Mozambique will be the fastest-growing economy in the world over the next decade, according to a new report by research provider Business Monitor International (BMI).
The southern African country is expected to have cumulative real GDP growth of 158.8% over a 10-year forecast period to 2022, almost double the 80.6% expansion that BMI foresees in China.
Besides Mozambique, the other nations to secure top five positions in BMI’s fastest-growing list are Tanzania, Iraq, Mongolia and Uganda.
Out of the 15 fastest-growing markets over the next 10 years, eight are in Africa. But the list also features five nations from Asia, including Cambodia and Myanmar. Turkmenistan is the only European country named.
"While many people look no further than China and the BRICs, there are a whole host of emerging markets growing much faster," said David Snowdon, head of econometrics at BMI. "Many of these economies are commodity plays," added Snowdon, "where significant opportunities also exist for infrastructure, engineering firms and companies targeting a growing consumer sector.”
Sally Percy is editor of The Treasurer