10 World's Worst Economies

The Gambia

This resource-poor West African nation was one of the most popular destinations for European tourists until the financial crisis hit. The inflation rate in the country is at 4.7 percent and per capita GDP is $508.

The Gambia has a liberal, market-based economy characterized by traditional subsistence agriculture, a historic reliance on groundnuts (peanuts) for export earnings, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry. The World Bank pegs Gambia's GDP for 2009 at $733M while the International Monetary Fund puts it at $968M for 2009. Agriculture accounts for roughly 30 percent of gross domestic product (GDP) and employs about 70 percent of the labor force. Within agriculture, peanut production accounts for 6.9 percent of GDP, other crops 8.3 percent, livestock 5.3 percent, fishing 1.8 percent, and forestry 0.5 percent. Industry accounts for approximately 8 percent  of GDP and services approximately 58 percent. The limited amount of manufacturing is primarily agricultural-based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing.