Forbes ranks Armenia as world’s 2nd worst economy

The Forbes has ranked 177 countries according to three-year average statistics for gross domestic product growth and inflation (including the IMF’s 2012 estimates), plus GDP per capita and the current account balance, a measure of whether the country is importing more than it exports.

The conclusions are very gloomy for Armenia. “With a 15% contraction in GDP in 2009 and mediocre growth forecast for the next few years, this landlocked former Soviet republic is struggling to keep up with the rest of the world. Per-capita GDP of $3,000 is less than a third of neighboring Turkey, and with inflation running at 7%, Armenia’s citizens are getting poorer. GDP per capita: $2,959 Inflation: 7%.”

Armenia is 2nd worst in the list right after Madagaskar and followed by Guinea. Other former Soviet countries in the top 10 worst are Ukraine and Kyrgyzstan.

The only comforting thing I see, is that one of the main indicators for compiling the list was the unprecedented economic meltdown of 2009. The Armenian economy has greatly improved since than and we will very likely be out of the top 10 worst next year.



17 thoughts on “Forbes ranks Armenia as world’s 2nd worst economy

  1. Ոչ մի տեղ չմնաց բացի առաշ:
    Դեպի առաշ Հայրենիք:

  2. Pardon my French but what economy? The whole thing is a bubble built either on remittances from people working abroad, foreign aid or laundered money.

  3. my dear precious and priceless homeland…
    you are my light, my hope, my life, with out you I can not live nor would I want to. you are the only reason I continue to live. in hopes that one day when I return to you, it will be permanent and I can help to rebuild you, cure you from all the disease that is killing you, wipe out the filthy and dirt that plagues you. you are my home, you are my life, you will always live in my heart. only REAL ARmenians such as me love you and will always be ready to help you with little to no money/power.

    it makes me very angry and depressed to know you are on such a bogus list as “world worst economy”. I have no doubt that the evil powers that rule this planet are at fault to make sure that you don’t stand up on your feet, because of the wonderful intelligence, talents, and beauty that you possess to offer to the world and become a natural powerful successful self-sustaining entity

    Hayastan jan, I love you with all my Haykakan heart & soul
    I will never hurt you any way shape or form
    you are too priceless and precious to be hurt
    I wish had the medicine to cure you from this horrible disease that the evils have purposely injected you with

  4. My dears,

    It’s not Forbes who ranks Armenia the 2nd. It’s Mr Daniel Fisher:) and this is why he is not writing for The Economist:) The Economist would never publish this:)

    The author is already explaining and betting that Armenia will be off be list next year (see his comment after his own article).

    But the main thing here is what criteria you take:) I mean for some criteria Armenia might be the worst in the world (for example for producing natural gas, because we simply do not have it).

    On the other hand, Ukraine, is the middle of Europe with all it’s wealth and sea ports and gas transits to Europe is near us in worst 10 list. I mean it is indeed a nightmare there.

    Look at Greece, Portugal and Ireland. Can they be counted as world’s best economies? If we take Daniel’s criteria of course they can :)

    For me, Forbes better stay in corporate finance as it is the best for it and leave economies for The Economist.

    Armenia’s today’s economy does not develop for only one reason. Corrupt Government and as a consequence the oligarchs.

    But Armenia’s economy is not the second worst, believe me:)

  5. yeah, that is why I put the last sentence so you dont worry and dont think of returning to support :) just stay where you are, dont worry:) everything is gonna be fine here :)

  6. This is not a real report in that the criteria used are limited. Going by the per capita income, Armenia is better than most countries in Africa, and considering it has no port and no national resources and blocked on nearly all sides and the emigration of 1/2 the population since 1992, it is easy to see why it isn’t doing better but things will change as the Artaskh issue is solved etc.. Also, there is a great deal of money not reported in these studies which is the cash money that people don’t report

    • You know, I am sometimes getting amazed with misinformed people and nonconstructive comments made. 

