Macau’s chart-topping growth rate (35%) will bring only some relief from the
catastrophic collapse in tourism and gambling that lopped two-thirds off the territory’s
economy as covid-19 struck. Lockdowns devastated tourism in the British Virgin Islands,
Sint Maarten, Antigua & Barbuda, St Lucia and the Maldives, too, from which 2021’s
striking growth rates will represent only a partial rebound.
The others in the top ten have their own stories. Libya’s high growth rate reflects a
modest recovery from catastrophe, in this case civil war, which will include a significant
increase in oil output. Albania’s economy suffered its own covid-19 blow as well as
contagion from the deep recession in Italy, a vital trade partner, but will regain all the
ground lost in 2020. Guyana stands alone on this list as a country barely affected by the
virus and is instead riding a wave of offshore oil development. The largest country in
the top ten, Peru, will benefit from rising copper output and higher prices.
2021 forecasts unless otherwise indicated.
Inflation: year-on-year annual average.
Dollar GDPs calculated using 2021 forecasts for dollar exchange rates (GDP at PPP, or
purchasing-power parity, shown in brackets).
All figures simplified by rounding.
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