The Forbes Web site

YEREVAN (Arka News Agency)—Armenia was ranked second among the worst economies in the world in 2011 by Forbes Magazine in 2011. The data were obtained by analyzing average macro-economic indicators of 177 countries over the past three years and International Monetary Fund growth domestic product growth and inflation forecasts for 2012.

According to Forbes ranking, the list of five worst economies is topped by Madagascar, followed by Armenia, Guinea, Ukraine and Jamaica. According to Forbes, despite a 15 percent economic slowdown in 2009 due to the global financial crisis, Armenia is still trying to keep up with the rest of the world.

“The per capita GDP in the country is $3000, which is one third of the same indicator in neighboring Turkey, and the inflation is 7 percent,” according to the Forbes report.

According to Forbes results of a similar ranking last year differed considerably from this year’s. In the 2010 ranking the list was topped by Zimbabwe, that was followed by Democratic Republic of the Congo, and the third was Guinea. The leader of the ranking this year, Madagascar was in 10th place, while Armenia and Jamaica occupied lower positions.

The Armenian economy in 2010 saw a 2.6 percent year-on-year GDP increase, when it declined by 14.9 percent.

According to the National Statistical Service, Armenia’s GDP over the reporting period of time in current prices amounted to 3.509.6 trillion drams, while the GDP index-deflator in 2010 was 110.2 percent compared to 2009. Per capita GDP at the end of 2010 amounted to 1,077.961 drams or $2,885.

The economic activity in May, according to updated statistical data, increased by 9.9 percent from a year earlier. Inflation in 2011 June was 8.5 percent compared to the same period in 2010.