Five-year Argentinean credit-default swaps have been tightening, whilst Ireland?s have widened to 609 basis points, the third highest in the world, after Greece and Venezuela. GDP growth forecasts for 2011 are not much more optimistic for these European countries. According to the Economist Intelligence Unit, Ireland?s and Greece?s GDP will decline by 0.9% and 3.6%, respectively.

The PIIGS (Portugal, Ireland, Italy, Greece and Spain), find themselves among the slowest growers this year. In contrast, after avoiding recession in 2008 and 2009, and enjoying the global recovery in 2010, Qatar is set to grow by 15.8% this year. Strong growth is largely due to its liquefied natural gas (LNG) projects and an expansionary fiscal policy focused on infrastructure. China and India are also projected another year of strong growth, 8.9% and 8.6% respectively.