Chinese citizens have the most confidence in their economy, Nigerians are the most optimistic for the future, and Ukrainians are the most downbeat.

Those are some of the findings from a Pew Research Center study that asked respondents in emerging markets to rate their economy as good or bad.

The study found that overall citizens in emerging and developing markets were more likely to say their economy was good than those in advanced economies.

Business Insider put together a rundown of the research to help make sense of some of the numbers. Here are emerging and developing countries, ordered from highest to lowest percentage of respondents who think their economy is doing well.

Check out the CIA World Factbook — from which each country’s economic background was extracted — here and the full Pew Center Study here.

Chinese respondents were most likely to describe their economy as good, while those in Ukraine were the least likely.


Pew Research Center

Significantly more Russians reported that their economy is doing “bad” than a year ago, with the proportion jumping from 44% in 2014 to 24% in 2015.

Nigerians are the most optimistic their country’s economy will improve over the next 12 months.


Pew Research Center

Lebanese respondents were the most bearish about the future of their economy.

1. China

Who said it’s doing well: 90%, up one point since the previous year, and up 38 points since 2012. Down one percentage point from 2010.

Who said the economy will improve: 84%, up four points since 2014 and down three points from the country’s all time high in 2010.

What’s going on with the country: The country’s GDP failed to hit its target in 2014, and at 7.4 percent in 2014, growth is slowing. The Chinese markets have crashed in recent months, with the drop starting in June, a little after this survey was conducted. The Chinese government is on a hunt to find those responsible for the crash, while analysts are comparing the crash to the dot-com bubble or the Black Tuesday crash in 1929. (CIA world Factbook)

GDP: $10.3 trillion in 2014 with 7.4% growth (World Bank)

2. Vietnam

Who said it’s doing well: 86%. That compares to 87% in 2014.

Who said the economy will improve: 73%. That is down one point from 2014.

What’s going on with the country: Agriculture’s share of the GDP fell to 18% in 2014, while industry’s share increased in the same period.

Vietnam also struggles with undercapitalized banking sector and nonperforming loans, though the government established a three-pillar economic-reform system, which aims to turn Vietnam into a strong global competitor, creating social and economic opportunities, as well as enhancing sustainability of the economy.

Though exports slowed during the global recession, they rebounded in 2013-14. (CIA world Factbook)

GDP: $186 billion in 2014 with 6% growth

3. India

Who said it’s doing well: 74% — up 10 points since 2014.

It will improve in the next 12 months: 74%, up from 62% in 2014.

What’s going on with the country: India is projected to be the eighth fastest-growing economy in the world, despite GDP growth falling to a decade long low in 2014 and a sharp depreciation of the rupee.

Western companies including GM and Amazon are pushing deeper into the Indian market in anticipation of big business from the country’s 1.25 billion people.

Investors have optimistically termed India as a “second China.”

GDP: $2.0 trillion in 2014 with 5.6% growth (CIA World Factbook)

4. Philippines

Who said it’s doing well: 63%, the same as 2014.

Who said the economy will improve: 40%, down from 48% in 2014.

What’s going on with the country: The Philippines has enjoyed economic growth, averaging 6% per year from 2011 to 2014. Unemployment, however, has hovered at 7%.

Since the country was not heavily exposed to international securities in 2007, it came out of the global recession better than its geographic neighbors.

Meanwhile, as neighboring heavyweight, China, embarks on an antigraft campaign that hit casinos in Macau particularly hard, Filipino casino stocks surged in July, with the nations regulators reporting that gaming revenue could increase by 20% in 2015, Bloomberg reported.

GDP: $284.9 billion in 2014 with 6.1% growth (CIA World Factbook)

5. South Africa

Who said it’s doing well: 59%, up 8 points since 2014.

Who said the economy will improve: 45%, compared to 51% in 2014.

What’s going on with the country: South Africa has had decelerating economic growth. Official unemployment is 25%, while government policy has been trying to push down inflation.

Structurally, South Africa struggles with a deficit of electricity supplies.

GDP: $350.1 billion in 2014 with 1.5% growth (CIA World Factbook)

6. Nigeria

Who said it’s doing well: 57%, up 18% since the previous year.

It will improve in the next 12 months92%, up 20 points since 2014 and down 3% from the country’s all time high in 2010.

What’s going on with the countryNigeria has emerged as Africa’s largest economy, with 2014 GDP estimated at US$479 billion. The country is Africa’s leading oil producer, and its economy has grown at a rapid 6%-8% per annum, driven by growth in agriculture, telecommunications, and services.

The medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. The Nigerian Naira also remains strong, and has been on a general upward trend over the past 10 years.

The majority of its population — 62% — live in poverty.

However, the high-profile moves of Boko Haram, the terrorist group in Nigeria, has also eroded investor confidence. (CIA world Factbook)

GDP: $479 billion with a 7% growth (World Bank)

7. Peru

Who said it’s doing well: 53%, same levels as in 2014.

Who said the economy will improve: 83%, up from 77% in 2014.

