Struggling economies

struggling economies

Many of us complain that we don’t have enough money. We live from payslip to payslip hoping that are situation will change but it rarely does. If this is you, it could be worse, so count yourself lucky you don’t live in any of the following countries with some of the worst economies in the developed and developing world.


Crippled by inflation and an increasing budget deficit, the South America country has been forced to rely on help from the IMF, a bail-out to the tune of $50 million has been given to the government to help them out of their current predicament


This western European country has had economic problems ever since the worldwide economic crash of 2008 which left unemployment at its highest for decades and the country in recession. Still with one of the highest rates of unemployment in the EU, Spain has struggled to get back on track although it’s jobless rate did fall from the year 2016 to 2017.


The largest country in South America, Brazil looks like it has turned a corner towards sustained economic development. A low inflation rate is expected to play its part as its jobless rate also falls.


One of the countries hardest hit by the 2008 financial crash, Greece has not recovered. With an unemployment rate close to 30 percent or nearly a million people, Greece still battles with the EU over its financial restrictions which could mean austerity for the Mediterranean country for the next 30 years.


With leadership completely overthrown in 2013 after the Arab Spring uprising, Egypt’s economy has struggled with inflation, and currently sits at 17 percent. Unemployment rates have fallen in the last 12 months, and tight financial constraints as well as the government’s decision to float the pound in the summer of 2016 have helped to improve the economy.


Currently in the midst of conflict with rebel held Donbass, Ukraine’s economy has taken a hit. With high levels of unemployment and low rates of inflation, the country has struggled to develop in the past few years. Only 6 years after successfully co-hosting the 2016 European Championships in football, the future does not look so bright for the eastern European country.


With the president nearly overthrown by a military coup in 2016, Turkey has an unstable political environment.  Its rate of unemployment has fallen to 10 percent and its economy grew at a faster rate than any other country in the G20 but with its political climate still uncertain, development in Turkey will be slow for the coming years

South Africa

With a jobless rate of 27%, one of the most developed countries on the African continent, South Africa still has a lot of problems that continue to affect its economy such as poor infrastructure as well as chronic water shortages.

So if you are thinking your life is struggle street, there are plenty of other so-called developed countries where you find a lot more economic hardship than you currently do.

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About the Author: Megan DeGrom

Megan DeGrom was born and raised in New Jersey just outside the Pine Barrons. As a journalist, Megan has contributed to many online publications including Rotten Tomatoes and Variety. In regards to academics, Megan earned a degree in business from St. John's University. Megan covers economy stories here at Clear Publicist.