Ten of the world’s 200-odd economies registered annual real GDP growth of 9% or more over the past ten years. One would probably have expected economies with low per capita income to dominate the top-10 due to their greater catch-up potential. Interestingly, per capita income varied greatly, ranging (as of 2003) from USD 57,900 (Qatar) to USD 600 (Afghanistan). Today Qatar ranks number one and Afghanistan 177 (out of 187 countries) with a per capita income of USD 102,200 and USD 1,100, respectively. If there is any pattern at all, then it is that seven out of the ten fastest-growing economies are hydrocarbon exporters (75-100% of merchandise exports). Only Afghanistan, China and Myanmar are not major hydrocarbon exporters. In Myanmar, hydrocarbons nonetheless account for slightly more than 40% of exports, while agricultural products account for another 30-35%. Agriculture accounts for almost 60% of Afghan exports. Therefore, China, where manufacturing makes up more than 90% of exports, is the main outlier. In terms of per capita growth, China’s performance looks even more impressive. Population growth in China averaged less than 0.5% annually, compared to almost 3% in Angola and almost 4% in Afghanistan. All of this goes to show just how exceptional China’s economic performance has been over the past ten (in fact, thirty) years.
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| Source: IMF |