According to the World Bank forecast, the global economy is expected to grow at the fastest rates since the global financial crises over the next few years. Most of the growth will be spurred by developing countries which are expected to grow at almost double the average global average rates. However, despite the fast growth some of the countries continue to face challenges such as widespread corruption, very high-income inequality rates as well as low levels of per capita GDP due to high populations.
Ethiopia is the second populous country in Africa after Nigeria. The country has been experiencing tremendous growth of between 8% and 11% over the last decade despite times of political instability. The growth has been spurred by significant government investment in infrastructures such as roads and rail networks. The agricultural and service sectors have also been making significant progress that has greatly contributed to lowering inflation. Though the majority of the population relies on agriculture for substance, the service sector has emerged as the main source of GDP. The service sector earns the country vital revenue particularly through Ethiopian Airlines, as well as the export of commodities such as coffee gold, sesame, and khat. Further, the government holds immense control over all the major sectors such as road, rail and transport and owns all land. The economy is expected to continue growing drastically as a result of enhanced business environment.
Rwanda is another African developing countries that have made major progress in economic advancement, growing by about 7% annually. The growth has been attributed to successful economic development and poverty eradication programs. The country heavily depends on agriculture which accounts for approximately 63% of export earnings, with coffee and tea accounting for some of the major sources of foreign exchange. Tourism has also been a key foreign exchange earner to Rwanda. The sporadic development is expected to continue despite challenges in transportation, and the instability of neighboring countries, such as the Democratic Republic of Congo and Burundi.
Bangladesh’s economy has been among the most resilient of the developing nations. The country has experienced prolonged periods of political instability, corruption, unreliable power supplies as well as poor infrastructure. The government has also been very slow towards implementing economic reforms. About 50% of the Bangladeshi population relies on agriculture for subsistence while the service sector generates approximately more than 50% of the GDP. The garment sector is the main earner of foreign exchange accounting for approximately 80% of the exports. The economy is also expected to continue thriving over the next few years.
Cote d’Ivoire also widely referred to as the Ivory Coast is a West African country that is also highly dependent on agricultural activities. It is the world’s leading exporter of cocoa and also a major exporter of palm oil and coffee. The economy has been growing at about 7% over the last few years and is expected to continue grow fast though fluctuations in the prices of the agricultural commodities significantly affect the economy