Thursday, July 7, 2011


Jamaica has been ranked at number five on the Forbes list of worst economies in the world.

The list that was released this week ranked 177 countries according to three-year average statistics for Gross Domestic Product (GDP), growth and inflation, GDP per capita and the current account balance, a measure of whether the country has been importing more than it exports.

There have been significant changes to the list since last year. Onetime losers like Ghana and Zimbabwe got their economic acts together and moved off the list while some countries, including Armenia and Jamaica, marched into the lower ranks primarily because of the global financial crisis. Others, like Madagascar and Nicaragua, earned their positions almost entirely due to the ineptitude of their rulers. It should come as no surprise that eight of the 10 worst economies also were in the bottom quartile of countries in Transparency International’s Global Corruption Perceptions Index, with Guinea, Kyrgyzstan and Venezuela scoring close to the bottom.

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