Forbes Ranks Armenia Second Worst Economy

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.


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  1. sam said:

    shame on the rulers of that country it is very embarassing specialy after mogadishu

  2. Artin said:

    We need a new leader to guide our people to prosperity and growth otherwise we will soon lose even what we have
    We need to get united and clean the virus of (հակարակութիւն) in order to preserve what we have and gain more of what we had


  3. No Cigar said:

    According to LTP, Kocharyan and Serjh Armenia is the second best economy of the world, not worst.

    • Andy said:

      The average salary is too low for armenia & the prices are too high compared to salary. That explains everything.

  4. Gabe Korajian said:

    When Armenia became an independent country, I said to myself that Armenia with its highly educated human capital would be the new Switzerland of the region. Now that I read “Forbes Ranks Armenia Second Worst Economy” I am very disappointed. This ranking puts Armenia behind most African countries, a matter of serious concern. All I have to say at this point is for our leaders in Armenia to wake up and smell the coffee. If this trend continues, we will not have a country, but a failed state. How sad!
    Gabe Korajian

    • Gc said:

      Our so called leaders will never wake up , since they are the cause of all evil. It’s time YOU wake up

  5. Avery said:

    before you guys fall over each other repeating the notoriously Turkophile Forbes’s disinformation, check the facts. Go to the CIA Factbook site – then come back and tell us how Armenia is ranked below Guinea.
    (yeah, that CIA).

    Make sure you look up the real GDP per-capita for Armenia. Hint: it’s not $3000. Forbes lies like a rug.

  6. gary S. said:

    How is it that Armenia & Greece have worst economies than Turkey? In Otttoman times, we ran most of the businesses there. We have bad rulers!

  7. Harut said:


  8. Nick said:

    There has to be a hidden motive behind this story; support uprising and cause political disturbance in Armenia? A western sponsored article to cause more tension between the opposition party and the current government in charge? Does anyone really believe we’re behind African countries? I’d like to read the full technical details before I submit to this article. If they’re comparing Armenia with a tiny land and no resources, landlocked, with a large African country that has vast resources, that would make sense. Anything else, ludicrous! Forbes magazine is the like Nobel Peace Prize, they promote those that benefit western countries. Let’s not forget that we’re in a state of war and have enough weapons to wipe out half of Africa.

  9. Random Armenian said:

    Gabe Korajian,

    Ukraine is also in that list, that also surprised me. This is a country with advanced military industry. There must be some really bad economic indicators in Ukraine to make it fall into this list.

  10. Dyanahar said:

    Yes, very convincing 2nd place after African, South American and South East Asian states. Of course Armenia isn’t China in terms of geopolicy, production or population… but this? Haha, ridicolous. Let me guess, 1st are the US, 2nd is Turkey and 3rd is Azerbaijan? Awesome ranking by the way, “worst” is kind of an empty word. I find Thailands economy worst because it makes a lot of money from prostitution; I find Azerbaijans economy worst because selling oil is one thing but if you think ahead you might realize that bribe and fascism are going to kill even that simple thing; I think [enter African state here] economy is worst because there is none.

    So you peeps please keep cool about this, 2 million, landlocked, under attack and with closed borders… Ukraine is ranked pretty bad and that country was one of the strongest Soviet countries at some point.

  11. Pongo1969 said:

    Giving shame to the rulers, is too simple.
    Rather Armenians in Armenia and Armenians of diaspora should improve the economy in Armenia, open new factories, make investments in Armenia and Artsakh.
    In Italy we have the same problem: everybody claim all the problems come from our Prime Minister, but very few people want to work better and work more to be competitive in this more competitive world.
    Let’s stop to cry our ourselves, and let’s do more for our beloved countries, regardless who is ruling them.

    • Gc said:

      A lot of people started by trying to help their beloved country and ended up helping their beloved THIEVES

  12. Robert said:

    This is what happens when you have “Dodi Gagos” running the country.

    • Norin Radd said:

      Don’t forget “Lfik” Samo, “Pzo”, “Topal” Samo, and all of the other idiot, fat pig, goons. Catch them off guard Diaspora, round them up along with their accomplices and those that support them. Line them all up against a firing squad for crimes committed against their own people and against their own country and culture.

  13. Avetis said:

    The state sanctioned multi-pronged psyops campaign against Armenia is continuing in full force. Their intention is to break the Armenian spirit so that at an opportune time in the future, they can go ahead and break the nation. And the sad/worrying part here is that significant numbers of Armenians will enthusiastically use this kind of politically driven propaganda to sow additional fear and despair in the fledgling republic. Recent years have shown us that Armenia simply cannot rely on Armenians and that had it not been for its strong Russian presence, Armenia would have suffered the fate of Serbia, Libya or Syria a long time ago.

    Even with all its internal and external problems, not the least of which is a terrible geographic location, a foreign funded opposition, a blockade, ignorant/naive populace, a delirious diaspora and unresolved disputes with neighbors, Armenia is doing fine. In fact, Armenia today is better off than most nations on earth. Armenia has been progressing and evolving. But psychologically disturbed and/or agenda driven individuals amongst us would never admit it or see it. Within a couple of decades, that is when the nation’s Soviet era generation passes away, Armenia will finally become a normally functioning nation.

    PS: Statistics/data can be manipulated/tweaked to prove anything its benefactors want to promote. At the end of the day, it’s all about politics and, as usual, hopelessly naive Armenians will fall for it.

