* indicates monthly or quarterly data series

Economic growth: the rate of change of real GDP, 2021 - Country rankings:

The average for 2021 based on 175 countries was 5.13 percent.The highest value was in Libya: 31.37 percent and the lowest value was in Burma (Myanmar): -17.98 percent. The indicator is available from 1961 to 2021. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Bank
Select indicator
* indicates monthly or quarterly data series


Countries Economic growth, 2021 Global rank Available data
Libya 31.37 1 2000 - 2021
Maldives 30.96 2 1996 - 2021
Guyana 19.93 3 1961 - 2021
Macao 17.99 4 1983 - 2021
Panama 15.34 5 1961 - 2021
Moldova 13.94 6 1996 - 2021
Bahamas 13.72 7 1961 - 2021
Ireland 13.48 8 1971 - 2021
Peru 13.35 9 1961 - 2021
Honduras 12.53 10 1961 - 2021
Montenegro 12.43 11 1998 - 2021
Domin. Rep. 12.27 12 1961 - 2021
Chile 11.67 13 1961 - 2021
Botswana 11.36 14 1961 - 2021
Turkey 10.99 15 1961 - 2021
Rwanda 10.88 16 1961 - 2021
El Salvador 10.8 17 1966 - 2021
Colombia 10.56 18 1961 - 2021
Croatia 10.45 19 1996 - 2021
Georgia 10.36 20 1966 - 2021
Nicaragua 10.34 21 1961 - 2021
Argentina 10.26 22 1961 - 2021
Belize 9.75 23 1961 - 2021
Malta 9.41 24 1971 - 2021
Tajikistan 9.2 25 1986 - 2021
Andorra 8.95 26 1971 - 2021
India 8.95 27 1961 - 2021
Albania 8.54 28 1981 - 2021
Estonia 8.35 29 1996 - 2021
Greece 8.34 30 1961 - 2021
Israel 8.19 31 1961 - 2021
China 8.11 32 1961 - 2021
Slovenia 8.11 33 1996 - 2021
Singapore 7.61 34 1961 - 2021
Costa Rica 7.58 35 1961 - 2021
Guatemala 7.53 36 1961 - 2021
Kenya 7.52 37 1961 - 2021
UK 7.44 38 1961 - 2021
Swaziland 7.43 39 1971 - 2021
Uzbekistan 7.42 40 1988 - 2021
Serbia 7.39 41 1996 - 2021
Morocco 7.37 42 1967 - 2021
Bosnia & Herz. 7.1 43 1995 - 2021
Hungary 7.1 44 1992 - 2021
Palestine 7.05 45 1995 - 2021
Ivory Coast 7.02 46 1961 - 2021
France 6.96 47 1961 - 2021
Cape Verde 6.95 48 1981 - 2021
Bangladesh 6.94 49 1961 - 2021
Burkina Faso 6.91 50 1961 - 2021
Luxembourg 6.89 51 1961 - 2021
Italy 6.64 52 1961 - 2021
Benin 6.6 53 1961 - 2021
Saint Lucia 6.6 54 1978 - 2021
Dominica 6.54 55 1978 - 2021
Hong Kong 6.42 56 1962 - 2021
Belgium 6.24 57 1961 - 2021
Bolivia 6.11 58 1961 - 2021
Senegal 6.06 59 1961 - 2021
Pakistan 6.03 60 1961 - 2021
Romania 5.88 61 1991 - 2021
Zimbabwe 5.85 62 1961 - 2021
Poland 5.73 63 1991 - 2021
DR Congo 5.71 64 1961 - 2021
Armenia 5.7 65 1991 - 2021
Philippines 5.7 66 1961 - 2021
USA 5.67 67 1961 - 2021
Ethiopia 5.64 68 1982 - 2021
Gambia 5.63 69 1967 - 2021
Azerbaijan 5.6 70 1991 - 2021
Cyprus 5.51 71 1976 - 2021
Euro area 5.4 72 1971 - 2021
Ghana 5.36 73 1961 - 2021
Grenada 5.32 74 1978 - 2021
Ant.& Barb. 5.27 75 1978 - 2021
Togo 5.26 76 1961 - 2021
Spain 5.13 77 1961 - 2021
Netherlands 5.04 78 1961 - 2021
Lithuania 5 79 1996 - 2021
South Africa 4.91 80 1961 - 2021
Portugal 4.88 81 1961 - 2021
Russia 4.82 82 1990 - 2021
Mexico 4.8 83 1961 - 2021
Sweden 4.8 84 1961 - 2021
Denmark 4.69 85 1961 - 2021
New Zealand 4.65 86 1978 - 2021
Brazil 4.62 87 1961 - 2021
Jamaica 4.6 88 1967 - 2021
Canada 4.56 89 1961 - 2021
Austria 4.48 90 1961 - 2021
Latvia 4.48 91 1996 - 2021
Madagascar 4.4 92 1961 - 2021
Uruguay 4.37 93 1961 - 2021
