Template:World Trade Organization
From Wikipedia, the free encyclopedia
1. World Trade Organization – The World Trade Organization is an intergovernmental organization which regulates international trade. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, launched in 2001 with an explicit focus on developing countries. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round. As a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various negotiation groups in the WTO system for the agricultural negotiation, in the condition of stalemate. The WTO's current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, Switzerland. A agreement known as the Bali Package was reached by all members on 7 December 2013, the first comprehensive agreement in the organization's history. A comparable international institution for trade, named the International Trade Organization was successfully negotiated. But the ITO treaty was not approved by the U.S. and a few other signatories and never went into effect. In the absence of an international organization for trade, the GATT would over the years "transform itself" into a de facto international organization. The GATT was the only multilateral instrument governing international trade from 1946 until the WTO was established on 1 January 1995. Seven rounds of negotiations occurred under GATT. The first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement and a section on development.World Trade Organization – The economists Harry White (left) and John Maynard Keynes at the Bretton Woods Conference. Both had been strong advocates of a central-controlled international trade environment and recommended the establishment of three institutions: the IMF (for fiscal and monetary issues); the World Bank (for financial and structural issues); and the ITO (for international economic cooperation).
2. World Trade Organization accession and membership – The original member states of the World Trade Organization are the parties to the GATT after ratifying the Uruguay Round Agreements, the European Communities. They obtained this status into force on 1 January 1995 or upon their date of ratification. Membership consists of a balance of rights and obligations. As is typical of WTO procedures, an offer of accession is only given once consensus is reached among interested parties. The shortest negotiation was that of Kyrgyzstan, lasting 2 years and 10 months. As of 2007, WTO member states represented 96.7 % of global GDP. Iran, followed by Algeria, are the economies with trade outside the WTO, using 2005 data. The government applying for membership has to describe all aspects of its trade and economic policies that have a bearing on WTO agreements. For large countries such as Russia, numerous countries participate in this process. These talks cover other policies in goods and services. The new member's commitments are to apply equally to all WTO members under non-discrimination rules, even though they are negotiated bilaterally. In other words, the talks determine the benefits other WTO members can expect when the new member joins. When the bilateral talks conclude, the working party finalizes the terms of accession. The documents used in the process which are embargoed during the accession process are released once the nation becomes a member. As of July 2016, the WTO has 164 members.World Trade Organization accession and membership – Draft Working Party Report or Factual Summary adopted
3. International Trade Centre – ITC has one office in Mexico City. The agreement was reached in 1967 and the International Trade Centre was officially established on 1 January 1968. ITC's service offering is nowhere described in a systematical way. Thus, the following description necessarily contains inaccuracies. ITC offers numerous different services to its beneficiaries. In doing so it differentiates between three groups of target beneficiaries: Policymakers trade-support institutions, enterprises. Some services are specifically designed for one of these groups while others have a universal character. In principle, there is no predefined list of services that ITC is limited to: Services are being developed depending on requests of beneficiary countries or donors. Trade Map An interactive online database on international trade statistics. It presents indicators of competitors from country perspective. Users can choose to see the data either with pre-calculated trade indicators or in times-series from 2001 onward. In 2012, Trade Map, in collaboration with Kompass, included "information" module to help companies identify trading partners in 64 countries. Trade Map sources collect monthly data directly from customs authorities. Market Access Map is used by both economic operators to find information on market requirements and trade policymakers to prepare for trade negotiations. By 2015, Market Access Map includes preferential tariffs of over 190 countries well as Non-Tariff Measures data for approximately 70 countries.International Trade Centre
4. Criticism of the World Trade Organization – The stated aim of the World Trade Organization is to "ensure that trade flows as smoothly, predictably and freely as possible". However, it is important to note that the WTO does not claim to be a "free market" organization. , not entirely accurate. The system does allow tariffs and, in limited circumstances, other forms of protection. More accurately, it is a system of rules dedicated to open, undistorted economic competition." The methods of the World Trade Organization evoke strong antipathies. Among other things, the WTO is accused of widening the social gap between poor it claims to be fixing. UNCTAD estimates that the market distortions cost $700 billion annually in lost export revenue. Other critics claim that the issues of environment are steadfastly ignored. He also argues that "trade measures have become a vehicle for social organizations in promoting their interests." Scholars have identified GATT Article XX as a central provision that may be invoked by states to deploy policies that conflict with trade liberalization. Bhagwati is also critical towards "rich-country lobbies seeking on imposing their unrelated agendas on trade agreements." According to Bhagwati, especially the "rich charities have now turned to agitating about trade issues with much energy understanding." Therefore, both Bhagwati and Arvind Panagariya have criticized the introduction of TRIPs into the WTO framework, fearing that non-trade agendas might overwhelm the organization's function. According to Panagariya, "taken in isolation, TRIPs resulted in reduced welfare for the world as a whole."Criticism of the World Trade Organization – Protestors clashing with Hong Kong police in the Wan Chai waterfront area during the WTO Ministerial Conference of 2005.
5. Doha Development Round – Its objective was to lower trade barriers around the world, thus facilitate increased global trade. The Doha Round began with a ministerial-level meeting in Doha, Qatar in 2001. Ministerial meetings took place in Cancún, Hong Kong. There is also considerable contention against and between the EU and the USA over their maintenance of agricultural subsidies—seen to operate effectively as trade barriers. Since the breakdown of negotiations in 2008, there have been repeated attempts to revive the talks, so far without success. In April 2011, then director-general Pascal Lamy "asked members to think hard about'the consequences of throwing away ten years of solid multilateral work'." However, as of January 2014, the future of the Doha Round remains uncertain. Doha Round talks are overseen by the Trade Negotiations Committee, whose chair is the WTO’s director-general, currently Roberto Azevêdo. The negotiations are being held in five working groups and in other existing bodies of the WTO. Selected topics under negotiation are discussed in five groups: market access, development issues, WTO rules, other issues. Before the Doha ministerial, negotiations had already been under way on trade in agriculture and trade in services. These ongoing negotiations had been required under the last round of multilateral trade negotiations. However, some countries, including the United States, wanted to expand the agriculture and talks to thus achieve greater trade liberalization. These became known as the Singapore issues. These issues were pushed at successive ministerials by the European Union, Japan and Korea, opposed by most developing countries.Doha Development Round – The Hong Kong Convention Center, which was the site of the Sixth WTO Ministerial Conference
6. General Agreement on Tariffs and Trade – General Agreement on Tariffs and Trade was a multilateral agreement regulating international trade. GATT took effect on January 1948. The original GATT text is still in effect under the WTO framework, subject to the modifications of GATT 1994. GATT held a total of nine rounds, The second round took place in 1949 in Annecy, France. 13 countries took part in the round. The main focus of the talks was more tariff reductions, around 5000 in total. The third round occurred in Torquay, England in 1951. Thirty-eight countries took part in the round. 8,700 tariff concessions were made totaling the remaining amount of tariffs to ¾ of the tariffs which were in effect in 1948. The contemporaneous rejection by the U.S. of the Havana Charter signified the establishment of the GATT as a governing world body. The fourth round returned to Geneva in 1955 and lasted until May 1956. Twenty-six countries took part in the round. $ billion in tariffs were reduced. The fifth round occurred once more in Geneva and lasted from 1960-1962. The talks were named after U.S. Treasury Secretary and former Under Secretary of State, Douglas Dillon, who first proposed the talks.General Agreement on Tariffs and Trade – Terminology
7. Agreement on Government Procurement – The Agreement on Government Procurement is a plurilateral agreement under the auspices of the World Trade Organization that entered into force in 1981. It was then entered into force on 1 January 1996. The agreement was subsequently revised on 30 March 2012. The revised GPA came into effect on 6 July 2014. The plurilateral Agreement on Government ProcurementAgreement on Government Procurement – Parties
8. Information Technology Agreement – Since 1997 a formal Committee under the WTO watches over the following of its Implementations. The aim of the treaty is to lower all taxes and tariffs on information technology products to zero. Information Technology Agreement, WTO. ITA Schedules of Concessions, WTO. "Ministerial Declaration in Information Technology Products". Singapore: World Trade Organization. 13 December 1996. Retrieved August 2010. "Council for Trade in Goods – Implementation of the Ministerial Declaration on Trade in Information Technology Products". World Trade G/L/160 doc # 97-1356; G/L/160 / Add # 97-1935; G/L/160 / Add.2 doc # 97-3676. World Trade Organization. 2 April 1997; 5 May 1997; 17 September 1997. Retrieved 4 August 2010.Information Technology Agreement – Information Technology Agreement parties
9. Pascal Lamy – Pascal Lamy is a French political consultant and businessman. He was the Director-General of the World Trade Organization until 1 September 2013. His appointment took effect on 1 September 2005 for a four-year term. In April 2009, WTO members reappointed Lamy for a second four-year term, beginning on 1 September 2009. He was then succeeded by Roberto Azevêdo. Pascal Lamy is currently the Honorary President of Notre Europe. Lamy is also an honorary graduate of the University of Warwick. Lamy has been a member of the French Socialist Party since 1969. Lamy briefly moved into business at Crédit Lyonnais. Promoted to second in command, he was involved in the restructuring and privatisation of the bank. Returning to the European Commission in 1999, Lamy was appointed European Commissioner for Trade by Commission President Romano Prodi. Lamy served to the expiry of the commission's term in 2004. His ability to manage the powerful civil servants in his department was noted. During his time in office, he pushed for a new Doha round of world trade talks and advocated reform within the WTO. He had been won over candidates including Jaya Krishna Cuttaree of Mauritius.Pascal Lamy – Pascal Lamy
10. Supachai Panitchpakdi – Supachai Panitchpakdi was Secretary-General of the UN Conference on Trade and Development from 1 September 2005 to 31 August 2013. Prior to this, he was the Director-General of the World Trade Organization to September 1, 2005. He was succeeded by Pascal Lamy. In 1992 he became Deputy Prime Minister until 1995, responsible for trade and economics. During the financial crisis in November 1997 he returned to be Deputy Prime Minister and also became Minister of Commerce. Taking the second half of the six-year term, he entered office on September 2002. He was appointed for a four-year term in September 2009. Keen to revitalise the organisation, he has established a Panel of Eminent Persons to oversee the start of reform of UNCTAD. Supachai received his master's degree in Economics, Development Planning and his Ph.D. at the Netherlands School of Economics. In 1973, he completed his doctoral dissertation in economics. In the same year, he went as a visiting fellow to conduct research on development models. UNCTAD - Secretary-General's Office UNCTAD - Secretary-General's Biography UNDT judgment UNDT/2012/136 Biography at WTOSupachai Panitchpakdi – Supachai Panitchpakdi
11. Alejandro Jara – Alejandro Jara was a Deputy Director-General of the World Trade Organization. He served from 2005 to 2013. His career began in 1976 when he joined the Foreign Service of Chile to primarily focus on economic relations. He was appointed Director for Director for Multilateral Economic Affairs in 1994. In 1999, he was designated Director General for International Economic Relations. He was appointed in 2000 Permanent Representative of Chile to the World Trade Organization in Geneva. He's written a variety of papers on international trade.Alejandro Jara – Alejandro Jara (2009).
