The Best and Worst of Everything 2008

Lowest Real GDP Growth*

Latvia

As of the third quarter of 2008, only seven countries worldwide had reported declines in GDP growth, according to Bloomberg. At the top: Latvia, previously the fastest-growing country in Europe, with GDP growth exceeding 10% in 2007. Latvia is poised for a bust in 2008 thanks in part to a housing bubble -- house prices have contracted by more than a quarter over the last three months. The Baltic country also saw the collapse of its second-biggest bank, Parex Banka.

*Year-over-year for Q3 2008, as reported by Bloomberg on Dec. 8

Highest Real GDP Growth*

Peru

Many of their stock markets have been battered, but five developing countries (Peru, Romania, China, India, and Sri Lanka) all posted year-over-year growth exceeding 9% -- a feat the U.S. economy hasn't managed since the late 1950s. However, the global economic slowdown has likely hurt future fiscal revenues. Peru Finance Minister Luis Valdivieso recently said his nation's mining sector will be hit particularly hard. In 2009, the Peruvian government estimates GDP will grow by 6.5%, down from 9.92% this year.

wattzon.com

Best Idea

Personalized Energy Consumption Calculator

There's been a lot of talk about carbon footprints this year, but that's just a sliver of the story. The root of the carbon problem is the way we use energy, which is the idea behind WattzOn, an easy-to-use Web-tool that lets individuals calculate their total energy consumption by answering questions like how many miles per week they drive, how many toothbrushes they own, and how many vegetables they eat. WattzOn helps users estimate the energy required to make and deliver the items everyone buys and uses.

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Worst Idea

Carbon Offsets

The wanna-be environmentalist's "Get out of Jail Free" card, carbon offsets enable companies or individuals to invest in tree farms or wind power as a way to compensate for their carbon footprints. Problem is, offsets don't change behavior. They're just the green equivalent of confession, making people feel better about their eco-sins but not stopping them from committing them.

Brightest Power Move

Renewable Spain

Green incentives from the Spanish government have produced an explosion of wind, solar, and other renewable energy technologies, making Spain a global leader in this area. The regions of Navarra and Aragon are showcases for some of the most ambitious projects, including a 12-megawatt solar photovoltaic roof that General Motors has installed on its new Opel factor near Zaragoza, Aragon's capital. The one cloud on the horizon: Spain's government has had to cut back on incentives because of their greater-than-expected hit to taxpayers.

Worst Power Plunge

Oil Prices

While soaring oil prices earlier in 2008 caused real pain to consumers and companies, they also stimulated unprecedented changes and innovations. People stopped buying gas-guzzling SUVs and flocked to smaller cars, mass transit, and bicycles. Alternative energy like wind, solar, and biofuels got a huge boost, as did energy efficiency measures. But the $100-per-barrel plunge in oil prices (from a high of more than $140 per barrel) threatens those gains. If progress is lost on developing alternatives to oil, the pain will be even greater when the recession ends and demand for energy takes off again.

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