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The Revenge of the Communists


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May 31, 2005

The Revenge of the Communists

Michael Mandel

Which countries have fared the best over the past 10 years? We hear a lot about the success stories of China and India, but less about growth in other countries. I'd like to remedy that.

So without further ado, here's my list of the top ten performing economies, based on the growth of per-capita GDP over the past ten years.

Bosnia and Herzegovina..305.6%

Armenia.................145.6%

Belarus.................126.3%

Azerbaijan..............120.7%

China...................108.5%

Estonia.................102.6%

Latvia...................98.3%

Georgia..................97.5%

Turkmenistan.............92.9%

Kazakhstan...............89.1%

Certainly a lot of ex-communist countries on this list, aren't there?

And here are the G-7 countries, once again ranked by increase in real GDP per capita, from 1995 to 2005.

United Kingdom........26.7%

Canada................25.9%

United States.........25.6%

France................19.0%

Italy.................14.7%

Germany...............11.2%

Japan..................9.5%

What's surprising here is that the U.S., despite its vaunted boom, only comes in #3, not much ahead of France.

(All figures based on the IMF's latest estimates of economic performance)

11:07 AM

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So without further ado, here's my list of the top ten performing economies, based on the growth of per-capita GDP over the past ten years.

Bosnia and Herzegovina..305.6%

Armenia.................145.6%

Belarus............ [Read More]

Tracked on May 31, 2005 03:11 PM

"the U.S., despite its vaunted boom, only comes in #3, not much ahead of France"

35% ahead of France. Only about 4% below the UK.

Posted by: Patrick R. Sullivan at May 31, 2005 02:28 PM

A nice list but I think it has less to with communism and that they overcame it. Bosnia was in ruins 10 years ago. Belarus was the poorest region in the western USSR. None of these countries can be called democratic and four of them (Azerbaijan, Georgia, Turkmenistan, Kazakhstan) are oil- and gas-rich. Only wonder how that GDP growth has been getting distributed there.

Posted by: Toni at May 31, 2005 02:49 PM

...feature that holds comments until approval... Did Stalin move to the US? I thought he's dead! first time I such a "feature" in blogosphere where freedom of thought is valued above everything else.

Posted by: Toni at May 31, 2005 02:53 PM

There are such problems with comment spam, Toni, that there needs to be a block in place.

Posted by: Katy at May 31, 2005 03:30 PM

Interesting article. I'm curious though, how exactly you arrived at these figures. I've taken all of the 1995 figures the IMF provides for Bosnia, and multiplied them by 305.6%, and none of them actually match the 2005 figures (or the 2004 figures for that matter.

Most probably I'm missing something simple, but I'd like to look into Russia's percapita GDP growth and compare it to the top ten you've compiled.

Posted by: Andy at June 1, 2005 06:56 AM

Hi Andy,

It's a 305.6% increase, so the 2005 figure is 4.056 times the 1995 figure.

Posted by: Michael Mandel at June 5, 2005 10:05 PM

A nice list but I think it has less to with communism and that they overcame it. Bosnia was in ruins 10 years ago. Belarus was the poorest region in the western USSR. None of these countries can be called democratic and four of them (Azerbaijan, Georgia, Turkmenistan, Kazakhstan) are oil- and gas-rich. Only wonder how that GDP growth has been getting distributed there.

Posted by: Ann at January 4, 2006 02:04 AM

Did Stalin move to the US? I thought he's dead! first time I such a "feature" in blogosphere where freedom of thought is valued above everything else

Posted by: Kate at January 20, 2006 01:29 AM

A nice list but I think it has less to with communism and that they overcame it. Bosnia was in ruins 10 years ago. Belarus was the poorest region in the western USSR. None of these countries can be called democratic and four of them (Azerbaijan, Georgia, Turkmenistan, Kazakhstan) are oil- and gas-rich. Only wonder how that GDP growth has been getting distributed there.

Posted by: DimaOn at September 2, 2006 10:24 PM


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