Skip to main content

The 10 least economically competitive countries

Hydrocarbon Engineering,


The 10 least economically competitive countries, according to the World Economic Forum (WEF) Global Competitiveness Report, are as follows:

10. Myanmar

  • GCI: 3.23
  • GDP per capita: US$ 835 (20th lowest)
  • Debt as % of GDP: 47.5% (63rd highest)
  • % of residents using the internet: 1.1% (2nd lowest)
  • Biggest problem in doing business: Access to financing and police instability

Myanmar ranks as the 10th least economically competitive country in the world, despite the progress it has made since 2011, when decades long military rule in the country came to an end.

Myanmar’s economy still remains behind much of the world, lacking many of the basic requirements for competitiveness. The nation has an insufficient legal framework, a lack of transparency in government policy making and an extremely low quality of infrastructure.

The availability of modern technology in also seriously limited in Myanmar, with barely 1% of the population using the internet.

9. Burkina Faso

  • GCI score: 3.21
  • GDP per capita: US$ 603 (10th lowest)
  • Debt as % of GDP: 27.7% (35th lowest)
  • % of residents using internet: 3.7% (11th lowest)
  • Biggest problem in doing business: Access to financing

Burkina Faso has one of the worst health care and basic education systems in the world. Malaria is a major problem, with nearly a third of residents suffering from the disease. The country also has one of the highest infant mortality rates in the world at 81.6 deaths per 1000 live births. The nation’s enrollment rate of students in primary schools is among the lowest in the world.

Other indicative factors of the nation’s weak economy are its lack of infrastructure and low scores for higher education and training.

8. Mauritania

  • GCI score: 3.15
  • GDP per capita: US$ 1157 (26th lowest)
  • Debt as % of GDP: 79.7% (21st highest)
  • % of residents using internet: 5.4% (18th lowest)
  • Biggest problem in doing business: Access to financing

Mauritania was rated one of the worst nations in the world for higher education and training. In addition to a poor education system, the nation also has some of the lowest secondary and tertiary enrollment rates in the world.

The nation received poor scores for its inability to attract talent or to properly match up pay to productivity, among other factors.

Mauritania’s worst problem is the still prevalent system of slavery, which was only legally abolished in 1981 and officially criminalised in 2007. As recently as 2012, 10 – 20% of the population, as many as 680 000 people, were still enslaved, according to a CNN report on Mauritania.

7. Angola

  • GCI score: 3.15
  • GDP per capita: US$ 5873 (71st lowest)
  • Debt as % of GDP: 29.3% (39th lowest)
  • % of residents using the internet: 16.9% (39th lowest)
  • Biggest problem in doing business: Corruption

Since the end of the civil war in 2002, Angola has become a major producer of oil and has been a member of OPEC since 2006. Despite this, the country still lacks some of key elements to promote competitiveness, including strong auditing mandates and corporate checks and balances.

The nation was additionally ranked as having the lowest quality of infrastructure of any nation, with one of the lowest quality of electricity supply and few mobile telephone subscribers: 48.6 per 100 residents.

6. Haiti

  • GCI score: 3.11
  • GDP per capita: US$ 759 (17th lowest)
  • Debt as % of GDP: 15.4% (17th lowest)
  • % of residents using internet: 10.9% (25th lowest)
  • Biggest problem in doing business: Access to financing

In 2010, Haiti was seriously adversely affected by an earthquake that is estimated to have killed more than 300 000 people.

Today, access to even basic requirements of a functional economy are limited. Haitian ports and roads rank among the worst in the world, while its electricity supply and telephone lines are also seriously limited.

Only one nation, Venezuela, ranked worse for the protection of citizens’ property rights.

Haiti also received poor scores for its limited judicial independence and for limited trust in politicians, who are believed to be more likely to ask for bribes or misuse public funds than their counterparts in most other countries.

