
The latest data on economic growth released this year by the World Bank confirms what we all already knew: The United States and most of the West had a pretty grim decade between the turn of the millennium and 2010. It's a well-worn story now, a decade bookended by bursting bubbles, with limping, debt-financed progress in between. But there is a lot of good news elsewhere in the bank's assessment of gross domestic product (GDP) growth around the globe: Over the same period, 19 economies doubled in size. Both the causes and consequences of that growth varied considerably, but one thing is clear -- the United States would have been even worse off without it.
The U.S. economy itself expanded by 18 percent from the decade's start to end, ahead of Britain (15 percent), Germany, and Japan (both less than 10 percent). Ranking the 164 countries for which the World Bank has data on GDP growth over the decade, that means the United States came 134th, with Britain, Germany, and Japan in 140th, 154th, and 155th place, respectively. Even the apparent U.S. lead in this category of slimeless snails was partially devoured by a faster growing population, so incomes per head increased by around 1 percent a year in all four countries. (Iraq placed dead last in the global ranking -- surely another blow to the reputation of American economic leadership.)
At the same time, the top 19 countries in the world in terms of decade-long growth saw their GDPs more than double over the ten years from 2000 to 2010. And that top 19 included some really big countries -- not least India and China -- so nearly 2.6 billion people benefited from all of that economic dynamism.
Just as significantly, Africa has been going gangbusters -- though you probably haven't noticed, since the whole region of 49 countries still has a combined economy smaller than the state of Texas. Yet within the club of economies that doubled in size were no less than eight from sub-Saharan Africa, the region traditionally written off as a hopeless economic backwater. Indeed, that region took 17 of the top 40 spots in the decade's global GDP growth rankings; its GDP is 66 percent larger than it was in 2000. Populations have expanded there, too, by around 28 percent over the decade -- but even accounting for more people, the average income in the region is about a third higher than it was 10 years ago.
There is no single answer to the question of what is behind the economic dynamism of the club of doubled economies. Some benefited from expanding output and high prices of minerals exports. The World Bank's data, along with State Department's, suggest that nine of the 19 fastest growers rely considerably on extractive industries. Equatorial Guinea and Azerbaijan, the top two performers worldwide -- whose economies more than quadrupled in size over the decade -- are both highly dependent on oil. So are Turkmenistan (third place) and Angola (fourth). Sierra Leone, Bhutan, Chad, Tajikistan, and Kazakhstan round out the economies highly reliant on extractive industries. Others owe at least some of their dynamism to the rebound from recent and devastating civil wars, including Rwanda and (again) Sierra Leone.
But the rest -- China, India, Ethiopia, Mozambique, Cambodia, Armenia, Belarus, Uganda, and Vietnam -- don't easily fall into either of those categories. None have considerable reliance on mineral wealth, and while some were previously embroiled in civil war, their conflicts ended at least five years before the turn of the millennium. The factors behind their rapid growth are probably as varied as the countries themselves.
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