12. Economy of Afghanistan – People in Afghanistan earn around $0.59 a day. The jobs in Afghanistan are... The recent improvement is also due to dramatic improvements in agricultural production and the end of a four-year drought in most of the country. However, due to the conflicts, it remains one of the least developed countries in ranking 175th on the United Nations' Human Development Index. The GDP per capita is about $1,150. About 35 % of its population is 36 % live below the national poverty line, suffering from shortages of housing, clean drinking water, electricity. Afghanistan is the poorest country in Eurasia. Historically, there has been a lack of information and reliable statistics about Afghanistan's economy. This slowed the long-term development of Afghanistan during that period. An emphasis was placed on the manufacture of other military materiel. This process was in the hands of a small number of western experts invited by the Afghan kings. Otherwise, it was not particularly westerners, to set up large-scale enterprises in Afghanistan during that period. The country began facing economic hardships during the 1970s when neighboring Pakistan, under Zulfikar Ali Bhutto, began closing the Pakistan-Afghanistan border crossings. This move resulted in Afghanistan increasing economic ties with its northern neighbor, the powerful Soviet Union of that time. Ensuing civil war destroyed much of the country's limited infrastructure, disrupted normal patterns of economic activity.Economy of Afghanistan – Afghan Ministry of Finance in Kabul in 2002
13. Economy of Albania – The Economy of Albania has undergone a transition from its Communist past into an open-market economy since the early 1990s. As of 2014, exports seem to have increased 300 % from 2008, although their contribution to the gross domestic product is still moderate. Albania has the largest onshore oil reserves in Europe. This eventually failed badly. Attempts at reform began in earnest in early 1992 after real GDP fell in 1989. Albania currently suffers from organised crime and corruption rates. Key elements included price and exchange system liberalization, fiscal consolidation, a firm income policy. Most agriculture, small industry were privatized. This trend continued with the privatization of transport, small and medium-sized enterprises. In 1995, the government began privatizing large state enterprises. After reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade. This is a chart of Gross Domestic Product of Albania in US dollars based on Purchasing Power Parity from estimates by the International Monetary Fund. For purchasing parity comparisons, the US dollar is exchanged at 49 leks. Mean wages were $3.83 per man-hour in 2009. Albania is an upper-middle country by Western European standards, with GDP per capita greater than the several countries in the region.Economy of Albania – Albania Export Treemap, 2012
14. Economy of Algeria – In 2014, the Algerian economy expanded by 4%, up from 2.8% in 2013. Further economic expansion of 3.9 % is forecast in 2015 and 4.0 % in 2016. In 2012, the Algerian economy grew by 2.5 %, slightly from 2.4 % in 2011. Excluding hydrocarbons, growth has been estimated at 5.8%. Inflation is estimated at 8.9 %. The oil and sector is the country's main source of revenues, generated about 70 % of total budget receipts. The economy is projected to grow by 4.0 % in 2014. The country's external position remained comfortable with a trade surplus of about USD 27.18 billion. Oil and export earnings made up more than 97 % of total exports. Algeria has enormous possibilities to boost its economic growth, including foreign-exchange reserves derived from oil and gas. A strategy targeting stronger, sustained growth would create more jobs, especially for young people, alleviate the housing shortage the country is facing. The total exports on the eve of the French invasion did not exceed # 175,000. By 1850, the figures had reached # 5,000,000; in # 12,000,000; in 1880, # 17,000,000; and in 1890, # 20,000,000. The figures varied considerably year by year. In 1905 the total value of the foreign trade was £24,500,000.Economy of Algeria – View of the oil port of Béjaïa.
15. Economy of Angola – The Economy of Angola is one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. It is still recovering from 27 years of the civil war that plagued the country to 2002. Despite extensive oil and gas resources, diamonds, hydroelectric potential, rich agricultural land, a third of the population relies on subsistence agriculture. Since 2002, when the civil war ended, the nation has worked to repair and improve ravaged infrastructure and weakened political and social institutions. The Portuguese explorer Diogo Cão reached the Angolan coast in 1484, after which Portugal began to found trading forts along the shore. Paulo Dias de Novais founded Sāo Paulo de Loanda in 1575. São Felipe de Benguella followed in 1587. The early trade was in slaves. Portuguese merchants sold them to the sugarcane plantations in Brazil. The Portuguese Empire was neglected during the period of the Iberian Union, which lasted from 1580 to 1640. Bitter enemies of their former masters in Spain, invaded many Portuguese overseas possessions. During Portugal's separatist war against Spain, the Dutch occupied Luanda from 1640 to 1648, calling it "Fort Aardenburgh". The Dutch used the territory to supply their own slaves to the sugarcane plantations of Northeastern Brazil, which they had also seized from Portugal. Prince of Nassau-Siegen, conquered the Portuguese possessions of Saint George del Mina, Saint Thomas, Luanda, Angola, on the west coast of Africa. Portugal recovered the territory between 1650.Economy of Angola – Luanda is the financial center of Angola
16. Economy of Argentina – The economy of Argentina is a high-income economy, Latin America's third largest, the second largest in South America behind Brazil. The country benefits from rich natural resources, a highly literate population, a diversified industrial base. Today Argentina maintains a relatively high quality of life and GDP per capita. Argentina is one of the G-20 major economies. From 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP, averaging about 8 % annually. GDP per capita, rose from 35 % of the United States average to about 80 % during that period. Growth then slowed considerably, by 1941 Argentina's real per capita GDP was roughly half that of the U.S.. The Great Depression caused Argentine GDP to fall by a fourth between 1932. Having recovered its lost ground partly through import substitution, the economy continued to grow modestly during World War II. The populist administration of Juan Perón nationalized the Central Bank, railways, other strategic industries and services to 1955. The subsequent enactment of developmentalism after 1958, though partial, was followed by a promising fifteen years. The economy, however, declined to 1983, for some time afterwards. Neoliberal economic policies prevailing from 1983 through 2001 failed to reverse the situation. Attempting to remedy this situation, economist Domingo Cavallo limited the growth in the money supply. His team then embarked on a path of trade liberalization, privatization.Economy of Argentina – National Bank of Argentina
17. Economy of Armenia – The economy of Armenia is ranked 132nd in the world, with a nominal gross domestic product of $10.561 billion per annum. It is also the 129th largest at $25.329 billion per annum. Armenia is the second-most densely populated of the post-Soviet states because of its small size. Agriculture accounted before the breakup of the Soviet Union in 1991. Armenian mines produce copper, zinc, lead. The vast majority of energy is produced with imported fuel, including gas and nuclear fuel from Russia The domestic energy source is hydroelectric. Small amounts of coal, petroleum have not yet been developed. Like former states, Armenia's economy suffers from the legacy of a centrally planned economy and the breakdown of former Soviet trading patterns. Support of Armenian industry has virtually disappeared, so that few major enterprises are still able to function. In addition, the effects of the 1988 earthquake, which made 500,000 homeless, are still being felt. Although a cease-fire has held since 1994, the conflict with Azerbaijan over Nagorno-Karabakh has not been resolved. Land routes through Azerbaijan and Turkey are closed; routes through Georgia and Iran are reliable. In 1992-93, the GDP had fallen nearly 60% from its 1989 level. The dram, suffered hyperinflation for the first few years after its introduction in 1993. Inflation has been negligible for the past several years.Economy of Armenia – Yerevan
18. Economy of Australia – The economy of Australia is one of the largest mixed market economies in the world, with a GDP of AUD$1.62 trillion as of 2015. Australia's total wealth is AUD$ trillion in 2013. In 2012, it was the 17th-largest measured by PPP-adjusted GDP, about 1.7 % of the world economy. Australia is 19th-largest exporter. The Reserve Bank of Australia publishes quarterly forecasts of the economy. The Australian economy is dominated by its sector, comprising 68 % of GDP. The sector represents 7 % of GDP; including services to mining, the total value of the mining industry in 2009-10 was 8.4 % of GDP. Economic growth is largely dependent on the mining agricultural sector with the products to be exported mainly to the East Asian market. Despite the recent decline of the boom in the country, the Australian economy has remained resilient and stable. The Australian dollar is the currency including Christmas Island, Cocos Islands, Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu. Australia is a member of G20, OECD and WTO. The country has also entered with ASEAN, Canada, Chile, China, Korea, Malaysia, New Zealand, Japan, Singapore, Thailand and the United States. Australia's average GDP rate for the period 1901 -- 2000 was 3.4 % annually. Growth peaked followed by the 1950s and the 1980s.Economy of Australia – Sydney's central business district, a major financial and business services hub.
19. Economy of Bahrain – Bahrain has an open economy. The Bahraini currency is the second-highest-valued unit in the world. Since the 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many financial structures. Bahrain's industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum production is Bahrain's most product, accounting for 60 % of export receipts, 70 % of government revenues, 11 % of GDP. Aluminium production is the second most exported product, followed by construction materials. An alternative index, published by the Fraser Institute, puts Bahrain in 44th place tied with 7 other countries. Bahrain was recognised as a high income economy. For purchasing parity comparisons, the US Dollar is exchanged at 0.30 Bahraini Dinars only. Mean wages were $19.81 per man-hour in 2009. In 2004, the balance of payments performance improved due to rising oil prices and increased receipts from the services sector. Bahrain's international reserves increased substantially in 2004 to US$1.6 billion, compared with US$1.4 billion in the previous three years.Economy of Bahrain – Bahrain skyline
20. Economy of Bangladesh – According to the IMF, Bangladesh's economy is the second fastest growing major economy with a rate of 7.1 %. The country has pursued export-oriented industrialisation, with its key export sectors include textiles, shipbuilding, seafood, jute and leather goods. It has also developed self-sufficient industries in pharmaceuticals, food processing. Bangladesh's telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies. Bangladesh is Asia's seventh largest gas producer. Offshore exploration activities are increasing in its maritime territory in the Bay of Bengal. It also has large deposits of limestone. The government promotes the Digital Bangladesh scheme as part of its efforts to develop the country's growing information sector. Bangladesh is strategically important for the economies of Northeast India, Nepal and Bhutan, as Bangladeshi seaports provide maritime access for these landlocked countries. China also views Bangladesh including Tibet, Sichuan and Yunnan. In 2016, per-capita income was estimated as per IMF data at US$3,840 and US$1,386. The economy faces challenges of skilled workers. East Bengal - the eastern segment of Bengal - was a historically prosperous region. The Ganges Delta provided advantages of a mild, almost tropical climate, fertile soil, an abundance of fish, wildlife, fruit. The standard of living is believed to have been higher compared with other parts of South Asia.Economy of Bangladesh – Economy of Bangladesh
21. Economy of Barbados – Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by macroeconomic imbalances. After a re-adjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%–5% since then. The country's three economic drivers are: tourism, the international business sector, foreign direct-investment. These are supported in part as a service-driven economy and an international business centre. Although it is often quoted that Barbados’ main produce is "sugar" there are only two working sugar factories remaining in the country. At the end of 2013 Barbados economy continued to exhibited signs of weakness. Through history the economy of Barbados was primarily dependent on agriculture. It had been recorded that minus gully regions, during the 1630s much of the desirable land had been deforested across the entire island. The island, facing a large amount of competition from the neighbouring West Indian islands, switched to the crop of sugar cane. Cultivation of cane was quickly introduced by the exiled Jewish community which immigrated into Barbados from Dutch Brazil during the mid-17th century. For about the next 100 years Barbados remained the richest of all the European colonies in the Caribbean region due to sugar. The prosperity in the colony of Barbados remained regionally unmatched until sugar production caught up in geographically larger countries such as Jamaica and elsewhere. Despite being eclipsed by larger makers of sugar, Barbados continued to produce the crop well to this day. Much of the profits were being repatriated to the United Kingdom.Economy of Barbados – Central Bank of Barbados
22. Economy of Belize – Belize has a small, essentially private enterprise economy, based primarily on agriculture, tourism, services. The cultivation of newly discovered crude oil in the town of Spanish Lookout has presented new problems for this developing nation. Besides petroleum, Belize's primary exports are citrus, sugar, bananas. Belize's deficit has been growing, mostly as a result of low export prices for sugar and bananas. The new government faces important challenges to economic stability. A lack of progress in reining in spending could bring the exchange rate under pressure. The Belize Dollar is fixed at a rate of 2:1. Domestic industry is constrained by relatively high-cost labour and energy and a small domestic market. Tourism attracts the most foreign direct investment although foreign investment is also found in the energy, telecommunications, agricultural sectors. Belize's economy depended on forestry into the 20th century. Logwood, used to make dye, was Belize's main export. However, the supply outstripped the demand, especially as Europeans developed man-made dyes which were less expensive. Loggers turned to mahogany, which grew in the country's forests. The wood was prized for use in cabinets, railroad carriers. While many traders became wealthy from the mahogany industry, ups and downs in the market had a large impact on the economy.Economy of Belize – Belize City
23. Economy of Benin – The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for roughly 80 % of official export receipts. There is also production of textiles, cocoa beans. Maize, beans, rice, peanuts, cashews, pineapples, cassava, other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Exploration of new sites is ongoing. A modest fleet provides fish and shrimp for local subsistence and export to Europe. Formerly commercial activities are now privatized. A French brewer acquired the state-run brewery. Some firms are foreign owned, primarily French and Lebanese. The private agricultural sectors remain the principal contributors to growth. Since the transition to a democratic government in 1990, Benin has undergone an economic recovery. The manufacturing sector is confined to some light industry, mainly involved in processing the cow production of consumer goods. Membership of the CFA Franc Zone offers reasonable stability as well as access to French economic support. Benin sells its products mainly, in smaller quantities, to the Netherlands, Korea, Japan, India.Economy of Benin – Cotonou is the largest city and economic capital of Benin
24. Economy of Bolivia – The economy of Bolivia is the 95th largest economy in the world in nominal terms and the 87th economy in terms of purchasing power parity. It is classified by the World Bank to be a lower middle country. With a Human Development Index of 0.675, it is ranked 119th. The Bolivian economy has had a historic pattern of a single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political difficult topography have constrained efforts to modernize the agricultural sector. Especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy. Inflation has at times crippled, the Bolivian economy since the 1970s. At one time in 1985, Bolivia experienced an rate of more than 20,000 percent. In 2004 Bolivia experienced a manageable 4.9 percent rate of inflation. The most important structural changes in the Bolivian economy have involved the capitalization of numerous public sector enterprises. . A major reform of the customs service in recent years has significantly improved transparency in this area. Legislative reforms have locked into place market-oriented policies, especially in the hydrocarbon and telecommunication sectors, that have encouraged private investment. Foreign ownership of companies enjoys virtually no restrictions in Bolivia.Economy of Bolivia – Economy of Bolivia
