Fastest Growing Economies 2011
After looking at this article, were you surprised at what you found? If you finish going through the list of the top 10 growing economies, it leads you to the list of the 10 slowest growing economies. At first I thought the list was odd, but then realized that most of these countries are already on top so there's not much room for growth. What do you think of the 2 lists? Disagree, agree?
Alyse Fischer and Ashref Murfiq
16 comments:
i thought it was interesting that, according to the article, the fastest growing economies are more underdeveloped nations while the slower growing economies are the developed nations. It's surprising that Nigeria has the highest growth rate and Japan has the lowest. I think the liberalization of those faster growth countries signifies the importance of a free-market environment.
This is was pretty cool to look at. The only thing that bothered me is the fact that it is speculation over 40 years. Anything could happen in 40 years to change the outcome of a nations economy. This article shows that these currently underdeveloped countries are becoming increasingly industrialized and they are inviting foreign investment. I think that the 10 slowest economies was pretty accurate because most of the countries are in the EU and we hear everyday how the EU's economy is struggling. It is kind of strange that Greece didn't make the slowest economy list. In 40 years I would like to see the actual facts and compare this list!
This actually makes perfect sense to me. Innovation in North America and Western Europe has been a process. Computers were phased in over a couple of decades. Countries in East Asia and Africa get to pick only the best innovations of the past 60 years and integrate them all at once. It's natural for these economies to grow very quickly. However, as they approach the size of the largest world economies, growth will slow as they are forced to join the trial and error process of the first world.
David Mouron
wow, this was very surprising. its kinda weird to look at some of the countries now a days and think that one day they will be leading in development and etc. Also, as the article says that Japan will never have another boom is kinda scary because they have been developing so well that its hard to see them come to a stop
The list of the ten fastest growing economies is a bit different than what I would have expected. Thus far, we've mostly been taught about BRICS (Brazil, Russia, India, China, and South Africa) as countries that will be quickly getting to the top to join such nations as the U.S., Japan, Germany, etc. The only one of those countries on this list was India, which surprised me. I expected India to be on there, but I also expected the other four to be on there. However, this list shows a different side of the story. It was interesting to see Iraq on the list. We don't see much of Iraq in the world view except for our soldiers being there. The same goes for Sri Lanka, the only time I've heard Sri Lanka mentioned in world news in the past year is for its Cricket World Cup matchup against India. Other than that, it's a country that doesn't really stand out that much. That's why I was really surprised to see it on the list. India used to be that country, but we see how much it has grown. So, I'm interested to see how these other countries such as Sri Lanka and Iraq play in the world role in the future. Countries such as Nigeria, Egypt, India, and Indonesia were expected on that list. They have a lot of potential to compete with the top world economies in coming years. However, it's never anything that can be predicted. I mean the U.S. economy is one of the slowest growing, but that doesn't mean that we're going to move to the bottom of the list of world economies. So, the same goes for these ten that are growing. They have potential, but it's not a guarantee that they'll have a fighting chance.
This is not particularly surprising. As previously stated the economies that are lagging behind are only lagging behind in growth, not in their strength as an economy. There were some surprises for me in terms of the economies that are growing the fastest. I think this comes from an outlook I personally have had in the past about the countries on the list and my knowledge that in terms of country economies they have never been the best. I guess it makes sense though from the outlook of a country with a terrible economy that adopts innovations from other countries as well as opens their labor market to MNCs having an easier time developing their economy, while the countries with highly developed economies would struggle to develop their first-rate economy any more.
I completely agree with this article. As people have stated it predicts that the currently weak economies with a foreseeable stable economic future will grow at the fastest rate. Whereas the economic powerhouses, of course, have little room to grow.
As with all lists this is based on accumulated data and applied knowledge and can be altered at the slightest blip of political turmoil or natural disasters. Hence its nice to look at and file back in our general knowledge to call upon when needed but should not be mistaken as cold hard prophecy.
I agree that forty years is a long time span for these projections, but as many people have mentioned, it makes sense that underdeveloped countries are the ones that will grow the fastest. There are so many jobs that will be created just to build basic infrastructure as these nations catch up with post-industrial nations. This will all mean good news for the global economy as nations industrialize and expand their capacity to extract valuable resources which will help to sustain their economies and contribute to increased competition in global markets.
Most of the countries listed as the fastest growing economies are countries that have recently obtained their freedom and are in the process of developing. I believe that they have the potential to be fast growing economies, but I also believe that they may still be politically unstable. Anything could happen to halt their growth and these events can not always be predicted.
I also find it odd that Greece isn't on the list of "10 Decrepit Countries That Will Never Boom Again."
I was surprised to see Japan at #1 on that list. Upon reflection, I suppose it is not that surprising. Japan's economy has been pretty stagnant since the bubble burst in the early 90s. Despite Japan's low growth rate, the Japanese enjoy a very high standard of living. Furthermore, to be in Tokyo, one would never realize the economy is stagnant because the city is so lively. How much of an impact does a stagnant economy have and where does it hurt a country most?
After reading the article, I would say that I was very surprised by the list. I thought it was very shocking that so many underdevloped countries were on the fastest growing economies list and that so many developed nations were on the slower growing economies list. With alot of these underdeveloped countries, you never know as to what can arise in their country, like in Iraq where a war has been going on for so long and like in Nigeria where they just gained their freedom. Their are too many variables that come into play for this list to be completly accurate.
I am indeed surprised to see some of the countries on these lists. The prevalence of so many Southeastern Asian countries shocked me at first, but it made sense after I thought about it for a minute. Many of the products (ie: clothes) are made in countries like Vietnam or Thailand; something that was uncommon a few years back. This industrialization seems akin to China's rise to economic power in terms of strategy.
Seeing countries like Iraq and Nigeria was surprising as well, but I do feel that the way that the US media portrays these countries kind of gives me a skewed viewpoint and things really aren't as bad as most Americans think.
I don't think there's any agree/disagree on these lists, because they are based on empirical data/
Nigeria surprised me as being on the list. As for the others, they seem to make sense. A lot of well developed countries have since hit the apex of their growth curve and are sort of riding it out on the top. Once you're already developed, it's fairly hard to improve infrastructure at a constant growth rate.
A few on the list of the fastest growing economies surprised me a lot. Mongolia was especially a shock. Having been to Vietnam, I have seen the opportunities there and the amount of growth in the nation. The only problem there is the extremely high income gap with barely any middle class. Most of the countries on the list being in Asia is no surprise.
The slowest economies are no surprise either since they are the ones that have already grown to the top and do not have much room for improvement.
i'm not really surprised by the countries that showed up on the slowest economy list because in every economics course I've taken they usually discuss growth as an exponential increase at first that gradually levels out. I was surprised, however, about the countries on the fastest growing list. I expected China to be mentioned somewhere, and I was definitely not expecting Nigeria to rank ahead of India on growth. It will be interesting to see how these predictions pan out!
I have to say when looking at this list I was not shocked at first. The top ten seemed somewhat reasonable, I expected developing countries because they have the most room to grow, however, the number one being Nigeria I found very shocking. It was even more shocking to me to see it above such counties as India. Additionally, I do not believe I have studied much in any of my business courses on Nigeria.
I did not think the slower moving economies were as big of a shock, just because, like many have said, they are already at the top of their game. In any case these predictions are interesting and will be something to watch for in the future.
Courtney Moradipour
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