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)
| Rank | Country | 5-Year Average | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 1 | Sudan | -5.6262 | -4.201 | -18.3 | -2.5 | 0.5 | -3.63 |
| 2 | Ukraine | -4.2362 | 3.202 | 5.003 | -29.079 | 3.446 | -3.753 |
| 3 | Venezuela | -2.599 | 4 | 4 | 8 | 1 | -30 |
| 4 | Haiti | -2.3374 | -3 | -1.864 | -1.682 | -1.798 | -3.343 |
| 5 | Myanmar | -2.3208 | 1.501 | 2.546 | -3.965 | -10.486 | -1.2 |
| 6 | Yemen | -2.2 | -1 | -2 | 1.5 | -1 | -8.5 |
| 7 | Suriname | -2.1732 | 2.962 | 2.148 | 2.434 | -2.435 | -15.98 |
| 8 | Palau | -1.8332 | 12.4 | 0.8 | -1.964 | -13.362 | -7.04 |
| 9 | Equatorial Guinea | -1.4798 | 0.467 | -5.947 | 3.246 | -0.377 | -4.788 |
| 10 | Iraq | -0.8582 | 1.377 | -2.176 | 6.983 | 1.58 | -12.06 |
| 11 | Trinidad and Tobago | -0.8334 | 2.363 | 2.103 | 1.482 | -1.037 | -9.078 |
| 12 | Samoa | -0.4306 | 5.35 | 7.99 | -5.308 | -7.077 | -3.108 |
| 13 | Puerto Rico | -0.2934 | -0.2 | -0.7 | 3.207 | 0.412 | -4.186 |
| 14 | Kuwait | -0.2212 | -1.437 | -2.231 | 6.138 | 1.698 | -5.274 |
| 15 | South Sudan | -0.1636 | 5.603 | -0.07 | -5.186 | 5.329 | -6.494 |
| 16 | Vanuatu | 0.1106 | 2.968 | 2.214 | 1.915 | -1.552 | -4.992 |
| 17 | Czech Republic | 0.1258 | 0.656 | -0.405 | 2.328 | 3.553 | -5.503 |
| 18 | Tunisia | 0.1838 | 1.878 | 0.425 | 2.603 | 4.605 | -8.592 |
| 19 | Tonga | 0.1884 | 2.524 | 2.558 | -1.962 | -2.667 | 0.489 |
| 20 | Germany | 0.1978 | 0.15 | -0.305 | 1.804 | 3.169 | -3.829 |
| 21 | Finland | 0.2566 | 0.422 | -0.957 | 1.335 | 2.838 | -2.355 |
| 22 | Argentina | 0.2882 | -2.764 | -1.569 | 4.956 | 10.718 | -9.9 |
| 23 | St. Kitts and Nevis | 0.3104 | 4.731 | 3.45 | 8.823 | -0.891 | -14.56 |
| 24 | Angola | 0.3268 | 2.558 | 0.47 | 3.045 | 1.199 | -5.638 |
| 25 | Brunei Darussalam | 0.3414 | 2.385 | 1.407 | -1.628 | -1.591 | 1.134 |
| 26 | Micronesia | 0.4194 | 1.052 | 0.766 | -0.864 | 3.013 | -1.87 |
| 27 | Austria | 0.42 | 0.435 | -0.746 | 4.806 | 4.238 | -6.633 |
| 28 | South Africa | 0.4262 | 0.879 | 0.602 | 1.91 | 4.703 | -5.963 |
| 29 | Japan | 0.4294 | 0.855 | 1.923 | 0.957 | 2.559 | -4.147 |
| 30 | Lesotho | 0.4504 | 2.378 | 1.877 | 1.6 | 1.7 | -5.303 |
