Does the list of worst economies in the world interests you? You might not want to consider living in these countries perhaps.
Last Tuesday, July 5, 2011, Forbes Magazine, released its list of 2011 Top 10 World’s Worst Economies with Madagascar leading the list.
As mentioned in Forbes.com, all 177 countries were ranked according to the average statistics for their Gross Domestic Product (GDP) growth and inflation for the past 3 years. GDP is s often considered an indicator of a country’s standard of living while inflation refers to the rise in the general level of prices of goods and services in an economy over a period of time.
Among them, it was Madagascar who went on top with a $448 per-capita gross domestic product which was three times between 1970 and 2009, as revealed by United Nation (UN). Economic mismanagement were one of the reasons why the country got on top of the list.
Second to Madagascar is Armenia, the former Soviet Union Republic which has an inflation rate currently running at 7%, with a per-capita GDP of $3,000.
Below are the complete Top 10 Worst Economies as released by Forbes Magazine:
1. Madagascar
2. Armenia
3. Guinea
4. Ukraine
5. Jamaica
6. Venezuela
7. Kyrgyztan
8. Swaziland
9. Nicaragua
10. Iran
On a side note, I wonder why Zimbabwe was not in Top 10. I heard the country having one of the highest inflation rates in the history. Just look at some pictures where everybody is a billionaire.
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