Business Insider – This month, the World Bank cut its 2013 global growth forecast to 2.4 percent (from 3.0 percent), its 2014 forecast to 3.1 percent (from 3.3 percent), and it introduced its 2015 forecast calling for 3.3 percent growth.
The country-specific economic projections in the World Bank’s Global Economic Prospects are clear about one thing: advanced economies won’t be driving global growth.
We pulled the 20 countries with the highest projected compounded annual growth rate (CAGR) from 2013 through 2015, based on the World Bank’s estimates.
A caveat – this isn’t a list of the world’s best economies, or countries with the highest standards of living. In fact, income inequality plagues many of these nations, which have extremely low levels of GDP per capita. Some of these countries are ‘frontier nations’ – with extremely low levels of GDP – and as such have an easier time attaining a high growth rate over this selected period.
Most of the countries are underdeveloped, as evidenced by little infrastructure or mass subsistence farming. Five derive the majority of their export value from minerals; and four rely upon oil or gas as a key export.
2012 GDP: +3.40%
2013 GDP: +6.20%
GDP CAGR: +7.27%
Economy: About 80 percent of Uganda’s workforce is employed in agriculture, though the country has significant mineral and oil reserves. Reforms instituted in 1990 continue to provide a sound foundation for growth, limiting inflation while enhancing earnings and production.
2012 GDP: +6.60%
2013 GDP: +6.70%
GDP CAGR: +7.39%
Economy: Cambodian textiles amount to over 70% of the nation’s exports. Recent oil discoveries and continued development of mineral resources will have a positive impact on GDP growth. A potential long-term barrier to growth remains: educating and creating jobs for Cambodian youth, as the majority of its population is under 25 years old.
2012 GDP: +6.50%
2013 GDP: +6.80%
GDP CAGR: +7.43%
Economy: This ‘frontier’ nation is among the poorest in the world in terms of GDP per capita. Agriculture accounts for over 25 percent of GDP and 85 percent of exports while employing approximately 80 percent of the workforce. The country does possess significant stores of diamonds, gold, and iron.