World's Fastest Growing Cities

In this article, we will be taking a look at the 15 fastest growing cities in the world economically. If you want to skip our detailed analysis of emerging economies you can move directly to the 5 Fastest Growing Cities in the World Economically.

According to a report by the International Monetary Fund, the global growth rate is expected to fall to 3% in 2023 and 2024 from an expected 3.5% in 2022. The report suggests that rising inflation rates have contributed to the current state of the global economy. 

As per the current data, the global headline inflation rate is expected to fall from 6.8% in 2023 to 5.2% in 2024. Moreover, world trade growth is expected to decline from 5.2% in 2022 to 2.0% in 2023.

However, the future of the global economy is not as bleak as it may seem right now. The report suggests that 2024 may be slightly better for the world. The world trade rate is expected to rise to 3.7% in 2024. 

Emerging economies are expected to experience significant growth by the end of 2023 and 2024, at 4.0% and 4.1%, respectively. Particularly, emerging economies in Asia are expected to experience the highest growth globally and global growth is on track to rise to 5.3% in 2023 and 5.0% in 2024.

BRICS May Drive Future Economic Growth
Brazil, Russia, India, and China first grouped to form BRIC in 2006. In 2011, South Africa joined the group, which led the cluster to be renamed to the BRICS. These economies were grouped as expectations of high economic growth dominated the prospects for each country. 

You can take a look at some countries that are expected to experience significant economic growth.

On January 1 2024, BRICS is set to welcome new members formally. These include Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and the United Arab Emirates. On August 23, Forbes reported how the new arrangement between the BRICS countries could be a political move to attain energy dominance. 

As per the report, the arrangement immensely benefits China. Saudi Arabia, a major oil supplier to China, will benefit the country by the Riyadh-Teheran détente. The new treaty between Iran and Saudia Arabia promises trade and friendship between the two countries.  READ MORE...