Fastest growing economy on each continent: Asia – Macau 27.2%

We start identifying the fastest growing economy on each continent with Asia. Macau is the most densely populated region in the world with a population of around 680,000 in only 115 km2. It is a special administrative region of China rather than a UN recognized country but even so the economy is largely a separate entity from the China mainland and 2024 will be a very good year for Macau.

The incredible rate of economic growth will be driven by a bounce back for the gaming and casino industry. Macau also enjoys a strong banking sector which has considerable capital and liquidity and this have enabled the region to begin diversification and fund investment. The IMF has noted the need to improve digitalization.

fastest growing economy on each continent 2024

Fastest growing economy on each continent: Europe – Ireland 5%

Ireland has made a very strong recovery from the serious economic problems caused by the world economic crisis back in 2010. The Irish economy is projected to grow by 5% this year making it the fastest growing economy in Europe.

The Irish economy is driven by technology, finance, life sciences and agribusiness. The low main rate of corporation tax has been important in attracting major tech businesses to the country but this rate has increased from 12.5% to 15% in 2024 for larger companies.

Fastest growing economy on each continent: Americas – Guyana 26.6%

Guyana is the third smallest country in South America with a population of just over 800 thousand. The economic success that Guyana is currently enjoying is based largely on a huge oil discovery which has taken the country from being one of the poorest in South America to one of the richest and the fastest growing economy in the world.

Guyana does also produce and export agricultural products such as sugar and rice and has a strong mining sector including gold mines.

Fastest growing economy on each continent: Africa – Niger 11.2%

Niger experienced strong growth of 7% in 2023 and the economy is expected to do even better in 2024 with growth of 11.2% which will make Niger the fastest growing economy in Africa.

Niger is a major exporter of uranium and thorium ore making the country politically important internationally. It also exports gold, oil, chemicals and some agricultural products. Some economists question the validity of the economic data published by the junta which currently controls Niger.

Fastest growing economy on each continent: Oceania- Palau 6.5%

Palau is a tiny island nation in the Pacific Ocean with a population of only 20 thousand people. The beautiful archipelago of about 500 islands has relied heavily on tourism for its economic prosperity but the Covid 19 pandemic has caused a major rethink of economic policy.

The government of Palau has targeted becoming a center for international online businesses and digital start-ups. With no corporation tax the country charges instead a revenue tax of 4% based on turnover. Palau also enjoys excellent quality and reliable fast internet. The government seeks to become a smaller version of Singapore style economic success.

Over tourism had become a major problem for Palau but the new economic plan will diversify and the economy and enable the sustainable tourism model to work.

To discover more about the potential of Palau watch this video which features interviews with senior government ministers from Palau on plans to make the country a hub of international internet start-ups:

https://www.youtube.com/watch?v=Al4JKn-ggBs&list=WL&index=1

For key information regarding the world’s major economies check out the blackcat360.com Country Guides which will tell you all you need to know about exporting to the world’s major economies. This is a link to the Germany Country Guide:

https://blackcat360.com/germany/

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Fastest growing economy on each continent