25. Economy of Botswana – Since independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999. Growth in private employment has averaged about 10 % per annum over the first 30 years of independence. Botswana is also commended among the world's longest economic booms. The relatively high quality of the country's statistics means that these figures are likely to be quite accurate. The government has extensive foreign exchange reserves. Botswana's economic record has been built on a foundation of diamond mining, prudent fiscal policies, international financial and technical assistance, a cautious foreign policy. It is rated the least corrupt country according to international corruption watchdog, Transparency International. Trade unions represent a minority of workers in the Botswana economy. Subsistence farming and cattle raising predominate. The sector is plagued by poor soils. Tourism is also important to the economy. The mining sector grew from 25 % of GDP in 1980 to 38 % in 1998. Unofficial estimates place it closer to 40 %. The Orapa 2000 project doubled the capacity of the country's main mine from early 2000. This will be the main force behind continued economic expansion.Economy of Botswana – Southern African Development Community headquarters in Gaborone
26. Economy of Brazil – Brazil has the world's ninth largest economy by nominal GDP, the fifth largest by purchasing power parity. The Brazilian economy is characterized by an inward-oriented economy. Brazil's economy is the second largest in the Americas. However, Brazil's growth decelerated in 2013 and the country entered an ongoing recession in 2014. Brazil is a member such as Mercosur, Unasul, G8 +5, G20, WTO, the Cairns Group. Until the late 1930s the market elements of the Brazilian economy relied on the production of primary products for exports. The economy of Brazil was heavily dependent on enslaved labour until the late 19th century. In Brazil's case, statistics show that million people emigrated to the country between 1882 and 1934. In addition, about million cubic meters of petroleum were being processed annually into fuels, lubricants, propane gas, a wide range of hundred petrochemicals. Furthermore, Brazil has more than 93 Gigawatts of installed electric power capacity. Its real per capita GDP has surpassed US$10,500 in 2008, due to the strong and continued appreciation for the first time this decade. Its industrial sector accounts for three-fifths of the Latin American economy's industrial production. The mining sector also supported trade surpluses which allowed for massive currency gains and external debt paydown. Due to a downturn in Western economies, Brazil found itself in 2010 trying to halt the appreciation of the real. Data from the Tax Justice Network show the untaxed "shadow" economy of GDP for Brazil is 39 %.Economy of Brazil – The Itaim Bibi Financial District, São Paulo, Brazil
27. Economy of Brunei – Brunei is a country with a small, wealthy economy, a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, village tradition. It is totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Substantial income from overseas investment supplements income from domestic production. The government subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from gas. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half. Brunei is the third-largest producer in Southeast Asia, averaging about 180,000 barrels per day. It also is the fourth-largest producer of liquefied natural gas in the world. For purchasing parity comparisons, the US dollar is exchanged at 1.52 Bruneian dollars only. Mean wages were $25.38 per man-hour in 2009. The government regulates the immigration of concern it might disrupt Brunei's society. Work permits for foreigners must be continually renewed. Despite these restrictions, foreigners make up a significant portion of the force. The government reported a total work force of 122,800 with an unemployment rate of 5.5 %. Natural gas account for almost all exports.Economy of Brunei – Bandar Seri Begawan Centre Economy of Brunei Darussalam
28. Economy of Burkina Faso – Burkina Faso has an average income purchasing-power-parity per capita of $1,666 and nominal per capita of $790 in 2014. More than 80 % of the population relies with only a small fraction directly involved in industry and services. The economy also remains subject to fluctuations in world prices. The country has a high population density, a fragile soil. Industry remains dominated by government-controlled corporations. Maintenance of its macroeconomic progress depends on continued low inflation, reforms designed to encourage private investment. The financial system represents 30 % of the country's GDP and is dominated by the banking sector, which accounts for 90 % of total financial system assets. Five non-bank financial institutions operate in the country. The sector is highly concentrated, with the three largest banks holding nearly 60 % of total financial sector assets. Banks remain vulnerable due to their overexposure to the cotton sector, the prices of which are subject to significant oscillations. As of 2007, the World Bank estimated that 26% of the Burkinabé population has access to financial services. The Central Bank of the West African States reports that about 41 microfinance institutions operate in the country, serving a total of 800,000 customers. Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières located in Ivory Coast. As of 2009, the regional stock exchange's capitalization reached nearly 10 % of Burkina Faso's GDP. Burkina Faso was ranked the 111th safest destination in the world in the March 2011 Euromoney Country Risk rankings.Economy of Burkina Faso – Burkina Faso Exports Treemap (2009)
29. Economy of Burma – Historically, Burma was the main route between India and China since 100 BC. The Mon Kingdom of lower Burma served in the Bay of Bengal. Burma also lacked a formal monetary system in the middle 19th century. All land was technically owned by the Burmese monarch. Exports, along with oil wells, teak production were controlled by the monarch. Burma was vitally involved in the Indian Ocean trade. After Burma was conquered by the British, it became the wealthiest country in Southeast Asia, after the Philippines. It was once the world's largest exporter of rice. During British administration, Burma supplied oil through the Burmah Oil Company. This supplying market received a setback in the 1930s. Burma suffered, from the decline in the total level of global trade. Burma also had a wealth of natural and labour resources. It had a highly literate population. The country was believed to be to development. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation.Economy of Burma – Sakura Tower in Yangon
30. Economy of Burundi – Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The mainstay of the Burundian economy is agriculture, accounting for 54% of GDP in 1997. Agriculture supports more than 70 % of the majority of whom are subsistence farmers. Large numbers of displaced persons have been unable to produce their own food and are largely dependent on international humanitarian assistance. Burundi is a net importer, with food accounting for 17 % of imports in 1997. Little industry exists except the processing of agricultural exports. Although potential wealth in petroleum, nickel, other natural resources is being explored, the uncertain security situation has prevented meaningful investor interest. Industrial development also is hampered from the sea and high transport costs. Lake Tanganyika remains an important point. The embargo, lifted in 1999, negatively impacted trade and industry. Foods, electricity remain in short supply. Burundi is heavily dependent on multilateral aid, with external debt totalling $1.247 billion in 1997. IMF structural adjustment programs in Burundi were suspended following the outbreak of the crisis in 1993. Serious problems include the state's role in the economy, the question of governmental transparency, debt reduction. To protest the 1996 coup by President Pierre Buyoya, neighbouring countries imposed an economic embargo on Burundi.Economy of Burundi – Fisherman on Lake Tanganyika
31. Economy of Cambodia – The economy of Cambodia at present follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $ billion in 2012. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore. With a GDP of $2.92 billion the government transformed the country's economic system from a planned economy to its present market-driven system. Following those changes, growth was estimated at a value of 7 % while inflation dropped to only 6 % in 1995. Exports, particularly from the country's garment industry, also increased. After four years of improving economic performance, Cambodia's economy slowed due to the regional economic crisis, civil unrest, political infighting. Foreign investments declined during this period. Also, in 1998 the main harvest was hit by drought. But in 1999, the full year of relative peace in 30 years, progress was made on economic reforms and growth resumed at 4 %. Currently, Cambodia's foreign policy focuses on establishing friendly borders with its neighbors, well as integrating itself into regional and global trading systems. Nonetheless, Cambodia continues to attract investors because of its low wages, favorable tax treatment.Economy of Cambodia – Aerial view of Phnom Penh
32. Economy of Cameroon – For a quarter of a century following independence, Cameroon was one of the most prosperous countries in Africa. Real per capita GDP fell to 1994. Foreign debt grew. Yet because of favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa. The government embarked upon a series of economic reform programs supported beginning in the late 1980s. Many of these measures have been painful; the government slashed civil service salaries in 1993. The CFA franc -- the common currency of 13 other African states -- was devalued by 50 % in January 1994. The government failed to meet the conditions of the first four IMF programs. Recent signs, however, are encouraging. As of March 1998, Cameroon's fifth IMF program -- a 3-year structural adjustment program approved in August 1997 -- is on track. Cameroon has rescheduled its Paris Club debt at favorable terms. GDP has grown beginning in 1995. There is cautious optimism that Cameroon is emerging from its long period of economic hardship. France is Cameroon's main trading source of private investment and foreign aid. Cameroon has a bilateral accord with the United States.Economy of Cameroon – Douala, the economic capital of Cameroon
33. Economy of Canada – As with developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. Canada is unusual among developed countries in the importance of the primary sector, with the oil industries being two of Canada's most important. Canada also has a sizable sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With a long coastline, Canada has the 8th largest commercial fishing and industry in the world. Canada is one of the global leaders of the entertainment industry. With the exception of a big island nations in the Caribbean, Canada is the only major parliamentary democracy in the western hemisphere. As a result, Canada has developed its own political institutions, distinct from most other countries in the world. Though the Canadian economy is closely integrated with the American Economy, it has developed economic institutions. The economic system generally combines elements of private enterprise and public enterprise. Canada has a private to public property ratio of the highest levels of economic freedom in the world. Today Canada closely resembles pattern of production. As of February 2013, Canada's national rate stood at 7.0 %, as the economy continues its recovery from the effects of the financial crisis of 2007 -- 08. In May 2010, provincial unemployment rates varied to a high of 13.8 % in Newfoundland and Labrador. According to the Forbes Global 2000 list in 2008, Canada has 69 companies in the list, ranking 5th next to France. International trade makes up a large part of its natural resources.Economy of Canada – Toronto, the financial centre of Canada
34. Economy of Cape Verde – Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is restricted to only four islands for most of the year. Most of the nation's GDP comes from the industry. About 75% of food is imported. Cape Verde annually runs a high deficit, financed by foreign aid and remittances from emigrants; remittances constitute a supplement to GDP of more than 20 %. Economic reforms, launched by the democratic government in 1991, are aimed at developing the private sector and attracting foreign investment to diversify the economy. Since 1991, the policies the government has pursued include an open welcome to a far-reaching privatization program. Small quantities are exported. Cape Verde has cold freezing facilities as well as fish processing plants in Mindelo, Praia, on Sal. However, mostly lobster and tuna, is not fully exploited. The economy is service-oriented, with commerce, public services accounting for almost 70 % of the GDP. Prospects for 2000 depend heavily on the maintenance of aid flows, the momentum of the government's development program. Mining is an insignificant contributor to the country's economy. Most of the country's mineral requirements are imported. Cape Verde was not a natural gas or producer as of 2007.Economy of Cape Verde – A market place in Praia
35. Economy of the Central African Republic – The Central African Republic is classified as one of the world's least developed countries, with an estimated annual per capita income of $547 PPP. Sparsely landlocked, the nation is overwhelmingly agrarian. 55 % of the country's GDP arises from agriculture. Food crops include cassava, peanuts, sorghum, millet, maize, sesame, plantains. Cash crops for export include cotton, coffee, tobacco. Timber has accounted for the diamond industry for nearly 54 %. Much of the country's electrical supply is provided by hydroelectric plants located in Boali. Fuel supplies must be trucked overland through Cameroon, resulting in frequent shortages of gasoline, diesel, jet fuel. The C.A.R.'s transportation and network is limited. The country has only 429 kilometers of paved road, does not possess a railroad. The system functions, albeit imperfectly. Four radio stations currently operate in the C.A.R. well as one television station. One company has begun providing Internet service. Only 3.4 million hectares of dense forest, all in the south in the regions bordering the DRC. The CAR's exploitable forests cover 43 % of the total land area.Economy of the Central African Republic – OBangui Hotel in Bangui
36. Economy of Chad – Landlocked Chad's economic development suffers from its geographic remoteness, drought, lack of infrastructure, political turmoil. About 85% of the population depends on agriculture, including the herding of livestock. Of Africa's Francophone countries, Chad benefited least in January 1994. Financial aid from the World Bank, other sources is directed largely at the improvement of agriculture, especially livestock production. Because of lack of financing, the development near Doba originally due to finish in 2000, was delayed until 2003. It is now operated by Exxon Mobil Corporation. Chad Economy of This article incorporates public domain material from the CIA World Factbook website https://www.cia.gov/library/publications/the-world-factbook/index.html. Economy of Chad at DMOZ Chad latest trade data on ITC Trade Map World Bank -- Chad-Cameroon Pipeline ProjectEconomy of Chad – A tailor in Chad
37. Economy of Chile – Although Chile has economic inequality, as measured by the Gini index, it is close to the regional mean. In 2006, Chile became the country in Latin America. In May 2010 Chile became the first South American country to join the OECD. All together 20.2 % of GDP in 2013, were the second lowest among the 34 OECD countries, the lowest in 2010. Chile has an inequality-adjusted human development index of 0.661, for neighboring Uruguay, Argentina and Brazil respectively. In 2008, only 2.7 % of the population lived on less than US a day. The national pension system has encouraged domestic investment and contributed to an estimated total domestic savings rate of approximately 21 % of GDP. During colonial times there were gold exports to Perú from placer deposits which soon depleted. Monopolies established by the Spanish crown are credited for having held back economic development for much of the colonial times. As effect of these restrictions the country incorporated very few new crops and animal breeds after initial conquest. Other sectors that were held back by restrictions were the mining industries. The Bourbon reforms in the 18th century eased many monopolies and trade restrictions. In the 1830s Chile consolidated as a stable state open to foreign trade. Foreign investment in Chile grew over the 19th century. After the War of the Pacific the Chilean treasury grew by 900%.Economy of Chile – The Santiago neighborhood nicknamed " Sanhattan "
38. Economy of China – Until 2015 China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. China is also the world's fastest growing consumer second largest importer of goods in the world. China is a net importer of products. China became a member of the World Trade Organization in 2001. China also has free trade agreements including Australia, South Korea, ASEAN, New Zealand, Switzerland and Pakistan. On a per capita basis, China ranked 72nd by nominal GDP and 84th by GDP in 2015, according to the International Monetary Fund. The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the health of the economy. This is with the planning goals of the central government. The internationalization of the Chinese economy continues to affect the economic forecast officially launched in China by the Purchasing Managers Index in 2005. At the start of the 2010s, China became the Asian nation to have a GDP above the $10-trillion mark. As China's economy grows, so does China's Renminbi, which undergoes the process needed for its internationalization. China initiated the founding of the Asian Infrastructure Investment Bank in 2015. The rate of economic growth of the Chinese economy has started slowing with fears of an hard landing of the economy. The slowdown manifested in industrial regions as reduced sales.Economy of China – Pudong in Shanghai in January 2014.