5. Sierra Leone

  • GCI score: 3.01
  • GDP per capita: US$ 613 (11th lowest)
  • Debt as % of GDP: 44.5% (68th highest)
  • % of residents using internet (1.3% (4th lowest)
  • Biggest problem in doing business: Access to financing

Sierra Leone was one of only three countries studied by the WEF to have a negative gross national savings score in 2012. It also had some of the worst inflation rates in the world, with consumer prices rising by 13.8% in 2012, higher than all but eight other countries.

Sierra Leone’s health care consistently ranks close to the bottom. Malaria is relatively common, and there are more than 700 cases of tuberculosis per 100 000 people, a rate surpasses by only South Africa and Swaziland. Sierra Leone has the worst infant mortality rate, and life expectancy at birth is just 47.8 years, the worst out of the 148 countries studied.

4. Yemen

  • GCI score: 2.98
  • GDP per capita: US$ 1377 (31st lowest)
  • Debt as % of GDP: 46.7% (55th highest)
  • % of residents using the internet: 17.4% (42nd lowest)
  • Biggest problem in doing business: Police instability

The majority of Yemeni survey respondents cited police instability as the biggest problem in doing business. Inadequate supplies of infrastructure and corruption followed closely as obstacles for conducting business. Yemen’s business transactions are plagued by bribes and under the table dealing, while the legal system cannot be relied on to help. Yemen’s government is also considered to be excessively wasteful and public funds are frequently misused.

Violence in the region and the presence of extremist have made it difficult for residents to innovate or accomplish very much at all in the way of business. The business costs of crime, violence and terrorism were judged to be higher in Yemen than most other nations.

3. Burundi

  • GCI score: 2.92
  • GDP per capita: US$ 282 (2nd lowest)
  • Debt as a % of GDP: 32.0% (40th lowest)
  • % of residents using internet: 1.25 (3rd lowest)
  • Biggest problem in doing business: Access to financing

Burundi did less to promote economic efficiency than any other nation in the world, according to the WEF.

Access to financing and corruption were by far the most selected problematic factors for doing business; the availability of financial services in Burundi was ranked among the worst in the world.

Burundi is the world’s second poorest nation in terms of GDP per capita, behind only Malawi.

Residents of Burundi said their judiciaries were heavily influenced by members of government, more than those in almost any other country. The poor reliability of Burundi’s police services, second worst out of 148 countries, and low scores for ethical behaviour in Burundian businesses make doing business in the country extremely difficult.

2. Guinea

  • GCI score: 2.91
  • GDP per capita: US$ 519 (7th lowest)
  • Debt as % of GDP: 43% (74th highest)
  • % of residents using internet: 1.5% (6th lowest)
  • Biggest problem in doing business: Corruption

The quality of infrastructure in Guinea is exceptionally bad. The country has one of the least reliable electricity supplies in the world, one of the lowest numbers of fixed telephone lines per 100 residents and some of the worst roads.

Health care in the country is also poor. In 2010, there were nearly 38 000 incidents of malaria per 100 000 people, the most severe locus of malaria cases in the world. Poor health and primary education means workers are sick more often and less likely to adapt to new work environments.

1. Chad

  • GCI score: 2.85
  • GDP per capita: US$1006 (23rd lowest)
  • Debt as % of GDP: 34.5% (53rd lowest)
  • % of residents using internet: 2.1% (8th lowest)
  • Biggest problem in doing business: Access to financing

Chad has the worst infrastructure in the world, according to the WEF. Electricity, fixed and mobile phone lines, and transportation options are all extremely limited.

Diversion of public funds is also considered a major problem in the country, as is the weak protection of citizens’ property rights. Chad also ranked as the worst nation for illicit payments and bribes

No country received a worse grade than Chad in health and primary education. The nation had more than 36 000 cases of malaria per 100 000 residents in 2010, and a life expectancy at birth of less than 50 years in 2011.

To learn more about how these rankings were calculated, see also ‘The world’s best and worst economies’.

Adapted from a press release by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12092013/10_least_economically_competitive_companies_in_the_world645/


 

Embed article link: (copy the HTML code below):