In 2019, the global economy has quite a lot of surprises to throw on! China which at one point of time used to be one of the biggest stories in the economic world has in recent times slowed down by unexpected rate and is also expected to continue. On the other hand the US economy seems to be further picking up its growth. Also the other economies too have shown a positive growth rate in the recent times. Now here is a list of some of the fastest growing economies in the year 2019.
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Ethiopia is the second most populous country in Africa and runs on a planned economy with a one party state. Now before 2016, for about a decade, the economy of this country grew somewhere between 8% to 11%. The major factors that resulted into such growth was the enhanced infrastructure, progress made in agriculture and also in the service sector. With more than 70% of the population being employed the GDP growth rate projection for the year 2019 is found to be 7.9%. It is heavily engaged in economy. The foreign exchange here is led by service sectors.
Being a rural and agrarian country, where the agriculture accounts for a total of 63% of the export earnings, some mineral and agro processing too are contributing to the economic activity of this place.? The main sources of Rwanda for foreign exchange are mineral, tourism and coffee. In the last decade Rwanda has surely achieved a rapid growth which happened due to the various programs that are being run for the poverty reduction and economic development.? The GDP projection for 2019 has been predicted to be around 7.6%.? With its 70% workforce in the agriculture sector, today Rwanda is the East Africa?s one of the fastest growing economies.
The GDP growth projection of Bangladesh for 2019 has been predicted to be around about 7.4%. Now in a country like this where more than half of their GDP is generated from the service sectors, here there is half of the population which is employed in the agriculture sector. Rice is one of the most important products and then the garments industry comes second which accounted for more than 80% of the total exports in the financial year of 2016-17.
In the recent times, India has been making quite the headlines. With a diverse economy, it encompasses modern agriculture, traditional farming, handicrafts, modern industries and a lot more. Here the major source of the economic growth is the service sector although half of the people are still in the agriculture. They have also been indulging a lot in the exports of the information technology, thanks to the growing English speaking population. It is developing into open market economy. The GDP projection for India is 7.3% for the year 2019.
Therefore, when we talk on a general basis the global economy is on the rise. Countries have started taking initiatives to eradicate poverty and establish a better standard of living.