In an economic research by the Economy Watch led by Juan Abdel Nasser, Ghana is
ranked the fastest economic growing country in the world. Looking at the data on the
Economic Statistics database from the Economy Watch.com., with the data points from
the IMF's tracker of GDP Growth in constant prices in the national currency (not
converted to US dollars).
Even though many people assume that China is the fastest economic growing country in
the world, but that is not the case, it is the fastest growing largest economy, but
that is a different thing.
What matters here is the key trends that are driving the growth figures. Looking at
the Economic Indicator list for the year 2011, it is surprising to see who is now
leading the pack in terms of economic growth.
It is not one of the countries that is normally thought of in those terms but rather
Ghana which is currently the World's fastest growing economy in the year 2011.
The statistics for 2011:
Economic Indicator Listing in Year 2011
Ghana 20.146 %
Qatar 14.337 %
Turkmenistan 12.178 %
China 9.908 %
Liberia 9.003 %
India 8.43 %
Angola 8.251 %
Iraq 7.873 %
Ethiopia 7.663 %
Mozambique 7.548 %
Timor Leste (East Timor) 7.4 %
Laos 7.395 %
Growth rates are much higher this year. The chart tops out at over 20%. Last year
there was a projected high of 16.4% from growth leader Qatar.
We can see once again that developed countries do not feature in the Top 12. Almost
half of the top 12 come from Africa. Ghana has swept from 4.5% last year, to an
astonishing 20.146% for 2011.
One third of the Top 12 are from the Far East, two from the Middle East and one from
Central Asia. In 2010 there was only one G20 nation in the Top 12. This time India
also makes the grade. This is the beginning of a larger trend. According to a
political economic expert, with China's ageing population and India's young
demographic, India's growth rate will overtake China's within 10 years, as it will
start to enjoy a ?demographic dividend.? However India will not be without its own
challenges as the chief political economist David Caploe points.
* The African decade continues to hold sway. 2010 to 2020 is bringing massive
development to the continent. As China continues to boom we will see the Chinese
offer more large-scale infrastructure development to African governments in return
for natural resources and farmland to support it's vast population. In turn African
countries are continuing to challenge old perceptions of corruption and violence
through practising better governance. Chart leader Ghana is one of Africa's
strongest democracies. African countries will continue to veer in favour of
increased prosperity. The picture continues to be replacement of Western aid for
Africa by Eastern trade with Africa.
* Energy is still remains a major key and will continues to play a key role. We
expect this trend to continue with the advent of ?peak oil? and the continuing
upward trend in oil and natural gas prices. Countries like Qatar and Azerbaijan with
their huge natural gas and oil reserves will continue to boom.
* Rapid population growth is a key factor in economic growth. The countries with
some of the highest rates of population growth in the world dominate the growth
chart. As their economies mature, expect to see this trend slow down somewhat for
these countries.
* A low growth base offers more opportunity for expansion. This explains the lack of
highly developed economies in the Top 12. As these markets contend with the credit
crisis or as "Dr Dave likes to call it, the Loan Freeze", the ongoing costs of
supporting an ageing population and the law of diminishing returns will ensure that
we will see much higher growth performance from economies that have more room to
grow.
* Democracy and transparency in governance is the only way to (peace and) promote
economic development, countries like Ghana who are experiencing a new era of good
governance will enjoy massive growth increases. Where there is peace and good
governance, prosperity will follow as we see in other countries making profitable
use of their resources for development, rather than wage war. Underdeveloped
economies surging ahead for 2011 will assist in closing the gab between rich and
poor in the World.
FRANCIS TAWIAH (Duisburg - Germany)
