Baku, Azerbaijan, Oct. 2
By Fikret Dolukhanov - Trend:
Uzbekistan is among the 11 countries with the fastest growing economy, the McKinsey Global Institute report said.
The report noted that over the past 15 years, developing countries accounted for almost two thirds of global GDP growth and more than half of consumption. Nevertheless, the economic performance of individual countries varies greatly.
“We analyzed the growth of per capita GDP in 71 of the world's economies over 50 years, starting in 1965. We have identified 18 countries (about one out of every four) as leaders," the report read.
Seven economies have achieved or exceeded real annual GDP growth per capita of 3.5 percent over the entire 50-year period. This threshold is the average growth rate required for low- and middle-income countries to achieve the status of high-income countries over a 50-year period, as determined by the World Bank. This list includes China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea and Thailand.
The second group included countries where GDP growth was 5 percent or more over the past 20 years. This list includes Azerbaijan (GDP growth - 8.2 percent), Belarus (5.6 percent), Cambodia 5.8 percent), Ethiopia (4.8 percent), India (5.3 percent), Kazakhstan (5.2 percent), Laos (5.4 percent), Myanmar (8.9 percent), Turkmenistan (6.1 percent), Uzbekistan (5.1 percent) and Vietnam (5.1 percent).
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