CEOWORLD magazine

5th Avenue, New York, NY 10001, United States
Phone: +1 3479835101
Email: info@ceoworld.biz
CEOWORLD magazine - Latest - Special Reports - Report: Countries With Lowest Rate of Economic Growth in 5 Years (2020-2024)

Special Reports

Report: Countries With Lowest Rate of Economic Growth in 5 Years (2020-2024)

manufacturing industry car

In this report, we have analyzed the countries that have experienced the lowest economic growth rate over the past five years. The Organisation for Economic Co-operation and Development (OECD) predicts that the global Gross Domestic Product (GDP) growth rate will fall from 3.3% in 2022 to 2.7% in 2023. However, it is expected to recover in 2024, reaching 2.9%. This growth will be fuelled by improving consumer sentiment, China’s reopening for international trade, and a reduction in energy prices.

Several economies worldwide have witnessed negative growth in recent years due to various factors such as the COVID-19 pandemic, regional conflicts, and economic sanctions. Unfortunately, numerous countries in Africa and the Middle East are still facing armed conflicts. Additionally, Russia’s invasion of Ukraine has caused significant disruption in the global supply chain and has shaken the economic landscape worldwide.

Sudan (Average Real GDP Growth 2020-2024: -5.62%): Sudan has been ranked with the lowest economic growth rate in the past five years. It is also considered to be one of the poorest countries in the world, with over 40% of its population living below the poverty line. The country has been ravaged by fighting between the Sudanese National Army and the Rapid Support Forces (RSF), which has resulted in the displacement of over a million people. This has also left the economy on the brink of a total collapse.

Ukraine (Average Real GDP Growth 2020-2024: -4.23%): Since the Russian invasion in February 2022, Ukraine’s economy has drastically declined by over 30%. This has caused thousands of deaths and millions of people to be displaced. Additionally, there have been food shortages and increasing energy prices in Ukraine, Europe, and the wider world. Ukrainian companies have shown remarkable resilience despite the ongoing conflict, continuing to operate their business operations throughout the stalemate.

Venezuela (Average Real GDP Growth 2020-2024: -2.59%): Venezuela has been ranked third with the lowest economic growth rate in the past five years. The country has been facing a severe crisis that initially started during Hugo Chavez’s reign and has continued under Nicolas Maduro’s government, leading to a complete economic collapse. The country is currently facing hyperinflation, food shortages, and increasing crime rates which have resulted in mass emigration from the government.

Countries With Lowest Rate of Economic Growth in 5 Years (2020-2024)

