Tweet
ARMENIAN ECONOMY RATED AS WORLD'S SECOND WORST
Giorgi Lomsadze
EurasiaNet.org
July 6, 2011
Armenia's economy is disappointing as it is, but now Forbes had
to rub it in by ranking it as one of the world's worst economies,
second only to Madagascar.
"Per-capita GDP of $3,000 is less than a third of neighboring Turkey,
and inflation is running at 7%," Forbes Senior Editor Daniel Fisher
wrote in his blog. "On top of that, Russia cut back on supplies of
diamonds, hurting Armenia's once-thriving diamond-processing industry."
CPR performed by international financial institutes, the West and
Russia may have helped put the economy on the mend, but recovery
is slow.
Economic data for the first quarter of 2011 shows no sign of an
immediate turnaround; Gross Domestic Product growth registered just
1.2 percent, RFE/RL's Armenian service reports.
For a country badly whacked by the global financial crisis, the Forbes
ranking, no doubt, adds insult to injury, but, so far, no official
reactions from Yerevan.
Giorgi Lomsadze
EurasiaNet.org
July 6, 2011
Armenia's economy is disappointing as it is, but now Forbes had
to rub it in by ranking it as one of the world's worst economies,
second only to Madagascar.
"Per-capita GDP of $3,000 is less than a third of neighboring Turkey,
and inflation is running at 7%," Forbes Senior Editor Daniel Fisher
wrote in his blog. "On top of that, Russia cut back on supplies of
diamonds, hurting Armenia's once-thriving diamond-processing industry."
CPR performed by international financial institutes, the West and
Russia may have helped put the economy on the mend, but recovery
is slow.
Economic data for the first quarter of 2011 shows no sign of an
immediate turnaround; Gross Domestic Product growth registered just
1.2 percent, RFE/RL's Armenian service reports.
For a country badly whacked by the global financial crisis, the Forbes
ranking, no doubt, adds insult to injury, but, so far, no official
reactions from Yerevan.