YEREVAN — Armenia ranked second among the worst economies in the world by Forbes Magazine in 2011. The data were obtained by analyzing average macro-economic indicators of 177 countries over the past three years and IMF GDP growth and inflation forecasts for 2012.
According to Forbes ranking, the list of five worst economies is toped by Madagascar, followed by Armenia, Guinea, Ukraine and Jamaica. According to Forbes, despite a 15% economic slowdown in 2009 due to the global financial crisis, Armenia is still trying to keep up with the rest of the world.
”The per capita GDP in the country is $3000, which is one third of the same indicator in neighboring Turkey, and the inflation is 7%,” Forbes says.
Forbes says also that the results of a similar ranking last year differed very much from this year’s one. In the 2010 ranking the list was topped by Zimbabwe, that was followed by Democratic Republic of the Congo, and the third was Guinea. The leader of the ranking this year, Madagascar was in 10th place, while Armenia and Jamaica occupied lower positions.
The Armenian economy in 2010 saw a 2.6% year-on-year GDP increase, when it declined by 14.9%.
According to the National Statistical Service, Armenia’s GDP over the reporting period of time in current prices amounted to 3.509.6 trillion drams, while the GDP index-deflator in 2010 was 110.2% compared to 2009. Per capita GDP at the end of 2010 amounted to 1,077.961 drams or $2,885.
The economic activity in May, according to updated statistical data, increased by 9.9% from a year earlier. Inflation in 2011 June was 8.5% compared to the same period in 2010.

2 comments
  1. Shame on the Armenian politicians & governmental officials who cannot and do not root out corruption which is the single most inhibitive factor for the country’s economic growth & progress.

  2. Learn from countries like Singapore which have developed a modern strong economy in a few decades. They rooted out corruption, have a strong and independent judiciary and have capitalized on their most important resource, their citizens.

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