Which country has the worst economy? And what criteria can be used to determine this? According to the latest calculations by the International Monetary Fund (IMF), the five worst economies in the world are Sudan, Congo, Belarus, Macedonia, and even Japan.
Sudan: Worst GDP Growth
According to data for the first half of 2012, Sudan’s GDP will decline by 7.3% by the end of the year.
The key factor behind these dismal results is the aftermath of years of civil war.
The main oil reserves are located in the southern part of the country, which separated last year to form the independent state of South Sudan.
As a result, according to IMF forecasts, Sudan’s economy will contract even more than Greece’s (7.3% and 4.5%, respectively).
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Congo: Lowest Per Capita Income
Currently, the GDP per capita in Congo is a “record” $231.51.
Since gaining independence (until 1960, Belgium held “rights” to the country), Congo has been unable to overcome total poverty, constant wars, and systemic corruption. Although rich natural resources allow for greater expectations.
Despite the fact that the economy has been growing at a fairly rapid pace in recent years (6-7% per year), the total GDP is only $25 billion with a total population of 73 million.
Belarus: Highest Inflation
Since Alexander Lukashenko became president in 1994, Belarus has been called “Europe’s last dictatorship.”
According to the IMF, inflation in the country in 2012 will be around 65.9%, which does not look frightening compared to 2011, when the annual inflation rate exceeded 100%.
Macedonia: Highest Unemployment Rate
Unfortunately, it is impossible to accurately calculate labor market statistics for all countries, especially in Africa. However, of all the countries where the IMF was able to make the most reliable calculations, Macedonia turned out to be the country with the highest unemployment rate at 31.2% of the working-age population.
Japan: Highest Level Of Public Debt
By most indicators, the Japanese economy ranks at the top of the ratings. Despite its limited natural resources, the country has a high-tech, diversified economy that has been leading the developed world for many decades.
However, there is one problem that the government has been trying to solve for many years: the size of the national debt.
According to IMF forecasts, the country’s debt in 2012 will be around 239% of GDP. No other country comes even close to such a terrible figure.
In May this year, Fitch Ratings downgraded Japan’s credit rating, saying that the government’s attempts to curb its debt were too slow.