That, Mr FM, is not quite true. In fact, this is just a frequently repeated myth that is fast acquiring such legitimacy that everyone believes it. Actually, there were 23 countries whose economies grew faster in 2007, with 19 growing at double-digit rates. Even China, with its 11.4% growth ranked only 12th in the list.

The tiny mountain kingdom of Bhutan was ranked second with a growth rate of 22.4% a little behind the 23.4% recorded by oil and gasrich Azerbaijan. The third country in the list was not from Asia or Latin America but was Angola, in southern Africa. These three were also the only countries in a list of 200 that registered growth of over 20% in their GDP last year. To be fair to the finance minister, most countries in the list of the fastest growing economies are small nations where even a minor economic change can escalate the growth rate. If one looks at the world's 20 biggest economies, then indeed India has the fastest growth rate, next to China.

One reason behind the high growth rate in Bhutan is the Tala Hydroelectric project. Similarly, Timor-Leste's 19.8% growth can be explained partly by the destruction of economic infrastructure in the unrest period, which lowered the base, and the recent joint petroleum development project with Australia granting 90% revenue to East Timor, which fuelled the already small GDP.

Another important factor fuelling the growth rate of several countries is the extent to which the export of oil and natural gas contributes to their economy. Countries like Angola, Azerbaijan, East Timor, Qatar, former CIS countries, Venezuela etc, have registered high growth rates because as major oil exporters they gained big time from the spike in international crude oil prices.