      So misinformed. I think those people have only been in Armenia and US and they liked it there:)  and they want Armenia to become US and they want it today and they naively think that it can be done through revolution:)

      So nonconstructive. Look, one needs to name a problem, if it is a problem. I am the first one to blame corruption in my comments. I consider this the biggest problem we face. I suffer from it together with my country.

      But when someone says Armenia is a dictatorship, I just think there is another Armenia somewhere. And this is because those people have never been to real police state countries.

      Guess what is the only country in the region from Black to Caspian sea and down to Mediterranean that does not have political prisoners? Guess what is the only country in the same region where   opposition not only gathers (although less and less each day) in the very heart of the capital whenever it wants, but also prints newspapers, sells advertisements in those newspapers, runs websites in that very country etc…

      Let us just not be biased. It is because of being biased the last opposition rally gathered only 3000-4000 people. With all the guys released from prisons. 

      Please be realistic, criticize the problem if the problem exists. And I will be the first one to support you. 

      Let us plant trees along with blaming those who cut them.

        what are you spewing out now?
        why you hiding the truth? you are serjikaser now?

        my homeland is absolutely under tyrannical dictatorship
        you cant make a move or even wipe your ass with out getting permission from the mafiya dictatorship gov’t and if you happen to get that permit, you will have to PAY for it until the end of your life. I would know this well, I know my own homeland, my own ppl, I’ve been there few time and wanted to do something that SHOULD not cost me anything, nor would I need permission from mafiya dictatorship to do it, but I was warned otherwise and threatened that if I do it, I would be forced to PAY this mafiya permit tax and if I don’t I would go to jail, even though what I wanted to do is NOT illegal or immoral in any way shape or form

        Hayastan is only country in black/caspi sea region that does NOT have political prisoners??? ay ara du gizhvel es? what the hell were those 100 political prisoners about? and do this day there is a dozen or so in prisoners still from March 1st. stop trying to cover it up ok, there are many severe problems in Hayastan and yes Hayastan is a POLICE state, just like hotac amerika is. you get out of line even for 1 second and the cops will be all over you, accept in Hayastan I can bribe the cop to walk/look the other way, where as here in hotact tgex amerika if you do it, it wont work either because cops enjoy their power trip to ruin your day/month/life, or you not offering enough for him to lose his job over it. here some cops demand $10-100k to look the other way, where as others enjoy to lock you up because they signed up to piss all over you

        yes, lets plant many trees, but must stop those who are desperate to CUT them down

  7. There needs to be a fundamental change. Armenia now is in a leading pack for the most corrupt countries, worst economy, poor human rights, etc.

    How can it possibly attract direct foreign investment with such reviews is beyond me. There is only so much that you can do with your citizens sending money from khopan employment.

    • I think they know the answer: “…Удивляют еще и выборочные сравнения «стран-неудачниц» с их более успешными соседями которые, по счастливому совпадению, являются друзьями Вашингтона. Так Украине ставят в пример Болгарию, Армении – Турцию, Ирану – Саудовскую Аравию и даже Ирак, Никарагуа – Сальвадор и т.д. …”

      Before dismissing, it is important to remember that there are two main investor groups: The West and China. Armenia has effectively chased the Western investors away. The Chinese will come and invest in the natural resource extraction once there are viable export routes.

      Is this the kind of future we want?

    • For a short while all comments are on moderation, because I’m travelling and can’t effectively oversee comment spam and bad language. Sorry about that – its a short inconvenience, I’ll remove moderation on Wednesday.

  8. Next time Forbes should ask the mafia government of Armenia about the economy, then maybe Armenia will rank the best economy in the world next time.

  9. I think one of the LiveJournal users sums it up well:

    բարոյահոգեբանական առումով առաջին տպավորությունս Երևանից Օպեռայի շուրջը մի կռուգ ֆռալուց հետո

    նիուժելի Մադագասկարում սրանից վոռի ա


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