Fastest Growing Economies In The World

By Toby Tunwase

After the turbulent year of 2020 for the entire world, 2021 has been a story of rebuilding and getting back in shape for every individual and nation of the world, even on the economic front. So far, economically speaking, at least, there is a ray of hope due to the IMF’s predictions. According to the IMF’s 2021 forecast for 193 nations, 170 nations should see more than 1% GDP growth. In addition, the number of economies experiencing negative growth (compared to 165 in 2020) is expected to fall to 14.

Image credit: Vlad Busuioc

We have compiled a list of nations experiencing growth in a world still combating the Coronavirus pandemic. 

  1. India 

For the first half of 2020, lockdowns to combat the Coronavirus pandemic caused a downfall in the economy, affecting consumption and production. As a result, India experienced two consecutive quarters of negative GDP growth, resulting in the country’s first technical recession. Compared to 2019, the country’s GDP dropped from $2.87 trillion to $2.7 trillion in 2020. However, due to projected growth of 12.25% in 2021, the GDP will surpass $3 trillion and reach $4.2 trillion by 2025. Therefore, based on its projections, the IMF ranks India as one of the fastest-growing economies for 2021. 

  1. Libya 
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The GDP per capita of Libya is one of the highest in Africa. However, its oil-dependent economy was crippled in 2020 due to the nine-month oil blockade that began in January. Despite all of that, Libya has made progress on both economic and political fronts. Libya’s economy is estimated to grow by 130% by 2021 after suffering a 60% contraction in 2020