If you think that China is the world's fastest growing economy, think again.

However, among the major (or large) economies, China does remain the fastest growing economy. But if you take smaller nations too in the list, China slips down the list. Similarly, India too has been for a while considered to be the second fastest growing economy after China. The reality however is different. Asia and Africa account for the world's fastest growing economies, says Economy Watch.
Many of the nations in this list have a smaller base and even a small amount of robust economic activity impacts overall growth figures. However, it is significant to note that some of these nations which showed hardly any growth in the past are now speeding along merrily on the path to economic development and well being.
The most recent quarterly Global Economic Outlook from Fitch Ratings says that the economic recovery rate across the world is encouraging despite significant financial market volatility.
The global ratings agency says that the global economy will grow at 3.4 percent this year, up from its previous projection of 3.2 percent, at 3 percent in 2011 and at 3.3 percent in 2012. So can you tell which are the world's fastest growing economies?
1. Ghana: 20.146% Many economists believe that Africa is the next boomtown. Several African nations are now growing at a rapid pace, trying to make lives better for their people. None more so than Ghana.
For quite a long time, Ghana received many an unflattering adjectives to describe its economy: 'worst managed', 'disastrous', etc.  However, the small African nation has since then come a long way and is the world's fastest growing economy today.
Ghana's economy is growing at a blistering 20.15 percent, says Economy Watch. It's a $23.4-billion economy.
Blessed with rich reserves of natural resources, Ghana has suddenly turned around and is now speeding along the growth path. Ghana is oil-rich, has large gold and diamond deposits, and has a booming tourism industry.
2. Qatar: 14.337% With a GDP growth rate of 12.337 percent, Qatar is the world's second fastest growing economy, says Economy Watch. It's a $132-billion economy. The economy of Qatar, one of the world's largest exporters of petroleum, is primarily oil-based. High oil and gas prices have boosted the economy of this Persian Gulf state over the last few years. The per capita income of Qataris is $66,100, the sixth highest in the world. The nation's economy mainly depends on its huge oil and natural gas reserves. There is no income tax in Qatar. Qatar is an oil- and gas-rich nation with world's third largest gas reserves. The country has excellent infrastructure which was further boosted as it hosted the 2006 Asian Games too. Within the other Gulf region, the nation is a role model for its economic and social transformation, says Wikipedia.
3. Turkmenistan: 12.178% Turkmenistan is blessed with the world's fourth-largest reserves of natural gas. The country is also the world's 10th largest producer of cotton. It is the world's third fastest growing nation with a GDP growth rate of 12.18 percent, according to Economy Watch. It is a $41-billion economy. Citizens in Turkmenistan get 120 liters of petrol free every month for car drivers, while truck/bus drivers get 200 liters of petrol free. Apart from this, electricity too is subsidised for the citizens.
4. China: 9.908% China is the world's fourth fastest growing economy at 9.908% GDP growth rate, and in monetary terms it is of the order of a whopping $6 trillion, says Economy Watch. China, which most economists believe could soon upstage the United States as the world's largest economy, showed some signs of slowing down. However, the rising inflation rates in China are posing a new challenge to the country.
5. Liberia: 9.003% Even though Liberia remains one of the poorest countries on earth, it has shown robust economic activity in the last few years. This African nation is the world's fifth fastest growing economy with a GDP growth rate of 9.003 per cent, says Economy Watch. It is a $1.05 billion economy. The nation has rich reserves of iron ore, and also exports rubber exports. In the last few years, it has been receiving a lot of foreign direct investment which has resulted in higher employment, better infrastructure and increased economic activity.
6. India: 8.43% Economy Watch says that the India, at 8.43 percent GDP growth rate, is the world's sixth fastest growing economy. India is a $1.5-trillion economy. However, Finance Minister Pranab Mukherjee has exuded confidence that the Indian economy would shortly revert to 9 percent growth rate but identified rising prices as a major concern, although inflation has declined to 8.6 percent from double digits in June. The India growth story is enviable. Despite plaguing problems, India has emerged stronger and resilient to the global crisis so far. India is expected to be the world's fastest growing economy by 2018, according to Economist Intelligence Unit (EIU), the research arm of the Economist magazine.
7. Angola: 8.251% Angola is the world's seventh fastest growing economy at a GDP growth rate of 8.251 percent, as per the Economy Watch report. It is a $ 99-billion economy. Battered by a civil war for close to 25 years, Angola has since then come a long way. Fresh pro-people and pro-reform policies have seen funding from the International Monetary Fund and other global lenders rising. These funds are being utilised to create infrastructure in the nation, thus generating employment and healthy economic activity. Angola is an oil-rich state and most of its economy is based on the oil and gas industry, but agriculture too plays a significant role.
8. Iraq: 7.873% Iraq is growing at 7.873 percent, making it the world's eighth fastest growing economy, according to Economy Watch. It is a $93-billion economy. The war ravaged nation of Iraq is slowly trying to come out of the devastation it suffered through wars over the last two decades. The oil and gas industry is the mainstay of the Iraqi economy. Close to 90 percent of its foreign exchange revenues comes from the export of oil.
9. Ethiopia: 7.663% Economy Watch says that with an annual GDP growth rate of 7.663 percent, Ethiopia is the world's ninth fastest growing economy. It is a $31.7-billion economy. Over the last two decades, Ethiopia has been noticing the fruits of focussed efforts at propelling its economy. Some reforms were undertaken in spite of opposition from various political quarters in the country. However, a constant tug of war between the political parties and the severe drought that hit the nation some years ago have had a hugely debilitating effect on the nation's economic health.
10. Mozambique: 7.548% Mozambique, a member of the Southern African Development Community, is the world's 10th fastest growing economy with a GDP growth rate of 7.548 percent. It is a $10.5-billion economy. Like in India, a majority of the population in Mozambique too is engaged in the agriculture sector.
(Source: rediff.com)