While you are living in some developed country, the economy cannot grow anymore at exponential rates. Instead, as the economy is developed, the growth becomes slower. The developing economies, however, show increasing GDP rate. The example is of China which grew monstrously in the last decade but now the growth has slowed down because its economy is mature. Its economy is at second number today and is poised to surpass the US. Even with the COVID-19, it is still growing despite the lockdowns and decreased economic activity.
Even when the economies are growing, the COVID-19 devastated the economies globally. Over 100 million were infected with the coronavirus globally with 2 million or more deaths which is not final as the correct figures would be known only once the pandemic is over. Many countries tried to curb the spread of coronavirus by imposing lockdowns which brought economies to a stop or slow down. Even now, various countries are grappling with the second wave of coronavirus and partial or complete lockdowns. Many countries are undergoing depression or recession due to pandemic and its adverse effects on economies. It is not still clear when will the countries come out of this recession phase, but many countries still had an increase in GDP. We will see two countries where the economy is growing. We have written this article in accordance with the research shared by Insider Monkey related to 10 Fastest Growing Developing Countries In 2020. So, now without any further delay, let’s start with the list of these fastest growing developing countries.
The first country where we will analyze the economic growth of the economy is Tanzania. The average growth rate in Tanzania over the last decade is 6.23%. Its economy increased by almost 3.5% each year from 2009 until 2013. The growth has expanded even further now and this country was affected by the 2009 Great Recession as well. The first country where we will see the economic growth of the economy is Myanmar. The average growth rate in Tanzania over the last decade is 6.27%. These days, Myanmar mostly comes in the news because of the ethnic cleansing of the Muslims going on there which is a fact now. But even after everything, it is a fast-growing country in 2020. The GDP per capita in Myanmar is $5,142. If you are interested in learning more about the fastest growing economies in the world, then jump to 15 Fastest Growing Developing Countries in 2020.
