20 Fastest Developing Countries in 2024

 20 Fastest Developing Countries in 2024

Published on April 2, 2024 at 7:09 pm by TALHA QURESHI in Business, Economy, Lists, News

In this article, we will look at the 20 fastest developing countries in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Developing Countries in 2024.

The global economic landscape faces a series of challenges, including the slowed economic recovery as an aftermath of the pandemic, geo-political conflicts in the shape of the Russia-Ukraine crises, increased cost of living around the world, and the side effects of tight monetary and fiscal policies. Due to these challenges, the global growth projections remain below the historical average of 3.8%. However, despite a tough economic outlook, some regions, including Africa, continue to demonstrate resilient growth and form a greater part of our list of 20 fastest developing countries in 2024.

Africa an Emerging Economy

Africa is an Emerging economy and has remained resilient despite various economic shocks over the past few years. According to the African Development Bank, 15 African countries posted an economic expansion of more than 5% in 2023. Moreover, the region is expected to claim 11 out of 20 positions on the list of fastest-growing economies in 2024. The economic landscape of Africa is characterized by the cross-regional performance variation across different countries. Factors behind cross-regional performance variations include a less commodity-dependent economy, economic diversification, increased investment in key strategic growth sectors, rising public and private sector consumption, and a developing export market.

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20 Fastest Developing Countries in 2024

In this article, we will look at the 20 fastest developing countries in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Developing Countries in 2024.

The global economic landscape faces a series of challenges, including the slowed economic recovery as an aftermath of the pandemic, geo-political conflicts in the shape of the Russia-Ukraine crises, increased cost of living around the world, and the side effects of tight monetary and fiscal policies. Due to these challenges, the global growth projections remain below the historical average of 3.8%. However, despite a tough economic outlook, some regions, including Africa, continue to demonstrate resilient growth and form a greater part of our list of 20 fastest developing countries in 2024.

Africa an Emerging Economy

Africa is an Emerging economy and has remained resilient despite various economic shocks over the past few years. According to the African Development Bank, 15 African countries posted an economic expansion of more than 5% in 2023. Moreover, the region is expected to claim 11 out of 20 positions on the list of fastest-growing economies in 2024. The economic landscape of Africa is characterized by the cross-regional performance variation across different countries. Factors behind cross-regional performance variations include a less commodity-dependent economy, economic diversification, increased investment in key strategic growth sectors, rising public and private sector consumption, and a developing export market.

Africa suffered a slow growth rate in 2023 due to multiple shocks, and the effects are expected to be reflected in the 2024 growth projections. According to a report by the African Development Bank, Africa’s average real GDP growth was estimated to be 3.2% in 2023 against a growth rate of 4.1% in 2022. The slower growth rates are attributed to the weak economic recovery after the pandemic, geo-political fragmentation, the Russia-Ukraine crisis, and the recent conflict in the Middle East. In addition to these external factors, internal factors, including political instability, weaker exports, and tight fiscal and monetary policies, have disrupted the region’s economic growth momentum. To read more about Africa’s best and worst-performing countries, you can look at the 20 Largest Economies in Africa Ranked by PPP and the 35 Poorest Countries in Africa Based on 2023 GDP Per Capita.

Looking ahead, the growth in the Central African region is projected to weaken from 3.8% in 2023 to 3.5% in 2024 before rebounding to 4.1% in 2025. Even with the subdued performance, the growth rates for 13 African countries are projected to be 1% higher than in 2023. Moreover, the region is on track to remain the second fastest growing globally, second only to Asia.  

Leading Companies in Africa

MTN Group Limited (JSE:MTN), Vodacom Group Limited (JSE:VOD), and Naspers Limited (JSE:NPN) are some of the leading companies driving growth in Africa. If you want to read more about the business landscape of Africa, you can look at the 15 Untapped Small Business Ideas In Africa in 2023.

MTN Group Limited (JSE:MTN) is a leading integrated telecommunication service provider in South Africa. The company engages in the provision of broadband and Internet products and services for national and international customers. Moreover, MTN Group Limited (JSE:MTN) is a leading internet provider in 13 Middle Eastern and African countries and holds mobile licenses in 21 countries. On February 29, MTN Group Limited (JSE:MTN) announced signing a Memorandum of Understanding (MoU) with Ericsson to boost sustainability and digital skills across Africa. Under this collaboration, both companies will explore opportunities to develop and promote innovation in communication technologies while emphasizing the decarbonization of their value chain ecosystem.   

Vodacom Group Limited (JSE:VOD) is a subsidiary of Vodafone Group plc (NASDAQ:VOD) and a leading mobile communication company that provides various services to individuals and businesses. Based in South Africa, Vodacom Group Limited (JSE:VOD) operates in providing voice, data, internet connectivity, and cloud management services. The company also runs a financial service platform, M-Pesa, that allows users to access digital transactions. On March 7, Vodacom Group Limited (JSE:VOD) announced its partnership with Microsoft Corporation’s (NASDAQ:MSFT) South African unit to bolster digital skills for in-demand jobs in the region. Under the collaboration, both companies will work together to reduce the 44% unemployment rate among South Africans. The online training courses would be available free of cost at the Mzansi Digital Learning platform and will provide literacy on topics including digital economy, business, cyber security, and artificial intelligence.   

Naspers Limited (JSE:NPN) is a leading South African multinational company that provides internet, e-commerce, and media services. Naspers Limited (JSE:NPN) is also a leading investor in the technology industry and invests in global internet companies worldwide. Moreover, the company has investments in integrated social networks, including Tencent Holdings Limited (HKG:0700). Naspers Limited (JSE:NPN) has a business presence in Africa, Europe, Latin and North America, Asia-Pacific, and the Middle East.  

