In 2020, the pandemic took the financial markets and global economy by surprise when most businesses came to a halt during the lockdowns. By 2021, we see an ever so slight recovery of the economies of each country since the implementation of vaccination drives helped to soften the blow and open up businesses. Each country is striving hard to revive the manufacturing and exports and bring back lost jobs to heal the economy. The impact on the economy has been so hard that it would take years to recover fully as it will be a very gradual process.
Below given is a list of the top 5 fastest growing economies according to IMF’s April 2021 projections:
Libya is an oil-rich country, classified as an upper-middle-income economy as per the World Bank. Since Muammar Gaddafi was removed from power in 2011, the country descended into all chaos. Its economy was valued at $80 billion and shrunk to nearly $17 billion by 2015. The nation witnessed a thorough recovery by 2019. Now Libya has one of the highest per capita GDPs in Africa. Libya showed steady progress in its economic and political situation towards the end of 2020. It was Libya’s stable oil production that helped push the economy forward. After experiencing a 60% contraction in 2020, Libya’s economy is expected to grow by 130% in 2021, and the GDP is projected to inflate to a staggering $24.26 billion in 2021.
Macao has remained a Special Administrative Region (SAR) of the People’s Republic of China since December 1999 and has been categorized as a high income by the World Bank. It has a gaming industry that goes back a few centuries and is still a significant contributor to its economy. Along with the gaming industry, tourism also accounts for about 48% of Macau’s GDP. Macau’s per capita income in 2019 was $81,156.61, which, later in 2020, fell to $36,350.16 as its economy deflated by 56% from $55.15 billion in 2019 to $24.33 billion in 2020. With the revival in tourism, Macau’s economy is expected to bounce by 61% in 2021, which will make it the second-fastest growing economy in 2021. Its GDP is projected to expand to $39.45 billion in 2021 and exceed $73.46 billion by 2026.
3. The Maldives
The Maldives has been classified as an upper-middle-income country according to the World Bank reports. The government has witnessed a steady growth with its high-end tourism, which has helped it build a strong infrastructure and affordable public services. Fisheries and other commercial activities are the other major contributor to the nation’s GDP. The size of its GDP decreased from $5.63 billion in 2019 to $3.75 billion in 2020. After its revival in tourism, Maldives’ economy is set to expand to $4.5 billion in 2021. Eventually, Maldives is set to cross the $7 billion mark by 2025 based on the statistics by the IMF.
Guyana has been classified as a middle-income country by the World Bank and has one of the highest emigration rates in the world. Guyana holds one of the world’s largest oil and gas reserves globally and is projected to be among the world’s largest per capita oil producers by 2025. Its GDP of $5.76 billion in 2020 is expected to increase to a staggering $7.25 billion in 2021.
India has been classified as a middle-income nation as per the World Bank. The country’s GDP decreased from $2.87 trillion in 2019 to $2.7 trillion in the year 2020. Overall, the country’s economy experienced a contraction of 7.97% during 2020. With some revival in the economy projected at 12.25% in 2021, the GDP is expected to cross the staggering $3 trillion mark and reach $4.2 trillion by 2025.
Edited by Aishwarya Ingle
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