What’s going on with the country: Metal and mineral exports accounted for 60% of the country’s total exports and helped push the economy up by an average of 5.6% from 2009 to 2013. The country is the world’s second-largest producer of silver and third largest of copper.

GDP: $202.9 billion in 2014 with 2.4% growth (CIA World Factbook)

8. Pakistan

Who said it’s doing well: 47%, up from 37% in 2014.

Who said the economy will improve: 48%, up 12 points since 2014.

What’s going on with the country: The country benefited from a string of international trade deals — recently it signed accords to create the China-Pakistan Economic Corridor — a revival of the historical silk road, which will create roads, rails, and pipelines.

Pakistan struck another trade deal with the EU that boosted exports by $1 billion.

Earlier this year, the country’s foreign-exchange reserve passed the $10 billion mark. (CIA World Factbook)

GDP: $186 billion in 2014 with 6% growth (World Bank)

9. Turkey

Who said it’s doing well: 47%, down three points from 2014.

Who said the economy will improve: 35%, down from 41% in 2014.

What’s going on with the country: Turkey dealt with a severe financial crisis in 2001, and eventually was forced to adopt fiscal reforms on its IMF program that year. GDP growth, however, fell to 4.4% in 2013 and 2.9% in 2014.

High interest rates were put in place January 2014 to strengthen the country’s currency and reduce inflation — but also slowed economic growth.

Turkey has a relatively high current-account deficit, with domestic political turmoil broiling.

GDP: $806.1 billion in 2014 with 2.9% growth in 2014 (CIA World Factbook)

10. Malaysia

Who said it’s doing well: 46%, down 26 percent points from 2014, and down 39 points since 2013.

Who said the economy will improve: 26%, down from 47% in 2014, and 64% in 2013.

What’s going on with the country: The oil and gas sector supplied about 29% of government revenue in 2014 — though falling global oil prices have offset the profits.

Meanwhile, tourism in the country has grown at its fastest pace since 2008 — jumping 10% from January through October, in comparison to the same period last year.

Malaysia is attempting to achieve high-income status by 2020. (CIA world Factbook)

GDP: $326.9 billion in 2014 with 6.0% growth.

11. Chile

Who said it’s doing well: 45%, down 24% since 2014.

Who said the economy will improve: 33%. That’s down 12% since 2014.

What’s going on with the country: Chile has the strongest sovereign bond rating in South America.

Exports of goods and services account for one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue.

But the economy has been slowing, dealing with a strengthening dollar and declining demand for exports, particularly in China.

Back in May, President Michelle Bachelet also asked all her ministers to resign. (CIA World Factbook)

GDP: $264.1 billion in 2014 with 2% growth (World Bank)

12. Indonesia

Who said it’s doing well: 42%, down 11% since 2014.

Who said the economy will improve: 37%. That’s down 18% since 2014 — though ratings have yo-yoed.

What’s going on with the countryIndonesia has seen a slowdown in growth since 2012, mostly because of the end of the commodities export boom. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, a current-account deficit, and unequal resource distribution among regions.

Fuel subsidies were almost completely removed in early 2015, a move that could help the government increase spending on its development priorities. (CIA World Factbook)

GDP: $856.1 billion in 2014 with 5% growth

13. Poland

Who said it’s doing well: 38%, up 9% since 2014.

Who said the economy will improve: 16%. That’s down two points since 2014; 8% believe it will worsen.

What’s going on with the countryAlthough EU membership and access to EU structural funds have provided a major boost to the Polish economy since 2004, GDP per capita remains significantly below the EU average. In the short term, the key policy challenge is consolidating debt and spending without stifling economic growth.

Overall, the Polish economy has performed well over the past five years. (CIA World Factbook)

GDP: $552.2 billion in 2014 with 3.2% growth (World Bank)

14. Argentina

Who said it’s doing well: 38%, up 12% since 2014.

Who said the economy will improve: 32%. That’s up 12% since 2014 — though returning to a figure similar to those of years prior.

What’s going on with the country: Rich in natural resources with a highly literate population, Argentina suffered recurring economic crises, and persistent fiscal account deficits, high inflation, mounting external debt, and capital flight.

The country recently came into the limelight for $5.4 billion in unpaid sovereign debt from when the country defaulted back in 2001-02, and a group known led by activist investor Paul Singer has been pushing Argentina for payment.

But one reason for optimism may stem from Argentina’s elections coming later this year. And you can see some of that sentiment in the direction of the Argentine stock market, Merval, which grew 30% in the first half of 2015. (CIA world Factbook)

GDP: $536.2 billion in 2014 with 1.7% drop (World Bank)

15. Mexico

Who said it’s doing well: 34%, compared to 40% in 2014.

Who said the economy will improve44% compared to 50% in 2014.

What’s going on with the country: Mexico is the US’s second-largest export market and third-largest source of imports.

Stronger demand for Mexican exports and increased investment are likely to strengthen the economy in 2015. Since about 30% of government revenue comes from state-owned oil company PEMEX, lower oil prices affect the country’s economy heavily.

