The world entered 2011 with cautious optimism that things would improve over the gloom of 2009 and 2010. However, the past year has proven to be quite turbulent. The global economy was faced with a myriad challenges, including the European debt crisis, while the overall economic performance in the industrialized world left much to be desired.

An already lackluster performance for the Organization for Economic Cooperation Development economies took another step back this year, according to Bank of Montreal's economic performance indicator (EPI).

Here's How 12 of the World's Most Important Economies Performed in 2011 (From Worst to Best):

12. Greece

Temple

Temple of Athena (Flickr/Dennis Jarvis)

Inflation: 3.2%

Jobless Rate: 16.6%

Budget Deficit (% of GDP): 5.9%

Current Account Deficit (% of GDP): 8.6%

Overall Grade: 11.6

11. Portugal

Pena

Pena National Palace (Wiki/Guillaume70)

Inflation: 3.6%

Jobless Rate: 12.5%

Budget Deficit (% of GDP): 5.9%

Current Account Deficit (% of GDP): 8.0%

Overall Grade: 43.0

10. Ireland

Trim

Trim Castle  (Flickr/Andrew Parnell)

Inflation: 1.2%

Jobless Rate: 14.1%

Budget Deficit (% of GDP): 10.3%

Current Account Deficit (% of GDP): surplus

Overall Grade: 55.8

9. Spain

Colorful

Riu Onyar in Girona. (Wiki/Infernalfox)

Inflation: 3.1%

Jobless Rate: 21.5%

Budget Deficit (% of GDP): 6.2%

Current Account Deficit (% of GDP): 4.0%

Overall Grade: 56.2


8. Italy

The

The Colosseum in Rome, built ca. 70 – 80 AD, is considered one of the greatest works of Roman architecture and engineering. (Wiki/Diliff)

Inflation: 2.9%

Jobless Rate: 8.3%

Budget Deficit (% of GDP): 3.6%

Current Account Deficit (% of GDP): 3.6%

Overall Grade: 69.6

BMO's 2012 GDP Growth Projection: -1.2%

7. U.S.

The

The Statue of Liberty is a globally recognized symbol of both the United States and ideals such as freedom, democracy, and opportunity. (Wiki/Derek Jensen)

Inflation: 3.2%

Jobless Rate: 9.0%

Budget Deficit (% of GDP): 10.0%

Current Account Deficit (% of GDP): 3.1%

Overall Grade: 71.7

BMO's 2012 GDP Growth Projection: 2.2%


6. Japan

The

The Golden Hall and five-storey pagoda of H?ry?-ji. (Wiki/663highland)

Inflation: -0.8%

Jobless Rate: 4.6%

Budget Deficit (% of GDP): 8.9%

Current Account Deficit (% of GDP): surplus

Overall Grade: 76.7

BMO's 2012 GDP Growth Projection: 1.6%

5. U.K.

The

The Palace of Westminster, seat of both houses of the Parliament of the United Kingdom. (Flickr/Graeme Maclean)

Inflation: 4.5%

Jobless Rate: 8.0%

Budget Deficit (% of GDP): 9.4%

Current Account Deficit (% of GDP): 0.6%

Overall Grade: 77.5

BMO's 2012 GDP Growth Projection: 0.1%

4. France

Mediterranean

Mediterranean vegetation (lavender) in Provence. (Wiki/Andyblind)

Inflation: 2.2%

Jobless Rate: 9.8%

Budget Deficit (% of GDP): 5.7%

Current Account Deficit (% of GDP): 2.3%

Overall Grade: 80.0

BMO's 2012 GDP Growth Projection: -0.5%

3. Canada

The

The Senate chamber within the Centre Block on Parliament Hill. (Wiki/Mightydrake)

Inflation: 2.9%

Jobless Rate: 7.5%

Budget Deficit (% of GDP): 5.0%

Current Account Deficit (% of GDP): 3.0%

Overall Grade: 81.6

BMO's 2012 GDP Growth Projection: 2.0%

2. China

Great

Great Wall of China near Jinshanling. (Wiki/JJakub Ha?un)

Inflation: 5.4%

Jobless Rate: 4.1%

Budget Deficit (% of GDP): 2.2%

Current Account Deficit (% of GDP): surplus

Overall Grade: 80.3

BMO's 2012 GDP Growth Projection: 8.0%

1. Germany

The

The Brandenburg Gate in Berlin, Germany. (Wiki/Thomas Wolf)

Inflation: 2.5%

Jobless Rate: 7.1%

Budget Deficit (% of GDP): 1.2%

Current Account Deficit (% of GDP): surplus

Overall Grade: 89.2

BMO's 2012 GDP Growth Projection: 0.1%