Forbes ranks Armenia as world's 2nd worst economy

10:15, July 07, 2011      

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The Forbes magazine has ranked the South Caucasus country of Armenia as the second worst economy in the world this year, after having analyzed the macro-economic indicators of 177 countries and regions over the past three years.

Other data used by Forbes for its analysis included the per capita gross domestic product growths as released by the International Monetary Fund (IMF), the IMF-forecast inflation rates in the coming 2012 and the current account balances.

The 2011 Forbes-ranked world's worst five economies are Madagascar, Armenia, Guinea, Ukraine and Jamaica.

Armenia's economy in 2010 witnessed a 2.6-percent year-on-year GDP growth.

In 2010, the Forbes magazine ranked Zimbabwe, the Democratic Republic of the Congo and Guinea as the world's three worst economies.

The Armenian national statistical service reported that the country's per capita GDP at the end of last year was 2,885 U.S. dollars and 3,509.6 dollars in current prices over the reporting period.

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