Forbes’ 2011 Top 10 World’s Worst Economies list released, Madagascar leading

By on Jul 6, 2011 in Asia, Economy, Europe, World Comments

Forbes Magazine released on Tuesday, July 5, 2011, its list of 2011 Top 10 World’s Worst Economies, with Madagascar leading the list.

A market in Madagascar file photo
Image Credit: Getty Images

As noted at, 177 countries were ranked according to the average statistics for gross domestic product (GDP) growth and inflation for the past 3 years, including the 2012 estimates of International Monetary Fund (IMF).

According to the Forbes’ list, Madagascar led the list with a $448 per-capita gross domestic product which was three times between 1970 and 2009, as revealed by United Nation (UN).

In addition, Madagascar’s man-made problems were also noted that have caused the country to be on top of Forbes’ 2011 world’s worst economies list; including its economic mismanagement.

On the second place of the list is Armenia, the former Soviet republic, whose economy was said to have declined by 15% in 2009 and inflation rate is running at 7%, with a per-capita GDP of $3,000.

Meanwhile, West African country Guinea landed on the third spot; Ukraine went on the fourth place and Jamaica on the fifth rank, whose poverty rate has been cut almost in half to 10% in recent years.

The countries that completed the list of Forbes’ 2011 Top 10 World’s Worst Economies are Venezuela, Kyrgyzstan, Swaziland, Nicaragua and Iran, with further details explained at Forbes‘ official website.

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