The aftermath from the global financial crisis can still be felt today but thanks to a growing number of international response to establish recovery efforts through reviews of the fiscal, monetary, and policy measures, the world economy is slowly getting back on its feet. According to the World Bank’s 2017 edition of Global Economic Prospects, the answer to the recent financial crisis has given birth to the emerging and fastest growing economies, effectively accelerating growth especially among many developing countries across the globe. Based on this year’s edition, here are the fastest growing economies today:
This East African country is number one on the list of the fastest growing economies today, thanks to the boost in the government spending primarily on infrastructure. According to the Global Economic Prospects, Ethiopia’s GDP is expect to increase by 8.3% this year while its global growth is projected to develop by 2.7%.
With a projected growth of 7.6%, Uzbekistan is the second fastest-growing economy in the world. The credits go to the increasing oil prices and the overwhelming government policies in the region. According to experts, its stable global financial conditions as well as the healthy development in the Euro area will seal the country’s rank in 2017 and beyond.
After the devastation of the 2015 earthquake, many have thought that it would take years before Nepal’s economy can recover. However, the Nepalese government accelerated its reconstruction efforts and the successful normalization of trade with India have helped with the country’s strong rebound. These efforts landed the Himalayan nation the third spot with a 7.5% projection.