Here is the list of the most shortcoming economies 2011 according to three-year average statistics for GDP growth, inflation plus GDP per capita, the current account balance, and a measure of whether the country is importing more than it exports.
Madagascar: GDP per capita: $387 and inflation: 8.5%
During the period of 1970 and 2009, according to the United Nations, GDP per capita in Madagascar tripled to an estimated amount of $448 while surprisingly, GDP per capita in South Africa increased over sevenfold to $5,700. With a history full of fierce civil war, shortcoming economic governance and population growth, Madagascar has lagged so far behind other developed countries such as South Africa, India or Brazil. Currently, there are 77% of the population living in poverty, illiteracy and poor health care in this worst economy. Furthermore, retail price of rice has doubled in Madagascar over the past two years.
Madagascar is one of the worst economies with GDP is $387 per capita and inflation is 8.5%
Armenia: GDP per capita: $2,959 and inflation: 7%
With a 15% contraction in GDP in 2009 while dissatisfactory growth forecast for the next few years, 7% inflation and GDP per capita only reaching $2,959, Armenia is a poor nation all over the world
Guinea: GDP per capita: $440 and inflation: 17%
Poor infrastructure, civil war in 2008 and particularly uncooperative attitude of the government with foreign investment have forced increasing the wealth of the average citizen a challenging goal in Guinea’s economy
Ukraine: GDP per capita: $3,483 and Inflation: 10%
This former Soviet Republic has rich farmland and generous mineral resources and could become a leading European economy. However, complex laws and regulations, poor corporate governance, weak enforcement of contract law by courts, and particularly corruption left Ukraine far behind with countries such as Serbia and Bulgaria.
Ukraine has a shortcoming economy compared other countries in the world
Jamaica: GDP per capita: $5,473.09 Inflation: 7%
According to World Bank, the poverty rate in Jamaica has dropped to 10% in some recent years, while the literacy rate has increased to 88%. However, the global financial crisis has devastated Jamaica’s economy, with a 4% decline in GDP in the last two years. High inflation together with a constant current-account deficit is a big challenge for Jamaica.
Although GDP is $5,473.09 per capita and inflation rate is 7%, Jamaica was still placed in the list of most shortcoming economies around the world
Venezuela: GDP per capita: $9,886 and Inflation: 32%
Despite abundant oil reserves, Venezuela's economy is not appreciated because the management of economic policies is inefficient and less open. With 32% inflation rate and the below average growth of the world has led Venezuela appear on this list
Kyrgyzstan: GDP per capita: $943 and Inflation rate: 12.6%
This Central Asian country ranked 164 out of 178 countries in Transparency International’s Corruption Perceptions Index and suffers 11% unemployment
Swaziland: GDP per capita: $3,109 and Inflation rate: 7.3%
Rapid population growth with lack of jobs caused the poverty rate in this African country up to 60% although Swaziland is a nation having rich farmland, sugar exports and a vibrant tourism industry
Nicaragua: GDP per capita: $1,197 and Inflation rate: 9%
Nicaragua is considered as the second-poorest country in the western hemisphere after Haiti because they have no policies to encourage foreign investment, people often suffer from power shortages, water shortages, energy costs are high, and inequalities in society.
According to the World Bank, nearly half of Nicaraguans live below the poverty line
Most Shortcoming Economies 2011: Economy of Nicaragua
Islamic Republic of Iran: GDP per capita: $5,493 and Inflation rate: 15%
Islamic Republic of Iran’s economy is less developed by the state's control of key industries, international sanctions, and mismanagement. GDP per capita of Iran lags far behind Kuwait and Saudi Arabia, only far closer to war-torn Iraq
Related links:
Predictions on Economy for 2011
Women Small Business Start-Ups Are Thriving in Today's Economy
Most Shortcoming Economies 2011