39. Economy of Colombia – Colombia is Latin America's fourth largest and Middle America's second largest economy measured by gross domestic product. Petroleum is Colombia's main export, making over 45% of Colombia's exports. Manufacturing grows at a rate of over 10 % a year. Colombia has the longest fibre optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world outside Asia. Colombia over the last decade has experienced a economic boom. GDP increased from US$120 billion in 1990 to nearly US$700 billion. Poverty levels decreased to under 24 % by 2015. Colombia is Latin America's 2nd-largest producer of domestically-made appliances only behind Mexico. Colombia had the fastest growing major economy in the western world in 2014, behind only China worldwide. In the Hispanic world, Colombia is already a regional leader in cosmetic and beauty exports. The number of tourists in Colombia grows over 12 % every year. Colombia is projected to have over million tourists by 2023. However, Colombia's aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4 % per year for the past three years, continuing almost a decade of economic performance.Economy of Colombia – Sunset over Bogotá
40. Economy of the Democratic Republic of the Congo – Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth. Its untapped deposits of raw minerals are estimated to be worth in excess of US$ trillion. Despite this, the economy has declined drastically since the mid-1980s. At the time of its independence in 1960, the Democratic Republic of the Congo was the second most industrialized country in Africa after South Africa. It boasted its agriculture sector was relatively productive. Malnutrition affects approximately two thirds of the country's population. Agriculture is the mainstay of the economy, accounting for 57.9% of GDP in 1997. In 1996, agriculture employed 66 % of the force. The economy of the third largest country in Africa relies heavily on mining. However, economic activity occurs in the informal sector and is not reflected in GDP data. President Joseph Kabila established the Commission of Repression of Economic Crimes to power in 2001. The conflicts in the DRC were over water, other resources. Political agendas have worsened the economy because very few people are benefiting in times of crisis while they let the people they are leading suffer. Made worse because of international corporations which are corrupt. The corporations allow the fighting for resources to continue simply because they continue to benefit from it.Economy of the Democratic Republic of the Congo – Kinshasa, capital and economic center of the Democratic Republic of the Congo
41. Economy of the Republic of the Congo – Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government exports. Nowadays the country is increasingly greatly improving energy prospects. Earlier in the 1990s, Congo's major employer was the bureaucracy, which had a payroll of 80,000, enormous for a country of Congo's size. Inflation has since subsided. Between 1994-96, the Congolese economy underwent a difficult transition. The prospects for building the foundation of a healthy economy, however, were better than at any time in the previous 15 years. Congo took a number of measures to liberalize its economy, including reforming the tax, investment, hydrocarbon codes. Planned privatizations of key parastatals, primarily transportation monopolies, were launched to help improve a dilapidated and unreliable infrastructure. To build on the momentum achieved during the two-year period, the International Monetary Fund approved a ESAF economic program in June 1996. By the end of 1996, Congo had made substantial progress in various areas targeted for reform. It made significant strides through improving public finances and restructuring external debt. This change was accompanied with a reduction in personnel expenditures. Further, Congo benefited from a Paris Club agreement in July 1996. This program came to a halt, however, in early June 1997 when war broke out. However, economic progress was badly hurt by slumping oil prices in 1998, which worsened the Republic of the Congo's deficit.Economy of the Republic of the Congo – Brazzaville is the economic center of the Republic of Congo
42. Economy of Costa Rica – The nation scored a 71.8 out of 100 on a study which measured competitiveness based on 10 criteria. Compared to the 2011 rank, Costa Rica went up by one position. The Instituto Nacional de Estadística y Censos is charged with measuring economic performance measures. Costa Rica has attracted one of the highest levels of direct investment per capita in Latin America. Inflation rose to 22.5 % in 1995, dropped to 11.1 % in 1997, 12 % in 1998, 13 % in 2008. Measures taken by the Central Bank have reduced inflation substantially to a projected 5.8 % for 2010. Curbing inflation, improving public sector efficiency through an anti-corruption drive, remain key challenges to the government. Political resistance to privatization had stalled liberalization efforts. However, after the signing of CAFTA, Costa Rica is now open to competition with its Central American partners in its telecommunications markets. Costa Rica's economy has shown strong aggregate growth since then. After 6.2% growth in 1997, GDP grew a substantial 8.3% in 1999, led by exports. Costa Rica had a US$6.64 bn deficit in 2013, on exports of US$11.48 bn and imports of US$18.13 bn. Miscellaneous circuits including miscellaneous petroleum products added to just under 25 % of imports. The strength in the nontraditional export and sector is masking a relatively lackluster performance by traditional sectors, including agriculture. The central deficit decreased to 3.2 % of GDP in 1999, down from 3.3 % from the year before.Economy of Costa Rica – San José
43. Economy of Cuba – The Economy of Cuba is a planned economy dominated by state-run enterprises. Most of the labor force is employed by the state. Following the fall of the Soviet Union, the Communist Party encouraged the formation of cooperatives and self-employment. Investment requires approval by the government. The government sets goods to citizens. In 2009, Cuba ranked 51st out of 182 countries of 0.863; much higher than its GDP per capita rank. In 2012, the country's public debt was 35.3% of GDP. Inflation was 5.5%. The economy GDP growth was 3 %. Transportation costs are low. Cubans receive free education, health food subsidies. Corruption is common, although allegedly lower than in most other countries in Latin America. The country achieved a more even distribution of income by the United States. Yet Cuba retained relatively high levels of education. Income inequality was high, accompanied to foreign investors.Economy of Cuba – Skyline of Havana
44. Economy of Djibouti – The economy of Djibouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with little development in the industrial sectors. The country has a harsh climate, limited natural resources. The country's most important economic asset is its strategic location connecting the Gulf of Aden. From 1991 to 1994, Djibouti experienced a civil war which had devastating effects on the economy. Since then, the country has benefited from political stability. This comes after a decade of low growth. This is attributed to fiscal adjustment measures aimed at improving public financing, well as reforms in port management. Despite the recent stable growth, Djibouti is faced with many economic challenges, particularly job creation and poverty reduction. With an average annual population rate of 2.5 percent, the economy can not significantly benefit national income per capita growth. Unemployment is a major contributor to widespread poverty. Efforts accumulate human capital. These conditions can be achieved through improvements in macroeconomic and fiscal framework, labour market flexibility. Djibouti was ranked the 177th safest destination in the world in the March 2011 Euromoney Country Risk rankings. Djibouti has experienced economic growth in recent years as a result of achievements in macroeconomic adjustment efforts.Economy of Djibouti – Port of Djibouti
45. Economy of Dominica – Although the financial services industry is increasingly becoming its largest income, agriculture, with bananas as the principal crop, is still Dominica's economic mainstay. Banana production employs, indirectly, upwards of one-third of the work force. This sector is highly vulnerable to external events affecting commodity prices. The value of banana exports fell to less than 25 % of merchandise trade earnings compared to about 44 % in 1994. In view of the European Union's announced phase-out of preferred access of bananas to its markets, agricultural diversification is a priority. Dominica has also had some success in increasing its manufactured exports, as the primary product. Dominica recently entered the offshore financial services market. Because Dominica has few beaches, development of tourism has been slow compared with that on neighboring islands. Nevertheless, Dominica's high, rugged mountains, rainforests, freshwater lakes, hot springs, diving spots make it an attractive destination. Cruise ship stopovers have increased following the development of modern waterfront facilities in the capital. Eco-tourism also is a growing industry on the island. Dominica is a member of the Eastern Caribbean Currency Union. The Eastern Caribbean Central Bank issues a common currency to all eight members of the ECCU. The ECCB also regulates and supervises commercial banking activities in its member countries. Dominica is a beneficiary of the U.S. Caribbean Basin Initiative.Economy of Dominica – Commercial street in Roseau.
