Fastest Growing Economy Of The World – Since the global economy completed its recovery from the financial crisis in 2008, it has grown at a moderate but steady pace. This trend is likely to continue in 2018: according to the Intelligence Unit (EIU), global GDP is expected to grow by 2.7% this year, slightly lower than the 2.9% recorded in 2017.
Again, China will make the largest contribution. The world’s second-largest economy is expected to grow by 5.8 percent this year, representing about a third of total global expansion. However, this rate is still a full percentage point lower than the national rate last year: Chinese President Xi Jinping has sought to curb credit growth, slowing the country’s economy. This makes India the fastest growing major economy in the world, with an expected rapid increase in GDP of 7.8%. Southeast Asia is also expected to perform well: Vietnam, Cambodia, Myanmar and Laos are expected to grow by more than 6%.
Fastest Growing Economy Of The World
The rich world cannot hope to keep up with such a rapid rate of growth. However, most developed countries have yet to approach at least 2%, and even long-lag Italy is expected to reach 1.4%. Perhaps the most encouraging indicator is how much expansion is expected: the Economic Intelligence Unit expects only four economies to contract in 2018. The injury in Venezuela, which is likely to be the worst performer with a loss of 11.9%, is self-inflicted, with gross mismanagement that It led to hyperinflation and a looming government debt default. North Korea is also paying a price for its policies. It faces tough international sanctions in response to its growing nuclear weapons program. The economy of Puerto Rico, which is technically an overseas territory of the United States, is expected to contract by 8 percent in the wake of the devastating hurricane that left most of the island without power. As one of the leading translation and transcreation agencies in London, we see a number of companies preparing to enter the overseas market. Of course high-quality translation is a prerequisite for success abroad.
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Expanding into foreign markets is an attractive proposition for most companies today. The popularity of the Internet and the acceptance of multicultural societies allow businesses to thrive in new environments.
According to the International Monetary Fund, global economic output is expected to grow by 3.9% in 2018. The fastest growing economies are in developing countries.
Emerging economies give companies the advantage to take advantage of lower innovation costs and tap into markets that have an audience with money to spend.
In addition, optimistic economic growth prospects around the world give more confidence to companies to explore foreign markets.
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However, it is also important for businesses to choose the right market when looking to expand their reach. It is important to understand the culture and determine whether a foreign audience needs your product or service.
As a translation agency, we have relationships with local linguists in many countries who have experience in business and marketing translation. Researching through translation channels ahead of time can save you a lot of time and money.
In this article, we decided to examine ten countries that are currently showing positive economic growth. This is the country that the World Bank and International Monetary Fund expect to have the fastest growing economy in 2018.
Sub-Saharan African economies are growing rapidly. Six African countries are among the ten fastest growing economies, with Ghana leading the pack at the time of writing.
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Ghana has good natural resources and, thanks to the discovery of crude oil in 2007, has emerged from the recession of poverty. As oil prices rose in other countries, supplies from Ghana grew rapidly.
Cocoa production is also an economic driver and the country recorded 850,000 tons last year.
Another advantage for foreign investors is that Ghana has a market economy with low entry barriers. The government has been wise in restricting trade and investment policies, which are encouraging for international companies.
Ethiopia is Ghana’s closest competitor as the world’s fastest growing economy in Africa. Every year it is determined which country will appear on top.
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The World Bank revealed that the GDP growth rate in 2018 was 8.2%, and the International Monetary Fund expects the country to maintain this growth rate for some time.
In fact, Ethiopia is expected to become a middle-income country by 2025. Its economy is focused on services and agriculture, but in its expansion efforts, the government seeks to promote manufacturing, textiles and next-generation energy.
Although the economy is growing rapidly and the government has ambitious growth plans, wages per capita remain among the lowest in the world.
India was the fastest growing economy in Asia in 2017 and is expected to reach 7.3% of GDP in 2018. The growth acceleration in the economy is largely due to structural reforms and the introduction of the Goods and Services Tax.
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Internal barriers to trade and greater efficiency in tax compliance help reduce corporate debt in the banking sector. In turn, this improves credit quality and increases recapitalization – allowing Indian companies to partner with foreign investors.
According to experts, the sectors with the greatest growth potential in India are manufacturing, IT, real estate, retail services and tourism.
Côte d’Ivoire dominates growth in West Africa, and the International Monetary Fund expects growth of about 7.2% of GDP in 2018. Furthermore, the country’s economic outlook is positive over the next few years.
The economic performance is largely due to increased trends in the agricultural sector and food exports. Côte d’Ivoire is the world’s leading exporter of cocoa beans, coffee and palm oil.
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In addition, the banking sector improved tax collection policies and curbed government spending, which helped reduce the budget deficit. As a result, the economy is poised for further growth and opportunities to expand into other industrial sectors.
The small country of Djibouti has long relied on its strategic location at the southern entrance to the Red Sea. Until recently, the country’s economy revolved around service activities in the capital, and thanks to its ideal location, tourism is a huge boon.
Since expanding its port, the country’s economy has strengthened by 6.5 percent in 2016. The increase in construction and transportation is the main driver of economic growth which is expected to reach 7 percent in 2018.
Djibouti’s weakness is that the low rainfall makes it difficult to produce crops, so most food must be imported. Therefore, food industry companies have an excellent opportunity to develop their operations in the Red Sea region and make Djibouti a catalyst for expansion.
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Cambodia’s economy has grown at an impressive rate in recent years. Supported by strong growth in the tourism, construction and apparel sectors and rapid growth in the banking sector, the economy is expected to expand by 6.9% this year.
Garment exports are supported by agreements signed with the European Union and America, in addition to increased supplies to Japan and Canada. The Cambodian government is also working to diversify its manufacturing sector including electronics and auto parts.
Additionally, market reports indicate that business opportunities in Cambodia for international companies lie in the food industry, hotel resorts, education, architecture, construction and engineering.
Bhutan has a reputation as the happiest country on Earth because it measures social and economic development based on the Gross National Happiness (GNH) framework rather than GDP.
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However, the government has not completely ignored GDP, and the country’s hydropower potential has made Bhutan the fastest growing economy in the next few years.
The World Bank’s World Economic Outlook report expects Bhutan’s average economic growth to reach 11.1%, which will advance development and prosperity in the country.
Besides hydropower, agriculture and forestry will be the main drivers of the industry, and the government plans to diversify exports to rice, potatoes, corn, apples, hazelnuts, coffee and organic vegetables.
Senegal’s economy has been growing at a steady rate for several years. The World Bank expects growth of 6.9% for 2018, the steady pace of expansion since 2015.
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The completion of the new international airport in 2017 is expected to attract 3 million visitors annually and boost the country’s tourism sector. However, huge funds were used to develop the country’s infrastructure and trade routes.
Phosphate mining, heavy construction, commercial fishing, information technology and agriculture are other key sectors that international companies can tap into. The government also wants to develop logistics and warehousing services in the country to expand distribution networks in Africa and Asia.
The East African country of Tanzania has enjoyed high economic growth over the past decade – averaging 6.5% of GDP. With 55 million people rising out of poverty, there are positive prospects for the future.
A stable growth rate is considered encouraging, and the government has ambitious plans to invest in the private sector. The ambition is to bring finance and innovation to create more job opportunities.
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