China’s economy has been seriously growing over the past few decades, but there are several other countries that are developing at an accelerated rate. These fastest growing economies are not always necessarily the largest or the most developed ones and in some of those countries there is political instability and corruption, as well as inequality when it comes to income.
We’ve made a list of the 10 fastest growing economies for this year based on the data and predictions provided by the World Bank’s Global Economic Prospects.
China has been the fastest growing economy for decades now and it still is, despite the Asian economy slowing down its expansion pace. This country is a very powerful force when it comes to production and exporting. Currently, its economy is the fastest growing in the world and according to some rough estimations made by economic and financial experts, it may even become stronger than the U.S. economy in the next few decades, if their progress remains constant.
However, the fact that China’s economy is growing doesn’t mean the overall situation is improving. China’s government has become unstable and has been facing many problems as China’s economy has transitioned to a consumer-based economy. The country is prosperous, but the citizens are not getting paid more, and the average income in China is well below the world average.
China’s economy grew 7.3% in the last quarter of 2014, and this year its growth has dropped slightly – to 7.10%. The growth rate over a period of one year, as Bloomberg Business explains, is “computed at constant price which is all the final products of all resident units of a country during certain period of time”.
Whether China will be able to continue improving its economic situation will mostly depend on its export capacities and the ability to find new markets for its cheap, but often low-quality products.