Race to the Top: the Best Country in Terms of GDP

The GDP or the Gross Domestic Product is one of the most anticipated market data release in the world. The data in itself holds one of the heaviest weights in determining the future of a country and how it has done so far. A good GDP means a happy and stable economy which attracts more people to go in their country and invest. Meanwhile a bas GDP spells disaster as not only does it repel potential investors, it also gives the country a bad image. The GDP is like a report card at the end of the school year, with market participants waiting expectantly about the performance of the countries.
It is important for traders to keep an eye on the top of the class as they pave the way into the success of tomorrow. Meanwhile, traders are also advised to keep watch of the slow growers as they may offer unlimited potential for growth if you grab on to the right opportunity.
The World Bank and the International Monetary Fund are the guardians of records that show the comprehensive sources of statistics that gathers data such as life expectancy, inflation, unemployment report, and literacy.
Without further ado, here are the world’s fastest countries in terms of GDP growth/ the world’s slowest countries in terms of GDP Growth.
The Fastest GDP Growth
Since 1980, the International Monetary Fund has been tracing the path of countries around the world based on their GDP. It was done as part of the IMF’s World Economic Outlook database project. Obtaining sufficient information to accurately assess a country’s condition. However, the IMF has accumulated over thirty years worth of information that could at least shed some light on the world’s best growers.
As per data of IMF, the following are the countries which were able to advance the biggest.
Equatorial Guinea: 150% (1997)
Equatorial Guinea: 67% (1996)
Equatorial Guinea: 63% (2001)
Sudan: 62% (1997)
Kuwait: 51% (1992)
Evidently, Equatorial Guinea had the best performance, placing the top three slots in country that has grown in terms of GDP. According to the IMF, Equatorial Guinea was able to achieve this feat through traditional economic growth. This means that the country has exploited its natural resources, promoted privatization, and dramatically increased labor production. Equatorial Guinea was lucky to have utilized their natural gas and oil fields and had good governance. Sudan and Kuwait came second and third respectively but not because of traditional economic growth. The two then-war-inflicted country was able to bounce back because of one thing: oil.
Despite coming from a 22-year civil war, Sudan reached peace when the government and the rebel factions agreed to a ceasefire. Meanwhile, Kuwait was then recovering from an invasion from Iraq.
According to the IMF, the world GDP growth will average at 4.3% by the year 2013-2017.