Fastest GDP per capita growth rate

 From Visual Capitalist

Over the last 35 years, some countries have seen extraordinary increases in economic output per person, ranging from export-driven Asian economies to resource-rich nations experiencing major commodity booms.

This graphic ranks countries by real GDP per capita growth from 1990 to 2025, based on World Bank data. Figures account for inflation and differences in purchasing power across countries.

Guyana’s extraordinary growth is closely tied to its offshore oil boom. Oil production began in 2019 and reached roughly 225 million barrels in 2024, transforming the economy of a country with fewer than one million people.

That helps explain why Guyana’s real GDP per capita has risen 1,549% since 1990, putting it ahead of every other country in the ranking.

China’s rise stands out because of the scale involved. Nearly 800 million people have been lifted out of extreme poverty over the past four decades, accounting for nearly three-quarters of the global reduction.

The broader ranking shows that China is part of a much larger Asian growth story. Vietnam, India, Bangladesh, and South Korea all rank among the world’s fastest-growing economies by real GDP per capita since 1990.

Unlike Guyana’s recent oil-driven surge, much of this growth unfolded over decades of industrialization and trade expansion. Asian countries make up nearly half of the global top 25.

The U.S. ranks 88th globally, with real GDP per capita rising 73% between 1990 and 2025. Among G7 economies, it recorded the largest increase over the period.

By comparison, GDP per capita grew 61% in the UK, 48% in Germany, 43% in Canada and France, and 34% in Japan.

One factor behind the U.S. advantage has been stronger productivity growth, helping it pull ahead of many advanced-economy peers. The largest gains, however, have occurred elsewhere, highlighting how much the global growth landscape has shifted since 1990.

This graphic shows the growth in average per person GDP, i.e., GDP divided by the population.   But in the US, for example, most of the growth over the last 40 years has accrued to the top 10% and top 1%.  What would be very interesting is to see median per person GDP growth.   The point where half is above and half below is the median.  An example.  In a village of 100 people, 99 earn £100 per year, and 1 earns a £10,000.   The average (mean) income for the village is £199, which is clearly meaningless.  The median, however, is £100, which is much more meaningful.   And it is the median income/per person GDP which matters for ordinary people.  I suspect median GDP per person in the US has grown more slowly than in other G7 countries.

A wave of debt could swamp the world economy

From the Australian Broadcasting Corporation (ABC):

The World Bank has warned the largest and fastest rise in global debt in half a century could lead to another financial crisis as the world economy slows.

The 'Global Waves of Debt' report looked at the four major episodes of debt increases that have occurred in more than 100 countries since 1970 — the Latin American debt crisis of the 1980s, the Asian financial crisis of the late 1990s and the global financial crisis from 2007 to 2009.

The bank said during the fourth wave, from 2010 to 2018, the debt to GDP ratio of developing countries has risen by more than half to 168 per cent.

That was a faster increase on an annual basis than during the Latin American debt crisis.

Problematically, the rise in debt has been across both private companies and governments across the world, amplifying the risks if there is another global financial crisis.

China accounted for the bulk of the increase, with its debt-to-GDP ratio rising by nearly three-quarters to 255 per cent since 2010, now totalling more than $US20 trillion.

However, most emerging economies saw their debt rise over the eight years.

The report said the latest wave of debt was more challenging than the previous three waves because of the build up of both private and public debt, new types of creditors including foreign investors and the big rise in borrowing, which was global and not limited to one or two regions.

Poorer countries have also increasingly borrowed from non-traditional lenders such as China, which offer less favourable loan conditions, including higher interest rates and requiring stakes in projects as collateral.

The new report has upped the pressure on governments to prevent another debt crisis.

It found that of 519 cases of debt surges in 100 emerging and developing countries since 1970 roughly half ended in financial crises.

"75 per cent of them now have budget deficits, their foreign currency denominated corporate debt is significantly higher, and their current account deficits are four times as large as they were in 2007.

"Under these circumstances, a sudden rise in risk premiums could precipitate a financial crisis, as has happened many times in the past."