With this context, let’s look at the 20 fastest developing countries in 2024. 

Our Methodology

To compile the list of the 20 fastest developing countries in 2024, we relied on two indicators: real GDP growth rates and GDP per capita growth rate. Both of these indicators are good measures of determining economic growth. The real GDP growth indicates an improved economy, whereas the GDP per capita growth measures the change in output per person. We have sourced real GDP growth rates from the IMF. We calculated the annual GDP per capita growth rate for each country between 2022 and 2023 using GDP per capita current prices (US dollars per capita) data from the IMF. The list is ranked in ascending order of the real GDP growth rate primarily and GDP per capita growth rate secondarily. The secondary metric was used to break the tie when a tie-break was necessary.

20 Fastest Developing Countries in 2024

20. Gambia 

Real GDP Growth Rate (2023): 5.6%

GDP Per Capita Growth Rate (2023): 7.28% 

Gambia is a small country in West Africa that ranks 20th on our list of fast developing countries. It had a real GDP growth rate of 5.6% and a GDP per capita growth rate of 7.28% in 2023. 

19. Guinea

 Real GDP Growth Rate (2023): 5.9%

GDP Per Capita Growth Rate (2023): 11.5%

Ranking 19th on our list of fastest developing countries is another West African country, Guinea. Guinea experienced a real GDP growth rate of 5.9% in 2023, and its GDP per capita grew by 11.5% during the same year.

18. Bangladesh

Real GDP Growth Rate (2023): 6%

GDP Per Capita Growth Rate (2023): -4.01%

Bangladesh is a South Asian country and ranks as the 18th fastest developing country in 2024. It had a real GDP growth rate of 6% and a GDP per capita growth rate of -4.01% in 2023. 

17. Panama

Real GDP Growth Rate (2023): 6%

GDP Per Capita Growth Rate (2023): 6.25%

Panama is a Central American country on the Caribbean and Pacific Ocean coast. It ranks 17th on our list of fastest developing countries in 2024. The country experienced real GDP growth of 6% in 2023, and its GDP per capita grew by 6.25% during the same year.  

16. Ethiopia

Real GDP Growth Rate (2023): 6.1%

GDP Per Capita Growth Rate (2023): 27.4%

Ethiopia is an East African country ranking 16th on our list. The country had a real GDP growth rate of 6.1% and a GDP per capita growth rate of 27.4% in 2023. 

15. Rwanda

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 2.68%

Rwanda is another African country ranking on our list of fastest developing countries in 2024. The country had a real GDP growth rate of 6.2% and a GDP per capita growth rate of 2.68% in 2023.  

  14. Saint Vincent and the Grenadines

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 9.61%

Saint Vincent and the Grenadines is an Island country in the eastern part of the Caribbean Sea. It is one of the fastest developing countries in 2024. The country posted a growth of 6.2% in its real GDP in 2023. Moreover, the GDP per capita of Saint Vincent and the Grenadines grew by 9.61% during the same year.

13. Cote d’Ivoire

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 10.31%

Cote d’Ivoire ranks as the 13th fastest developing country in 2024. The country’s real GDP grew by 6.2% in 2023, with a GDP per capita growth rate of 10.31%.  

12. Georgia

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 22.39%

Georgia is an Eastern European and Western Asian country. Its real GDP grew at a rate of 6.2% in 2023. Georgia ranks as the 12th fastest developing country in 2024. 

11. India

Real GDP Growth Rate (2023): 6.3%

GDP Per Capita Growth Rate (2023): 9.22%

India is another South Asian Country that occupies a greater part of Asia. India posted a real GDP growth rate of 6.3% in 2023. It ranks as the 11th fastest developing country in 2024. 

10. Tajikistan

Real GDP Growth Rate (2023): 6.5%

GDP Per Capita Growth Rate (2023): 10.62%

Tajikistan posted a growth of 6.5% in its real GDP for 2023. Moreover, it had a GDP per capita growth rate of 10.62% during the same year. It stands 10th on our list of fastest developing countries in 2024. 

9. Democratic Republic of Congo

Real GDP Growth Rate (2023): 6.7%

GDP Per Capita Growth Rate (2023): -0.60%

Democratic Republic of Congo witnessed a real GDP growth of 6.7% in 2023. Moreover, its GDP per capita grew at a rate of -0.60%. It ranks 9th on our list of fastest developing countries in 2024. 

8. Mozambique

Real GDP Growth Rate (2023): 7%

GDP Per Capita Growth Rate (2023): 11.37%

Mozambique is an East African Country ranking 8th on our list. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 11.37% in 2023. 

7. Armenia

Real GDP Growth Rate (2023): 7%

GDP Per Capita Growth Rate (2023): 25.74%

Armenia is the 7th fastest developing country. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 25.74% in 2023.  

6. Fiji

Real GDP Growth Rate (2023): 7.5%

GDP Per Capita Growth Rate (2023): 10.05%

The economy of Fiji is experiencing strong growth; its real GDP grew by 7.5% in 2023, and the country posted a per capita GDP growth rate of 10.05% during the same year. It ranks 6th among the 20 fastest developing countries in 2024.

5. Samoa

Real GDP Growth Rate (2023): 8%

GDP Per Capita Growth Rate (2023): 11.96%

Samoa is an island country in Oceania. It ranks 5th amongst the fastest-developing countries with a real GDP growth rate of 8% and a GDP per capita growth rate of 11.96% in 2023.

4. Maldives

Real GDP Growth Rate (2023): 8.1%

GDP Per Capita Growth Rate (2023): 10%

Maldives is a South Asian country that ranks 4th on our list of fastest-developing countries in 2024. The country posted a real GDP growth of 8.1% and a growth of 10% in its GDP per capita in 2023.

