Armenia ranked 2nd in Forbes list of World’s Worst Economies in 2011July 6, 2011 - 14:19 AMT PanARMENIAN.Net - The Forbes ranked Armenia 2nd (following Madagascar) in the list of the World’s Worst Economies in 2011. The list includes 177 countries which are ranked according to three-year average statistics for gross domestic product growth and inflation (including the IMF’s 2012 estimates), plus GDP per capita and the current account balance, a measure of whether the country is importing more than it exports. “At No. 2 is Armenia, whose economy shrank by 15% in 2009 as an expatriate-financed construction boom fizzled along with the world economy. With a mediocre growth forecast for the next few years, this landlocked former Soviet republic, dependent upon Russia and Iran for virtually all of its energy supplies, is struggling to keep up with the rest of the world. Per-capita GDP of $3,000 is less than a third of neighboring Turkey, and inflation is running at 7%. On top of that, Russia cut back on supplies of diamonds, hurting Armenia’s once-thriving diamond-processing industry,” the report says. No. 4. Ukraine has rich farmland and generous mineral resources and could become a leading European economy - yet per-capita GDP trails far behind even countries like Serbia and Bulgaria, according to it. Coming in 10th is Iran, which has 10% of the world’s proved reserves of oil according to the Energy Information Administration. The Islamic Republic’s economy, hobbled by insider control of vital industries, international sanctions and mismanagement, is growing at less than a third the world’s average rate. Per-capita GDP of $5,493 puts Iran far closer to war-torn Iraq than oil-rich peers like Saudi Arabia and Kuwait. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |