Despite many predictions of doom and gloom for the Chinese economy, China’s economic growth goes with a current rate of 6.9 percent. Now, among the Asian countries, India is catching up with high economic growth rates after a long slow growth period. The reforms of the recent Indian governments pay off. With 5.7 percent, India is approaching the growth rates of China. Several other Asian countries remain in the league of economic growth rates above six percent and even seven percent such as Nepal (7.5 %), Laos (6.9 %), Bangladesh (6.9 %), the Philippines (6.8 %), Iran (6.5 %), Vietnam (6.4 %). The economic recovery from the war is fully is going on in Iraq, which registers an economic growth rate of over ten percent.
Some African countries are doing remarkably well with economic growth rates such as of close to eight percent for Ethiopia, seven percent for the Ivory Coast and over six percent for Senegal, Tanzania, and Kenia. African countries that have growth rates of over five percent include the Central African Republic, Eritrea, Guinea-Bissau, Mali, Rwanda, Malawi, Gambia, and Togo.
Economic growth in Latin America is lagging Asia and some leading countries in Africa along with the emerging economies in Eastern Europe. Venezuela is a complete basket case. In January 2017, Venezuela’s annual economic rate was – 18.6 %, which amounts to a veritable depression. At the same time, the country suffers from an annual inflation rate of 741 %. Both indicators are probably even worse in reality given the tendency of the Venezuelan government to manipulate and outright falsify its economic data. Brazil is slowly recovering from its deep recession. In July 2017, the annual economic growth rates rose to 0.3 percent, after having hit a low of – 5.8 % in January 2016.
Argentina’s economic growth is extremely volatile. After a deep recession with an annual economic growth rate of – 4.2 percent in July 2014, the Argentinean economy recovered with a rate of 3.8 in 2015 only to fall back again into a slump 2016, when negative economic growth rates were registered in the range of close to four percent. In July 2017, a new recovery is under way when the Argentinean economy achieved an annual growth rate of 2.7 percent. In Mexico, after a swift recovery from the 2008 international financial crises, economic growth has been relatively weak and has slowed down over the past couple of years from a rate of around four to two percent and as of July 2017 to an annual economic growth rate of 1.8 percent.