46. Economy of the Dominican Republic – The Dominican Republic has the ninth largest economy in Latin America, is the largest in the Caribbean and Central American region. It is an middle-income developing country primarily dependent on agriculture, mining, trade, services. Tourism accounts for more than $ billion in annual earnings. Free trade earnings tourism are the fastest-growing export sectors. According to a 1999 International Monetary Fund remittances from Dominican Americans, are estimated to be about $1.5 billion per year. Most of these funds are used to cover basic household needs such as shelter, food, clothing, health education. Secondarily, remittances have financed other productive activities. The Dominican Republic's most important partner is the United States. Main markets are the People's Republic of China, Haiti, Mexico, Colombia, Spain, Brazil, in that quantitative order. The country exports nickel, sugar, coffee, cacao, tobacco. It imports petroleum, industrial raw materials, foodstuffs. CAFTA-DR entered on 1 March 2007. Remittances were close in 2006. An important aspect of the Dominican economy is the Free Trade Zone industry, which made up U.S. for 2006. Reports show, however, that the FTZs suffered a 4 % decrease in total exports in 2006.Economy of the Dominican Republic – Santo Domingo is the financial center of Dominican Republic
47. Economy of Ecuador – In 2002, oil accounted for 40 % of export earnings. Ecuador is a major exporter of shrimp. Exports of non-traditional products such as canned fish have grown in recent years. Industry is largely oriented to servicing the domestic market. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. Subsequent protest led to the 2000 Ecuadorean d'état which saw Mahuad's removal from office and the elevation of Vice President Gustavo Noboa to the presidency. Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000 -- 01, with GDP rising 5.4 % in 2001. GDP growth leveled off to 3.3% in 2002. Although final figures are not yet available, it is expected to fall further, to about 1.7%, for 2003. GDP growth is estimated to recover to over 4% in 2004, due largely to expanded oil exports. Inflation fell to an annual rate of 37.7 % in 2001; 12.6 % for 2002. Despite recent gains, 40 % of the population lives below more than double the rate five years ago. The completion of the second Transandean Oil Pipeline in 2003 enabled Ecuador to expand oil exports. The OCP will double Ecuador's oil capacity. The industrial sector has had enormous difficulty to emerge significantly.Economy of Ecuador – WTO headquartered in Guayaquil
48. Economy of Egypt – The economy of Egypt was a highly centralized planned economy focused on import substitution under President Gamal Abdel Nasser. Egypt has a rather stable mixed economy averaging 3 % -- 5 % in the past quarter-century. Nationalization reduced the relative importance of the private sector. There was no stock trading to speak of, foreign direct investment was almost banned. 1967 -- 1973: adversely affected the performance of the economy and public sector role in import substitution. External Debt Crisis, 1985–1990: the external debt crisis and Paris Club re-scheduling and debt reduction. Egypt faced the long supply - and demand-side repercussions of the global financial crisis on the national economy. Institutional uncertainty, a perception of rising insecurity and sporadic unrest continue to negatively affect economic growth. Under economic reforms initiated in 1991, Egypt has relaxed many price controls, reduced subsidies, reduced inflation, cut taxes, partially liberalized trade and investment. Manufacturing had become less dominated by the public sector, especially in heavy industries. A process of public sector privatization has begun to enhance opportunities for the private sector. Agriculture, mainly in private hands, has been largely deregulated, with the exception of cotton and production. Domestic wholesale and retail trades are largely private. This has promoted a steady increase of the annual growth rate. The Government of Egypt tamed inflation bringing it down from double-digit to a single digit.Economy of Egypt – Cairo is the financial capital of Egypt
49. Economy of El Salvador – Compared to other developing countries, El Salvador has experienced relatively low rates of GDP growth. One problem that the Salvadoran economy faces is the inequality in the distribution of income. The richest 10% of the population receives approximately 15 times the income of the poorest 40%. As of 3 November 2014, the IMF reports official reserve assets to be $3.192B. Foreign currency reserves are $2.675B. Securities are $2.577B with total currency and deposits at $94.9M. Securities with other national central banks are $81.10M. Securities with banks headquartered outside the reporting country $13.80M. SDRs are at $245.5M. Gold reserves reported at $271.4M with volume in millions of fine Troy ounces at $200k. Other reserve assets are financial derivatives valued at $ M. The government has formally limited its possibility of implementing open market monetary policies to influence short term variables in the economy. Some economists claim this rise in prices would have been caused by inflation regardless even had the shift not been made. Some economists also contend that now, according to Gresham's Law, a reversion to the colón would be disastrous to the economy. Some banks however claim that they still do some transactions en colones, keeping this change from being unconstitutional.Economy of El Salvador – A cotton field, Usulután Department.
50. Economy of the European Union – The European Union is the second largest economy in the world in nominal terms and according to purchasing power parity. The European Union's GDP was estimated representing 22,8 % of global GDP. The euro is the official currency in six European countries, officially or de facto. All the members of the European Union are obliged to join the eurozone, except the United Kingdom and Denmark who have negotiated opt-outs. The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. The GDP per capita was $37,800 in 2015, compared to $57,084 in the United States and $14,340 in China. With a low Gini coefficient of 31, the European Union has a more repartition of incomes than the average. Euronext is the 7th world largest by capitalisation. The seven largest trading partners of the European Union are the United States, China, Switzerland, Russia, Japan, Turkey and Norway. The EU is represented alongside with the EU's member countries participating. The remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is also the most widely used currency in the EU. Since 1992 the Maastricht treaty sets out fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing fiscal convergence. Denmark and the United Kingdom, not members of the eurozone, have special opt-outs concerning the later joining of the euro.Economy of the European Union – Economy of the European Union
51. Economy of Fiji – Agriculture accounts for 18 % of domestic product, although it employed some 70 % of the workforce as of 2001. The growing tourist industry are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Coconuts, ginger, copra are also significant. The application was later revoked after exploratory reports indicated that Fijian oil reserves were severely overstated. Accepted estimates now range between 500 - 600 million barrels of Brent crude oil, with a total market value of approximately $4.7 billion over 20 years. Fiji has a population of 905,949 people. The country's tallest building is the 14-story Reserve Bank of Fiji Building in Suva. Fiji is a member of the WTO. In September 2002, the government announced a 20-year plan. Among other things, it aimed to give a greater stake in the economy. The plan envisages tax-relief to businesses managed by ethnic Fijians, along with greater protection for indigenous land and fishery rights. A major aim of the Fijian government is to achieve self-sufficiency in production. Farming, fishing, forestry are being encouraged to diversify the economy; the leading manufacturing industries involve the processing of primary products. On 14 the Cabinet approved Prime Minister Laisenia Qarase's proposal to develop a biofuels industry.Economy of Fiji – Fiji Exports Treemap (2009)
52. Economy of Gabon – Gabon depended on manganese until oil was discovered offshore in the early 1970s. The sector now accounts for 50 % of GDP and 80 % of exports. In 2012 there were six active oil rigs in Gabon. Public expenditures from the years of significant oil revenues have not been spent well. Overspending on the Trans-Gabon Railway, the franc CFA devaluation of 1994 have caused debt problems. Gabon has earned the International Monetary Fund for management of its debt and revenues. IMF missions have criticized the government for overspending on off-budget items, slipping on the schedule for privatization and administrative reform. Gabon's oil revenues have given a per capita GDP of more than $10,000, unusually high for the region. On the other hand, poor social indicators are evident. The economy is highly dependent on extraction of primary materials. After oil, timber and mining are the other major sectors. Gabon continues to face fluctuating prices for its oil, timber, uranium exports. Foreign and Gabonese observers have consistently lamented the lack of transformation of primary materials in the Gabonese economy. Service sectors are largely dominated by just a few prominent local investors. In 1992, Gabon failed leading to a cancellation of rescheduling agreements with official and private creditors.Economy of Gabon – Libreville is the capital and financial center of Gabon
53. Economy of the Gambia – The Gambia has no important mineral or other natural resources, has a limited agricultural base. About 75 % of the population depends for its livelihood. Small-scale activity features the processing of peanuts, fish, animal hides. Economic progress remains highly dependent on foreign aid, on responsible government economic management as forwarded by International Monetary Fund technical help and advice. Current GDP per capita of the Gambia registered a peak growth of 23.3% in the 1970s. Economic growth slowed in the 1990s. The Gambia has benefited from a rebound in tourism to the military's takeover in July 1994. For purchasing parity comparisons, the US dollar is exchanged at 4.35 Dalasi only. Average wages in 2007 hover around $1–2 per day. Agriculture employs 75 % of the labor force. Within agriculture, production accounts for 5.3 % of GDP, other crops 8.3 %, livestock 4.4 %, fishing 1.8 %, forestry 0.5 %. Industry accounts for 12% of GDP. Manufacturing accounts for 6% of GDP. The limited amount of manufacturing is primarily agriculturally based. Other manufacturing activities include soap, clothing.Economy of the Gambia – Bird-watching tourists in the Gambia
54. Economy of Georgia (country) – The economy of Georgia is an emerging free market. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning economy in 2014". Georgia's economy is supported by a relatively transparent atmosphere in the country. With a mixed news media environment, Georgia is also the only country in its immediate neighborhood where the press is not deemed unfree. Following the EU pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States decreased precipitously. Before the 20th century Georgia had a largely agrarian economy. In 1996 Georgia's deficit rose to as much as 6.2 %. During that period financial institutions played a critical role in Georgia's budgetary calculations. Bilateral grants and loans totaled 116.4 million lari in 1997; they totaled 182.8 million lari in 1998. A decree establishing the legal basis and procedures for state property privatization reduced the number of companies controlled by the state. The United States began assisting Georgia in the process of reform soon after the country gained independence from Soviet Union. Gradually, the focus shifted to technical and institution-building programs. Provision of technical advisors was complemented by training opportunities for parliamentarians, law enforcement officials, economic advisers. Over the few years Georgian economy has been one of the fastest in the FSU. Since 2003's Rose Revolution, the new Government of Georgia implemented comprehensive reforms, that touched every aspect of the country's life.Economy of Georgia (country) – TBC Bank in Tbilisi
55. Economy of Ghana – These have given Ghana one of the highest GDPs per capita in Africa. The domestic economy in 2012 revolved around services, which accounted for 50 % of GDP and employed 28 % of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics. Ghana embarked on a currency re-denomination exercise, to the new currency, the Ghana Cedi in July 2007. The rate is 1 Ghana Cedi for every 10,000 Cedis. Ghana embarked upon an aggressive media campaign to educate the public about what re-denomination entails. Value added tax is a tax administered in Ghana. The regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime. In 1998, the rate of tax amended in 2000 to 12.5 %. Corporate tax rates are 25 %. Other taxes included with value-added tax, are a capital gains tax. The budget of Ghana has fallen to the equivalent of 39.8 % of GDP. Ghana is second-largest cocoa producer. It is also rich in diamonds, manganese ore, oil. Government spending was later allowed to balloon.Economy of Ghana – Economy of Ghana
56. Economy of Grenada – Grenada has a largely tourism-based, small, open economy. The country's principal export crops are the spices mace. Other crops for export include cocoa, citrus fruits, bananas, cinnamon. Manufacturing industries in Grenada operate mostly including production of beverages and other foodstuffs, textiles, the assembly of electronic components for export. Economic growth picked up in the late 1990s following domestic fiscal adjustment in early years of the decade. Despite an fiscal policy, the public debt remained moderate at around 50 percent of GDP as deficits were financed partly by privatization receipts. Since 2001, economic growth declined caused by adverse shocks such as a slowdown in natural disasters. To deal with the shocks, fiscal policy became more expansionary while privatization receipts declined. As a result, public debt increased sharply in 2003. The government faces large financing gaps. In the years ahead, continued efforts are needed to address vulnerabilities. In July 2005 Hurricane Emily struck Grenada again as the country was still recovering from the impact of Hurricane Ivan. As a result, the fiscal deficit rose to 8.5 percent of GDP from 3.2 percent in 2000. The fiscal situation remained shaky in 2002 with the deficit widening due to dampened output from Tropical Storm Lili. But progress in fiscal consolidation was impeded in 2004 as the policy changed abruptly to post-hurricane relief.Economy of Grenada – St. George's
57. Economy of Guatemala – Guatemala is the most populous of the Central American countries with a GDP per capita roughly one-third that of Brazil's. Coffee, bananas are the main products. The distribution of income remains highly unequal with 12 % of the population living below the international line. Guatemala's domestic product for 1990 was estimated at $19.1 billion, with real growth slowing to approximately 3.3 %. Ten years later, by 2010 it had fallen back to 3 %, according to the World Bank. The final accord in December 1996 left Guatemala well-positioned for rapid economic growth over the next 11 years. Guatemala's economy is dominated by the private sector, which generates about 85% of GDP. Most manufacturing is light assembly and processing, geared to the domestic, U.S. and Central American markets. In 1990 the labor force rate for women was 42 %, it increased by 1 % in 2000 to 43 % and 51 % in 2010. For men the labor force rate in 1990 was about 89 %, which in 2000 actually decreased to 88 % and in 2010 increased up to 90 %. Self-employment for men is about 50% while women take up about 32%. In 1990 it in 2000, 20 %. It increased again to 26 %. On the other hand its level of imports of services has continually increased. In 1990 its imports of services was about 25 %.Economy of Guatemala – Guatemala City
58. Economy of Guinea – Guinea also has considerable potential for growth in the agricultural and fishing sectors. Land, climatic conditions provide opportunities for large-scale irrigated farming and agroindustry. Coffee exports account for the rest of Guinea's foreign exchange. Guinea was part of the zone countries that included most of the former French Colonies. After Independence, these countries did not become completely economical free. France decided against monetary autonomy hence they could not use a freely convertible currency. The intervention of the new governments was characterized by stops of quotas on imports and internal price controls. In the time up to c. 1980, the franc-zone countries had on average a lower inflation and a higher economic growth compared to the Anglophone counterparts, who could use their own currencies. But regarding the economic liberalism, characterized by Structural Adjustments, the franc zone countries could not outperform the rest. The government has eliminated restrictions on agricultural enterprise and foreign trade, vastly downsized the civil service. The government also has made major strides in restructuring the public finances. The World Bank are heavily involved in the development of Guinea's economy, as are many bilateral donor nations, including the United States. Although Guinea's external burden remains high, the country is now current on external debt payments. Current GDP per capita of Guinea shrank in the 1990s.Economy of Guinea – A proportional representation of Guinea's exports.
