MADISON, Wis. — With the exception of China, the fastest growing economies are all developing countries. Many of the countries listed are recipients of U.S. aid, which further proves that foreign aid does have long term benefits. By helping suffering countries, we are stabilizing and encouraging growth from the grassroots level up to the government level. Consequently, we are creating a new pool of consumers that will begin buying American goods. Here is the list of the top 10 fastest growing economies:
10. Ethiopia
40 percent of Ethiopia’s GDP is agriculture based with coffee being the main export. Ethiopia’s GDP growth rate is quite high but their GDP per capita is still lagging.
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Source: Business Insider
9. Angola
85 percent of Angola’s GDP comes from oil production and related industries. The country is still mending from years of civil war but the GDP growth rate is a good indicator of better things to come.
Photo: Sky Scraper City
Source: Business Insider
8. Laos
75 percent of Laotians practice subsistence farming which accounts for 30 percent of Laos’s GDP. The increase in GDP growth rate can be attributed to Laos’s investments in hydro, mining and construction.
Photo: Mari Mark
Source: Business Insider
7. Ghana
50 percent of Ghana’s GDP comes from their Services sector but the future of Ghana’s economy rests firmly on their natural resources like oil, gold and cocoa.
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Source: Business Insider
6. Mozambique
Mozambique is still extremely dependent on foreign aid which is 50 percent of it’s governments budget. Their GDP growth rate is due to their exportation of aluminum.
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Source: Business Insider
5. China
China is the world’s largest exporter and has the second biggest economy. China is now turning their focus to developing alternative forms of energy, particularly solar.
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Source: Business Insider
4. Sierra Leone
Diamonds are half of Sierra Leone’s exports. Primarily in the 90s and early 21st century they were considered “blood diamonds” but the country has taken great strides to repair their reputation.
Photo: The Guardian
Source: Business Insider
3. Democratic Republic of Timor-Leste
The main source of government revenue comes from offshore drilling for gas and oil. The government is investing heavily in infrastructure but will be unable to maintain their growth by depending solely on gas and oil.
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Source: Business Insider
2. Iraq
Iraq’s economy is starting to take off especially with the withdrawal of American troops. Oil exports are the countries main source of wealth and are beginning to reach pre-war levels again.
Photo: Wall Coo
Source: Business Insider
1. Mongolia
Mongolia’s rising economy is due to two factors: their abundance of resources like copper, gold, coal, uranium, tin and tungsten, and their strong trading relationship with China.
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Source: Business Insider
– Sarah Dalgleish
Article Source: Business Insider
Featured Photo: AEIdeas