In this first part of fastest growing economy in each continent we examine Africa, Europe and Australasia.

Fastest growing economy in each continent – Africa

Let’s start by looking at Africa which has many of the world’s fastest growing economies. Before Covid19 it was Rwanda that had been predicted to be the fastest growing country in Africa with growth of 8.7% (African Economic Outlook Report). However nasdaq.com reported that the effects of the pandemic meant that the two fastest growing economies in Africa in 2020 were Rwanda at 1.99% and Tanzania with 1.9%.

More useful information form the African Development Bank https://www.afdb.org

Tanzania is one of the world’s top ten economies for growth and a good tip for long term growth in Africa. The country has a diversified economy based on tourism, mining, services, construction, agriculture and manufacturing. The African Development Bank noted that the Tanzanian economy was showing a shift from private consumption to investment and exports.

Fastest growing economy in each continent – Europe

So to Europe, the two fastest growing economies in Europe in 2020 were Malta with 4% and Romania with 3.8%. This is surely an incredible achievement by Malta with an economy which is based partly on tourism. The fastest growing economy for Europe in 2019 was the Republic of Ireland with 5.5%.

Check out our Country Guides for useful information on several European country economies https://blackcat360.com/germany/

Projections for 2021 by the European Parliament Economic Governance Support Unit (quite a mouthful!) predict the economic growth stars in the EU block will be France, Spain and Hungary all with growth between 5.3  to 5.6%. Of course Europe is about so much more than the EU and the World Economic Outlook projected that Albania will be the fastest growing economy in Europe over the next 4 years averaging around 4% growth per year. Albania’s economy is based largely on agriculture and tourism however the government is implementing important reforms to improve infrastructure, finance and promote competitiveness.

Fastest growing economy in each continent

Fastest growing economy in each continent – Australasia

I was not sure if the correct name of this continent is Australasia, Oceania or Pacifica. I have seen it written as all three at various times. The Pacific Island nations are spread over an area equivalent to 15% of the Earth surface and yet have a total population of only 2.3 million people. The economies are based largely on tourism, fishing, education and services.

The biggest economy of this continent by far is of course Australia and so we will focus on growth prospects for the states in Australia. Australia in general is expected to make a strong recovery from Covid19 in 2021, however it is the state of Victoria which is expected to achieve the highest growth with around 5%. The economy of Victoria is based on food production, aerospace, fibre and various services.

Check out our blogs next week for Asia and the Americas.

There are many other useful articles on blackcat360.com to help you build your export sales around the world. We also have our Country Guides with key export and import information for several countries. A few links to articles are below:

Building international sales – focus on some new advertisers

Australia What you need to know to export and import – latest

Export opportunities – The European Union

Ukraine agriculture and IT powerhouse

Building international sales – focus on some new advertisers

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Fastest growing economy in each continent.