2022’s High Growth Economies
India’s GDP grew by 4.1 percent in the first three months of 2022, slightly truncating annual growth in 2021-22 to 8.7 percent due to Omicron restrictions putting a damper on economic activity in this last quarter of the Indian fiscal year. In Q1 of the new fiscal year (April to June), growth was back to 13.5 percent.
In terms of the big picture, Indian GDP growth is also still doing quite well on a global scale, and the country is expected to surpass Japan as Asia’s second-largest economy by 2030.
The IMF has forecast India’s GDP growth of 6.8 percent in 2022. As many countries have been downgraded in this week’s release by the organization, so was India. In April, the IMF had still projected a growth of 8.2 percent for the country. However, this still places India in the top 10 of the fastest growing economies in the world (out of those with GDPs of $20 billion or more), albeit in rank 9, down from rank 4 in April. Counting all countries, even small island nations, India comes 20th.
Guyana was named the fastest-growing economy in both forecasts by the IMF. The sparsely populated country is growing thanks to new oil exploitation projects. Ireland’s growth was also revised upwards drastically. Still, the small nation’s GDP is notoriously volatile due to the many multinationals headquartered there, which are taking advantage of favorable tax codes within the EU.
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