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Some countries around the world are experiencing rapid ecomonic growth so quickly, that you might be surprised by a few names on this list. From countries with newly discovered oil deposits, to great advancements in their infrastructures and GDP here are the fastest growing countries in 2020.
In 2019, the philippines witnessed outstanding economic growth and many are predicting that that trend will continue into the next year. The world bank projected that their GDP would rise 6.5 percent faster in 2020 and 6.6 in 2021. This country isn’t afraid of making babies either and they’ve noticed a steady incline in population and are expected to bring another 109 thousand people into the world in 2020. With a pretty good exchange rate for the US dollar to Philppine peso, many westerners have considered retiring in this country. The capital city of Manilla has noticed a significant increase in traffic and homes might become a little bit crowded here. Nonetheless, Americans can expect to live a decent life close to a beach here for only about 800 bucks a month, with rent possibly costing less than 200 bucks a month. We can see why it’s becoming a popular destination in recent years! You’ll just have to deal with people eating baby duck eggs and it should be okay.
Typically when you go to the Maldives, you expect luxury, seclusion and relaxation under the sun. It almost seems like at some point in time, there won’t be enough room for everyone to live in this archaelopeligo country in the indian ocean. If the country doesn’t get hit by a tsunami in the upcoming 30 years, it’s believed that their population will double what it is now. Many are predicting that their GDP will increase by 6.3 percent in 2020 which will therefore increase their per capita gdp. Compared to other southeast asian countries like india, nepal and Bhutan, this small country is keeping up with economic production. With economic growth comes pollution though. A lot of tourism to this part of world is certainly helpful and might it grow a little too fast to keep up with demand. There has been quite the problem with pollution because of this and a trash island known as thilafushi had to be created. it’s estimated that 31000 truckloads of garbage were transported to this island each year and it continues to grow each
While it still ranks as one of the poorer countries on this list, Benin is expected to see some steady economic growth partially due to being one of africa’s largest cotton exporters. Their population sits at about 11 million people which is pretty big considering its size. A majority of its citizens live in the southern part of the country, while there is still much untapped resources in the north. Some of it’s strength comes with it’s new president who’s making strives at free-market reforms. It’s economy has managed to get better over the past 4 years as it makes a transition from a dictatorship to a democracy. With exports such as oil, limestone, marble and timber it’s easy to see why there is so much potential to become stronger than ever before. A majority of the population is under 25 and for quite some time, one woman on average would have 7 kids! Which has lead to a population increase well.
Ecuador was the setting for a huge economic boom in 2019 and has experienced surge poverty reduction over the past decade or so. Due to their low oil prices and their appreciation for american currency, it hasn’t been too hard to do business with this country. There are high hopes in 2020 it can only get better as more people begin to realize that this is a low key good place to retire. Many have praised their low dental prices and people can live a comfortable lifestyle on their retirement pensions. The population is also on the rise here and tourism has been going up with interest in inca ruins
Bolivia and Ecuador were both fairly equal in GDP percentage increases over the past couple of years. They’re fairly equal in comparison except that bolivia is larger but doesn’t have a beach. In any case, it tops the list for the fastest growing country in South America by population. With three times more people being born than expiring, the next generation will certainly be booming in the upcoming decades. Bolivia is dense with resources and benefit from natural gas exports to countries such as argentina and brazil. Unfortunately, it still rather undeveloped which deters some investments but a lot of room to grow. The government plans on going all in soon by nationalizing their industries and utilizing their natural resources of petroleums, gold, silver, and soy products in the upcoming years.