59. Economy of Guinea-Bissau – Guinea-Bissau is among the world's least developed nations and one of the 10 poorest countries in the world, depends mainly on agriculture and fishing. The country now ranks sixth in cashew production. Guinea-Bissau exports non-fillet frozen fish and seafood, peanuts, timber. License fees for fishing provide the government with some revenue. Rice is the major crop and food. From a European viewpoint, the economic history of the Guinea Coast is largely associated with slavery. Indeed, one of the alternative names for the region was the Slave Coast. When the Portuguese first sailed down the Atlantic coast of Africa in the 1430s, they were interested in gold. The trade from sub-Saharan Africa was controlled by the Islamic Empire which stretched along Africa's northern coast. Muslim trade routes across the Sahara, which had existed for centuries, involved salt, kola, textiles, grain and slaves. As the Portuguese extended their influence around Mauritania, Senegambia and Guinea, they created trading posts. Rather than becoming direct competitors to the Muslim merchants, the expanding market opportunities in the Mediterranean resulted in increased trade across the Sahara. In addition, the Portuguese merchants gained access to the interior via the Sénégal and Gambia rivers which bisected trans-Saharan routes. The Portuguese brought in copper ware, cloth, tools, horses. Trade goods also included arms and ammunition.Economy of Guinea-Bissau – Central Bank of Guinea-Bissau in Bissau
60. Economy of Guyana – With a per capita gross domestic product of only $4,700 in 2006, Guyana is one of the poorest countries in the Western Hemisphere. This is evident from elite residential areas with imperious mansions, often built within a few miles of one another. The economy made dramatic progress after President Hoyte's 1989 economic program. As a result of the ERP, Guyana's GDP increased six percent in 1991 following 15 years of decline. Growth was consistently above six percent until 1995, when it dipped to 5.1 percent. The government reported that the economy fell 1.3 percent in 1998. The 1999 rate was three percent. The unofficial rate in 2005 was 0.5 percent. In 2006, it was 3.2%. Guyana remains the poorest country in South America. Assets in the timber, rice, fishing industries also were privatised. International corporations were hired to manage the huge state sugar company, the largest state bauxite mine. Two Canadian companies were permitted to develop the largest open-pit gold mine in South America. However, efforts to privatise the two state-owned bauxite mining companies, Linden Mining Company have so far been unsuccessful. Most price controls were removed, an investment policy receptive to foreign investment was announced.Economy of Guyana – Guyana Export Treemap
61. Economy of Haiti – Haiti has a market economy. Labor costs are lower than average for North America. Its major partner is the United States. Haiti has an agricultural economy. Bananas, cocoa, mangoes are important export crops. Haiti has also moved to expand to higher-end manufacturing, current sensors and transformers. Vulnerability to natural disasters, well as poverty and limited access to education are among Haiti's most serious disadvantages. Haiti suffers from a severe deficit, which it is working to address by moving into higher-end manufacturing and more value-added products in the agriculture sector. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP. Haiti's economy was severely impacted by the 2010 Haiti earthquake which occurred on 12 January 2010. Before Haiti established its independence in 1804, Haiti ranked as the world's richest and most productive colony. In 1838, France agreed to reduce the debt to million francs to be paid over a period of 30 years. In 1883, Haiti made the final payment to France. Since the demise of the Duvalier dictatorship in 1986, international economists have urged Haiti to modernize its economy. A timetable was drawn up to modernize nine key parastatals.Economy of Haiti – Port-au-Prince, the financial centre of Haiti
62. Economy of Honduras – The economy of Honduras is based mostly on agriculture, which accounts for 14% of its gross domestic product in 2013. Leading coffee accounted for 22 % of total Honduran export revenues. Formerly the country's second-largest export until being virtually wiped out by 1998's Hurricane Mitch, recovered in 2000 to 57 % of pre-Mitch levels. Cultivated shrimp is another important sector. Since the late 1970s, towns in the north began industrial production through maquiladoras, especially in San Pedro Sula and Puerto Cortés. Honduras has extensive forests, mineral resources, although widespread slash and burn agricultural methods continue to destroy Honduran forests. The Honduran economy grew 4.8% in 2000, recovering from the Mitch-induced recession of 1999. Inflation, as measured by the consumer index, was 10.1 % in 2000, down slightly from the 10.9 % recorded in 1999. The country's international position continued to be strong in 2000, at slightly over $1 billion. Remittances from Hondurans living abroad rose 28 % in 2000. The Lempira stabilized at L19 to the US dollar in 2005. The Honduran people are among the poorest in Latin America; Gross national income per capita is $1,649; the average for Central America is $ US 6,736. Honduras is the fourth poorest country in the Western Hemisphere; only Haiti, Nicaragua, Guyana are poorer. Utilizing statistical measurements in addition to the Gross Domestic Product can provide greater context for the nation's poverty. The country signed an Enhanced Structural Adjustment Facility -- later converted to a Poverty Reduction and Growth Facility in March 1999.Economy of Honduras – Tegucigalpa
63. Economy of Hong Kong – Its currency, called the Hong Kong dollar, is legally pegged to the US Dollar. Interest rates are determined by the individual banks in Hong Kong to ensure it is fully market-driven. There is officially recognised central banking system, although Hong Kong Monetary Authority functions as a financial regulatory authority. Electronic trading is evolutionarily impacting the financial market of Hong Kong. Its economy is highly dependent on international trade and finance. In 2009, Hong Kong's economic growth fell by 2.8 % as a result of the global financial turmoil. Despite the downturn, these strengths enable it to quickly respond to changing circumstances. The government of Hong Kong consistently upheld the policy of supporting activities of private businesses. Examples include the Hong Kong Disneyland. This has a positive impact on the economic performance by removing unnecessary barriers for the private enterprises in the Special Administrative Region. Hong Kong's domestic product has grown 180 times between 1961 and 1997. Also, the GDP per capita rose within the same time frame. Hong Kong is a full Member of World Trade Organization. The Hong Kong Stock Exchange is the sixth largest in the world, with a capitalisation of about US$3.32 trillion. Hong Kong has also had an abundant supply of labour from the regions nearby.Economy of Hong Kong – Central and Victoria Harbour of Hong Kong
64. Economy of Iceland – The economy of Iceland is small and subject to high volatility. In 2011, domestic product was US$12.3 bn. With a population of 321,000, this is $38,000 per capita, based on purchasing parity estimates. The financial crisis of 2007–2010 produced a decline in GDP and employment, although the magnitude of this decline remains to be determined. Iceland has a mixed economy with high levels of free trade and intervention. However, consumption is less than other Nordic countries. Geothermal power is industrial energy in Iceland. In the 1990s Iceland undertook free market reforms, which initially produced strong economic growth. As a result, Iceland was rated as having one of economic freedom as well as civil freedoms. From 2006 onwards, the economy faced problems of current account deficits. Partly as a result of earlier reforms, the financial system expanded rapidly before collapsing entirely in a sweeping financial crisis. Iceland had to obtain a range of European countries in November 2008. Iceland occupies a area of 103,000 square kilometers. It has a 200 nautical mile exclusive economic zone extending over 758,000 square kilometers of water. Only 0.7 % of Iceland's surface area is arable, since the island's terrain is mostly mountainous and volcanic.Economy of Iceland – Alcoa's aluminium plant in Reyðarfjörður, Iceland
65. Economy of India – The economy of India is the sixth-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity. India's economy became the world's fastest growing major economy in the last quarter of 2014, replacing the People's Republic of China. The Indian economy has the potential to become one of the two largest economies by mid-century. And the outlook for short-term growth is also good as according to the IMF, the Indian economy is the "bright spot" in the global landscape. India has become a major exporter of IT services, software services with $167.0 billion worth of service exports in 2013-14. It is also the fastest-growing part of the economy. The IT industry continues to be the largest private employer in India. India ranks second worldwide in output. The Industry sector has held a constant share of its economic contribution. The Indian auto mobile industry is one of the largest in the world with an annual production of million vehicles in FY 2013-14. India has $600 billion of world's fastest growing E-Commerce markets. The combination of protectionist, import-substitution, socialism social democratic-inspired policies governed India for sometime after the end of British occupation. The economy was then characterised by extensive regulation, public ownership of large monopolies, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country towards a market-based economy. By 2008, India had established itself as one of the world's faster-growing economies.Economy of India – Mumbai, Maharashtra is considered the financial capital of India
66. Economy of Indonesia – Indonesia has one of the largest economies in Southeast Asia and is one of the emerging market economies of the world. The country classified as a newly industrialised country. It is the eighth largest in terms of GDP. Growth has accelerated to over 4 -- 6 % in recent years. In 2012 Indonesia replaced India behind China. However, in 2014 India regained the second spot. In the 1960s, the economy deteriorated drastically as a result of political instability. They had a young and inexperienced government, which resulted in severe poverty and hunger. . A dependence on declining oil prices, growth slowed to an average of 4.5 % per annum between 1981 and 1988. GDP per capita grew 545 % from 1973 to 1979. High levels of economic growth from 1987 to 1997 masked a number of structural weaknesses in Indonesia's economy. As a result, there was no effective way to enforce contracts, collect debts, or sue for bankruptcy. Banking practices were very unsophisticated, with widespread violation of prudential regulations, including limits on connected lending. Non-tariff barriers, rent-seeking by domestic subsidies, barriers to domestic trade and export restrictions all created economic distortions.Economy of Indonesia – Jakarta, financial capital of Indonesia.
