Our world is expanding rapidly and so are its global economies. Each of the listed 15 countries below have shown an astonishing hike in its annual growth rate in the first quarter of 2015 despite a recent global slowdown in economic growth. Economists believe emerging markets now make up 51 percent of global trade and account for 40 percent of the world's Gross Domestic Product (GDP), an incredible rise over the last 50 years.
India's GDP increased 7.5 percent year on year in the first three months of 2015, higher than the growth of 6.6 percent in the same quarter of 2014. A key driver for the economy’s expansion is Indonesia’s manufacturing and services sectors. Both the International Monetary Fund and World Bank expect India’s economic growth to surpass China’s for first time since 1999 and become the world’s fastest growing economy for the first time.
China, the world’s second largest economy, expanded 7 percent in the first quarter of 2015, lower than the growth in the previous quarter of 7.3 percent. China’s GDP is divided into three sectors. Its primary industry accounts for 9 percent of the country's GDP and consists of sectors such as farming and fishery.
Malaysia’s GDP expanded 5.6 percent in the first month of 2015 over the same quarter of the previous year. The growth was spiked by the private sector.
The Philippines economy increased 5.2 percent in first three months of the year over the same quarter in 2014, suffering a sharp slowdown and an unusual miss from its usual strong figures. The country’s annual growth rate averaged 5.08 percent from 2001 till 2015.
Indonesia’s GDP rose 4.7 percent year-on-year in the first quarter of 2015. However, it was lower than the expansion expected in the previous period of 5.01 percent.
The Czech Republic expanded 4.2 percent in the first quarter of 2015 over the same quarter of 2014. Its highest growth recorded was 7.6 percent which occurred in the first quarter of 2006.
Poland’s GDP increased by 3.6 percent in the first quarter of 2015 year on year.
Hungary’s economy grew rapidly in the first quarter of 2015, reaching 3.5 percent over the same quarter of the previous year. In terms of production, agriculture recorded the highest annual growth rate at 22.2 percent.
GDP in Taiwan rose 3.4 percent in the first quarter of 2015 over the same quarter of 2014.
The United States is the world’s largest economy. Resting at 10th place on our list, its GDP expanded at 2.7 percent in the first quarter of 2015 over the same quarter of the previous year. However, like many other developed nations, it is struggling to increase growth further. In 2008, a financial crisis hit the US starting with the collapse of Lehman Brother’s. Since then the economy has been fragile. Over the last 10 years, the US’ average growth rate has been below 2 percent and since the second quarter of 2000 it has never risen back up to 5 percent.
Singapore's economy grew by 2.1 percent year on year in the first quarter of 2015, matching its growth rate in the previous quarter. Its service sector accounts for 72 percent of its overall GDP.
Mexico - the second largest economy in Latin America - grew by 2.4 percent year on year in the first three months of this year, beating market expectations. However this was slightly lower from the 2.6 percent in the previous period.
The South Korean economy has changed rapidly over the last 50 years, becoming one of the most diversified and technologically advanced in the world. Its GDP rose by 2.50 percent in the first quarter of 2015 against the same quarter of the previous year.
Turkey’s growth expanded 2.3 percent in the first quarter of 2015, beating a year on year growth expectation of 1.6 percent. A key driver for the Turkish economy is household consumption, which rose 4.5 percent in the first quarter.
Our list ends with South Africa, which grew at 2.1 percent year on year in the first three months of 2015, increasing from 1.3 percent in the previous period. The highlight for the first quarter was the mining sector, up for the first time for more than a year by 6.3 percent.