Nigeria, China, the Philippines, Kenya, India & Indonesia will rank among the 20 fastest growing economies this year; according to Bloomberg. The 2015 Bloomberg report submits that “Nigeria, Africa’s largest economy, is projected to grow at 4.9%.”
This is coming after a projection earlier by the CNN that Nigeria’s economy will be the 3rd fastest growing in 2015 after China & Qatar. Other countries that made the list of 20 include Malaysia, Peru, Thailand, United Arab Emirates (UAE), Kazakhstan, Colombia & Saudi Arabia. Taiwan, Turkey, South Korea, Poland, Mexico, Ireland and Singapore also made the list.
Emerging markets in Asia & Africa still reign supreme: They are at the top of global growth projections over the next 2 years, said Bloomberg.
The world is expected to grow 3.2 per cent in 2015 and 3.7 % next year after expanding 3.3% in each of the past two years; the report added.
China still remains the fastest-growing G-20 nation, even though the Asian economy is no longer expanding at the pace it did a few years ago. China’s economy grew 7.3 per cent in the fourth quarter of 2014 from a year earlier, and is expected to slow to 7 per cent in 2015.
US growth forecasts for 2015 are coalescing around 3 per cent even as the dollar soars to its highest level in more than a decade.