3. Libya

Real GDP Growth Rate (2023): 12.5%

GDP Per Capita Growth Rate (2023): 5.29%

Libya, a North African country, ranks 3rd on our list of fastest-developing countries. The country’s real GDP grew by 12.5%, with a GDP per capita growth rate of 5.29% in 2023.

2. Guyana

Real GDP Growth Rate (2023): 38.4%

GDP Per Capita Growth Rate (2023): 12.04%

Guyana witnessed a real GDP growth of 38.4% in 2023. Moreover, its GDP per capita grew by 12.04% during the same year. It ranks 2nd on our list of fastest-developing countries in 2024.

1. Macao (Special Administrative Region of China)

Real GDP Growth Rate (2023): 74.4%

GDP Per Capita Growth Rate (2023): 72.15%

Macao is a special administrative region of China and the fastest-developing country in 2024. The country had a real GDP growth rate of 74.4% and a GDP per capita growth rate of 72.15% in 2023

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20 Countries Most in Debt to China

20 Countries Most in Debt to China

Talha Qureshi

Nb: you can skip the introductory part and go straight to the countries. 

In this article, we look at 20 countries most in debt to China. 

The Situation of International External Debt

The external debt situation for low and middle-income countries (LMICs) has changed drastically over the last decade and is out-pacing the economic growth of these countries, thereby raising serious concerns. The situation is even worse for poor countries where external debt stocks have risen at the fastest pace as compared to other LMICs. Moreover, the debt vulnerabilities exacerbated in many low-income countries eligible for International Development Association (IDA) resources. The debt accumulation in these countries has increased to the extent that more than 60% of IDA-eligible countries were marked to be at high risk of debt distress in 2023. According to the International Debt Report 2023 by the World Bank, the external debt stocks for LMICs decreased marginally by 3.4% from $9.3 trillion in 2021 to $9.0 trillion in 2022. However, it increased by 2.7% for IDA-eligible countries during the same year, reaching an all-time high of $1.1 trillion. To read more about highly indebted regions you can look at 20 Countries Most in Debt to IMF and 15 Cities with the Highest Debt in the US.

China: The Largest Bilateral Creditor to Low and Middle Income Countries

China has been one of the fastest-growing economies over the past two decades, with its annual average gross national income growth averaging over 13%. China finds itself at an interesting spot in the international external debt landscape. On the one hand, it is characterized as the largest bilateral creditor to LMICs, but on the other hand, it is also the largest borrower amongst the same group. China received approximately 40% of the total net financial inflows to LMICs from 2012 to 2022. The total financial net inflows from external creditors to China during this period amounted to $4 trillion, with 32% of this amount as debt-creating flows and the remaining 68% as equity inflows consisting of portfolio equity and foreign direct investment. To read more about China, you can look at 15 Countries with the Highest Exports to China

On the contrary, China became the largest creditor to LMICs, with the group's combined public and publicly guaranteed external debt to China amounting to $180 billion in 2022. A greater proportion of this debt went to large infrastructure projects and extraction industries in African countries, with the region accounting for 44% of the LMIC's total debt to China. Moreover, in South Asia, the external debt to China went up approximately sevenfold from $6.4 billion in 2012 to $42.9 billion in 2022, with Pakistan alone accounting for two-thirds of the increase. According to the report, China's major lending is directed to three major avenues: oil-producing countries, mineral-rich countries in Sub-Saharan Africa, and neighboring countries associated with China's Belt and Road initiative.  

Major Companies Driving Economic Growth in China

BYD Company Limited (OTC:BYDDF), JD.com, Inc (NASDAQ:JD), and NIO Inc. (NYSE:NIO) are some of the major companies leading the economic growth in China.

BYD Company Limited (OTC:BYDDF) is a leading international automotive company based in Hong Kong, China. The company operates in various market segments through its subsidiaries, including mobile headset components, assembly-related products, and the automotive and battery business. On March 22, BYD Company Limited (OTC:BYDDF) announced the official debut of its electric cars in the Greek market. BYD Company Limited (OTC:BYDDF), with its dealer partner Sfakianakis Group, started the sales of its cars in Greece, with BYD ATTO 3 (C-SUV) and BYD SEAL (D-Sedan) being the first two models ready for distribution to the market. 

JD.com, Inc (NASDAQ:JD) is a leading supply chain technologies company in China. The company operates through an online platform that provides services for third-party merchants, retailers, and marketing services providers. On March 6, JD.com, Inc (NASDAQ:JD) announced earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $0.74, outperforming expectations by $0.11. The company's revenue for the quarter amounted to $42.52 billion and outperformed market consensus by $914.8 million. Here are some comments from JD.com, Inc's (NASDAQ:JD) earnings call for Q4, 2023: 

In this article:

In this article, we look at 20 countries most in debt to China. If you want to skip our detailed analysis, you can go directly to the 5 Countries Most in Debt to China.

The Situation of International External Debt

The external debt situation for low and middle-income countries (LMICs) has changed drastically over the last decade and is out-pacing the economic growth of these countries, thereby raising serious concerns. The situation is even worse for poor countries where external debt stocks have risen at the fastest pace as compared to other LMICs. Moreover, the debt vulnerabilities exacerbated in many low-income countries eligible for International Development Association (IDA) resources. The debt accumulation in these countries has increased to the extent that more than 60% of IDA-eligible countries were marked to be at high risk of debt distress in 2023. According to the International Debt Report 2023 by the World Bank, the external debt stocks for LMICs decreased marginally by 3.4% from $9.3 trillion in 2021 to $9.0 trillion in 2022. However, it increased by 2.7% for IDA-eligible countries during the same year, reaching an all-time high of $1.1 trillion. To read more about highly indebted regions you can look at 20 Countries Most in Debt to IMF and 15 Cities with the Highest Debt in the US.