| 31 | Estonia | 0.4578 | -0.528 | -3.006 | -0.461 | 7.249 | -0.965 |
| 32 | Hong Kong SAR | 0.4644 | 2.879 | 3.215 | -3.681 | 6.454 | -6.545 |
| 33 | Thailand | 0.5164 | 2.7 | 1.872 | 2.511 | 1.549 | -6.05 |
| 34 | France | 0.584 | 0.744 | 0.869 | 2.526 | 6.321 | -7.54 |
| 35 | United Kingdom | 0.653 | 0.46 | 0.145 | 4.345 | 8.675 | -10.36 |
| 36 | Timor-Leste | 0.67 | 3.5 | 1.5 | 3.994 | 1.597 | -7.241 |
| 37 | Belarus | 0.6702 | 2.401 | 3.882 | -4.698 | 2.439 | -0.673 |
| 38 | Marshall Islands | 0.718 | 3 | 3 | -0.676 | 1.112 | -2.846 |
| 39 | Jamaica | 0.7806 | 1.8 | 2.2 | 5.222 | 4.601 | -9.92 |
| 40 | Moldova | 0.85 | 2.6 | 1.032 | -4.982 | 13.9 | -8.3 |
| 41 | Central African Republic | 0.882 | 1.269 | 0.727 | 0.472 | 0.983 | 0.959 |
| 42 | Italy | 0.9904 | 0.709 | 0.921 | 3.986 | 8.31 | -8.974 |
| 43 | Republic of Congo | 1.0008 | 4.432 | 4.033 | 1.75 | 1.057 | -6.268 |
| 44 | Bolivia | 1.0158 | 1.6 | 2.5 | 3.606 | 6.111 | -8.738 |
| 45 | Dominica | 1.05 | 4.589 | 4.726 | 5.648 | 6.892 | -16.61 |
| 46 | Spain | 1.0808 | 1.897 | 2.501 | 5.771 | 6.4 | -11.17 |
| 47 | Tuvalu | 1.1146 | 3.514 | 3.853 | 0.677 | 1.804 | -4.275 |
| 48 | North Macedonia | 1.1542 | 2.7 | 1.027 | 2.221 | 4.511 | -4.688 |
| 49 | Namibia | 1.1576 | 2.65 | 3.154 | 4.56 | 3.525 | -8.101 |
| 50 | Qatar | 1.1642 | 1.994 | 1.558 | 4.2 | 1.627 | -3.558 |
| 51 | Canada | 1.2578 | 1.154 | 1.066 | 3.82 | 5.287 | -5.038 |
| 52 | Slovak Republic | 1.2862 | 2.077 | 1.15 | 1.75 | 4.789 | -3.335 |
| 53 | Oman | 1.306 | 1.194 | 1.311 | 4.311 | 3.092 | -3.378 |
| 54 | Sweden | 1.3318 | 0.215 | -0.196 | 2.663 | 6.147 | -2.17 |
| 55 | Mexico | 1.3318 | 2.367 | 3.229 | 3.949 | 5.739 | -8.625 |
| 56 | Solomon Islands | 1.3812 | 2.372 | 2.95 | 2.403 | 2.564 | -3.383 |
| 57 | Uruguay | 1.3912 | 3.7 | 0.367 | 4.707 | 5.562 | -7.38 |
| 58 | Turkmenistan | 1.4216 | 2.293 | 1.954 | 5.315 | -0.338 | -2.116 |
| 59 | Grenada | 1.4366 | 4.141 | 4.791 | 7.321 | 4.687 | -13.76 |
| 60 | São Tomé and Principe | 1.4378 | 2.9 | -0.3 | 0.065 | 1.899 | 2.625 |
| 61 | Belgium | 1.4438 | 1.158 | 1.461 | 3.01 | 6.851 | -5.261 |
| 62 | Peru | 1.4438 | 2.538 | -0.552 | 2.684 | 13.418 | -10.87 |
