Mapped: The Real GDP Growth of U.S. Regions in 2023

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June 4, 2024 Graphics/Design:

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The Real GDP Growth of U.S. Regions in 2023

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Distinct variations in regional economic growth were evident throughout America in 2023, driven by differences in industry composition and population dynamics.

This graphic shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis.

Which Regions Grew the Fastest in 2023?

Below, we show the U.S. regions with the highest real GDP growth last year:

RankRegionReal GDP Growth 2023 YoYReal GDP 2023 1Southwest+5.1%$2.8T 2Southeast+3.1%$4.9T 3Rocky Mountain+2.9%$837B 4Plains+2.5%$1.4T 5Far West+2.5%$4.5T 6New England+1.8%$1.2T 7Mideast+1.3%$3.9T 8Great Lakes+1.2%$2.9T U.S.+2.5%$22.4T

Outpacing all other regions is the Southwest, fueled by rapid population growth and booming oil production across the state of Texas, one of the fastest growing state economies in 2023.

In addition, electric vehicle factories and battery plants are increasingly emerging across the Sun Belt. This includes a 10 million square foot Tesla facility in Texas and a $320 million battery manufacturing plant and assembly facility in Oklahoma. The combination of lower land, labor, and electricity costs are driving corporate investment in the region.

With the second-highest real GDP growth rate, the Southeast also surpasses the national average.

Just as Texas is attracting industrial production across clean energy technologies, Georgia and Tennessee are emerging as automotive hubs. In fact, Georgia leads the country in electric vehicle assembly and battery plant investment, at a staggering $14.5 billion.

By contrast, growth in the Mideast and New England regions fell below the national average, weighed down by states like Massachusetts and New York as construction, manufacturing, and finance and insurance sectors witnessed slower activity.

Lastly, the Great Lakes region, covering Illinois, Ohio, Michigan, Wisconsin, and Indiana, experienced the lowest growth nationally, at just 1.2% in 2023. This sluggish performance was attributed to a shrinking labor force in Illinois and a contracting manufacturing sector in Ohio amid high interest rates. Moreover, three

The World’s Fastest Growing Emerging Markets (2024-2029 Forecast)

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May 2, 2024 Article/Editing: Graphics/Design:


The World’s Fastest Growing Emerging Markets (2024-2029)

Large emerging markets are forecast to play a greater role in powering global economic growth in the future, driven by demographic shifts and a growing consumer class.

At the same time, many smaller nations are projected to see their economies grow at double the global average over the next five years due to rich natural resource deposits among other factors. That said, elevated debt levels do present risks to future economic activity.

This graphic shows the emerging markets with the fastest projected growth through to 2029, based on data from the International Monetary Fund’s 2024 World Economic Outlook.

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Top 10 Emerging Markets

Here are the fastest-growing emerging economies, based on real GDP compound annual growth rate (CAGR) forecasts over the period of 2024-2029:

RankCountryProjected CAGR (2024-2029) 1🇬🇾 Guyana19.8% 2🇲🇿 Mozambique7.9% 3🇷🇼 Rwanda7.2% 4🇧🇩 Bangladesh6.8% 5🇪🇹 Ethiopia6.7% 6🇳🇪 Niger6.7% 7🇺🇬 Uganda6.6% 8🇮🇳 India6.5% 9🇻🇳 Vietnam6.4% 10🇸🇳 Senegal6.3%

As South America’s third-smallest nation by land area, Guyana is projected to be the world’s fastest growing economy from now to 2029.

This is thanks to a significant discovery of oil deposits in 2015 by ExxonMobil, which has propelled the country’s economy to grow by fourfold over the last five years alone. By 2028, the nation of just 800,000 people is projected to have the highest crude oil production per capita, outpacing Kuwait for the first time.

Bangladesh, where 85% of exports are driven by the textiles industry, is forecast to see the strongest growth in Asia. In fact, over the last 30 years, the country of 170 million people has not had a single year of negative growth.

In eighth place overall is India, projected to achieve a 6.5% CAGR in real GDP through to 2029. This growth