China: The Largest Bilateral Creditor to Low and Middle Income Countries

China has been one of the fastest-growing economies over the past two decades, with its annual average gross national income growth averaging over 13%. China finds itself at an interesting spot in the international external debt landscape. On the one hand, it is characterized as the largest bilateral creditor to LMICs, but on the other hand, it is also the largest borrower amongst the same group. China received approximately 40% of the total net financial inflows to LMICs from 2012 to 2022. The total financial net inflows from external creditors to China during this period amounted to $4 trillion, with 32% of this amount as debt-creating flows and the remaining 68% as equity inflows consisting of portfolio equity and foreign direct investment. To read more about China, you can look at 15 Countries with the Highest Exports to China. 

On the contrary, China became the largest creditor to LMICs, with the group's combined public and publicly guaranteed external debt to China amounting to $180 billion in 2022. A greater proportion of this debt went to large infrastructure projects and extraction industries in African countries, with the region accounting for 44% of the LMIC's total debt to China. Moreover, in South Asia, the external debt to China went up approximately sevenfold from $6.4 billion in 2012 to $42.9 billion in 2022, with Pakistan alone accounting for two-thirds of the increase. According to the report, China's major lending is directed to three major avenues: oil-producing countries, mineral-rich countries in Sub-Saharan Africa, and neighboring countries associated with China's Belt and Road initiative.  

Major Companies Driving Economic Growth in China

BYD Company Limited (OTC:BYDDF), JD.com, Inc (NASDAQ:JD), and NIO Inc. (NYSE:NIO) are some of the major companies leading the economic growth in China.

BYD Company Limited (OTC:BYDDF) is a leading international automotive company based in Hong Kong, China. The company operates in various market segments through its subsidiaries, including mobile headset components, assembly-related products, and the automotive and battery business. On March 22, BYD Company Limited (OTC:BYDDF) announced the official debut of its electric cars in the Greek market. BYD Company Limited (OTC:BYDDF), with its dealer partner Sfakianakis Group, started the sales of its cars in Greece, with BYD ATTO 3 (C-SUV) and BYD SEAL (D-Sedan) being the first two models ready for distribution to the market. 

 

JD.com, Inc (NASDAQ:JD) is a leading supply chain technologies company in China. The company operates through an online platform that provides services for third-party merchants, retailers, and marketing services providers. On March 6, JD.com, Inc (NASDAQ:JD) announced earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $0.74, outperforming expectations by $0.11. The company's revenue for the quarter amounted to $42.52 billion and outperformed market consensus by $914.8 million. Here are some comments from JD.com, Inc's (NASDAQ:JD) earnings call for Q4, 2023: 

Service revenues grew by 3% year-on-year in Q4 and 18% on a full year basis, primarily driven by the growth of logistics and other service revenues, which were up 8% and 30% year-on-year for the quarter and full year, respectively. Marketplace and marketing revenues were down 4% year-on-year in Q4 and up 3% on a full year basis. The soft performance in the quarter was primarily due to the decline in commission revenues as a result of our enhanced support for fast-growing new merchants. While advertising revenues also experienced one-off headwinds in Q4, mainly due to the seasonality impact of Chinese New Year Shopping Festival, we believe those were short-term fluctuations and our platform is progressing well on our current strategy with a fast expanding base of active 3P merchants and accelerated growth in both 3P users and 3P order volumes.

NIO Inc. (NYSE:NIO) is a leading smart electric vehicle company in China. The company researches, manufactures, and sells flagship electric cars and other battery products. NIO Inc. (NYSE:NIO) has an operational presence in China, Hong Kong, Netherlands, Germany, Norway, and the United States. On February 26, NIO Inc. (NYSE:NIO) reported entering into a technology license agreement with Forseven Limited through its wholly-owned subsidiary NIO Technology (Anhui) Co., Ltd. As a result of this agreement, NIO Inc. (NYSE:NIO) will give a non-exclusive and non-transferable worldwide license to Forseven Limited, allowing it to access certain technology, technical information, technical solutions, and intellectual property rights of the company

China is one of the fastest growing economies in Asia and is also one of the top creditors to low and middle income regions. With this context, let's look at the 20 countries most in debt to China.

20 Countries Most in Debt to China

Our Methodology

To compile the list of 20 countries most in debt to China, we relied on the World Bank's Databank. Within the Databank, we used the International Debt Statistics data to get the total external debt stock values (DOD, current US$) each country owes to China. External debt stocks refer to the total external debt of a country to its counterpart, which for this article is China. The latest available data was for 2022. The list is ranked in ascending order of countries' total external debt as of 2022.

20 Countries Most in Debt to China

20. Argentina

Total External Debt to China (2022): $2.86 billion

Argentina is a South American country that ranks as the 20th country most in debt to China. The total external debt of Argentina to China in 2022 amounted to approximately $2.86 billion. 

19. Mongolia

Total External Debt to China (2022): $3.02 billion

Mongolia is an East Asian country that borders itself with China and Russia. It ranks 19th on our list of 20 countries most in debt to China. The country's total external debt to China in 2022 amounted to $3.02 billion.  

18. Brazil

Total External Debt to China (2022): $3.38 billion

Brazil, another South American country, owed approximately $3.38 billion to China as external debt in 2022. The country ranks 18th on our list. 

17. Republic of the Congo

Total External Debt to China (2022): $3.42 billion

The Republic of the Congo, also known as the Congo (Brazzaville), is an African country ranked as the 17th country most in debt to China. The total external debt of Congo to China was $3.42 billion in 2022. 

16. South Africa

Total External Debt to China (2022): $3.43 billion

South Africa owed $3.43 billion to China as external debt in 2022, making it the 16th country most in debt to China. 

