While the United States and China dominate rankings of the richest countries by total GDP, they aren’t the fastest-growing. That title tends to go to developing economies expanding rapidly from a smaller base — a group that currently includes several standout fastest growing economies in the world.
Economies Growing the Fastest
- India — the fastest-growing large economy in the world for several consecutive years, driven by a young workforce, expanding services sector, and heavy infrastructure investment
- Vietnam — one of the fastest-growing economies in Southeast Asia, fueled by manufacturing investment shifting away from China
- Bangladesh — rapid, sustained growth built on its garment manufacturing export sector
- Ethiopia and Rwanda — among the fastest-growing economies in Africa over the past decade
- Philippines — strong, consistent growth backed by services outsourcing and remittances
- Guyana — recently one of the single fastest-growing economies on Earth by percentage, driven almost entirely by new offshore oil production
Track current GDP figures for these economies on our Rankings page.
Growth Rate vs. Total Size
It’s entirely possible — common, even — for a small economy to post a much higher percentage growth rate than a huge one simply because it’s starting from a smaller base. Guyana’s recent double-digit growth rates, for example, reflect a tiny population suddenly producing significant oil revenue, not an economy anywhere near the size of the US or China.
What Sustains Fast Growth
The most durable examples of fast-growing economies tend to combine a young, growing workforce, rising foreign investment, expanding infrastructure, and increasing integration into global trade — factors visible in India, Vietnam, and Bangladesh alike.
Frequently Asked Questions
What is the fastest growing major economy in the world?
India has been the fastest-growing major economy in the world for several consecutive years.
Why is Vietnam’s economy growing so fast?
Vietnam has benefited significantly from manufacturers relocating supply chains away from China, combined with a young workforce and increasingly open trade policy.
Can a small country have the fastest GDP growth rate?
Yes — small economies can post very high percentage growth rates from a small base, as seen recently with Guyana’s oil-driven expansion.
Compare GDP trends for any countries using our Compare tool.
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