Best & Worst Performers In The Economic Crisis

All countries have been hit by the economic crisis in the sense that all countries have seen growth drop. However, great differences exist, as some have merely seen growth slow, others have seen only an insignificant contraction and yet others have seen a significant but not dramatic contraction and then there are countries that have experienced outright depressions (More than 10% contraction). Here is a list of countries that in the year to the second quarter experienced growth and those that experienced more than 10% contraction:

Growing economies:
China
India
Vietnam
Indonesia
Philippines
Poland
Australia
Israel

Economies Suffering A Depression:
Mexico
Russia
Estonia
Latvia
Ukraine
Lithuania

Source: The Economist

For a few countries, second quarter numbers remain unavailable, and for all countries terms of trade related factors could distort the picture. Still, this list gives a good picture of which economies have fared the best and which have fared the worst.

The really extraordinary case here is Poland which has managed to stay relatively strong despite the depression in several of its neighbors. This is likely in part due to a beneficial industrial structure and in part due to the aggressive tax cuts implemented this year.