15. Cameroon

Total External Debt to China (2022): $3.78 billion

Cameroon is a Central African country ranking 15th on our list of 20 countries most in debt to China. The country owed China approximately $3.78 billion as total external debt in 2022.  

14. Côte d'Ivoire

Total External Debt to China (2022): $3.85 billion

Côte d'Ivoire is a West African country characterized by its beach resorts and rainforests. The country ranks 14th on our list, and its total external debt to China in 2022 amounted to $3.85 billion. 

13. Belarus

Total External Debt to China (2022): $3.92 billion

Belarus ranks as the 13th country most in debt to China. It is a landlocked country situated in Eastern Europe. The total external debt of Belarus to China amounted to $3.92 billion in 2022. 

12. Cambodia

Total External Debt to China (2022): $4.01 billion

Cambodia is a Southeast Asian country with an important geographical location providing river trade routes linking China to India and the rest of Southeast Asia. It ranks as the 12th country most in debt to China, with its total external debt amounting to $4.01 billion in 2022. 

11. Ecuador

Total External Debt to China (2022): $4.14 billion

Ranking 11th on our list is Ecuador, another South American country known for its environmental diversity. Ecuador's total external debt to China amounted to $4.14 billion in 2022. 

10. Nigeria

Total External Debt to China (2022): $4.29 billion

Nigeria is a West African country with a total external debt of $4.29 billion to China in 2022. It ranks among the top 10 countries most in debt to China.  

9. Egypt

Total External Debt to China (2022): $5.21 billion

Egypt ranks 9th on our list of countries most in debt to China. It is at an important geographical position linking Northeast Africa to the Middle East. The country owed China $5.21 billion as total external debt in 2022.

8. Lao People's Democratic Republic

Total External Debt to China (2022): $5.25 billion

Lao People's Democratic Republic is a Southeast Asian country ranking 8th on our list. Laos had a total external debt of $5.25 billion to China in 2022. 

7. Bangladesh

Total External Debt to China (2022): $6.05 billion

Bangladesh, another South Asian country, ranks as the 7th country most in debt to China. It owed China approximately $6.05 billion as total external debt in 2022. 

6. Zambia

Total External Debt to China (2022): $6.08 billion

Zambia is a landlocked country situated in the African region. The country stands as the 6th country most in debt to China on our list, with a total external debt of $6.08 in 2022. 

5. Kenya

Total External Debt to China (2022): $6.69 billion

Kenya ranks as the 5th country most in debt to China. It is an East African country with its Indian Ocean coast providing historically important ports linking the Arabian and Asian regions to Africa. The country owed China a total external debt of $6.69 billion in 2022.

4. Ethiopia

Total External Debt to China (2022): $6.82 billion

Ethiopia is the 4th country most in debt to China on our list. It is a landlocked country in Africa, with its total external debt to China amounting to $6.82 billion in 2022.

3. Sri Lanka

Total External Debt to China (2022): $8.84 billion

Sri Lanka is an island country in the Indian Ocean. It is situated at a strategically important location at the crossroads of maritime routes traversing the Indian Ocean. Sri Lanka owed China a total of $8.84 billion as total external debt in 2022.

2. Angola

Total External Debt to China (2022): $20.98 billion

Angola is a Southwestern African country ranking 2nd on our list of countries most in debt to China. Luanda is its capital city and a commercial center, characterized by its large port on the northern coast and modern industrial complexes. The country owed China a total of $20.98 billion as external debt in 2022. 

1. Pakistan

Total External Debt to China (2022): $26.60 billion

Pakistan ranks as the most in debt country to China with its total external debt to China amounting to $26.60 billion in 2022. It is a South Asian and a neighboring country to China, India, Afghanistan, and Iran. 

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Ways To Grow Your Money

 10 Ways To Grow Your Money

By Steve Burns

 

There are many simple principles that can make all the difference between allowing your money to grow or staying broke. Here is a very simple and quick top ten list that if followed with discipline can make a huge difference in a person’s life. Simple but very difficult for most people to follow consistently over a long period of time of years and decades. Don’t let your current desires and wants to consume the capital that you need to build for the older you that will need it.

Consistently buy things that go up in value.

Work in a field that you are passionate about and enjoy.

Don’t look for a job, look for a career and a mission.

Invest as much money as you can when you are young so you have 40+ years to benefit from compound interest.

By an investor primarily and a consumer secondary.

Learn skills that can earn you a good income.

Stay in good health so you can create value that will earn you money.

Stay away from expensive bad habits.

Only be in relationships that create value in your life.

Make small financial mistakes and avoid ones that can ruin you.

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From creating his own toys to creating Africa’s second-fastest-growing company, here’s Tosin Eniolorunda’s remarkable journey

 Exclusive: From creating his own toys to creating Africa’s second-fastest-growing company, here’s Tosin Eniolorunda’s remarkable journey

In an exclusive interview with Business Insider Africa, Tosin Eniolorunda discusses how his life experiences led him to become one of Africa’s leading fintech CEOs. 

Tosin Eniolorunda 

Tosin Eniolorunda is the founder and CEO of Moniepoint, Africa’s second-fastest growing company in 2023. Moniepoint has more than 1,000 employees.

He programmed the first point-of-sale software for Interswitch, on which the majority of POS terminals in Nigeria are being run, and is currently revolutionizing payments for businesses in emerging markets through Moniepoint, which processes over $14 billion monthly for businesses; with a presence in Nigeria and East Africa. 

1.Personal Journey

Q1: You've achieved remarkable success at a relatively young age. What early experiences or influences do you credit for shaping your entrepreneurial journey?

