Worldwide
India is expected to emerge as the fastest-growing economy in 2023, surpassing China and the United States. The International Monetary Fund (IMF) recently revised India’s growth rate for 2023 to 5.9%, up from the earlier estimate of 6.1%. The list of the fastest-growing economies in the world includes China, Indonesia, Nigeria, Saudi Arabia, Mexico, Australia, and the United States.
The forecasts in the World Economic Outlook, published twice annually by the IMF staff, have generally been fairly accurate, within a percentage point of the actual outcomes. However, there is an exception during economic downturns, where accuracy tends to suffer in the two to three years leading up to and during such periods.
As per the latest available data from the World Bank, the United States of America currently holds the position of the world’s largest economy, with a GDP of over $23 trillion in 2021.
Africa
Africa’s pre-COVID-19 top five performing economies are projected to grow by more than 5.5% on average in 2023-2024 and reclaim their positions among the world’s 10 fastest-growing economies. These countries are Rwanda (7.9%), Côte d’Ivoire (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%).
Meanwhile, projections indicate that Malawi’s economy will continue to tumble as inflation peaks at an all-time high.