Djibouti 4.31 94 2014 - 2021
Tanzania 4.28 95 1989 - 2021
Nepal 4.25 96 1961 - 2021
Ecuador 4.24 97 1961 - 2021
Paraguay 4.2 98 1961 - 2021
Bulgaria 4.18 99 1981 - 2021
Mauritius 4.04 100 1977 - 2021
South Korea 4.02 101 1961 - 2021
Kazakhstan 4 102 1991 - 2021
Liberia 4 103 2001 - 2021
North Macedonia 3.96 104 1991 - 2021
Norway 3.92 105 1961 - 2021
Algeria 3.85 106 1961 - 2021
G.-Bissau 3.8 107 1971 - 2021
Iceland 3.7 108 1961 - 2021
Indonesia 3.69 109 1961 - 2021
Switzerland 3.69 110 1981 - 2021
Sri Lanka 3.66 111 1962 - 2021
Nigeria 3.65 112 1961 - 2021
Kyrgyzstan 3.61 113 1987 - 2021
Zambia 3.57 114 1961 - 2021
Cameroon 3.49 115 1961 - 2021
Finland 3.47 116 1961 - 2021
Ukraine 3.4 117 1988 - 2021
Uganda 3.38 118 1983 - 2021
Czechia 3.34 119 1991 - 2021
Tunisia 3.34 120 1966 - 2021
Egypt 3.33 121 1961 - 2021
Somalia 3.33 122 1961 - 2021
Saudi Arabia 3.24 123 1969 - 2021
Malaysia 3.13 124 1961 - 2021
Guinea 3.12 125 1987 - 2021
Mali 3.07 126 1968 - 2021
Sierra Leone 3.05 127 1961 - 2021
Cambodia 3.03 128 1994 - 2021
Slovakia 3.02 129 1993 - 2021
Tuvalu 2.99 130 1991 - 2021
Germany 2.89 131 1971 - 2021
Iraq 2.78 132 1969 - 2021
Malawi 2.75 133 1961 - 2021
Vietnam 2.59 134 1985 - 2021
Laos 2.53 135 1985 - 2021
Belarus 2.51 136 1991 - 2021
Namibia 2.43 137 1981 - 2021
Comoros 2.35 138 1981 - 2021
Mauritania 2.3 139 1962 - 2021
Bahrain 2.23 140 1981 - 2021
Mozambique 2.22 141 1981 - 2021
Jordan 2.21 142 1977 - 2021
Bermuda 1.85 143 1961 - 2021
Seychelles 1.85 144 1961 - 2021
Burundi 1.8 145 1961 - 2021
S.T.&Principe 1.8 146 2002 - 2021
Japan 1.62 147 1961 - 2021
Thailand 1.57 148 1961 - 2021
Qatar 1.52 149 2001 - 2021
Gabon 1.51 150 1961 - 2021
Papua N.G. 1.5 151 1961 - 2021
Australia 1.48 152 1961 - 2021
Mongolia 1.42 153 1982 - 2021
Barbados 1.4 154 1975 - 2021
Niger 1.35 155 1961 - 2021
Lesotho 1.02 156 1961 - 2021
C.A. Republic 0.9 157 1961 - 2021
St. Vincent & ... 0.74 158 1961 - 2021
Angola 0.7 159 1981 - 2021
Vanuatu 0.53 160 1980 - 2021
Sudan 0.11 161 1961 - 2021
Solomon Isl. -0.18 162 1981 - 2021
Eq. Guinea -0.95 163 1981 - 2021
Tr.&Tobago -0.99 164 1961 - 2021
Chad -1.2 165 1961 - 2021
Brunei -1.61 166 1975 - 2021
Haiti -1.8 167 1961 - 2021
Yemen -2.06 168 1991 - 2021
Micronesia -3.19 169 1987 - 2021
Suriname -3.48 170 1961 - 2021
R. of Congo -3.5 171 1961 - 2021
Fiji -4.08 172 1961 - 2021
Samoa -8.08 173 1983 - 2021
Lebanon -10.52 174 1989 - 2021
Burma -17.98 175 1962 - 2021


Economic outlook

Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.
What is real economic growth and why are we interested in it?

Countries use the real GDP growth rate to measure economic growth because it serves as a barometer to assess their size and the performance of their economic activities. It is sometimes regarded as a performance indicator because it depicts the type of economic conditions of a nation due to actual economic activity as against growth influenced by inflated prices of goods and services. The real GDP growth rate reveals the extent of the increase or decrease in overall economic activity adjusted for inflation based on the level of goods and services produced between two consecutive years.