Growing up in Ibadan as part of a loving family provided me with a great start on this journey. Firstly, my parents showed the value of hard work and perseverance, while urging me to follow my dreams. As a first child, I had to learn to be responsive and responsible while providing leadership for my younger siblings. So, I am grateful for the gift of family. I also think that not having a lot of toys to play with while growing up pushed me to be creative and inventive with stuff that we had around the house. While at college, I used to build a lot of final-year projects for students - the hard work I had to put in when doing so proved invaluable to shaping my entrepreneurial journey. After leaving school, I learned a lot from my early experiences of working in the informal sector. This helped me to understand the challenges faced by the underbanked, and it fueled my passion to create a solution that could help them.

Q2: Building a successful startup often involves making tough decisions. Can you recall a pivotal moment in your journey where you had to make a difficult choice? How did you navigate it, and what did you learn?

Building any venture requires a leap of faith, especially as you can’t see clearly what lies ahead. In our early days as TeamApt, we had a platform error that was causing us to lose money. This was in the early days. Imagine a small company losing around 250 million naira and the only fix around this was a platform shut-down. We had to make the painful and difficult decision to shut down our platform for three and a half weeks to fix the error. This felt like a form of death because, over this period, our dependable and loyal customers had to look for alternatives. This was a very tough moment for me, as I knew it would cause problems for our customers. However, it was the right decision to make to ensure the long-term health of our business. I also learned in the process how valuable it was to have committed colleagues who were ready to do whatever it took to ride through the turbulence.

2 Moniepoint's Growth

Moniepoint

Q1: Moniepoint started as a PoS service provider and has now expanded into retail banking. Can you share the strategic thinking behind this transition and what you believe it will bring to the financial landscape in Nigeria?

Our expansion aims to connect businesses and their customers more effectively by enabling the use of the payments, credit, and business management tools that we have already provided for our businesses to grow. Armed with the experience of banking small businesses, we have a very good knowledge of what individuals need, and this move is designed to make it easier for Nigerians to access financial services. Over 33 million Nigerians use our terminals monthly, providing a solid foundation for this development. It’s only fair that we provide our banking services to the customers and employees of these businesses, by providing reliable, best-in-class banking solutions for these personal users. Our industry regulator, the Central Bank of Nigeria has a lofty and admirable goal of achieving 95 percent financial inclusion by 2024. As industry leaders, we see it as a call to duty to help drive forward its accomplishment. Our foray into the personal banking space is about scaling impact, deepening our innovation credentials, and driving financial happiness for the greatest number of Nigerians.

Q2: Moniepoint has achieved remarkable growth, processing $12 billion in monthly transactions for 1.6 million businesses. What key factors do you attribute to this rapid success, and how do you plan to sustain and build upon it?

If I had to distill the factors behind our success, I would pick out three things. First, we have a team of highly talented and experienced professionals who are passionate about our mission. I look at our leaders across the various business segments, and we are blessed with a rich bench of seasoned operators who have an unquestionable passion to power the dreams of others. Second, we are ready to go the extra mile to meet the diverse needs of businesses and consumers. Third, we have a strong focus on customer service and helping people secure their financial happiness. We have thrived by placing these principles at the heart of our approach and will continue to do so to ensure our business goes from strength to strength.

Q3: Expanding into retail banking is a significant move. What are the primary challenges you foresee in this transition, and how do you plan to overcome them?

Financial inclusion is the right of every Nigerian, not a privilege. This has been our mantra and part of what has pushed us into the retail space. We are going to see a lot of diversity in terms of what customers are asking for considering the lack of homogeneity in that space. To meet the challenge, we have clear plans in place to build trust with consumers through our focus on offering an unparalleled service, to comply unwaveringly with all regulations, and to compete with established providers.

3 Leadership Insights:

Tosin Eniolorunda at work

Q1: As a young CEO in a dynamic industry, how do you balance innovation and risk-taking with the responsibility of leading a growing company?

The future is defined by dreamers, innovators, and risk-takers. Dreaming helps to broaden and expand our horizons. Embracing risk allows us to step out of our comfort zone and explore new opportunities. We are also constantly looking for new ways to improve our products and services by generating fresh ideas that will meet the needs of our customers. So, we have a culture that encourages our dream makers to be responsible risk-takers. Our approach to risk-taking involves assessing potential risks, quantifying their impact, and developing contingency plans. It also involves fostering a culture that understands that not all risks will lead to successful outcomes, but even failures can provide valuable lessons for the future.

Q2: Diversity and inclusion are increasingly important in the business world. How do you promote diversity within your organization, and why do you consider it essential for success?

We believe that a diverse workforce is essential for success. We are working hard to deliver on our D&I goals and ambitions. First, we have curated a workplace where everyone feels seen, respected and valued. We have also removed barriers and biases, allowing us to make the most of varied perspectives in our decision-making. We have also seen good traction with our Women in Tech internship, which aims to bring in 5 women into technical roles across the business. I’m proud to say past hires have grown to become solid engineers who are now even leading teams. We also sponsor a lot of training programs that upskill women and the underprivileged as well as our partnerships with universities to train young people in a bid to boost tech talent development in Nigeria.

Q3: In a fast-paced industry like fintech, how do you stay ahead of the curve in terms of technology trends and emerging market opportunities?

Staying ahead of the curve in technology is key to success in this industry. That is why we put our money where our mouth is by investing heavily in research and development. These investments ensure that we are responsive to ever-changing trends and remain competitive in our ability to meet customer demands. We also have our teams work proactively to monitor the latest trends from consumer focus to cyber security and identify new opportunities to capitalize on.

4 Entrepreneurial Advice:

Tosin Eniolorunda at an interview

Q1: The intersection of technology and finance holds tremendous potential for Africa's economic development. How do you envision the role of fintech in shaping the continent's future?

