Armenia World’s Worst Economy, After Madagascar: Forbes

The world’s worst economy in the first half of 2011 is Madagascar, according to Forbes, which analyzed the macroeconomic performance of most of the countries of the world in a recent report.

Second on the list turned out to be Armenia, followed by Guinea in third place, with Ukraine and Jamaica rounding out the top 5 of the world’s worst economies today.

The Forbes report stated that Armenia cannot recover from the crisis: in 2009, Armenia’s GDP fell by 15%, while there is high inflation (about 7%) and GDP per capita is less than $3,000 — one third less than neighboring Turkey.

It is noteworthy that the results of the rating were very different a year ago: then, first place was Zimbabwe, followed by the Democratic Republic of Congo and then Guinea. The country leading the ranking this year (Madagascar) was in 10th place last year, while Armenia and Ukraine weren’t even on the list.