The United States is by far the biggest economy in the world and has been for a number of decades. If you look further down the list of big economies you’ll see many other countries that have always been there, including the biggest economies in Europe. But China is the exception to this, having worked its way to become the second biggest economy in the world in just a few years.
The question is, are there any other countries out there that can grow as quickly as China? In this list we’ll look at the fastest rising countries in the world to see what the future of the global economy might look like.
India is currently the fastest growing economy in the world, and it’s no surprise when you consider that they have a population of over 1.1 billion and are home to many flourishing industries. India is also home to countless millionaires and billionaires, the world’s second biggest retail industry, and an burgeoning aerospace industry.
India is the 7th largest economy in the world by nominal GDP and since 2014 its growth has even surpassed China, suggesting that it could soon be one of the three richest countries in the world. Agriculture is its biggest industry and it is a leading supplier of everything from tea to cashews, rice and cotton. In fact, India produces around 10% of the world’s fruits and vegetables.
Of course, millions are living in poverty in India, but the same could be said of China and even the United States. And just like these two superpowers, India also has nuclear weapons and a vast army, totaling over 1.3 million personnel and the world’s largest volunteer force.
Uganda is a land-locked country with a troubled past, but it seems to be flourishing in the last few years and is the second fastest growing economy in the world. A lot of this is down to the fact that it is emerging from a troubled past, but it is also a huge supplier of essential goods, including coffee, which is its biggest export.
Don’t mistake growth for wealth though as it’s still one of the poorest countries in the world and it’s highly unlikely that it will become one of the richest anytime soon.
Indonesia is actually the fifth fastest rising economy in the world and we skipped Egypt and Tanzania purely because Indonesia, like India, actually has a chance of becoming a global power if it continues at this rate.
It’s still a relatively poor country, but as any business litigation lawyer will tell you, it’s becoming a haven for Asian entrepreneurs and international businesses and it’s experiencing increasing growth.
It’s one of the ten biggest energy producers in the world, with massive amounts of coal and oil being exported; it generates close to $30 billion in tourism; and it also has a booming transport sector. It is a leading supplier of palm oil too, but that may change as public opinion on this product changes. It is the 16th richest country in the world by nominal GDP and is also the fourth most populous.