The economy of any state/country of the world generally based on the Technological development as well as on the Capital resources of that particular state/country. Even Human resources and natural resources also play very important role to figure out the economic growth of any country. The growth in societies actually has made the modern time economies comparatively larger than the economies in the past. It is really interesting to know the list of the fastest growing economies at the moment especially in a world where every country tries to reach on the top.Sri Lanka is at No. 10 in our list of fastest growing economies as per stats and figures of year 2011. Democratic Socialist Republic of Sri Lanka is a beautiful country located in the Indian Ocean. The previously known name of Sri Lanka was Ceylon (until 1972). Sri Lankan economy has a fastest growing economy than more than 150 countries of the world as its annual economic growth rate is around 8.3 percent that shows the prosperity of the people.Turkey has been sharing the 9th position in this list of fastest growing economies at the moment with the country at No. 8 in this list i.e. Mongolia. The average annual economic growth of Turkey is also 8.5 percent, same like we see for Mongolia. The average annual per capita income of Turkey is around USD $14,517 which is 64th best in the world as per year 2011 stats, and total annual GDP is USD $1,073 trillion.Mongolia is among those few landlocked countries on the world map that have fastest economic growth than other in the list. The average annual growth rate of Mongolia is described as around 8.5 percent. The main reason of its prosperity and huge jump in the economic growth is the mineral resources of this Asian country. It is currently an investor paradise country on the world map as investors love spending on the mineral deposits at the moment.Argentina is the very first country in this list from the South America region. It manages reaching No. 7 position in this list with an average annual economic growth rate of 8.8 percent. The wide range of industrial sectors as well as the agriculture sectors of this South American country actually becomes the reason of this fastest growth in economy every year. Obviously the factor of smart supervision can not be ignored. Per capita income of Argentinean residents is around USD $17,376.Papua New Guinea is officially recognized on the world map as “Independent State of Papua New Guinea”. This country is located in Oceania on the island of New Guinea. The eastern part of this island consists on Papua New Guinea while the western part is governed by Indonesian authorities. The annual economic growth rate of Papua New Guinea is more or less 9 percent that put this country at No. 6 position in this list. The capital of this island country is Port Moresby. [smartads]China is also among very few fastest growing economies at the moment as the overall economy growth in this Asian country is around 9.5 percent. This is truly an excellent figure for a country with such a huge population of around 1.4 billion people. It shows the commitment, determinacy and loyalty of the people to bring prosperity in their country. China is second largest country of the world in terms of occupied land area.Though Iraq has been struggling to reach to a stabilize state across the nation after the most recent American war of Iraq that truly destabilized the country in terms of economic growth. But even this ambiguity in the business industry couldn’t stop this Arabic-speaking Asian country to reach at No. 4 in this list. The major role of this economic growth is played by oil production. Iraq has been growing with 9.6 percent annual growth rate.Though Turkmenistan is not among those countries that have a long history of independence and have been struggling to become more prosperous country in the world, but this formerly known Russian state is at No. 3 in this list as the fastest growing economy in 2012. The country started its journey of success in 1991 after becoming an independent country on the world map and became among fastest growing economies in a very short time. Its economy growth rate is around 9.9 percent as of 2011.A backward African country like Ghana is at the second position in this list which is literally a point to think for many so-called educated nations on the world map. This West African country bordered Togo to the east, Cote d’Ivoire to the west, Gulf of Guinea to the south and Burkina Faso to the north. The main reason of this fastest growth in Ghana economy is the gifted natural resources of the country. The oil production, started in 2010 at the offshore jubilee filed, actually brought it into second position. Its economic growth rate is 13.5 percent per annum at the moment.That would definitely be interesting to many that Qatar is the fastest growing economy in the world as per the stats and figures of year 2011. The experts believe that the fastest growing economy of even year 2012 would belong to this country. The country has been growing its economy with an average 18.7 percent annual growth rate which is really huge for a tiny country like Qatar. Most part of its GDP depends on the natural resources like Oil.
Papua New Guinea