  14. Avetis said:

    @Pongo 1969

    Your thoughtful and objective approach is greatly appreciated. Sadly, your clearness of thought will simply not be understood and your constructive suggestions will go over the heads of these self-destructive and politically illiterate Armenians.

    The main reason why peoples like the Greeks, Armenians and southern Italians are inefficient and problematic is their nations’ respective popular cultures/practices. For example: Turkey is a nation of obedient soldiers willing to sacrifice what they have for their leaders regardless of who they may be. Armenians are all wannabe generals not willing to appreciate their leaders regardless of who they may be. Like the Greeks, Armenians in general are law-less, self-righteous and egomaniacs. It should not surprise anyone that a relatively small bunch of Asiatic nomads were able to systematically destroy Byzantium. Simply put, Armenians and Greeks are self-destructive.

    In all honesty, we cannot blame our politicians simply because our politicians are an accurate reflection of our people.

  15. manooshag said:

    Hye Gabe, I too, thought earlier that our intelligentia of Armenia would be as a Switzerland in the Caucasus. Forbes, is out of sync… placing Armenia behind the sad nations of Africa… Placing a nation that has only come to be these 20 years, abounded by the muslim Turks and Azeris, recovering from the horrors of the first Genocide of the 21st century!! Add to that the misdirected, self-centered modes of ALL the leadershps Armenia has had to overcome… Where are all our patriots… Where are all our patriots??

  16. said:

    Have any of the “well-wishers” considered that your tax $$ support a NATO-member imposed economic blockade of Armenia? Yes, economic blockade by Turkey contributes to this situation!!

    And Turkey gets US taxpayers money to support its military. By International law, an economic blockade is an ACT OF WAR. Is NATO at war with Armenia? If so, they should just say so.

    How much did this poor landlocked country lost because NATO keeps this wild beast Turkey among its members? How many Armenian children were not born because American taxpayers send billions of $$ to Turkey to keep its army against Armenia?

    • bigmoustache said:

      agreed we should make a fuss about that, is NATO at war with Armenia?

    • Vladik said:

      You idiot, Turkey doesn’t need some external help to keep it’s army “against Armenia”. Think why our economy is second worst in the world? There’s blockade by 2 countries that don’t allow us to participate with 80% of possible markets. What’s the problem? Problem is the Nagorno-Karabakh. It’s like the game MONOPOLY, when u have very little money, u should abdicate monopolies and raise cash by utilities.. What the fuck we need Karabakh??? No, I am serious!!! We need strength our economy, and there are possibilities. Real possibilities!! Serjh Sargsyan (Dickhead) dumb thinks and acts only for his pocket and we all know this, we have 1 hope – Petrosyan. That dickhead killed innocent protestants during last elections, where is justice??

  17. İbrahim said:

    Armenia should pull out from invaded Azerbaijani lands first before she can demand anything from Turkey… dont be ridiculous people. Turkey has every right to close its border to Armenia and will do so untill the nagorno karabakh problem is solved.

    • bigmoustache said:

      dont talk about occupation while western armenia is occupied. accept the truth of your barbaric history

      • ashot said:

        that is exactly why the turks are so afraid we have artsakh…we must hold what is ours…more will come soon

  18. Ara said:

    The following is a quote from Daniel Fisher’s July 2011 article in Forbes ;
    “At No. 2 is Armenia, whose economy shrank by 15% in 2009 as an expatriate-financed construction boom fizzled along with the world economy. With a mediocre growth forecast for the next few years, this landlocked former Soviet republic, dependent upon Russia and Iran for virtually all of its energy supplies, 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 inflation is running at 7%. On top of that, Russia cut back on supplies of diamonds, hurting Armenia’s once-thriving diamond-processing industry. ”

    While it may be of little consolation, external factors are playing obviously a role in this sorry state of affairs

  19. Sella said:

    How can Armenia be behind Somali and many countries in that range? This article is a Turkish/Azeri propaganda. The whole Europe relies on Russia and middle East for energy supplies. So What? And it is not true entirely as Armenia produces significant amount of electricity by its own. Diaspora is the key and it is not doing much. Once I was talking to a Diasporan Armenian about this issue and I said that still there are some Diasporan Armenians that invest and contribute to Armenia. And he said, yes but do you know how much harder those few Diasporan Armenias have to work to compensate for the rest that is not doing anything? And I think he was right. Diasporan Armenians should not feel like guests in Armenia, They should feel at home and teach Armenians in Armenia that motherland belongs to Armenians regardless of place of birth. I do not know why they do not open schools in Armenia, like business schools, IT schools, engineering schools, etc. By now Armenia had to be full of Diasporans in parliament and government. Stop complaining about government as that’s the best they can do. You cannot have transparent, democratic country when wages are too low, ordinary citizens are corrupt and can sell their votes for $10. We need to boast the economy, create jobs and increase repatriation and birth. And we have to be thankful to Turks that they closed the border otherwise by now Armenia would have been full of Turks. Some of our women go to Turkey for prostitution just imagine what they would do when they see rich Turks. I pray that Armenian-Turkish border stays closed for another 100 years.

    • ashot said:

      amen. only change the lines on the border to include our brothers in western armenia

  20. Phil_Pe said:

    as many stated, one should not take such rating tables too seriously but on the other hand one should take time to reflect objectively. I have never been to Armenia so don’t have first hand experience, but my daughter is currently working in Yerevan and loves it there! We have to keep positive and although the challenges that Armenia are facing are massive, with hard work and education everything is possible.