Top 10 Least Powerful Economies of the World
Top 10 Least Powerful Economies by NPI for 2011:
The NPI or the National Power Index of any country is a composite index consisting of five major indexes i.e., military, economy, technology, popularity and diplomacy.
The list mainly contains countries from Africa. This indicates the relative lack of economic progress of Africa in spite of its impressive natural resources. Most of these countries are primarily reliant on agriculture and natural resources for their sustenance. Find below the list of the top ten least powerful economies for the year 2011:
|Congo – Brazzaville||0.199|
|As on : 21th Nov, 2011
Source : nationranking.wordpress.com
Brief about the Economies:
- Bhutan: Bhutan’s economy is primarily based on forestry and agriculture – together these sectors account for the jobs of 60 percent of the overall population. Animal husbandry and subsistence cultivation are the major constituents of the agricultural sector. The rugged landscape has made infrastructural development difficult to achieve.
- Central African Republic: Forestry and subsistence agriculture form the basis of the Central African Republic economy. These two sectors are offering employment to 60 percent of the total population. More than half of the GDP comes from the agricultural sector.
- Somalia: Somalia is expected to face a tough time with the Sunrise Community Banks opting to stop their money transfer services to the country. The remittances help thousands of Somali people to sustain and without the funds, the national economy could effectively collapse.
- Equatorial Guinea: The economy of Equatorial Guinea has progressed, to a large extent, owing to its substantial reserves of oil and gas. But its GDP growth has also been hampered due to frequent oil price changes. Farming and forestry are important contributors to the GDP.
- Laos: The main problem in Laos economy is the high public debt. The condition is such that the National Assembly has asked the government not to initiate any project without consulting them, as it feels that without proper discussion the debt could reach chronic levels.
- Chad: Chad’s economy is basically agricultural but the economy has been helped over the years with substantial foreign direct investment in the oil sector. Livestock and subsistence farming provide 80 percent of the country’s population with their livelihood.
- Haiti: Haiti has been able to use the 2010 earthquake to completely change the way business procedures are followed in the country. It has also been able to manage remittances and foreign aid coming its way, in a very effective manner. These sectors are right now the mainstays of the national economy.
- Nicaragua: The major problems for Nicaragua, which is among the economically backward countries of the world, are high levels of poverty and unemployment. The Central American country now has more opportunities for exporting manufactured and agricultural products thanks to the US-Central America Free Trade Agreement or CAFTA.
- Congo – Brazzaville: The oil sector is the major component of the Congo-Brazzaville economy but its production levels have been dropping of late. The African economy, though, has been able to reverse this trend with its offshore oil fields that are located near the Atlantic Ocean coast.
- Rwanda: The governor of Rwanda’s central bank has said that the economy is supposed to grow by 7.6 percent in the upcoming fiscal. In 2011 fiscal the African country is supposed to see a growth rate of 8.8%. The economic growth will be lesser owing to the Eurozone debt problems, weak dollar and high prices of oil.