Ghana has been rated second in the 10 fastest growing Gross Domestic Product (GDP) across the world, according to a 2011 forecast by the Economist Intelligence Unit. Eritrea and Ethiopia came fourth and fifth.
The new oil producing country is set to grow by 14 per cent in 2011 while Eritrea is pegged at 10 per cent with Ethiopia at nine per cent.
The Unit said after avoiding recession in 2008 and 2009, and enjoying the global recovery in 2010, Qatar – which topped the list - is set to grow by 15.8 per cent this year. Strong growth is largely due to its liquefied natural gas (LNG) projects and an expansionary fiscal policy focused on infrastructure.
China and India are also projected another year of strong growth, 8.9 per cent and 8.6per cent, respectively.
The report said Ireland’s and Greece’s GDP will decline by 0.9% and 3.6 per cent respectively. The PIIGS - Portugal, Ireland, Italy, Greece and Spain - find themselves among the slowest growers this year.