The Top 5 Developing Countries in the World in 2024 are examined in this article.
5. Kuwait
GDP per capita: $33,031.651
West Asian country Kuwait is formally known as the State of Kuwait. It is situated at the northernmost point of Eastern Arabia, at the mouth of the Persian Gulf, bordering Saudi Arabia to the south and Iraq to the north.
Kuwait’s GDP is currently valued at 167.01 billion US dollars. In 2023, the real GDP growth rate is 3.6%, which is higher than the previous year. This shows that the nation’s economy is trending in a positive path, helped by a number of things like its expanding infrastructure, diversification efforts, and oil reserves.
4. Saudi Arabia
GDP per capita: $33,144.33
In the Middle East sits the dry and little-populated country of Saudi Arabia. In the past, the nation’s economy grew greatly in the 1970s and 1980s because to massive oil export earnings. Saudi Arabia, in contrast to many other developing countries, had an abundance of capital, which allowed for the implementation of massive development projects that turned the once underdeveloped country into a modern state.
The GDP of Saudi Arabia is currently 1.11 trillion US dollars. In 2023, the real GDP growth rate is 1.6% higher than the previous year. This shows that the nation’s economy is growing at a moderate pace, which is consistent with its continued reliance on oil exports and its efforts to diversify.
3. The Bahamas
GDP per capita: $35,541.82
Northwest of the West Indies lies the sovereign republic and archipelago of the Bahamas. The Bahamas, a former British colony, attained independence and joined the Commonwealth as a sovereign country in 1973.
The Bahamas now have a GDP of 14.51 billion US dollars. In 2023, the real GDP growth rate is 1.8%, which is lower than the previous year. This shows that the nation’s economy is growing steadily and modestly, which is consistent with the country’s tourism and financial services sectors, among additional factors.
2. Brunei Darussalam
GDP per capita: $35,813.10
Situated between Malaysia and the South China Sea, Brunei is a small country on the island of Borneo. Brunei is a small country yet it has beautiful beaches and biodiverse jungles, much of which is protected within reserves.
The GDP of Brunei is currently 15.78 billion US dollars. In 2023, the real GDP growth rate is 3.5%, which is the same as the previous year. This shows that the nation’s economy is headed in the right direction and is a result of its efforts in a number of sectors, including financial services, tourism, and oil and gas.
1. Qatar
GDP per capita: $84,898.64
Qatar is an independent emirate on the west coast of the Persian Gulf. Despite its small size, the country wields great influence as a trusted intermediary between regional rivals. Qatar is also considered one of the world’s largest natural gas exporters.
Qatar’s GDP is currently $246.36 billion. The year-on-year real GDP growth rate in 2023 is 2.2%. This indicates steady economic development and highlights Qatar’s central role in the global energy market and diplomatic landscape.