| 63 | Netherlands | 1.4716 | 0.632 | 0.093 | 4.326 | 6.192 | -3.885 |
| 64 | Chad | 1.4778 | 2.912 | 4.369 | 3.075 | -0.914 | -2.053 |
| 65 | Latvia | 1.5052 | 1.659 | -0.306 | 2.955 | 6.732 | -3.514 |
| 66 | Norway | 1.5352 | 1.525 | 0.514 | 3.006 | 3.909 | -1.278 |
| 67 | Luxembourg | 1.5612 | 1.262 | -1.095 | 1.38 | 7.169 | -0.91 |
| 68 | Gabon | 1.5716 | 2.902 | 2.266 | 3.037 | 1.468 | -1.815 |
| 69 | Barbados | 1.5726 | 3.7 | 4.4 | 13.8 | -1.324 | -12.71 |
| 70 | Switzerland | 1.5792 | 1.341 | 0.764 | 2.666 | 5.397 | -2.272 |
| 71 | Bhutan | 1.6034 | 4.295 | 4.644 | 4.826 | -3.293 | -2.455 |
| 72 | Morocco | 1.6528 | 3.145 | 3.017 | 1.259 | 8.021 | -7.178 |
| 73 | Portugal | 1.6552 | 1.732 | 2.28 | 6.828 | 5.737 | -8.301 |
| 74 | New Zealand | 1.6644 | 1.047 | 0.633 | 2.384 | 5.628 | -1.37 |
| 75 | Hungary | 1.68 | 2.203 | -0.908 | 4.555 | 7.086 | -4.536 |
| 76 | Papua New Guinea | 1.6838 | 4.52 | 2.681 | 5.165 | -0.78 | -3.167 |
| 77 | Libya | 1.723 | 7.832 | 10.156 | -8.252 | 28.335 | -29.46 |
| 78 | Greece | 1.734 | 2.038 | 2.011 | 5.557 | 8.38 | -9.316 |
| 79 | St. Lucia | 1.7736 | 2.442 | 3.023 | 15.674 | 11.315 | -23.59 |
| 80 | Russia | 1.7762 | 3.163 | 3.585 | -1.201 | 5.988 | -2.654 |
| 81 | Bahrain | 1.8042 | 3.567 | 2.617 | 4.891 | 2.591 | -4.645 |
| 82 | Ecuador | 1.8248 | 0.081 | 2.284 | 6.186 | 9.818 | -9.245 |
| 83 | Fiji | 1.8378 | 3.049 | 8.045 | 20.016 | -4.881 | -17.04 |
| 84 | Chile | 1.8904 | 1.983 | 0.219 | 2.059 | 11.334 | -6.143 |
| 85 | Antigua and Barbuda | 1.8904 | 6.077 | 5.863 | 8.459 | 6.556 | -17.5 |
| 86 | Mauritius | 1.8938 | 4.861 | 6.87 | 8.881 | 3.404 | -14.55 |
| 87 | Brazil | 1.913 | 2.154 | 2.908 | 3.017 | 4.763 | -3.277 |
| 88 | Somalia | 1.9362 | 3.7 | 2.8 | 2.433 | 3.308 | -2.56 |
| 89 | Azerbaijan | 1.9716 | 2.764 | 1.1 | 4.577 | 5.616 | -4.199 |
| 90 | Korea | 1.9776 | 2.322 | 1.357 | 2.613 | 4.305 | -0.709 |
| 91 | Slovenia | 2.0092 | 2.01 | 1.587 | 2.461 | 8.229 | -4.241 |
| 92 | Jordan | 2.0362 | 2.6 | 2.6 | 2.428 | 3.656 | -1.103 |
| 93 | Algeria | 2.0872 | 3.848 | 4.184 | 3.616 | 3.805 | -5.017 |
| 94 | Lithuania | 2.1132 | 2.209 | -0.343 | 2.44 | 6.285 | -0.025 |
| 95 | Seychelles | 2.1398 | 3.229 | 3.679 | 14.978 | 0.554 | -11.74 |
