Top 10 Fastest Growing Economies in 2012
The economy of a country plays a major role in helping it to progress and develop at an international level. Countries with strong and consistent economies pave the way for growth in the job market, meaning a better overall standard of living and general well being within the society. Everyone’s happy!
Keep reading to discover the top 10 fastest growing economies in 2012 as some of these will surprise you. With developing nations rising to become big financial players on the world stage, these are the countries to look out for.
According to the Chinese calendar 2012 is known as the year of the dragon and is renowned for its sustainability. People are tired of the recession and enduring job layoffs, and are hoping for a positive era; let’s hope 2012 brings better news. Let’s check out the fastest growing economies which may turn out to be the Top 10 economies in 2012.
It will retain its position as the world’s fastest growing economy, and can boast of an average growth rate of 10% for the past three decades. With the recent growth rate of 9.52% and the GDP also forecasted to reach $7209 trillion. Combined with the agenda of maintaining low inflation, it definitely looks an impressive 2012 for china.
9. Sri Lanka
The $50 billion economy of Sri Lanka is expected achieve 8% growth in 2012, giving this country and new found confidence. It has bounced back with major expansion since the end of its 26 year old civil war. And it’s now boosted with development in infrastructure as well as foreign investment, and consumer demand on the rise. Sri Lanka is also positive of retaining the inflation level at single digit middle level. This definitely puts it in t Top 10 economies in 2012 to emerge in Asia.
India has the advantage of terms of size, but has struggled to change the world’s perception of it. However, the scope for growth and capacity in the form of resources, and a better educated work force, are all working firmly in India’s favour. With the GDP of India forecasted to increase at 7.82% from 2011, and inflation being balanced, India is looking ahead for an optimistic year in 2012.
Haiti being a free market economy with the added benefit of low labor costs as well as tariff-free access to the USA for exports purpose. Haiti is anticipated to be one of the fastest growing economies in 2012. With a GDP forecast of $9.21 billion and growth of 8.8 percent it deserves its place in the top 10 economies in 2012.
Qatar has experienced swift economic growth in the last couple of years owing to the increase in oil prices. It’s mainly due to oil as well as gas that Qatar can boast of being one of the countries having maximum per capita income. It contributes about 15% of the entire world’s natural gas and holds 3rd place in the world in that sector. If the current dynamics continue, then the real GDP growth of Qatar can be forecasted to accelerate by 19.9% and sustaining itself to 9.8% in 2012. This is possible due to the completion of LNG expansion and the related gas projects.
5. Timor Leste
With the first presidential elections declared to be held in 2012, and the Government’s 2011-2030 Strategic Development Plan. Timor Leste is in the race for fastest growing economies in 2012. It has a long-term vision, coupled with accepting the challenge of strengthening the socio economic position. The future of Timor Leste is definitely looking on the up, with a GDP forecast in 2012 of $0.807 billion and the growth to be 8.63 %. It can definitely be considered in the top 10 economies in 2012.
It may be surprising and unbelieving for many to find Ethiopia in the list of Top 10 economies, as it is usually counted amongst the poorest countries in Africa. But it is expected to grow economically in the year 2012 and with the GDP predicted at $32.3 billion and the growth at 8.02%. Keep an eye on Ethiopia; it’s getting ready to surprise the world.
Again this is a surprise package as Angola is also considered to be not very economically well off. But with the GDP forecast of $1.32 billion and growth of almost 19.49%, it can be considered as a new emergent in the fastest growing economies top 10 list. As it is dependent upon oil for ninety percent of its income, this revenue is set to boost the economy by almost 13% this year.
With the announcement of an increase in the national budget by the Mozambique minister; a whopping 27.5% from the mining industry and coal exports by 22%. And GDP forecast $12.9 billion for 2012, with the overall GDP growth to be almost 8%. Mozambique is forerunner in the several African countries that made this list of top 10 economies in 2012.
An enhanced security environment combined with a positive wave of foreign investment is definitely helping Iraq to stimulate its economic activity. This can be seen especially in the energy, construction, and retail sectors. Iraq’s economy is mainly sustained by the oil sector, which provides over ninety percent of revenue as well as eighty percent from foreign exchange earnings. So with a GDP forecast of $128.094 billion and an overall GDP growth of 10% it definitely deserves its position to be in the fastest booming and top 10 economies in 2012.
No doubt there will be some surprises in this list. Whilst doing our research we were surprised at some of the countries we discovered doing big things. Whilst there are no guarantees keep a close watch on these countries and there emerging economies, because for those savvy and quick entrepreneurs there will be some great business opportunities.