Fastest growing economy in Asia and the Americas -Unexpected!
Fastest growing economy in Asia and the Americas – Asia
So first to the fastest growing economy in Asia.Despite the negative effects of the unprecedented Covid19 pandemic the Taiwanese economy still grew by 3.11%, which outpaced its economic powerhouse neighbour China which had growth of 2.3% (CNBC website). This was the first time in 30 years that Taiwan’s economy has outgrown China’s.
The Taiwanese economy even beat its original growth forecast for 2020 of 2.58% (Taiwan central bank forecast). One of the prime drivers of this growth was the export of semiconductors.
Taiwan is a powerhouse in the production of semiconductors, which are important components powering products from cars, to computers and mobile phones.
Demand for chips surged globally when the pandemic forced people to spend more time indoors and the lockdowns triggered an uptick in sales of consumer electronics such as laptops
Only three of the major Asian economies achieved growth in 2020, the other notable achiever being Vietnam with growth of 2.9%. Vietnam had been predicted by many economists to be the fastest growing Asia economy in 2020.
Looking ahead to forecasts for the future in Asia, an article on alexika website largely based on projections and information from the International Monetary Fund outlines that India and Bangladesh will be the two growth kings for Asia from 2021 to 2024 with a growth average around 7.4% each per annum. https://alexika.com/blog/2020/02/21/the-fastest-growing-countries-in-asia-2020-2024
Honourable mentions can also be given to the tiny and reclusive country of Bhutan (projected growth around 5.9-7.2% over the period) and Cambodia expected to average circa 6.6% p.a. over the next four years.
Bhutan’s economic growth has largely been driven by the production of hydro electric power. Its steep mountains, deep valleys and abundance of water make it a perfect place for hydro electric power construction.
Per capita income in Cambodia has been increasing rapidly in recent years but is still low compared with most neighboring countries.
Cambodia’s two largest industries are textiles and tourism, however agricultural remains the main source of income for Cambodians living in rural areas.
Of course we have many Asian businesses listed in the business sourcing section of our website.
Fastest growing economy in Asia and the Americas – Americas
Unfortunately every major economy in South America contracted in 2020 due to the coronavirus pandemic but the country that fared the best was Paraguay with a -4% contraction.
The worst case was Venezuela with an economy that shrank by 25%! Of course Venezuela is a country with considerable political problems and is also suffering from the low oil prices. I visited to Venezuela in 2006 for a holiday and it has considerable unfulfilled potential as a holiday destination.
The economy of Paraguay is very reliant on agriculture and the economic growth in the country has been driven by the export of soya beans. Other important agricultural products are rice, maize, sugarcane, cassava, wheat, oranges and yerba mate.
Fastest growing economy in Asia
There is one major success story in South America and that is little Guyana. The economy of Guyana grew by 26.21% in 2020 and is expected to grow by 8.12% in 2021. Now this growth was almost entirely down to the discovery of oil in the country, however the great news is that the preservation of Guyana’s pristine rain forest has been a key consideration in the development of the oil industry in the country.
To find information on the fastest growing economy in every continent for Africa, Europe and Australasia please refer to our earlier article.
Fastest growing economy is Asia and the Americas – Other information
Other useful articles about export opportunities around the world can be found in the blackcat360.com news section and also in our Country Guides. A few links to articles are below:
Export opportunities – The European Union
Building international sales – focus on some new advertisers
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Fastest growing economy in Asia and the Americas
