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

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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