Top 10 Slowest Growing Economies of the World
Top 10 Slowest Growing Economies by GDP Growth for 2011:
The GDP Growth is calculated as the year-on-year percent change in constant prices which are denoted in national currency. The GDPs of the first four nations in the list have contracted more than any other country in the world. As a result, they are featuring negative GDP growth rates for the fiscal.
Below is the list of the top ten slowest growing economies for the year 2011:
|Islamic Republic of Iran||-0.03|
|As on : 24th Nov, 2011
Source : World Economic Outlook Database-September 2011, IMF
Brief About the Economies:
- Ivory Coast: At present the national economy is recuperating from the aftereffects of a civil war that has hampered aggregate economic output in the first 3 months of the fiscal.
- Greece: The IMF has stated that in Greece, the recession will be higher than the projected rates in 2011. The budgetary shortfall is expected to be higher than the present forecasts.
- Portugal: The IMF has opined that the national administration needs to implement stricter economic reforms and fiscal programs in the present global economic context.
- Islamic Republic of Iran: The Asian economy has recently admitted that the international sanctions have hampered its growth especially in areas like domestic production of petroleum and gas where foreign direct investment has gone down significantly.
- Tuvalu: The board of directors of the World Bank has agreed to provide it with a Country Assistance Strategy making it the first time that Tuvalu is receiving such an aid.
- Swaziland: The government is presently looking to improve the existing conditions in key sectors like green economy, skills development, local procurement and education. It is expected that the local procurement deal will help the manufacturing sector.
- Ireland: The economy has contracted with decline in public investment and overall business activities. Now much depends on the performance of Ireland’s exports, especially in goods and services like computer and pharmaceuticals.
- Madagascar: The private sector and some major enterprises are the key players of the national economy but of late these organizations have been facing some tough times owing to the present political scenario.
- Spain: At present, the national administration is looking to reduce the size of the public sector as well as assist the banks and implement tax breaks.
- New Zealand: The economy has performed well in the 3rd quarter of the present fiscal, thanks to the increased public expenditure for the recently concluded Rugby World Cup.