Asian and Israeli economies to lead the fastest growing economies

Asian Singapore, Taiwan, South Korea and Hongkong share the five fastest climbing national economies rankings with Israel, The Economist reports. I find it amazing that both Taiwan and Israel (and maybe Singapore), facing complicated economical and political difficulties in their region with some of their neighbors, are able to keep demonstrating incredible growth and are high on the top economies rankings, especially when considering their size, number of citizens and lack of natural resources.

Translated to Hebrew by Globes, then back to English by IsraelNationalNews, here’s a summary :

Globes: Israel Among Top Five Growing Markets

Israel has risen 12 places in an international listing to become the world 36th largest economy. So reports Globes, based on a survey by “The Economist.”

The survey graded nations’ economies in the years 2001-05 as compared with 20 years earlier. Israel, it was found, jumped 12 slots, raising it from the world’s 48th biggest economy in 1980-84 to the 36th largest in 2001-05. Globes reported that the Economist survey ranked economies on the basis of their five-year average GDP in current dollars.

The four fastest climbing national economies are all in Asia: Singapore rose 20 places to become the 39th largest economy, still three slots behind Israel; Taiwan rose 14 places to become #18; and both South Korea and Hong Kong rose 12 places, just like Israel, to become numbers 11 and 30, respectively.

China rose four notches to slot #6, while oil-producing Venezuela fell 12 places and is now #37. Iran plunged 16 places to 33, and Saudi Arabia fell from 15th place to 22nd.