It seems the term “PIIGS” (referring to Portugal, Ireland, Italy, Greece and Spain) is quite justified. Not only are these countries loaded up with debt, but their prospects for growth are in the bottom 10 countries globally!
It is nice to see so many African nations in the top 10, but they are growing from such a low base that it will take many years to improve the living standards of their populations. I’m seeing Qatar all over the place at the moment – due to their connections and partnerships with Monaco, as well as their other investments worldwide. They appear to have been far more prudent than many of their Middle Eastern neighbours.
Europe is going to have a tough 2011!