Mexico is dealing with a wage crisis, with more than 50% of the population living in poverty in 2012.

GDP: $1.28 trillion in 2014 with 2.1% growth in 2014 (CIA World Factbook)

16. Jordan

Who said it’s doing well: 25%, down 11 points from 2014.

Who said the economy will improve: 29% down 5 points from 2014.

What’s going on with the country: Among the smallest economies in the Middle East, Jordan has insufficient supplies of water, oil, and other natural resources, making it dependent on foreign assistance.

ISIS has also been active in the area surrounding Jordan, meaning Syrian refugees are now 21% of the kingdom’s population.

GDP: $186 billion in 2014 with 6% growth (World Bank)

17. Russia

Who said it’s doing well: 24%; that’s down 20% since 2014.

Who said the economy will improve38%, up 7% since 2014.

What’s going on with the country: The economy has been strangled by sanctions from Americans and the EU, as world powers condemned the Kremlin’s involvement in the Crimea conflict.

Because of the dramatic crash of oil prices, Russia also saw tax revenue tank. Then in the second half of 2014, the Russian ruble lost about half of its value.

In April 2015, the Russian Ministry of Economic Development predicted that the Russia’s economy will contract by 3% in 2015, and average only 2.5% growth through 2030. (CIA world Factbook)

GDP: $12.7 billion in 2014 with 1.5% decrease (World Bank)

18. Venezuela

Who said it’s doing well: 17%, down 12 points from the year prior.

Who said the economy will improve: 44%.

What’s going on with the country: Venezuela is highly dependent on oil revenues, which make up about 96% of export earnings and 11% of the country’s GDP. The country did not do well in 2014 — with GDP contracting by 4% in 2014, with 68.4% inflation.

The IMF estimated the country’s GDP will shrink another 7% in 2015, and as the Venezuelan Bolivar sinks further, many American companies many consider exiting the country.

The authoritarian country is also becoming something of a dictatorship.

GDP: $205.8 billion in 2014 with 4% drop in 2014 (CIA World Factbook)

19. Brazil

Who said it’s doing well: 13%. That’s down 19 percentage points since 2014 and 46 points since 2013.

Who said the economy will improve: 66%up three points since 2014 and down 13 points since 2013.

What’s going on with the countryBrazil’s economy outweighs that of all other South American countries. After reaching historic lows of 4.5% in early 2014, the unemployment rate remains low but is rising.

In July, Brazil’s central bank also raised interest ranks by half a point to 14.25%, hoping to push down inflation as the economy moved closer toward a recession.

In October 2014, the country also introduced a fiscal-austerity package intended to restore the primary account surplus to 1.2% of GDP and preserve the country’s investment-grade sovereign credit rating. (CIA World Factbook)

GDP: $3.073 trillion in 2014 with 0.3% growth, though the GDP has contracted (World Bank)

20. Lebanon

Who said it’s doing well: 10%, with minimal changes since 2007. 9% in 2014.

Who said the economy will improve: 20%, compared to 18% in 2014.

What’s going on with the country: The country has a very laissez-faire commercial tradition, with the government restricting very little foreign trade. Lebanon’s main growth sectors include banking and tourism, which has slowed in recent years. The country also houses the third-highest debt-to-GDP ratio in the world.

The country has been mired in regional and internal strife over the past few decades. Lebanon’s economy was greatly crippled by the 1975-90 civil war, which cut national output by half. Further strife in the region, such as the Syrian conflict that has led to more than 1 million refugees escaping into Lebanon, slowed economic growth to the 1 to 2% range from 2011 to 2013.

GDP: $49.92 billion in 2014 with 6% growth (CIA World Factbook)

21. Ukraine

Who said it’s doing well: 3%, compared to 4% in 2014.

Who said the economy will improve: 24%, down 11 points from in 2014.

What’s going on with the country: Constant struggles with Russia from the Crimea annexation has eaten into Ukraine’s economic development. The ex-communist nation, which overthrew its Kremlin-backed government in 2014 in favor of independence, has been dealing with war and resource shortages. Recently, Russia cut off Ukraine’s gas supplies.

The country owes Russia about $3 billion this year, though Ukraine has been negotiating a debt-rescue plan with the IMF. The nation has secured a $17.5 billion loan from the IMF, under the condition that the embattled country impose monetary and fiscal-policy reforms.

After Russia, Ukraine was also the most important economic component of the former Soviet Union, producing one-fourth of the USSR’s agricultural output. The economy was on shaky ground however, even before 2014.

GDP: $130.7 billion in 2014 with 6.8% contraction in 2014 (CIA World Factbook)

This article is published in collaboration with Business Insider. Publication does not imply endorsement of views by the World Economic Forum.

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Author: Lucinda Shen is a graduate of UNC-Chapel Hill’s School of Journalism and Mass Communication, Lucinda has written at Hong Kong’s South China Morning Post and McClatchy’s News and Observer, broaching verticals including politics, education, arts and culture.

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