RankCountry5-Year Average20242023202220212020
1Sudan-5.6262-4.201-18.3-2.50.5-3.63
2Ukraine-4.23623.2025.003-29.0793.446-3.753
3Venezuela-2.5994481-30
4Haiti-2.3374-3-1.864-1.682-1.798-3.343
5Myanmar-2.32081.5012.546-3.965-10.486-1.2
6Yemen-2.2-1-21.5-1-8.5
7Suriname-2.17322.9622.1482.434-2.435-15.98
8Palau-1.833212.40.8-1.964-13.362-7.04
9Equatorial Guinea-1.47980.467-5.9473.246-0.377-4.788
10Iraq-0.85821.377-2.1766.9831.58-12.06
11Trinidad and Tobago-0.83342.3632.1031.482-1.037-9.078
12Samoa-0.43065.357.99-5.308-7.077-3.108
13Puerto Rico-0.2934-0.2-0.73.2070.412-4.186
14Kuwait-0.2212-1.437-2.2316.1381.698-5.274
15South Sudan-0.16365.603-0.07-5.1865.329-6.494
16Vanuatu0.11062.9682.2141.915-1.552-4.992
17Czech Republic0.12580.656-0.4052.3283.553-5.503
18Tunisia0.18381.8780.4252.6034.605-8.592
19Tonga0.18842.5242.558-1.962-2.6670.489
20Germany0.19780.15-0.3051.8043.169-3.829
21Finland0.25660.422-0.9571.3352.838-2.355
22Argentina0.2882-2.764-1.5694.95610.718-9.9
23St. Kitts and Nevis0.31044.7313.458.823-0.891-14.56
24Angola0.32682.5580.473.0451.199-5.638
25Brunei Darussalam0.34142.3851.407-1.628-1.5911.134
26Micronesia0.41941.0520.766-0.8643.013-1.87
27Austria0.420.435-0.7464.8064.238-6.633
28South Africa0.42620.8790.6021.914.703-5.963
29Japan0.42940.8551.9230.9572.559-4.147
30Lesotho0.45042.3781.8771.61.7-5.303
31Estonia0.4578-0.528-3.006-0.4617.249-0.965
32Hong Kong SAR0.46442.8793.215-3.6816.454-6.545
33Thailand0.51642.71.8722.5111.549-6.05
34France0.5840.7440.8692.5266.321-7.54
35United Kingdom0.6530.460.1454.3458.675-10.36
36Timor-Leste0.673.51.53.9941.597-7.241
37Belarus0.67022.4013.882-4.6982.439-0.673
38Marshall Islands0.71833-0.6761.112-2.846
39Jamaica0.78061.82.25.2224.601-9.92
40Moldova0.852.61.032-4.98213.9-8.3
41Central African Republic0.8821.2690.7270.4720.9830.959
42Italy0.99040.7090.9213.9868.31-8.974
43Republic of Congo1.00084.4324.0331.751.057-6.268
44Bolivia1.01581.62.53.6066.111-8.738
45Dominica1.054.5894.7265.6486.892-16.61
46Spain1.08081.8972.5015.7716.4-11.17
47Tuvalu1.11463.5143.8530.6771.804-4.275
48North Macedonia1.15422.71.0272.2214.511-4.688
49Namibia1.15762.653.1544.563.525-8.101
50Qatar1.16421.9941.5584.21.627-3.558
51Canada1.25781.1541.0663.825.287-5.038
52Slovak Republic1.28622.0771.151.754.789-3.335
53Oman1.3061.1941.3114.3113.092-3.378
54Sweden1.33180.215-0.1962.6636.147-2.17
55Mexico1.33182.3673.2293.9495.739-8.625
56Solomon Islands1.38122.3722.952.4032.564-3.383
57Uruguay1.39123.70.3674.7075.562-7.38
58Turkmenistan1.42162.2931.9545.315-0.338-2.116
59Grenada1.43664.1414.7917.3214.687-13.76
60São Tomé and Principe1.43782.9-0.30.0651.8992.625
61Belgium1.44381.1581.4613.016.851-5.261
62Peru1.44382.538-0.5522.68413.418-10.87
63Netherlands1.47160.6320.0934.3266.192-3.885
64Chad1.47782.9124.3693.075-0.914-2.053
65Latvia1.50521.659-0.3062.9556.732-3.514
66Norway1.53521.5250.5143.0063.909-1.278
67Luxembourg1.56121.262-1.0951.387.169-0.91
68Gabon1.57162.9022.2663.0371.468-1.815
69Barbados1.57263.74.413.8-1.324-12.71
70Switzerland1.57921.3410.7642.6665.397-2.272
71Bhutan1.60344.2954.6444.826-3.293-2.455
72Morocco1.65283.1453.0171.2598.021-7.178
73Portugal1.65521.7322.286.8285.737-8.301
74New Zealand1.66441.0470.6332.3845.628-1.37
75Hungary1.682.203-0.9084.5557.086-4.536
76Papua New Guinea1.68384.522.6815.165-0.78-3.167
77Libya1.7237.83210.156-8.25228.335-29.46
78Greece1.7342.0382.0115.5578.38-9.316
79St. Lucia1.77362.4423.02315.67411.315-23.59
80Russia1.77623.1633.585-1.2015.988-2.654
81Bahrain1.80423.5672.6174.8912.591-4.645
82Ecuador1.82480.0812.2846.1869.818-9.245
83Fiji1.83783.0498.04520.016-4.881-17.04
84Chile1.89041.9830.2192.05911.334-6.143
85Antigua and Barbuda1.89046.0775.8638.4596.556-17.5
86Mauritius1.89384.8616.878.8813.404-14.55
87Brazil1.9132.1542.9083.0174.763-3.277
88Somalia1.93623.72.82.4333.308-2.56
89Azerbaijan1.97162.7641.14.5775.616-4.199
90Korea1.97762.3221.3572.6134.305-0.709
91Slovenia2.00922.011.5872.4618.229-4.241
92Jordan2.03622.62.62.4283.656-1.103
93Algeria2.08723.8484.1843.6163.805-5.017
94Lithuania2.11322.209-0.3432.446.285-0.025
95Seychelles2.13983.2293.67914.9780.554-11.74
96Andorra2.14861.82.2759.5658.287-11.18
97Australia2.1521.4612.0633.8115.554-2.129
98Saudi Arabia2.15562.554-0.7557.4865.075-3.582
99United States2.15562.7252.5311.9365.8-2.214
100Comoros2.17883.4912.9962.6032-0.196
101Madagascar2.18044.53.845.74-7.138
102Denmark2.21922.131.8132.7316.845-2.423
103Malawi2.2363.31.60.84.5670.913
104Nigeria2.26063.3382.863.2523.647-1.794