Technically, to compute real GDP growth, we first compute real GDP using the prices of a “base year”:

Nominal GDP in year t = Output of product A in year t * Price of product A in year t + Output of product B in year t * Price of product B in year t + … other products

Real GDP in year t = Output of product A in year t * Price of product A in base year + Output of product B in year t * Price of product B in base year + … other products

Nominal GDP growth is the percent change of the nominal GDP from one year to the next. Real growth is the percent change in the real GDP. Since the real GDP for all years is calculated using the same prices from the base year, comparing the real GDP from one year to the next tells us how the actual production volumes changed. To make that comparison, we keep prices constant. Otherwise, if we compare nominal GDP between two years, we don’t know how much of the change is due to production changes and how much is due to price changes.

Long-run growth

Long-run growth is the average rate of change in real GDP over many years. We care about the long-run growth rate as it has a compounding effect. The increase of GDP in one year builds on the increase in the GDP during the previous year and so forth. Therefore, a sustained high rate of economic growth can have a profound impact on the income levels in a country. For those interested in the mechanics of long-term growth, you can read the seminal paper on economic growth by Robert Solow.

Business cycles

Business cycles are the oscillations of economic growth around its long-term level. As an indicative parameter of aggregate economic wellbeing, movement in the rate of change in the real GDP explains the cyclicality in the economic transactions among productive agents in a specific country. For instance, positive values of the real GDP growth rate show that the country is experiencing an expansion in economic activity. However, if the indicator is negative, it means that there is a reduction in the level of aggregate output in the country. Economists use the real GDP growth rate to evaluate the business cycle phase of countries. Situations such as peaks and troughs along the business cycle trajectories also indicate the changes in real GDP growth over time. The peaks depict the pinnacle of the business cycle while its counterpart, troughs, refers to the depressive status of a country following a consequent decline in real GDP growth over time. Moreover, the movement from peak to trough shows that there is a recession, whereas the transition from the latter to the former reveals the stage of economic recovery.

How exactly do we mark the points of the business cycle? You can look at the dating procedure of the National Bureau of Economic Research in the U.S.

Stabilization policy

Economists and policymakers address fluctuations in economic growth through several policy instruments grouped broadly into automatic stabilizers and discretionary tools. The automatic stabilizers correspond to economic policies used by the government without additional actions by policymakers. These include the implementation of expansionary policies when the economy slows down and the introduction of contractionary instruments during an economic boom. Meanwhile, discretionary policies are instruments utilized by policymakers to augment the automatic stabilizers when they fail to promote the desired goal of the macroeconomy. These address changes to government fiscal spending and taxation as well as monetary policies.

31.37
30.96
19.93
17.99
15.34
13.94
13.72
13.48
13.35
12.53
12.43
12.27
11.67
11.36
10.99
10.88
10.80
10.56
10.45
10.36
10.34
10.26
9.75
9.41
9.20
8.95
8.95
8.54
8.35
8.34
8.19
8.11
8.11
7.61
7.58
7.53
7.52
7.44
7.43
7.42
7.39
7.37
7.10
7.10
7.05
7.02
6.96
6.95
6.94
6.91
6.89
6.64
6.60
6.60
6.54
6.42
6.24
6.11
6.06
6.03
5.88
5.85
5.73
5.71
5.70
5.70
5.67
5.64
5.63
5.60
5.51
5.40
5.36
5.32
5.27
5.26
5.13
5.04
5.00
4.91
4.88
4.82
4.80
4.80
4.69
4.65
4.62
4.60
4.56
4.48
4.48
4.40
4.37
4.31
4.28
4.25
4.24
4.20
4.18
4.04
4.02
4.00
4.00
3.96
3.92
3.85
3.80
3.70
3.69
3.69
3.66
3.65
3.61
3.57
3.49
3.47
3.40
3.38
3.34
3.34
3.33
3.33
3.24
3.13
3.12
3.07
3.05
3.03
3.02
2.99
2.89
2.78
2.75
2.59
2.53
2.51
2.43
2.35
2.30
2.23
2.22
2.21
1.85
1.85
1.80
1.80
1.62
1.57
1.52
1.51
1.50
1.48
1.42
1.40
1.35
1.02
0.90
0.74
0.70
0.53
0.11
-0.18
-0.95
-0.99
-1.20
-1.61
-1.80
-2.06
-3.19
-3.48
-3.50
-4.08
-8.08
-10.52
-17.98
-17.98
-5.6
6.7
19
31.37
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