| 96 | Andorra | 2.1486 | 1.8 | 2.275 | 9.565 | 8.287 | -11.18 |
| 97 | Australia | 2.152 | 1.461 | 2.063 | 3.811 | 5.554 | -2.129 |
| 98 | Saudi Arabia | 2.1556 | 2.554 | -0.755 | 7.486 | 5.075 | -3.582 |
| 99 | United States | 2.1556 | 2.725 | 2.531 | 1.936 | 5.8 | -2.214 |
| 100 | Comoros | 2.1788 | 3.491 | 2.996 | 2.603 | 2 | -0.196 |
| 101 | Madagascar | 2.1804 | 4.5 | 3.8 | 4 | 5.74 | -7.138 |
| 102 | Denmark | 2.2192 | 2.13 | 1.813 | 2.731 | 6.845 | -2.423 |
| 103 | Malawi | 2.236 | 3.3 | 1.6 | 0.8 | 4.567 | 0.913 |
| 104 | Nigeria | 2.2606 | 3.338 | 2.86 | 3.252 | 3.647 | -1.794 |
| 105 | Cabo Verde | 2.2922 | 4.742 | 4.792 | 17.117 | 5.615 | -20.81 |
| 106 | Romania | 2.3016 | 2.771 | 2.11 | 4.595 | 5.709 | -3.677 |
| 107 | Lao P.D.R. | 2.3088 | 3.969 | 3.697 | 2.252 | 2.061 | -0.435 |
| 108 | Paraguay | 2.33 | 3.8 | 4.477 | 0.176 | 4.017 | -0.82 |
| 109 | Nepal | 2.4034 | 3.104 | 0.832 | 5.613 | 4.838 | -2.37 |
| 110 | Bulgaria | 2.441 | 2.737 | 1.846 | 3.926 | 7.662 | -3.966 |
| 111 | Burundi | 2.4444 | 4.282 | 2.659 | 1.827 | 3.119 | 0.335 |
| 112 | Colombia | 2.5312 | 1.14 | 0.612 | 7.289 | 10.801 | -7.186 |
| 113 | Pakistan | 2.566 | 2 | -0.166 | 6.169 | 5.77 | -0.943 |
| 114 | Singapore | 2.5668 | 2.1 | 1.075 | 3.838 | 9.691 | -3.87 |
| 115 | Iceland | 2.579 | 1.741 | 4.064 | 8.881 | 5.149 | -6.94 |
| 116 | Bosnia and Herzegovina | 2.5808 | 2.5 | 1.8 | 4.227 | 7.392 | -3.015 |
| 117 | Sierra Leone | 2.5982 | 4.005 | 3.392 | 3.458 | 4.105 | -1.969 |
| 118 | Kazakhstan | 2.6018 | 3.109 | 5.101 | 3.299 | 4.1 | -2.6 |
| 119 | El Salvador | 2.66 | 3 | 3.498 | 2.799 | 11.904 | -7.901 |
| 120 | Kyrgyz Republic | 2.6664 | 4.446 | 4.196 | 6.332 | 5.507 | -7.149 |
| 121 | Poland | 2.6806 | 3.068 | 0.16 | 5.26 | 6.935 | -2.02 |
| 122 | Ghana | 2.7412 | 2.779 | 2.259 | 3.078 | 5.076 | 0.514 |
| 123 | Mali | 2.7568 | 4 | 4.5 | 3.475 | 3.053 | -1.244 |
| 124 | Montenegro | 2.777 | 3.742 | 6 | 6.407 | 13.043 | -15.31 |
| 125 | St. Vincent and the Grenadines | 2.809 | 5.3 | 6.23 | 5.5 | 0.754 | -3.739 |
| 126 | United Arab Emirates | 2.8334 | 3.515 | 3.404 | 7.85 | 4.355 | -4.957 |