105Cabo Verde2.29224.7424.79217.1175.615-20.81
106Romania2.30162.7712.114.5955.709-3.677
107Lao P.D.R.2.30883.9693.6972.2522.061-0.435
108Paraguay2.333.84.4770.1764.017-0.82
109Nepal2.40343.1040.8325.6134.838-2.37
110Bulgaria2.4412.7371.8463.9267.662-3.966
111Burundi2.44444.2822.6591.8273.1190.335
112Colombia2.53121.140.6127.28910.801-7.186
113Pakistan2.5662-0.1666.1695.77-0.943
114Singapore2.56682.11.0753.8389.691-3.87
115Iceland2.5791.7414.0648.8815.149-6.94
116Bosnia and Herzegovina2.58082.51.84.2277.392-3.015
117Sierra Leone2.59824.0053.3923.4584.105-1.969
118Kazakhstan2.60183.1095.1013.2994.1-2.6
119El Salvador2.6633.4982.79911.904-7.901
120Kyrgyz Republic2.66644.4464.1966.3325.507-7.149
121Poland2.68063.0680.165.266.935-2.02
122Ghana2.74122.7792.2593.0785.0760.514
123Mali2.756844.53.4753.053-1.244
124Montenegro2.7773.74266.40713.043-15.31
125St. Vincent and the Grenadines2.8095.36.235.50.754-3.739
126United Arab Emirates2.83343.5153.4047.854.355-4.957
127Nauru2.84041.5760.5962.8417.2071.982
128The Bahamas2.88982.2994.30414.36916.985-23.51
129Malaysia2.91844.4213.688.653.298-5.457
130Honduras2.93343.63.53.99812.534-8.965
131Serbia3.07323.4652.5282.557.726-0.903
132Philippines3.09966.1635.5687.575.715-9.518
133Zimbabwe3.12743.1965.3136.4858.425-7.782
134Cambodia3.13346.0324.9985.1033.09-3.556
135Mongolia3.13426.5367.0235.0331.637-4.558
136Botswana3.14843.5743.2455.78211.867-8.726
137Cameroon3.2014.2533.9693.5953.6490.539
138San Marino3.21141.32.3045.03714.228-6.812
139Mozambique3.30084.9746.0134.362.377-1.22
140Mauritania3.3075.0524.8116.3640.737-0.429
141Cyprus3.3352.6892.465.0599.91-3.443
142Liberia3.3435.2774.5834.8115.011-2.967
143Kosovo3.35663.83.34.27810.746-5.341
144Albania3.36563.083.2974.8448.909-3.302
145Indonesia3.39124.9645.0485.3073.703-2.066
146Taiwan3.41263.0721.3962.5886.623.387
147Guatemala3.46043.53.4744.1188.002-1.792
148Costa Rica3.4653.9995.1124.5517.936-4.273
149Croatia3.474232.8316.34313.788-8.591
150Zambia3.5494.7154.335.256.235-2.785
151Israel3.59221.6092.0036.479.344-1.465
152Dominican Republic3.63425.3522.4094.85812.272-6.72
153Eswatini3.68623.6995.1330.47610.683-1.56
154Panama3.75882.57.31710.80915.836-17.67
155Burkina Faso3.9335.4643.5611.786.9381.922
156Islamic Republic of Iran3.97243.3264.7093.7774.723.33
157Egypt4.0412.9663.766.6533.2533.573
158Aruba4.10281.15.310.45827.639-23.98
159Nicaragua4.10363.54.6863.75110.347-1.766
160Belize4.18963.3834.6998.73317.864-13.73
161Uganda4.20825.6314.7666.35.486-1.142
162Guinea-Bissau4.2654.24.26.41.5
163Kiribati4.35625.7614.1543.9058.523-0.562
164The Gambia4.5066.2235.5554.9055.2560.591
165Kenya4.5294.9745.5074.8477.59-0.273
166Malta4.61765.0415.6148.07612.514-8.157
167Djibouti4.64326.5136.9893.8764.5221.316
168China4.71264.6425.242.9898.452.242
169Guinea4.80664.0745.73.9725.5834.704
170Senegal4.84728.2524.10246.541.342
171Vietnam4.88085.8155.0468.1242.5522.867
172Togo4.89565.35.45.8115.9911.976
173Tanzania4.91585.5035.0234.684.8384.535
174India5.10686.8087.8276.9879.69-5.778
175Armenia5.17246.0118.71412.6045.684-7.151
176Uzbekistan5.25185.1985.9895.6737.4031.996
177Türkiye5.29023.1024.5175.53311.4391.86
178Democratic Republic of the Congo5.46424.6996.148.7746.0371.671
179Côte d’Ivoire5.4656.56.26.8627.0620.701
180Maldives5.65585.174.42413.90737.687-32.91
181Georgia5.70545.747.47410.9610.644-6.291
182Niger5.737210.4241.40911.9041.3993.55
183Benin5.81046.0395.7566.2537.1553.849
184Bangladesh5.84245.76.0257.16.9393.448
185Ireland5.88841.466-3.1999.43315.1256.617
186Rwanda5.90766.9316.9498.15810.88-3.38
187Ethiopia6.4186.2347.1766.3586.2656.057
188Tajikistan7.29926.4568.2589.44.39
189Macao SAR8.45413.93980.534-21.40223.535-54.34
190Guyana38.537233.89532.96362.28820.0643.48

Have you read?
Best CEOs. Best Companies. Richest People (Billionaires). Richest Women (Billionaires). Richest in Each Country (Billionaires).


Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
CEOWORLD magazine - Latest - Special Reports - Report: Countries With Lowest Rate of Economic Growth in 5 Years (2020-2024)
Lila Jones
Senior News Editor at CEOWORLD Magazine. I'm a veteran correspondent for the CEOWORLD Magazine. During my career, I've been based in New York, Washington, DC, Brussels and London. Over the years I've written about everything from the debt crisis to Brexit and the rise of populism in Europe. I did a stint in London as the CEOWORLD Magazine's Europe News Editor and Deputy World News Editor. In my current post I try to capture life in a changing banking to finance landscape.