Growth is really scarce this year....

It is remarkable how many countries are likely to contract this year. Of the 55 countries in the table below, 38 (almost 70%) are expected to contract. And it is not just Developed countries but many EM countries and many even in our own backyard – Korea, Taiwan, Thailand, Malaysia, Philippines are all likely to contract this year. (Though skepticism about these estimates is justified, in all likelihood these estimates are likely to prove optimistic rather than pessimistic…

The top 3 countries in terms of maximum contraction of their economy – Iceland (9.7%), Latvia (8%) and Singapore (7.2%). The top 3 fastest growing economies this year – China (6%), India (5%), Egypt (4.9%). (Egypt is very surprising given that it is almost entirely dependent completely on Suez Canal (global trade) and Tourism (global incomes) both of which will take a beating this year.)

Source: Economist