By Niccolo Conte
Large emerging markets are forecast to play a greater role in powering global economic growth in the future, driven by demographic shifts and a growing consumer class.
At the same time, many smaller nations are projected to see their economies grow at double the global average over the next five years due to rich natural resource deposits among other factors. That said, elevated debt levels do present risks to future economic activity.
This graphic shows the emerging markets with the fastest projected growth through to 2029, based on data from the International Monetary Fund’s 2024 World Economic Outlook.
Top 10 Emerging Markets
Here are the fastest-growing emerging economies, based on real GDP compound annual growth rate (CAGR) forecasts over the period of 2024-2029:
| Rank | Country | Projected CAGR (2024-2029) |
|---|---|---|
| 1 |  Guyana |
19.8% |
| 2 |  Mozambique |
7.9% |
| 3 |  Rwanda |
7.2% |
| 4 |  Bangladesh |
6.8% |
| 5 |  Ethiopia |
6.7% |
| 6 |  Niger |
6.7% |
| 7 |  Uganda |
6.6% |
| 8 |  India |
6.5% |
| 9 |  Vietnam |
6.4% |
| 10 |  Senegal |
6.3% |
As South America’s third-smallest nation by land area, Guyana is projected to be the world’s fastest growing economy from now to 2029.
This is thanks to a significant discovery of oil deposits in 2015 by ExxonMobil, which has propelled the country’s economy to grow by fourfold over the last five years alone. By 2028, the nation of just 800,000 people is projected to have the highest crude oil production per capita, outpacing Kuwait for the first time.
Bangladesh, where 85% of exports are driven by the textiles industry, is forecast to see the strongest growth in Asia. In fact, over the last 30 years, the country of 170 million people has not had a single year of negative growth.
In eighth place overall is India, projected to achieve a 6.5% CAGR in real GDP through to 2029. This growth is forecast to be fueled by population trends, public investment, and strong consumer demand.
Credit: Visual Capitalist
