E&Y: Ukraine 14th among 25 countries with most dynamic economies in past decade

2011-10-25 11:14:32

Experts of the British accounting firm Ernst & Young and Oxford Economics Institute compiled a list of 25 countries with the highest GDP growth pace in the past decade. Ukraine took the 14th place, with its economy growing at an average speed of just under 5% per year.

In 2000-2010, the fastest growing economy was shown by Qatar, whose GDP was growing at an average rate of 13% per year.

In general, analysts selected in the Emerging Markets Outlook study the countries of BRICS (Brazil, Russia, India, China, South Africa), as well as individual countries in Africa, the Middle East, Latin America, Eastern Europe and the Asia-Pacific region.

China (including Hong Kong) took the second place on the list, and Kazakhstan the third. India and Vietnam are also among the top five. Russia is in the tenth place with an average annual GDP growth of five percent.

At the same time, the average growth in the major economies (the U.S., UK, members of the euro zone, Japan) is 1.9%. Average GDP growth in developing countries is three times higher, 5.8%.

Previously, the authoritative Forbes magazine compiled a list of countries where economies are in the poorest condition. Ukraine took the fourth place in the list of the worst economies in the world.

Forbes wrote that Ukraine, rich in mineral resources and fertile land, could be the leader by economic performance in Europe, but in fact, per capita GDP is even less than the performance of Serbia and Bulgaria. Annual inflation in Ukraine is about 10%, while GDP in 2009 declined by 15%.