67. Economy of Israel – The economy of Israel is technologically advanced by global standards. The economic sectors include high-technology and industrial manufacturing; the Israeli diamond industry is one of the world's centers for diamond cutting and polishing. It's high technology hub "Silicon Wadi" is considered second in importance only to its Californian counterpart. Israeli companies have been acquired by global corporations for their reliable and quality corporate personnel. Each entrepreneur has each invested heavily across numerous Israeli industries beyond their traditional business activities and investments back in their home nations. Israel is also a major destination, with 3.54 million foreign tourists visiting it in 2013. In September 2010, Israel was invited to join the OECD. The British Mandate that came in 1923 aimed at restricting land purchases of previously Arab-owned land by Jewish immigrants. For this reason the Jewish population had a higher share in industrial occupations than did the Arab majority. In 1923, Pinhas Rutenberg was granted an exclusive concession for the distribution of electric power. He founded the Palestine Electric Company, later the Israel Electric Corporation. In 1937, there were 86 weaving factories in the country, employing a workforce of 1,500. Technical expertise were supplied by Jewish professionals from Europe. The Ata plant in Kiryat Ata, which went on to become an icon of the Israeli textile industry, was established in 1934. The industry underwent rapid development during World War II, when supplies from Europe were cut off while local manufacturers were commissioned for army needs.Economy of Israel – The Diamond Exchange District in Ramat Gan
68. Economy of Jamaica – Jamaica has natural resources, primarily bauxite, an ideal climate conducive to agriculture and also tourism. The discovery of the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar and bananas. By the 1970s, Jamaica had emerged as a leader in export of these minerals as foreign investment increased. Weakness in the financial sector, lower levels of investment erode confidence in the productive sector. Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, use local raw materials. Free trade zones have stimulated investment in garment assembly, data entry by foreign firms. However, over the last 5 years, the industry has suffered from reduced export earnings, continued factory closures, rising unemployment. Strict adherence to preparations for the JLH has favourably affected Jamaica's credit rating and outlook from the three biggest rating agencies. Jamaica has the potential for growth and modernization. The Jamaican economy suffered its consecutive year of negative growth in 1999. All sectors excepting bauxite/alumina, tourism shrank in 1998 and 1999. In 2000, Jamaica experienced its first year of positive growth since 1995. Inflation fell to single digits in 2000 reaching a multidecade low of 4.3 % in 2004. Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the rate. The Jamaican dollar has been slipping, despite intervention, resulting in J136.2 per $1.00.Economy of Jamaica – Downtown Kingston - Scotia Bank and the Bank of Jamaica
69. Economy of Japan – According to the International Monetary Fund, the country's per capita GDP was at the 28th highest in 2014, down from the 22nd position in 2012. Japan is a member of the G7. The Japanese economy is forecasted by the Quarterly Tankan survey of sentiment conducted by the Bank of Japan. Nikkei 225 presents the monthly report of Blue chip equities on Japan Exchange Group. Due to a volatile currency rate, Japan's GDP as measured in dollars fluctuates widely. Accounting through use of the Atlas method, Japan is estimated to have a GDP per capita of around $38,490. Besides the Kantō region, the Kansai region is one of manufacturing centers for the Japanese economy. Japan is the world's largest nation as well as having the highest ratio of public debt to GDP. Japan generally has a considerable net international investment surplus. As of 2010, Japan possesses 13.7 % of the world's financial assets at an estimated $13.5 trillion. As of 2015, 54 of the Fortune Global 500 companies are based in Japan, down from 62 in 2013. By 1990, income per capita in Japan surpassed that in most countries in the West. However, in the second half of the 1980s, rising real estate prices caused the economic bubble to the Japanese economy by Bank of Japan. The economic bubble came to an abrupt end as the Tokyo Stock Exchange crashed in 1990–92 and real estate prices peaked in 1991. Growth in Japan throughout the 1990s at 1.5 % was slower than growth in other developed economies, giving rise to the term Lost Decade.Economy of Japan – Financial center in Tokyo
70. Economy of Jordan – Jordan's GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, rose 36% in the 1990s. Jordan is classified as an emerging market. After king Abdullah II's accession to the throne in 1999, economic policies were introduced that resulted in a boom that continued through 2009. Jordan has a developed sector that attracts investors due to conservative bank policies that enabled the country to weather the global financial crisis of 2009. Jordan's economy has been growing after King Abdullah II's accession to throne in 1999 and up to 2008. As of 2015, Jordan boasts a GDP worth $37.6 USD bn, ranking it 89th worldwide. Jordan has FTA's with the European Union, Tunisia, Algeria, Libya, Turkey and Syria. More FTA's are planned with Iraq, the Palestinian Authority, the GCC, Pakistan. The main obstacles to Jordan's economy are scarce water supplies, regional instability. The water supply is limited. Much of Jordan's available ground water is not renewable. Jordan's economic base centers on phosphates, potash, their fertilizer derivatives; tourism; overseas remittances; and foreign aid. These are its principal sources of hard currency earnings. Lacking coal reserves, commercially viable oil deposits, Jordan relies on natural gas for 10 % of its domestic energy needs. Jordan used to depend until the American-led 2003 invasion of Iraq.Economy of Jordan – 1 Jordanian Dinar
71. Economy of Kazakhstan – The economy of Kazakhstan is the largest economy in Central Asia. It possesses enormous oil reserves well as minerals and metals. The mountains in the south are important for walnuts; both species grow wild there. In 1995-97 the pace of the program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. Kazakhstan's economy turned downward in 1998 due to slumping oil prices and the August financial crisis in Russia. Current GDP per capita shrank in the Nineties. In the 2000s, Kazakhstan's economy grew sharply, aided by increased prices on world markets for Kazakhstan's leading exports -- oil, grain. GDP grew 9.6% in 2000, up from 1.7% in 1999. In 2006, extremely high GDP growth grew by 10.6 %. Business with booming Russia and China, well as neighboring Commonwealth of Independent States nations have helped to propel this growth. In 2015, the World Economic Forum compiled its Global Competitiveness Ranking Kazakhstan 50th out of 144 countries. The ranking considers multiple financial factors, such as market size, GDP, tax rates, infrastructure development, etc.. Kazakhstan is listed among the top 50 most innovative economies. Its overall score is above the world and regional averages. For purchasing-power parity comparisons, the US Dollar is exchanged at 59.95 Tenges only.Economy of Kazakhstan – Business center in Astana
72. Economy of Kenya – Kenya's economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services. Major industries include: agriculture, forestry and fishing, mining and minerals, industrial manufacturing, energy, financial services. As of 2015 estimates, Kenya had a GDP of $ billion making it the 72nd largest economy in the world. Per capita GDP was estimated at $1,587. The export processing zone is expected to grow rapidly through input of direct investment. An increasingly significant portion of Kenya's foreign inflows are remittances by non-resident Kenyans who work in the US, Middle East, Asia. Compared to its neighbours, Kenya has well-developed physical infrastructure. These improvements are supported by a large pool of professional workers. There is a high level of literacy, especially among the youth. Gross domestic product grew at an annual average of 6.6 % during the 1970s. Agricultural production grew by 4.7 % annually during the same period, stimulated by redistributing estates, opening new areas to cultivation. Between 1990, however, Kenya's economic performance declined. With GDP growth averaging 4.2 % in the 1990s. Kenya's inward-looking policy of rising oil prices made Kenya's manufacturing sector uncompetitive.Economy of Kenya – Nairobi is the financial centre of Kenya.
73. Economy of South Korea – The economy of South Korea is the fourth largest economy in Asia and the 11th largest in the world. South Korea is famous for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just one generation. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century. Bank of Korea and Korea Development Institute periodically release economic trends of the economy of South Korea. The economy of South Korea is the global leader of consumer electronics, smartphones. The economy of South Korea ranks No. 1 in the world in 2015 Bloomberg Innovation Index. Financial organizations like the World Bank describe Korea as one of the fastest-growing major economies of the next generation along with BRIC and Indonesia. South Korea was a historical recipient of official assistance from OECD. Throughout the 1980s until the mid-1990s, South Korea's economic prosperity as measured by PPP per capita was still only a fraction of industrialized nations. In 1980, the South Korean GDP per capita was about one-third of nearby developed Asian economies such as Singapore, Hong Kong, Japan. The whole country's GDP increased in the same time frame. In 2009, South Korea officially became the major recipient of ODA to have ascended to the status of a major donor of ODA. Between 2009, South Korea donated economic aid of $1.7 billion to countries other than North Korea. South Korea's separate economic aid to North Korea has historically been more than twice its ODA.Economy of South Korea – Shipbuilding is a flagship industry of South Korea that boomed since the 1960s.
74. Economy of Kuwait – Kuwait is a small, petroleum-based economy. The Kuwaiti dinar is the highest-valued unit of currency in the world. Non-petroleum industries include financial services. According to the World Bank, Kuwait is the fourth richest country in the world per capita. Kuwait is the second richest GCC country per capita. The Emir has promoted the idea that Kuwait should focus its energies, on the financial industry. The historical preeminence of Kuwait in finance dates back to the founding of the National Bank of Kuwait in 1952. The bank was the local publicly traded corporation in the Gulf. In the early 1980s, an alternative stock market, trading in shares of Gulf companies, emerged in Kuwait, the Souk Al-Manakh. At its peak, its capitalization was the third highest in the world, behind only the U.S. and Japan, ahead of the UK and France. Kuwait has a wealth-management industry that stands out in the region. Kuwaiti investment companies administer more assets than those of any other GCC country, save the much larger Saudi Arabia. The Kuwait Financial Centre, in a rough calculation, estimated that Kuwaiti firms accounted under management in the GCC. The relative strength of Kuwait in the financial industry extends to its market. In recent years, their foreign assets have become substantially larger than their domestic assets.Economy of Kuwait – Kuwait City
75. Economy of Kyrgyzstan – Kyrgyzstan is a mountainous country with a dominant agricultural sector. Cotton, tobacco, meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, the economy relies heavily with plentiful reserves of gold, mercury, uranium and natural gas. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as land reform. Kyrgyzstan was the first Commonwealth of Independent States country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, general regional instability. Despite regional instability, Kyrgyzstan is ranked 70th on the Ease of doing Business Index. For purchasing parity comparisons, the US Dollar is exchanged at 9.40 Soms only. Current GDP per capita of Kyrgyzstan shrank in the 1990s. Mean wages were $0.85 per this rate represented underemployment when compared to effective market pay. In the first half of 2012, Kyrgyz economy shrank by 5.8%. This downturn was largely due to decline at the Kumtor mine. The deficit in mid-2012 was 23-billion soms and accounted for 7 % of GDP while the target was to reduce it to 6 %.Economy of Kyrgyzstan – Osh Bazaar selling foods in Bishkek
76. Economy of Laos – The economy of the Lao Peoples' Democratic Republic is rapidly growing, as the government began to decentralise control and encourage private enterprise in 1986. Currently, the government is pursuing poverty reduction and education for all children as key goals. Laos remains one of the poorest countries in Southeast Asia. A landlocked country, it has a largely unskilled work force. The country's per capita income in 2009 was estimated to be $2,700 on a purchasing power parity-basis. Within a few years, the PDR Lao government realized these types of economic policies were preventing, rather than stimulating, development. No substantive reform was introduced, however, until 1986 when the government announced its "economic mechanism". Initially timid, the NEM was expanded to include a range of reforms designed to create conditions conducive to private activity. Prices set by market forces replaced government-determined prices. Farmers were permitted to own land and sell crops on the open market. State firms lost most of their subsidies and pricing advantages. In 1989, the PDR Lao government reached agreement on additional reforms. The government agreed to introduce fiscal and monetary reform, promote private enterprise and foreign investment, strengthen banking. In addition, it also agreed to maintain a market exchange rate, eliminate unneeded trade regulations. A foreign investment code was enacted and appears to be slowly making a positive impact in the market.Economy of Laos – A street market in Luang Prabang
77. Economy of Liberia – Liberia is one of the poorest countries in the world, its economy is extremely underdeveloped, largely due to the First Liberian Civil War in 1989-96. The civil war destroyed much of Liberia's economy, especially the infrastructure around Monrovia. The war also caused the loss of capital, as the civil war involved overthrowing the Americo-Liberian minority that ruled the country. Many have not. Such as it exists, is mainly foreign-owned. The Liberian economy had relied heavily prior to the civil war. Liberia was a major exporter of ore on the world market. In the 1980s, iron mining accounted for more than half of Liberia's export earnings. The United Nations imposed sanctions to the rebels of the Revolutionary United Front in neighboring Sierra Leone. These sanctions have been lifted following elections in 2005. In March 2010, founder of BET, funded the first hotel constructed in Liberia in 20 years. The 13-acre resort was built in the Paynesville section of Monrovia. Liberia's external debt was estimated at approximately $4.5 billion, 800 % of GDP. As a result of bilateral, commercial debt relief from 2007 to 2010, the country's external debt fell to $222.9 million by 2011. Liberia's sector is largely controlled by foreigners mainly of Lebanese and Indian descent.Economy of Liberia – Boy grinding sugar cane 1968
78. Economy of Liechtenstein – Low business taxes - the maximum tax rate is 20% - and easy incorporation rules. The country uses the Swiss franc as its national currency. It imports more than 85% of its energy requirements. Liechtenstein has been a member of the European Economic Area since May 1995. The government is working to harmonize its economic policies with those of an integrated Europe. Since the signing of the Customs Treaty in 1919, Liechtenstein and Switzerland have represented one economic area. Therefore, the borders between those states are open. Swiss customs officers secure its border with Austria. 20 Austria border guards securing its border. Liechtenstein joined the European Economic Area in 1995 in order to benefit from the EU internal market. The Principality of Liechtenstein has gone like no other Western country. In this short period, Liechtenstein developed to one of the most highly industrialized countries in the world. Besides its efficient industry, there also is a strong services sector. Industrial exports more than doubled in 20 years from $1.21 billion in 1988 in 2008. Some 15.7 % of Liechtenstein goods are exported to the rest of the world.Economy of Liechtenstein – Vaduz
79. Economy of Macau – The economy of Macau has remained one of the most open in the world since its handover to China in 1999. Apparel exports and gambling-related tourism are mainstays of the economy. Since Macau has natural resources, it depends on mainland China for most of its food, fresh water, energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Macau is a full Member of the World Trade Organization. Public Security has greatly improved after handover to People's Republic of China. In 2015, Macau's economy saw a sharp decrease due to the reduced spending by visitors from Mainland China. During the first three quarters of 2007, Macau registered year-on-year GDP increases of 31.4%. Macau was a barren village with a population of about 400 before the Portuguese arrived during the Age of Discovery. In 1535, the Portuguese traders obtained by bribing the right to anchor ships in Macau harbours and engage in trading activities. Fishing re-emerged as a economic activity in Macau as it lost its position as a regional center. In the early 1920s, over 70% of Macau's 84,000 residents were engaged in fishing. Meanwhile, some other businesses started to develop, such as matches, fishing-boat building. But the most notable was the gambling business. Gambling was first legalised in the 19th century in an attempt to generate revenues for the government.Economy of Macau – Macau
80. Economy of the Republic of Macedonia – A Greek economic embargo hindered economic growth until 1996. Foreign aid have softened the subsequent volatile recovery period. GDP has increased each year except in 2001, rising by 5% in 2000. However, growth in 1999 was held down by the severe economic dislocations caused by the Kosovo war. Successful privatization in 2000 boosted the country's reserves to over $ million. Also, the leadership demonstrated a continuing commitment to economic reform, regional integration. Inflation jumped to 11% in 2000, largely due to higher oil prices. The Republic of Macedonia experiences one of Europe's biggest growth rates at an average of 4% making it comparable to nations such as Romania and Poland. It concentrated on vineyard growing. Opium poppy, introduced into the region in 1835, remained so until the 1930s. The role of industry in the region's economy increased during the industrial age. Macedonia was responsible for large outputs of several other goods in the Ottoman Empire. However outdated techniques to produce the goods persisted. The stagnation of Macedonian economy began under the rulership of the Kingdom of Serbia. When World War II ended, the local economy began to experience revitalization by way of subsidies from Federal Belgrade.Economy of the Republic of Macedonia – Pelagonija, breadbasket region of Macedonia.
