Top 5 Countries Economic Growth Slow In The World
A number of countries in several regions of the world is predicted to slowing economic growth in 2011. Even among those countries, still has a minus growth.
The slowdown in economic growth among some of the country because of the impact of the global financial crisis to the high unemployment. In fact, there are also due to substantial debt burden.
Here are five countries with the slowest economic growth as quoted by Business Insider:
Projected economic growth in this country in 2011 is estimated to minus 1.05 percent. Last year, Greece's economic growth rate minus two percent. Meanwhile, gross domestic product (GDP) was recorded at U.S. $ 325 billion.
Greece relies heavily on the agricultural sector. However, the tourism sector and shipping industry is the largest contributor to the national gross domestic product.
The country also received U.S. $ 148 billion bailout from the European Union and the International Monetary Fund (International Monetary Fund / IMF) earlier this year. Meanwhile, according to Bloomberg data, the unemployment rate will reach 14.6 percent in 2011.
With a GDP per capita of U.S. $ 27,264, Greece are now fighting against the reduction in health care costs and high taxes.
This year, Zimbabwe's economic growth is projected at 0.034 percent. Meanwhile, last year the country was still able to grow 2.244 percent. GDP reached U.S. $ 5 billion.
Zimbabwe's largest export commodities are coffee, tobacco, and soybeans. Countries that devalue its currency because the government increase the supply of money, causing hyperinflation. Based on 2009 estimates, the country's unemployment rate reached 95 percent and GDP per capita of U.S. $ 475.
Economic growth in Venezuela in 2011 is estimated to 0.36 percent. However, last year's growth had reached minus 2.633 percent.
Venezuela economic activities rely largely on oil and gas exports. Meanwhile, the United States is the country's largest export partner.
The Wall Street Journal reports that Venezuela is seeing increased debt financing to support foreign exchange reserves. Nevertheless, the country's bond market remains strong. Venezuela has a GDP per capita of U.S. $ 9,773.
4. Saint Kitts and Nevis
Estimates of economic growth in this country during 2011 reached 0.499 percent, while last year minus 0.999 percent. Saint Kitts and Nevis has a GDP of U.S. $ 565 million. The country still relies on the sugar industry in national income mengontribusi.
Nevertheless, the tourism sector, exports, and banking is now also participate mengontribusi economic growth. Bloomberg reported, Saint Kitts and Nevis is ranked third countries in the world with a high level of public debt.
This island nation famous for its low tax rate, but has a higher loan. Saint Kitts and Nevis has a GDP per capita of U.S. $ 10,206.
In 2011, the projected economic growth this country amounted to 0.578 percent. Meanwhile, growth last year reached 2.682 percent.
State economy with GDP of about U.S. $ 52 billion is primarily oil-based. With a stretch of pipeline Baku-Tbilisi-Ceyhan along the 445 kilometers are expected to boost the economy, so it will assist countries in producing one million barrels of crude per day.
According to Trend News Agency, the country has experienced decline in agricultural production, although livestock sector increases. Azerbaijan's GDP per capita reached U.S. $ 5,764.
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