Business

Yemen one of the world’s worst economies

National Yemen

Yemenis break the barrier of fear and reviving domestic tourism

Coming after Chad, Guinea, Burundi Yemen leone in the top list of mos troubled economies scores 2.98 of GCI with $1,377 GDP per capital (31st lowest.) The debt reach 46.7% of the GDP as a pct of 55th highest.

When Yemen residents were asked to identify the most problematic factor for doing business, most respondents said police instability. Inadequate supplies of infrastructure and corruption followed closely as obstacles for conducting business. Yemen’s business transactions are plagued by bribes and under-the-table dealing, while the legal system cannot be relied on for help. Yemen’s government also is considered to be excessively wasteful, and public funds are frequently misused. Violence in the region and the presence of extremist groups have made it difficult for residents to innovate or accomplish very much at all in the way of business. The business costs of crime, violence and terrorism were judged to be higher in Yemen than most other nations.

After sliding in the rankings for four consecutive years, the United States moved up two places in the World Economic Forum’s competitiveness ranking, from seventh last year to fifth in 2013. A combination of factors, including improving financial markets and a strong university system, helped the U.S. improve, despite certain weak macroeconomic elements.

The WEF’s Global Competitiveness Report defines competitiveness as the “institutions, policies, and factors that determine the level of productivity of a country.” In order to assess competitiveness, the WEF divided the 148 nations it surveyed into one of three classifications, depending on their development. Based on the WEF’s report, we identified the worst economies in the world.