Canada’s projected economic growth rate lies at 2.6% for 2023. America’s economic growth rate is thought to be much higher. According to the United Nations, which are the 5 fastest growing economies in the world?
Guyana is first with a growth 2022-2026 of 25.8 percent. Guyana’s reliance upon the extractive sector of the economy places it in a vulnerable situation. Guyana has a robust petroleum industry, along with all forms of natural resource harvesting boosting its corporation’s shares, and employing many within this nation. Manufacturing and the technology sectors are extremely weak, however, dependent upon imported technology and specialist. Guyana seems to rely upon the outreach of nations such as China, for aggressive investment and expertise, costing it its economic independence in the long run. The population of Guyana has been affected by China’s non-Covid Policy in the nation. Thousands of Chinese specialists, security, and laborers do not practice Covid protocols in foreign lands as they would in Cina, ultimately infecting many of their host population. This drives tourists away, fills the hospital with ill citizens, and challenges all of Guyana’s other economic sectors. Guyana’s President has placed resource extraction as the preferred policy point for this nation. Investors look to Guyana as a way to make revenue over short-term investments.
Fiji foresees growth in 2022-2026 of 7.7%. Due to the pandemic and natural disasters, Fiji’s economy shrunk drastically, while the nation incurred high public debt. The economy is presently vulnerable. Because the economic base is smaller, the belief is that foreign investment will spur growth in the long run.
Niger will experience a growth rate of 7.6%, benefiting from a growth in their petroleum and export sectors. An expansion of a 2000 km pipeline and the completion of the Kandadji Dam will provide encouragement to investors to see the nation as open to all business, particularly coming from China, whose management basically controls, manages, and protects the Niger Oil Fields.
Macao shows well with an 11.9% growth rate over the 2022-2026 period. Macao relies heavily upon tourism, gambling, manufacturing, export-import, and transportation sectors. With an end to China’s covid-19 controls, Macao can open its economy to Asia and the world once again. China and Macao are tied to each other economically and politically. The worsening of Western-Chinese Relations is a challenge to this economy and the foreign investments it needs.
Libya falls into the 6.9% percentile. Oil is the wealth creator in a nation divided and warring with itself. Divided into two sectors, one in Tripoli and the other in Sirte, competing ideologies and economic aspirations make foreign investment in Libya a gambler’s dream. The EU will ultimately become their investing partner and former colonial handlers too.
Smaller nations seen as sources of natural resources, technology, cheap labor, or strategic location will attract foreign investment and security intrigue. Many once colonies, these nations’ economies will grow despite their national intentions and interests. Nations used and possibly abused for their natural resource wealth will continue as wealthy nations like America, China, and their Corporations continue the new wave of New Colonialism.
Steven Kaszab
Bradford, Ontario
[email protected]