| 127 | Nauru | 2.8404 | 1.576 | 0.596 | 2.841 | 7.207 | 1.982 |
| 128 | The Bahamas | 2.8898 | 2.299 | 4.304 | 14.369 | 16.985 | -23.51 |
| 129 | Malaysia | 2.9184 | 4.421 | 3.68 | 8.65 | 3.298 | -5.457 |
| 130 | Honduras | 2.9334 | 3.6 | 3.5 | 3.998 | 12.534 | -8.965 |
| 131 | Serbia | 3.0732 | 3.465 | 2.528 | 2.55 | 7.726 | -0.903 |
| 132 | Philippines | 3.0996 | 6.163 | 5.568 | 7.57 | 5.715 | -9.518 |
| 133 | Zimbabwe | 3.1274 | 3.196 | 5.313 | 6.485 | 8.425 | -7.782 |
| 134 | Cambodia | 3.1334 | 6.032 | 4.998 | 5.103 | 3.09 | -3.556 |
| 135 | Mongolia | 3.1342 | 6.536 | 7.023 | 5.033 | 1.637 | -4.558 |
| 136 | Botswana | 3.1484 | 3.574 | 3.245 | 5.782 | 11.867 | -8.726 |
| 137 | Cameroon | 3.201 | 4.253 | 3.969 | 3.595 | 3.649 | 0.539 |
| 138 | San Marino | 3.2114 | 1.3 | 2.304 | 5.037 | 14.228 | -6.812 |
| 139 | Mozambique | 3.3008 | 4.974 | 6.013 | 4.36 | 2.377 | -1.22 |
| 140 | Mauritania | 3.307 | 5.052 | 4.811 | 6.364 | 0.737 | -0.429 |
| 141 | Cyprus | 3.335 | 2.689 | 2.46 | 5.059 | 9.91 | -3.443 |
| 142 | Liberia | 3.343 | 5.277 | 4.583 | 4.811 | 5.011 | -2.967 |
| 143 | Kosovo | 3.3566 | 3.8 | 3.3 | 4.278 | 10.746 | -5.341 |
| 144 | Albania | 3.3656 | 3.08 | 3.297 | 4.844 | 8.909 | -3.302 |
| 145 | Indonesia | 3.3912 | 4.964 | 5.048 | 5.307 | 3.703 | -2.066 |
| 146 | Taiwan | 3.4126 | 3.072 | 1.396 | 2.588 | 6.62 | 3.387 |
| 147 | Guatemala | 3.4604 | 3.5 | 3.474 | 4.118 | 8.002 | -1.792 |
| 148 | Costa Rica | 3.465 | 3.999 | 5.112 | 4.551 | 7.936 | -4.273 |
| 149 | Croatia | 3.4742 | 3 | 2.831 | 6.343 | 13.788 | -8.591 |
| 150 | Zambia | 3.549 | 4.715 | 4.33 | 5.25 | 6.235 | -2.785 |
| 151 | Israel | 3.5922 | 1.609 | 2.003 | 6.47 | 9.344 | -1.465 |
| 152 | Dominican Republic | 3.6342 | 5.352 | 2.409 | 4.858 | 12.272 | -6.72 |
| 153 | Eswatini | 3.6862 | 3.699 | 5.133 | 0.476 | 10.683 | -1.56 |
| 154 | Panama | 3.7588 | 2.5 | 7.317 | 10.809 | 15.836 | -17.67 |
| 155 | Burkina Faso | 3.933 | 5.464 | 3.561 | 1.78 | 6.938 | 1.922 |
| 156 | Islamic Republic of Iran | 3.9724 | 3.326 | 4.709 | 3.777 | 4.72 | 3.33 |
| 157 | Egypt | 4.041 | 2.966 | 3.76 | 6.653 | 3.253 | 3.573 |
| 158 | Aruba | 4.1028 | 1.1 | 5.3 | 10.458 | 27.639 | -23.98 |
