Here are 10 fastest-growing major economies in the last 10 years

In the past decade, several developing countries have witnessed impressive economic growth. The data available from the International Monetary Fund (IMF) shows that there have been as many as seven Asian countries in the list of the top 10 fastest-growing major economies in the last 10 years. 

The countries with a gross domestic product (GDP) at current prices of a minimum of $100 billion in 2014 have been considered. Here are some of the fastest-growing economies in the world from 2014 to 2024.

Bangladesh has experienced the highest growth in the group. In 2014, its GDP was $207 billion. By 2024, it has more than doubled to $455 billion, marking a 120% increase. This rapid expansion reflects Bangladesh's progress in various industries and its growing role in the global economy. However, in 2024, its GDP posted a modest 2% annual growth.

Ireland also saw remarkable growth. The country’s economy grew by 117%, from $259 billion in 2014 to $564 billion in 2024. In the last year, Ireland’s economic growth rate was 3.3%. This boost can be attributed to Ireland's strong technology and finance sectors.

Vietnam followed closely with a 100% increase. Its economy expanded from $233 billion to nearly $466 billion over the same period. Vietnam's growth is driven by its manufacturing and export industries, which have helped it become a key player in the global market. Vietnam posted a 7.4% GDP growth in 2024.

India's economy grew by 93%, rising from $2 trillion in 2014 to nearly $4 trillion in 2024. Besides, in 2024 it witnessed a 10.2% annual economic growth. As one of the largest economies in the world, India's growth reflects its expanding technology sector, increasing foreign investment, and a growing middle class.

Romania experienced an 85% growth, with its economy climbing from $200 billion to nearly $370 billion. Romania’s growth is supported by improvements in its industrial sector and a rise in exports. In 2024, its GDP grew by 7%.

China remains a major global player with a 76% increase in its economy, from $10.5 trillion in 2014 to $18.5 trillion in 2024. Although its growth rate has slowed compared to previous years, China continues to be a dominant force due to its massive manufacturing sector and increasing consumer market. It posted a 4.9% annual growth in 2024.

Israel and Singapore also showed impressive growth. Israel’s economy grew by 69%, reaching $531 billion, while Singapore’s economy grew by 67%, reaching $525 billion. Both countries have strong technology and finance sectors, which contribute to their economic success. In 2024, Israel’s GDP rose by 4.2% while Singapore grew by 4.7%.

Indonesia experienced a 66% growth, with its economy expanding from $891 billion to $1.5 trillion. It also recorded a 7.6% GDP growth in 2024. This growth is driven by Indonesia's large population and increasing demand for goods and services.

Finally, the United States saw a 63% increase in its economy, growing from $17.6 trillion to $28.8 trillion. The US economy surged by 5.2% last year. Despite being a mature economy, the U.S. continues to grow due to its innovation and diverse industries.

These statistics highlight how diverse economies around the world are evolving and growing, shaping the global economic landscape in exciting ways.