Here are the 10 fastest growing major economies in the last 10 years

Over the past decade, several developing countries have recorded impressive economic growth. Data available from the International Monetary Fund (IMF) show that over the past 10 years, seven Asian countries have entered the list of the 10 fastest growing major economies.

Countries with gross domestic product (GDP) at current prices of at least $100 billion in 2014 were considered. Here are some of the fastest-growing economies in the world from 2014 to 2024.

Bangladesh recorded the highest growth in the group. In 2014, its GDP was $207 billion. By 2024, it had more than doubled to $455 billion, an increase of 120%. This rapid expansion reflects Bangladesh’s progress in various industries and its growing role in the global economy. However, in 2024, its GDP recorded a modest annual growth of 2%.

Ireland has also seen remarkable growth. The country’s economy has grown by 117%, from $259 billion in 2014 to $564 billion in 2024. Last year, Ireland’s economic growth rate was 3.3%. This growth can be attributed to Ireland’s strong technology and finance sectors.

Vietnam This was followed by a 100% increase. Its economy grew from $233 billion to almost $466 billion in the same period. Vietnam’s growth is being driven by its manufacturing and export industries, which have helped it become a key player in the global market. Vietnam saw its GDP grow by 7.4% in 2024.

India the economy grew by 93%, increasing from $2 trillion in 2014 to almost $4 trillion in 2024. In addition, it is expected to grow at a rate of 10.2% per year in 2024. As one of the world’s largest economies, India’s growth reflects a growing technology sector, increasing foreign investment, and a growing middle class.

Romania grew by 85%, and its economy grew from $200 billion to almost $370 billion. Romania’s growth is supported by an improvement in the industrial sector and an increase in exports. In 2024, its GDP grew by 7%.

China remains a major global player with its economy growing 76%, from $10.5 trillion in 2014 to $18.5 trillion in 2024. Although the pace of growth has slowed compared with previous years, China is still a dominant force due to its massive manufacturing sector and growing consumer market. It recorded annual growth of 4.9% in 2024.

Israel and Singapore also showed impressive growth. Israel’s economy grew by 69% to $531 billion, while Singapore’s economy grew by 67% to $525 billion. Both countries have strong technology and finance sectors that contribute to their economic success. In 2024, Israel’s GDP grew by 4.2%, while Singapore’s grew by 4.7%.

Indonesia grew by 66%, with its economy expanding from $891 billion to $1.5 trillion. It also saw its GDP grow by 7.6% in 2024. This growth is fueled by Indonesia’s large population and rising demand for goods and services.

At the end, United States saw a 63% increase in its economy, growing from $17.6 trillion to $28.8 trillion. The U.S. economy grew by 5.2% last year. Despite being a mature economy, the U.S. continues to grow thanks to its innovation and diversified industries.

These statistics show how diverse economies around the world are evolving and growing, shaping the global economic landscape in fascinating ways.