Fintech has a critical role to play in shaping Africa’s future. It helps to promote financial inclusion, enabling Africans to have access to traditional financial services. But our work is far from over as millions more still do not have the same access. Fintech can help to bridge this gap by providing innovative and accessible financial products and services.

What’s more, fintech can turbocharge Africa’s economic development by boosting growth, making it easier for businesses to access capital and invest in their future.

Q2: Many young professionals aspire to become entrepreneurs but may be hesitant to take the leap. What advice do you have for those who are on the fence about pursuing their entrepreneurial dreams?

My advice to young professionals is simple: just do it. Taking the leap in pursuit of your entrepreneurial dreams can feel daunting. But it is one of the most rewarding things you can do.

To those who need advice, I offer these three tips: start small and scale your business gradually, surround yourself with a team of talented and trusted people, and don't be afraid to fail - that is all part of the process of learning and moving forward.

Q3: Beyond business success, what legacy do you hope to leave as a young trailblazer in Africa's entrepreneurial landscape?

I hope to leave a legacy of financial happiness. I want to show young Africans that it is possible to achieve their dreams, no matter where they come from or what their circumstances are. I also want to help create an entrepreneurial ecosystem in Africa where everyone everywhere has the opportunity to succeed.

Tosin Eniolorunda is a leading innovator in the African Fintech space, with a passion for creating financial happiness and a track record of groundbreaking contributions to financial technology in Africa.

Tosin’s vision is to build an impactful financial technology platform that supports the dreams of millions of small business owners while generating annual revenues of more than $1 billion.

He has been recognized by several leading institutions, among them The Central Bank of Nigeria, CB Insights, Endeavor, and PYMNTS, in appreciation for the impact of his work to create innovative solutions.

By. CHINEDU OKAFOR

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Low-Capital Work From Home Side Hustle Ideas

 15 Low-Capital Work From Home Side Hustle Ideas

Freelance work and the gig economy is projected to GETTY

The global freelancing and side gig industry, known as the gig economy, is projected to swell to a staggering $14.39 billion by the year 2030, and is on track to be the largest contributor to the overall workforce, making up 5% of the U.S. GDP and growing 15 times faster than the traditional job market. Despite over 50% of freelancers only making less than $55,000 per annum on average, this industry is rapidly accelerating? Why?

It turns out that approximately 60% of those who embrace this trend admit that they make more in their gig work than in their previous jobs. Another 70% opt in for making their side hustle a full-time freelance venture despite the pay uncertainty, lack of team bonding, and irregularity of work, so they can maintain a healthy work-life balance.

This is because there is a huge variety of gig work that can be performed online, allowing you to work from home as and when you wish, without the constraints of reporting your work location to an employer. Perhaps not surprisingly, the vast majority of freelancers are Gen Z and Millennials, accounting for 70% of the freelance and side hustle workforce globally.

What You Need To Know First

If you're considering embracing this trend and opting in for freelance work as a side hustle, to replace a full-time job altogether, or as something to tie you over while you are job-hunting, here are a few things you need to know:

Most freelancing endeavors require some small investment or start-up capital: you'll need basic tools, software, and equipment such as a laptop, fast and reliable internet, headphones depending on the type of work you are doing, a website and social media presence for your business, and ideally, a dedicated space in your home to focus on the work. You will also need to think about potential insurance and licencing costs depending on the type of work you are performing.

Some of the below ideas may call for slightly more financial investment, particularly if you're driving marketing campaigns, conducting consumer research, or need to purchase more software to enable effective delivery of the work for your clients.

In addition, freelancing is not going to be easy. You may need to fork out hundreds of hours and sleepless nights to research it, and get it off the ground to a point where you are in a position to take care of yourself and your family financially. There will be dry spells, where there may be promising months at certain times of the year, and depending on current market conditions, hardly any clients or income for another month or two. You'll need resilience, patience, and determination to see your venture through.

Some work from home freelance and side hustle ideas include:

Small business consulting

Virtual fitness coaching

Virtual event management

SEO services and consulting

Teaching English as a foreign language online

Podcast hosting

Affiliate marketing

Here are eight other ideas you can select from:

Freelance Writing

As a freelance writer, you can earn money by focusing on a niche (preferably something you're already familiar with and passionate about) and writing about it via a personal blog (and using affiliate links to drive traffic to sites where you can gain a commission), guest-blogging, and even becoming a regular contributor to a reputable publication.

Usually all you'll need is your expertise, good writing skills (which can be polished over time), and your laptop.

Graphic Design

Graphic designers use their design knowledge to create a visual representation of a product or service, or to communicate ideas in a captivating way. They develop the overall layout and design for brochures, social media posts, some website features, logos, and even magazines or reports. As a graphic designer you will rely on software tools to perform your work, which is usually one of your main costs.

Social Media Management

As a social media manager, you would be launching social media marketing campaigns for clients and coordinating their press efforts across multiple platforms, ensuring they have optimal brand and product visibility. This requires you to have good experience and previous success within this field, which you either already possess or can obtain through volunteering to do it for free initially, so you can build your portfolio.

Social Media Influencing

The influencer marketing industry is one that is witnessing significant growth, forecasted to reach over $143 billion by 2030. It is being propelled by major brands who are seeking to partner with social media influencers to gain more visibility for their products. As a social media influencer, you could decide on a range of niches, for example you could be a lifestyle influencer, or focus on parenting, fitness, cooking, comedy, or fashion. The main aspects that will get you through the door are your personality and number of followers.

Online Course Creation

If you've worked in an industry or profession for a number of years and could describe your role with your eyes closed, why not teach what you know? With the e-learning market anticipated to hit a staggering $848 billion by 2030, this is certainly a sector that is in demand. With some careful resource planning and effective marketing, you can design and deliver an engaging course that sells on your own website, or course hosting platforms such as Udemy or Thinkific.

