In order to compile a list of the 20 countries with the highest rate of economic growth in 10 years, we sourced data from the International Monetary Fund (IMF). The most recent data was available from 2022. We considered the growth in real GDP for all countries over the last 10 years. We averaged the real GDP growth rates of countries over the last 10 years and ranked them in ascending order.
20 Countries with the Highest Rate of Economic Growth in 10 Years
20. Democratic Republic of the Congo
Average Real GDP Growth:5.35%
The oil sector accounts for a significant portion of the GDP and the exports in the Democratic Republic of the Congo. The average real GDP growth was 5.35% in the last 10 years which makes the Republic of Congo another country with the highest economic growth during this period.
19. Seychelles
Average Real GDP Growth:5.44%
The economy of Seychelles largely relies on tourism and fisheries. The country is one of the most prosperous countries in sub-Saharan Africa and has a high GDP per capita among other African nations.
18. Cambodia
Average Real GDP Growth:5.51%
With an average real GDP growth of 5.51% in the last decade, Cambodia ranks as one of the countries with robust economic growth in 10 years. The recovering services sector has contributed to the recent economic growth in the country.
17. Benin
Average Real GDP Growth:5.53%
The 20 countries with the highest rates of economic growth in 10 years include Benin as well. The national economy has been resilient against external conditions such as the closure of borders with Niger and the increase in gas prices due to the reforms implemented in Nigeria.
16. Niger
Average Real GDP Growth:5.69%
Niger is another African country with a high rate of economic growth in 10 years. The real GDP growth rate was 5.69% during this period. The national economy is highly dependent on agriculture.
15. India
Average Real GDP Growth:5.78%
India is one of the fastest-growing economies in the world. Strong domestic demand, robust investment activity, and private consumption have resulted in an expansion in the national economic performance.
14. Guinea
Average Real GDP Growth:5.85%
Guinea is one of the 20 countries with the highest rates of economic growth in 10 years. The agricultural sector, natural resources, and processing industries are significant economic resources for Guinea.
13. Uzbekistan
Average Real GDP Growth:5.87%
Uzbekistan has maintained its economic growth in the last 10 years. It recorded an average real GDP growth of 5.87% during this period. In the first half of 2023, the growth in the country’s real GDP was driven by exports, remittances, and consumption.
12. Vietnam
Average Real GDP Growth:6.1%
With an average real GDP growth of 6.1% in the last 10 years, Vietnam ranks among other countries with high economic growth. The agricultural sector highly supports the economy by contributing to the GDP as well as employment.
11. Tanzania
Average Real GDP Growth:6.18%
Tanzania is another country with a high economic growth rate in 10 years. The recent strong growth in exports and the structural reforms aimed at improving the economy’s competitiveness have played their role in Tanzanian economic growth.
10. China
Average Real GDP Growth:6.24%
China is one of the leading global economies. The country has maintained an average growth rate of 6.24% in its real GDP in the last 10 years. Major improvements in poverty eradication, health, and education have also been made during this period.
9. Malta
Average Real GDP Growth:6.26%
Malta is one of the 20 countries with the highest rate of economic growth in 10 years. The national tourism sector has strongly rebounded after the pandemic and economic growth has been expected to remain robust in the coming years.
8. Rwanda
Average Real GDP Growth:6.34%
Rwanda saw high economic growth in the last decade. Regardless of challenges including the Russian invasion of Ukraine, climate-related issues, and inflationary pressure in 2022, Rwanda sustained its economic growth. It has also made improvements in its living standards among other African countries.
7. Bangladesh
Average Real GDP Growth:6.5%
Bangladesh has witnessed relatively high economic growth in the last 10 years as evidenced by its average real GDP growth of 6.5% during this period. Factors contributing to the country’s economic growth include strong ready-made garment exports, remittance inflows, and stable macroeconomic conditions.
6. Maldives
Average Real GDP Growth:6.82%
Maldives ranks as another country with a high economic growth in the last decade. The country recorded an average real GDP growth of 6.82% during this period. The national economy significantly relies on tourism which has driven a sustained economic performance of the country.
5. Côte d’Ivoire
Average Real GDP Growth:6.82%
With an average real GDP growth of 6.82% in 10 years, Côte d’Ivoire ranks as one of the countries where economic growth has been high. The country maintained a robust economic activity in 2022. Sustained public investment and domestic consumption contributed to this growth.
4. Tajikistan
Average Real GDP Growth:7.09%
Tajikistan is one of the 20 countries with the highest rate of economic growth in 10 years. Strong growth and higher wages during the period also reduced poverty. The nation has a high growth potential due to its young population, mineral resources, agriculture as well as tourism.
3. Ethiopia
Average Real GDP Growth:8.43%
Ethiopia is a populous country in Africa which is one of the fastest growing economies in the region. The national economy continued to grow at an average of nearly 10% per year in the last 15 years. This has resulted in a long-term record of growth for Ethiopia.
2. Ireland
Average Real GDP Growth:9.05%
Ireland is a highly developed knowledge economy that ranks among other countries that recorded a high economic growth rate in the last 10 years. The nation is also known to have one of the highest productivity levels across the globe.
1. Guyana
Average Real GDP Growth:14.93%
Guyana ranks on top of the 20 countries with the highest rate of economic growth in the last decade. The country’s GDP per capita is rising at a rapid rate due to its oil production. It is also expected to remain one of the fastest-growing economies with double-digit growth rates in 2024 with the operation of additional oil fields.
