The Revenge of the Communists

Posted by: Michael Mandel on May 31

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)

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Reader Comments

Patrick R. Sullivan

May 31, 2005 02:28 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.

Toni

May 31, 2005 02:49 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.

Toni

May 31, 2005 02:53 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.

Katy

May 31, 2005 03:30 PM

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

Andy

June 1, 2005 06:56 AM

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.

Michael Mandel

June 5, 2005 10:05 PM

Hi Andy,

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

Ann

January 4, 2006 02:04 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.

Kate

January 20, 2006 01:29 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

DimaOn

September 2, 2006 10:24 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.

belarus

March 24, 2008 04:31 PM

Belarus was the poorest region in the western USSR.

toni
you are not faithful to information
poor but not the poor

belarus

March 24, 2008 04:32 PM

Belarus was the poorest region in the western USSR.

toni
you are not faithful to information
poor but not the poor

sunrisedatacare

March 30, 2010 05:44 AM

http://coomararunodaya.com.

Thank you for your interest. This blog is no longer active.

 

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Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.

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