Online Tutoring

Similarly to online course creation, you can tutor pupils in any area you have previously taught or are confident in, and can choose to specialize in music such as instruments or singing, or teach an array of lessons from math to English for students at specific levels.

Life Coaching

Almost anyone can be a life coach. Coaching is generally an unregulated industry, so to stand out, you'll need a solid portfolio of clients who can recommend you and your work (which you can obtain for free initially) and you need to focus on a niche and sub-niche. You can also explore gaining coaching certifications so clients can trust you.

App Development

If you already have experience as an app developer, why not turn it into a profitable gig and service small business clients? You can even create some apps without code using platforms such as Bubble, Softr, or Glide.

Tutoring online is a fantastic freelancing idea to GETTY

Freelancing and side hustling will require some upfront effort and painstaking; however, if you are consistent, perform market research, seek professional advice, and follow your passion, it will truly be rewarding for your financial freedom and work/life balance in the end, no matter which idea you choose.

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With lower salaries and less remote work, the job market looks very different

 With lower salaries and less remote work, the job market looks very different: ‘Now probably isn’t the best time to make a leap’

Jerome Jones inside his home in Chatham, Ont., on Oct. 27. Jones is looking for a new job and finding the market slower than previous times.

When Jerome Jones was looking for a job in mid-2022, he had about 15 interviews a week, mostly for remote roles in project management, sales and leadership. He got a position fairly quickly, but was laid off in September when his company restructured.

Now he’s looking again, but this time, amid widespread tech layoffs and a higher unemployment rate, he’s only getting an interview or two each week.

“I’m looking for the same jobs, something remote in my field, but most of the companies I’m looking at now are hesitant or reluctant, trying to pull back from remote work,” says Mr. Jones, 33, who lives in Chatham, Ont., a small town without the type of companies he has worked for in the past. “Now probably isn’t the best time to make a leap.”

People who looked for jobs last year, or even earlier this year, will be surprised at how much has changed. The era when workers could score big raises by changing jobs, and companies competed for staff by offering flexibility and perks, seems to be ending, says Toronto career coach and tech recruiter Jermaine L. Murray.

Many businesses are “attempting to do a hard cultural reset,” he says. “Companies are using the excuses of the economic times to do a culling of sorts: pushing anti-employee agendas, forcing return-to-office and posting salaries that are a lot lower than they were a year ago.”

Analysis of Canada’s gross domestic product by Capital Economics last month described the country as “on the cusp of recession,” while a recent Mercer report found Canadian companies were planning more modest pay increases in 2024 compared with this year.

The Conference Board of Canada’s most recent Canadian Hiring Index, which is published monthly, suggests finding workers is getting easier. It also found wage growth is decelerating – although at a slower pace than experts expected, Conference Board economist Liam Daly says.

“Workers are moving between jobs less frequently than they were a year ago, indicating people are growing a little less confident at finding better employment somewhere else,” he said, noting the organization expects unemployment to continue to rise until mid-2024. Mr. Daly also noted an increase in “involuntary part-time” work.

“It’s a sign we’re seeing workers not quite being able to find another job that suits them better or obtain hours they would like to in their current job,” he said. “If we went back six months in time, that would be a more favourable time to be switching jobs.”

Statistics Canada data show unemployment is affecting young workers most, something Mr. Murray says he is seeing when it comes to people searching for entry-level jobs.

“I haven’t seen it this hard for entry-level people since 2008,” he says, noting some job seekers who have been laid off are settling for new positions below their level of experience, which is, in turn, creating a crunch for the least-experienced workers. He’s also seeing increased levels of burnout. “People were burnt out prior to the layoffs, and it’s gotten even worse now, because companies are using leverage of the economy to deny promotions but double the workload.”

For employed people considering making a change, Mr. Murray says it’s a good time to focus on skills development in order to be better positioned when the next boom comes.

That said, if the right job comes up, “I’m not telling them to sit tight. I’m telling them, ‘It should take a lot more to move you,’ ” he says. “You need to ask them how they know they’re going to be in business in six months. ‘How can you give me assurances that you’re not going to lay me off?’ ”

Koula Vasilopoulos, senior district president with staffing consultancy Robert Half in Calgary, says job seekers should “be exceptionally clear about what it is you are looking for and what it is you’re not getting” when debating a change during a riskier time in the economy.

Ms. Vasilopoulos says workers accustomed to the quick pace of hiring as the job market rebounded from COVID-19 lockdowns will have to temper their expectations. Her organization’s research has found the time it takes to hire someone has increased by 75 per cent since 2021, when it was eight weeks. Now it stands at 14 weeks, she says. “We were telling companies ‘You’ve got to move.’ Now we’re educating employees to be patient.”

For many of financial planner Andrea Thompson’s clients, the idea of searching for a job in times when they’re already struggling with inflation and interest rates is too stressful to even consider. But Ms. Thompson, who’s based in Mississauga, says that for people whose job is seriously affecting their mental health, it can be worth it to take the risk.

“Short-term needs are so important because, emotionally and psychologically, they get you a lot further,” she says, noting there are ways to arrange one’s finances that can help prepare for a period of instability. Before leaving a job, she recommends cutting down on investing for a few months and putting that money in a vehicle with easy withdrawals, such as a tax-free savings account.

“Then if you get that job, put a lump sum in later on,” she says, noting she’s also advising clients to focus more on debt payment than savings these days, now that interest on borrowed money is so expensive.

Making these kinds of changes to our money plans can feel scary, she adds, but it doesn’t have to be permanent. “At some point in time, things will start to flip back the other direction and we can relax a bit.”

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