Fastest Growing Countries is a series devoted to examining several countries with rapidly expanding economies today, or that at least have the potential to do so. By examining the historical rise of these countries and how it is happening, we can hope to better understand the variety of ways that we might be able to enliven the economies of where we live, and work towards a more sustainable and profitable future for everyone.
While the U.S. and China continue to dominate the conversations of the world’s economy (with the EU, as well, representing the largest purchasing power on the globe), there is another country that is on the verge of entering the echelons of the world’s most important economies. This country is India, which is currently the fastest growing economy on the planet. Here is some information about why India is about to enter the largest boom of its existence, if it plays its cards right…
Fastest growing economy, currently
As of now, India’s GDP is skyrocketing each year, with an average growth of 7.3%. This makes India the fastest growing economy in the world. This sort of growth has allowed India to start to develop a middle class of its own. If they are able to buck the trend of tremendous poverty that has existed in their high-population country, and grow a large percentage of their population into the middle class, they would begin to experience growth that has been unprecedented in the history of the planet.
Tons of potential in India
In the particular state that the global economy is in, India has a tremendous edge when it comes to growth. There is an incredible amount of untapped potential just waiting to explode for India. When it does, it could mean that India emerges as a superpower to be reckoned with. For example, nearly 600 million people in India are currently under the age of 27. That there are twice as many Indians about to enter their most productive years as there are people of any age in the United States. There is also a ton of room for people’s incomes to grow in India, where the average income is only slightly above $1,500, but climbing fast.
A hopeful light in an uncertain global market
While the rest of the planet has been suffering from setbacks in the global stock market, India has been able to achieve growth that goes against the grain of other countries. This is nothing particularly new, as India also was able to avoid decline in the 2008 recession, and still maintain a reasonable rate of growth. India also stands to gain a tremendous amount of infrastructural development, due to the incredibly low prices of oil that are causing problems for the rest of the globe, as the are the largest importer of oil in the world.