Economy: Multiple credit agencies have downgraded Greek debt, as whispers of an exit from the E.U. Although these four nations account for only 4.6% of total world GDP, the bigger issue is the general slowdown of the global economy. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Economic expansion or contraction is measured by GDP or Gross Domestic Product. Venezuela could be on the verge of a more serious crisis. Rank by Population: 8th. “Interest Rate” is the rate set by each country’s central bank (the equivalent of the Federal Reserve Board). Economy: The government exerts massive control over the economy, and generates the vast majority of its revenues through oil. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram. In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of... Universal Orlando Parks Will Reopen June 5 Despite Risk Of... Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From... Jurassic World: Dominion Is Definitely Not The Planned End Of The... White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker, Everything We Know About The PlayStation 5. In a CNBC.com article from February 6, 2015, Everett Rosenfeld reported that a pair of Levi’s 501 jeans cost $392 in Caracas, Venezuela compared to $59 in New York. We took a look at the IMF's growth forecasts broken out by country and identified the 15 that are projected to grow the slowest over 2013-2014 average. Russia’s oil production has fluctuated, but more recently, it has spiked. Austerity measures like a public salary cut and increase in the VAT to curb debt have not fostered economic growth. Annualised rate is a rate for a period of less than a year. To borrow the words of a famous Hal David, Burt Bacharach song: “What the world needs now, is growth, sweet growth. Since then, the CBR has slashed its benchmark, one-week repo rate from 17% to its current level of 11%. Unemployment has continued to rise even after recovery from the recession. Sanctions for its nuclear program have devastated the oil-exporting nation. Economy: Tuvalu's labour force is among the tiniest in the world, and those who do not practice subsistence farming rely on transfer payments from overseas. CATERPILLAR: This Is What The World Will Look Like In 2013 >. Unemployment has been a problem in Iraq for years. Agriculture employs only 2% of the Dutch labour force, yet produces a surplus. This ‘real world’ experience has been essential in my writing. Based on HDI, Niger is the worst country to live in. The Worst Economies In The World 24/7 Wall St. 24/7 Wall St. After sliding for four consecutive years, the United States moved up two places for the second year in a row in the World Economic Forum’s competitiveness rankings, from fifth last year to third in 2014. Although the action was considerable, the results have been marginal as loans to the private sector declined in early 2014 and have been relatively flat since. Thus far, unemployment has not been very high. This year, the United States passed Singapore to rank as the world’s second most competitive economy due in large part to its capacity for innovation and business sophistication. In the April-June quarter of 2020, Chinese economy grew by 3.2 per cent. Click here to see our detailed findings and methodology. It also has the largest economy and population of the infamous four. Economy: The service sector accounts for 80% of Cyprus' GDP. More specifically, the threat of impeachment looms large for Brazilian President Dilma Rousseff who has led the country since 2010. India's Q1 GDP contracts 23.9% in June quarter, India's GDP growth to see strong pick up in second half of 2020: Moody's, Rahul Gandhi alleges Modi govt destroyed informal economy, enslaved it, Sachin Bansal in talks to buy Kishore Biyani's Future Generali Life Insurance. Your email address will not be published. Mineral extraction is Eritrea's best potential source of wealth. Even though the U.S. economy may be gaining traction, the rest of the world seems to be muddling along and low oil prices have been a significant factor. Barring China, the world's second-largest economy, all other major economies have felt the negative impact of coronavirus pandemic. From 2003 to 2013, it averaged more than 18% with a high of 28% in 2003 and a low of 15% in 2012. Venezuela’s benchmark interest rate has been rising steadily since early 2014. Japan's economy shrank a record 9.9 per cent in the April-June quarter of 2020 amid the coronavirus induced economic woes. Although per capita GDP will still be the highest in the developed world by 2023, the fastest growth in GDP per capita will indeed come from many of the world’s poorest economies currently. The magazine expects India to rise to fifth place in 2019 from seventh, and France to remain at sixth. I moved to the US from China — here are the biggest cultural differences I've noticed between the 2 countries, Bath & Body Works is now a standalone company — we visited a store and saw why it's been L Brands' secret weapon, CBA and NAB pass on RBA interest rate cut in full, but ANZ and Westpac defy Treasurer Josh Frydenberg's orders, How to watch Netflix on your TV in 5 different ways, The incredible story of Ferrari's 72-year journey from an upstart racing team to a $27 billion luxury brand.