The 13 fastest-growing economies in the world

China’s crazy growth has been one of the biggest stories over the past several decades.

But the Chinese economy certainly isn’t the only one posting huge growth rates.

We compiled a list of 13 countries with the highest projected compounded annual growth rate (CAGR) from 2014 through 2017 based on the forecasts from the World Bank’s Global Economic Prospects.

Keep in mind that the fastest growing economies typically aren’t among the largest, most developed ones. In fact, most of these countries suffer from high income inequality, low levels of per capita gross domestic product, elevated political instability, and rampant corruption.

13. China

2015 GDP: +7.10%

2016 GDP: +7.00%

2017 GDP: +6.90%

2014-2017 GDP CAGR: +7.10%

Economy: China is a manufacturing powerhouse and exporter, and many believe that its economy will surpass that of the US within the next decade. The government faces major problems, however, as the country transitions into a consumption-based economy. Additionally, per capita income is below the world average.

Source: World Bank, CIA World Factbook

11. Tanzania

2015 GDP: +7.20%

2016 GDP: +7.10%

2017 GDP: +7.10%

2014-2017 GDP CAGR: +7.15%

Economy: Tanzania has recently seen high growth rates because of gold production and tourism. The economy also runs on telecommunications, banking, energy, and mining, as well as agriculture. In terms of per capita income, however, the country is one of the poorest in the world.

Source: World Bank, CIA World Factbook

9. Bhutan

2015 GDP: +7.90%

2016 GDP: +8.40%

2017 GDP: +7.00%

2014-2017 GDP CAGR: +7.55%

Economy: Bhutan has a small and relatively undeveloped economy that relies on hydropower, agriculture, and forestry. It exports a large amount of hydropower to India, which has the potential to 'spur sustainable growth' in the next few years -- as long as Bhutan works to fix its 'chronic delays in construction.'

Source: World Bank, CIA World Factbook

8. India

2015 GDP: +7.40%

2016 GDP: +7.80%

2017 GDP: +8.00%

2014-2017 GDP CAGR: +7.57%

Economy: Prime Minister Narendra Modi's India has received high marks from analysts, even with delayed reforms. The services industry is a major source of India's economic growth, accounting for nearly two-thirds of its output with less than one-third of its labour force. Yet problems such as corruption, poverty, and discrimination against women and girls continue to hold back the country.

Source: World Bank, CIA World Factbook

4. Myanmar/Burma

2015 GDP: +8.50%

2016 GDP: +8.20%

2017 GDP: +8.00%

2014-2017 GDP CAGR: +8.30%

Economy: Myanmar, one of the poorest nations in Southeast Asia, started an economic overhaul in 2011 in an attempt to reintegrate into the global economy. The country has a young labour force and natural resources, and it has attracted loads of foreign investment.

Living standards for the majority of population, however, have not improved much.

Source: World Bank, CIA World Factbook

3. Democratic Republic of the Congo

2015 GDP: +8.00%

2016 GDP: +8.50%

2017 GDP: +9.00%

2014-2017 GDP CAGR: +8.62%

Economy: The Democratic Republic of Congo has huge natural-resource wealth, which it hasn't been able to efficiently monetise because of systemic corruption, conflict, and political instability. That said, its economic is slowly recovering since the tumultuous 1990s.

Source: World Bank, CIA World Factbook

2. Turkmenistan

2015 GDP: +8.00%

2016 GDP: +9.00%

2017 GDP: +9.00%

2014-2017 GDP CAGR: +9.07%

Economy: Turkmenistan's extremely corrupt economy relies on two major industries: cotton and gas. The former Soviet republic, which has the fourth-largest known gas reserves in the world, recently started sending its gas to China, and it may even start shipping gas over to Europe.

But 'prospects in the near future are discouraging,' however, 'because of endemic corruption, a poor educational system, government misuse of oil and gas revenues, and (the capital's) reluctance to adopt market reforms,' according to the CIA Factbook.

Source: World Bank, CIA World Factbook

1. Ethiopia

2015 GDP: +9.50%

2016 GDP: +10.50%

2017 GDP: +8.50%

2014-2017 GDP CAGR: +9.70%

Economy: Ethiopia's economy is mostly agriculture-based, but the government has made a push to diversify into manufacturing, textiles, and energy generation. But while the country has seen and (per the World Bank) will continue to see high GDP growth, per capita income remains ones of the lowest in the world.

Source: World Bank, CIA World Factbook

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