by demographic trends, public investment and strong consumer demand .
