A new survey by Bloomberg in conjunction with New York-based financial Newswire service has predicted that Nigeria, China, the Philippines, Kenya, India and Indonesia will rank among the 10 fastest growing economies in world this year.

Nigeria with an expected growth rate of 4.9 per cent w sixth behind China (7 per cent), the Philippines (6.3 per cent), Kenya (6 per cent), India (5.5 per cent) and Indonesia (5.4 per cent).

In a list of 20 dominated by emerging economies in Asia and Africa, other fast growing economies include: Malaysia in seventh place, Peru, Thailand, United Arab Emirates (UAE), Kazakhstan, Colombia and Saudi Arabia.

Others are Taiwan, Turkey, South Korea, Poland, Mexico, Ireland and Singapore.

“Emerging markets in Asia and Africa still reign supreme: They’re at the top of global growth projections over the next two years.

“The world is expected to grow 3.2 per cent in 2015 and 3.7 per cent next year after expanding 3.3 per cent in each of the past two years," according to a Bloomberg survey of economists.

“China, the Philippines, Kenya, India and Indonesia, which together make up about 16 per cent of global gross domestic product, are all forecast to grow more than 5 per cent in 2015.”