| 159 | Nicaragua | 4.1036 | 3.5 | 4.686 | 3.751 | 10.347 | -1.766 |
| 160 | Belize | 4.1896 | 3.383 | 4.699 | 8.733 | 17.864 | -13.73 |
| 161 | Uganda | 4.2082 | 5.631 | 4.766 | 6.3 | 5.486 | -1.142 |
| 162 | Guinea-Bissau | 4.26 | 5 | 4.2 | 4.2 | 6.4 | 1.5 |
| 163 | Kiribati | 4.3562 | 5.761 | 4.154 | 3.905 | 8.523 | -0.562 |
| 164 | The Gambia | 4.506 | 6.223 | 5.555 | 4.905 | 5.256 | 0.591 |
| 165 | Kenya | 4.529 | 4.974 | 5.507 | 4.847 | 7.59 | -0.273 |
| 166 | Malta | 4.6176 | 5.041 | 5.614 | 8.076 | 12.514 | -8.157 |
| 167 | Djibouti | 4.6432 | 6.513 | 6.989 | 3.876 | 4.522 | 1.316 |
| 168 | China | 4.7126 | 4.642 | 5.24 | 2.989 | 8.45 | 2.242 |
| 169 | Guinea | 4.8066 | 4.074 | 5.7 | 3.972 | 5.583 | 4.704 |
| 170 | Senegal | 4.8472 | 8.252 | 4.102 | 4 | 6.54 | 1.342 |
| 171 | Vietnam | 4.8808 | 5.815 | 5.046 | 8.124 | 2.552 | 2.867 |
| 172 | Togo | 4.8956 | 5.3 | 5.4 | 5.811 | 5.991 | 1.976 |
| 173 | Tanzania | 4.9158 | 5.503 | 5.023 | 4.68 | 4.838 | 4.535 |
| 174 | India | 5.1068 | 6.808 | 7.827 | 6.987 | 9.69 | -5.778 |
| 175 | Armenia | 5.1724 | 6.011 | 8.714 | 12.604 | 5.684 | -7.151 |
| 176 | Uzbekistan | 5.2518 | 5.198 | 5.989 | 5.673 | 7.403 | 1.996 |
| 177 | Türkiye | 5.2902 | 3.102 | 4.517 | 5.533 | 11.439 | 1.86 |
| 178 | Democratic Republic of the Congo | 5.4642 | 4.699 | 6.14 | 8.774 | 6.037 | 1.671 |
| 179 | Côte d’Ivoire | 5.465 | 6.5 | 6.2 | 6.862 | 7.062 | 0.701 |
| 180 | Maldives | 5.6558 | 5.17 | 4.424 | 13.907 | 37.687 | -32.91 |
| 181 | Georgia | 5.7054 | 5.74 | 7.474 | 10.96 | 10.644 | -6.291 |
| 182 | Niger | 5.7372 | 10.424 | 1.409 | 11.904 | 1.399 | 3.55 |
| 183 | Benin | 5.8104 | 6.039 | 5.756 | 6.253 | 7.155 | 3.849 |
| 184 | Bangladesh | 5.8424 | 5.7 | 6.025 | 7.1 | 6.939 | 3.448 |
| 185 | Ireland | 5.8884 | 1.466 | -3.199 | 9.433 | 15.125 | 6.617 |
| 186 | Rwanda | 5.9076 | 6.931 | 6.949 | 8.158 | 10.88 | -3.38 |
| 187 | Ethiopia | 6.418 | 6.234 | 7.176 | 6.358 | 6.265 | 6.057 |
| 188 | Tajikistan | 7.2992 | 6.456 | 8.25 | 8 | 9.4 | 4.39 |
| 189 | Macao SAR | 8.454 | 13.939 | 80.534 | -21.402 | 23.535 | -54.34 |
| 190 | Guyana | 38.5372 | 33.895 | 32.963 | 62.288 | 20.06 | 43.48 |
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