What country has the fastest-growing economy?
It has a population of about 777,000 people, and its economy is centered on exports like sugar, gold and bauxite
Cornerstone Macro’s Michael Kantrowitz argues American consumers are seeing a good economic backdrop, that the U.S. economy is just starting to see the benefit of lower interest rates and that central banks around the world will have less of a reason to take action in 2020.
There are many factors by which to measure a country's economic success, but when it comes to the country with the fastest-growing economy, the answer may surprise you.
Guyana, a country east of Venezuela, could have the most explosive economic growth in the world in the next few years, according to the International Monetary Fund. That's because of the major oil reserves off Guyana's coast that companies like ExxonMobil are scrambling to tap.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 121.54 | +1.19 | +0.99% |
AMERICAN COUNTIES WITH THE BEST AND WORST ECONOMIC GROWTH
The IMF says Guyana's economy could grow by nearly 86 percent in 2020. By comparison, the IMF predicts the U.S., the top economy in the world, will see its GDP grow by 2 percent in 2020.
Guyana has a population of about 777,000 people, and its economy is currently centered on exports like sugar, gold and bauxite, a rock with high aluminum content. The IMF has estimated that oil will represent 40 percent of the country's GDP by 2024.
Guyana's runner-up, the Republic of South Sudan, is expected to have 8.2 percent real GDP growth in 2020, followed by Rwanda at 8.1 percent, Bangladesh at 7.4 percent and Cote d'Ivoire at 7.3 percent. Nearly all of the countries in the top 5 have been ripped apart by civil wars in recent years, and their economies are rebuilding.
India, which used to hold Guyana's spot, still has a relatively good rating from the IMF. The country is expected to see 5.8 percent real GDP growth, and leaders from President Trump to Amazon CEO Jeff Bezos have pursued partnerships with India recently.
"We welcome India's growing investments right here in the Lone Star state," Trump said at a rally in Houston, Texas in September, with Indian Prime Minister Narendra Modi.
"Nations around the world are investing in the United States because they know we have the best economy and best workers in world," Trump said. "We want to thank everybody and India has never invested in the U.S. like it is doing today, and I want to say it’s reciprocal because we’re doing the same thing in India."
President Donald Trump stands on stage with Indian Prime Minister Narendra Modi at NRG Stadium, Sunday, Sept. 22, 2019, in Houston, during a "Howdy Modi: Shared Dreams, Bright Futures" event. (AP Photo/Evan Vucci)
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India's economy is slowing down, but it's still regarded as one of the world's powerhouses. India’s government on Saturday offered relief to taxpayers and vowed to spend billions to double farmers’ incomes and upgrade infrastructure, health care and industry to boost the country's lowest economic growth in a decade.
The Associated Press contributed to this report.