81. Economy of Madagascar – The economy of Madagascar is a market economy and is supported by Madagascar's well-established agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee. Madagascar's wealth of natural resources supports its sizable industry. Additionally, Madagascar's status as a developing nation exempts Malagasy exports from customs protocol in some areas, notably the United States and European Union. These exemptions have supported the growth of the Malagasy industry. Foreign investments have resumed following the resumption of elections in early 2014. Agriculture, including forestry, is Madagascar's largest industry and employs 82 % of its labor force. In 2011, agricultural products -- vanilla, cacao, sugar, pepper, coffee -- accounted for Madagascar's top twelve exports by value. Madagascar produces Malagasy vanilla accounts for about a quarter of the global vanilla market. A small but growing part of the economy is based with investments emerging in recent years, particularly near Tulear and Fort Dauphin. Mining corporation Rio Tinto Group started production at its Fort Dauphin mine following several years of preparation. Gemstone mining is also an important part of Madagascar's economy. Major projects are underway in the mining and oil and gas sectors that, if successful, will give a significant boost. In the sector, these include the development of coal at Sakoa and nickel near Tamatave. The Ambatovy mine is a huge operation and has cost USD $4.76 million to date and is due to start production in 2011.Economy of Madagascar – Rice paddies in Madagascar
82. Economy of Malawi – The economy of Malawi is predominantly agricultural, with about 90% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries. Agriculture accounts for 85 % of export revenues. The economy depends from the IMF, the World Bank, individual donor nations. Malawi was ranked the 118th safest destination in the world in the March 2011 Euromoney Country Risk rankings. Main article: Agriculture in Malawi Agriculture represents 37% of GDP, accounts for over 80% of the labor force, represents about 80% of all exports. Its most important export crop is tobacco, which accounts for about 70% of export revenues. In 2000 the country was the tenth largest producer in the world. Malawi's dependence on tobacco is growing, with the product jumping from 53 % to 70 % of export revenues between 2008. The country also relies heavily with these three plus tobacco making up more than 90 % of Malawi's export revenue. Tea was first introduced in 1878. Most of it is grown in Mulanje and Thyolo. Other crops include cotton, corn, potatoes, sorghum, goats. Sugar processing are notable secondary industries. During the 1980s it exported substantial quantities to its drought-stricken neighbors.Economy of Malawi – Lilongwe market.
83. Economy of Malaysia – Malaysia has a newly industrialised market economy, relatively open and state-oriented. Malaysia is also the third richest in Southeast Asia by GDP per capita values, after the city-states of Singapore and Brunei. Malaysia's economy is one of the most competitive in ranking 14th in the Ease of Doing Business Index for 2015. Malaysia exports value of palm oil products globally after Indonesia. As one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysia's economy. At one time, it was the largest producer of tin, rubber and oil in the world. Manufacturing has a large influence in the country's economy, accounting for over 40% of the GDP. Malaysia is also financial centre. In the 1970s, agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysia's growth. High levels of investment played a significant role in this. With Japanese investment, in a matter of years, Malaysian exports became the country's primary growth engine. Malaysia consistently achieved more than 7 % GDP growth along in the 1980s and the 1990s. In 1991, former Prime Minister of Malaysia, Mahathir bin Mohamad outlined Vision 2020 in which Malaysia would become a self-sufficient industrialised nation by 2020. A government minister, said Malaysia could attain developed country status in 2018 if the country's growth remains constant or increases.Economy of Malaysia – Kuala Lumpur, financial centre of Malaysia.
84. Economy of the Maldives – In ancient times the Maldives were renowned for cowries, coir rope, dried tuna fish, ambergris and coco de mer. Foreign trading ships used to load these products in the Maldives and bring them abroad. Nowadays, the mixed economy of the Maldives is based on the principal activities of tourism, shipping. Tourism is the largest industry in the Maldives, more than 60 % of the Maldives' foreign exchange receipts. It a further 115 % in the 1990s. Over 90 % of government revenue flows in from import duties and tourism-related taxes. Fishing is the second leading sector in the Maldives. The economic program by the government in 1989 lifted import quotas and opened some exports to the private sector. Subsequently, it has liberalized regulations to allow more foreign investment. Manufacturing play a minor role in the economy, constrained by the limited availability of cultivable land and shortage of domestic labour. Most staple foods are imported. Industry in the Maldives consists mainly of garment production, handicrafts. It accounts for around 18% of GDP. Maldivian authorities are concerned about possible global warming in the low-lying country. Among the 1,900 islands in the Maldives, only 198 are inhabited.Economy of the Maldives – Malé, commercial centre of Maldives
85. Economy of Mali – The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture. Before 1991, the former Soviet Union, the Warsaw Pact countries had been a major source of economic and military aid. The per capita domestic product of Mali was $820 in 1999. Mali's potential wealth lies in mining and the production of agricultural commodities, livestock, fish. The most productive agricultural area lies around Sikasso. Current GDP per capita of Mali registered a peak growth of 295% in the 1970s. But this proved unsustainable and growth consequently scaled back followed by growth of 24 % in the 1990s. The mean wage was equivalent to $0.65 per hour in 2009. Agricultural activities provide 42 % of the GDP. Livestock make up 75 % -- 80 % of Mali's annual exports. Traditional farming dominates the agricultural sector, with subsistence farming on about 90 % of the 14,000 square kilometres under cultivation. Average rainfall varies to 1,400 mm in the south near Sikasso. This area is most important for the production of cotton, rice, pearl millet, maize, vegetables, tree crops. Annual rainfall, critical for Mali's agriculture, has been since 1993. The 1997 -- 98 cotton harvest reached a record 500,000 tons.Economy of Mali – A pirogue carrying two passengers on the River Niger at Gao in Mali.
86. Economy of Mauritania – Mauritania has extensive deposits of ore, which account for almost 50 % of total exports. The decline in demand for this ore, however, has led to cutbacks in production. With the current rise in metal prices, gold and mining companies are opening mines in the interior. Overexploitation by foreigners threatens this key source of revenue. The country's deep water port opened near Nouakchott in 1986. In recent years, economic mismanagement have resulted in a buildup of foreign debt. In March 1999, the government signed an agreement on a $54 million enhanced structural adjustment facility. The economic objectives have been set for 1999-2002. Privatization remains one of the key issues. Current GDP per capita of Mauritania grew 82% in the Sixties reaching a peak growth of 166% in the Seventies. But this proved unsustainable and growth consequently scaled back to 14% in the Eighties. Finally, it shrank in the Nineties. Mean wages were $0.97 per man-hour in 2009. In 2007, mining industries accounted for well over 35 with the fish industry so much as 54 %. Diversification of the economy into non-mining industries remains a long-term issue.Economy of Mauritania – A market place in Tidjikja
87. Economy of Mauritius – The economy of Mauritius refers to the economic activity of the island nation of Mauritius. In 1961, Professor James Meade painted a bleak picture of the economic prospects of Mauritius, which then had a population of 650,000. Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a diversified economy with growing industrial, financial, tourist sectors. For most of the period, annual growth has been in the order of 4% to 4%. This remarkable achievement has been reflected in increased life expectancy, a much-improved infrastructure. Sugarcane is grown on about 90 % of accounts for 25 % of export earnings. The government's strategy centers on expanding local financial institutions and building a domestic information telecommunications industry. Mauritius, with its strong sector, has been well poised to take advantage of the Africa Growth and Opportunity Act. Mauritius has attracted US$ billion in Foreign direct investment inflows. Top sectors attracting FDI inflows from Mauritius are sector. With a tradition of entrepreneurship and representative government, Mauritius is one of the developing world's most successful democracies. An environment already conducive to dynamic entrepreneurial activity has moved further toward economic freedom. The island’s institutional advantages are noticeable. Legal system have made the foreign investment climate in Mauritius one of the best in the region. Taxation is efficient.Economy of Mauritius – The Capital Port Louis
88. Economy of Mexico – Since the 1994 crisis, administrations have improved the country's macroeconomic fundamentals. Some of the government's challenges include the upgrade of infrastructure, the reduction of income inequality. All together 19.6 percent of GDP in 2013, are the lowest among the 34 OECD countries. The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. Recent administrations have expanded competition with the aim of upgrading infrastructure. In 2006, trade with Mexico's two northern partners accounted for 55 % of its imports. Recently, reform to the oil industry is currently being debated. Mexico had 15 companies in the Forbes Global 2000 list of the world's largest companies in 2016. Mexico's force is 52.8 million as of the year 2015. Mexican president Porfirio Díaz brought economic growth during the last quarter of the nineteenth century. This growth was accompanied by foreign investment and European immigration, the exploitation of the country's natural resources. Economic growth between 1876 and 1910 averaged 3.3 %. The war itself left a harsh toll on the population, which decreased over the 11-year period between 1910 and 1921. The reconstruction of the country was to take place in the following decades. During this period the nation adopted the economic model of import industrialization which protected and promoted the development of national industries.Economy of Mexico – Mexico City is the most important financial and economic centre in Mexico as well as Latin America.
89. Economy of Moldova – Moldova is a former Soviet republic in Eastern Europe. It bordered by Ukraine on the east and Romania to the west. The Republic of Moldova remains Europe's poorest nation with half that of Albania. On January 1992, Moldova introduced a market economy, liberalising prices, which resulted in huge inflation. In 1993, the Moldovan leu, was introduced to replace the Soviet ruble. The economic fortunes of Moldova began to change in 2001; since then the country has seen a annual growth of between 5 % and 10 %. Remittances from Moldovans abroad account for a quarter of one of the highest percentages in the world. However, Ion Marandici claims the high level of remittances did not lead to development. Moldova's proximity to the Black Sea gives a mild and sunny climate. The fertile soil supports wheat, corn, barley, tobacco, soybeans. Beekeeping is widespread. Moldova's best-known product comes from its well-developed vineyards concentrated in the central and southern regions. In addition to world-class wine, Moldova produces sparkling wine. It is also known for its sunflower seeds, walnuts, other fruits. This makes the ideal for agriculture and food processing, which accounts for about 40 % of the country's GDP.Economy of Moldova – 100 Moldovan Lei Banknote
90. Economy of Mongolia – Economic activity in Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, gold account for a large part of industrial production. Soviet assistance, at its one-third of Gross domestic product, disappeared almost overnight in 1990 -- 91, at the time of the Collapse of the Soviet Union. Mongolia was driven into deep recession. Reform has been held back by the political instability brought about through four successive governments under the DUC. Economic growth increases in world prices of copper and cashmere. Public exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization in 1997. The international community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining (11.7% in 2013. However, because much of this growth is export-based, Mongolia is suffering from the global slowdown in mining caused by decreased growth in China. Prior to 1991, 15 % was with other Council for Mutual Economic Assistance countries. Mongolia was heavily dependent upon the former Soviet Union for fuel, spare parts for its factories and power plants. The former Soviet Union served for Mongolian industry.Economy of Mongolia – Ulaanbaatar
91. Economy of Montenegro – The economy of Montenegro is mostly a service based economy, currently in the process of economic transition. As kingdom, Montenegro made its first steps towards an industrial economy only at the turn of the 20th century. The causes for this relative delay lay in lack of raw materials, underdeveloped transport network and comparatively low rate of investment. However, this delay in industrialization had its positive effects - Montenegro survived as a ecological oasis. This brief evolution of industrial economy was interrupted by new wars - First Balkan War, followed by World War II. The economy made major progress only after World War II, as Montenegro became part of the SFRY. In the period following World War II, Montenegro experienced a period of rapid industrialization. The financial losses under the adverse effects of the UN sanctions on the overall economy of Montenegro are estimated to be approximately $ billion. This period was marked by the second highest hyperinflation in the history of humankind. Due to its geographical location Montenegro became a hub for smuggling activity. It went on for years. In 1997, Milo Đukanović began severing ties with Serbia. He blamed policies of Slobodan Milošević for the overall decline of the Montenegrin economy. Resurgent inflation led the Montenegrin government to "dollarize" the economy, insisting on taking more control over the country's economic fate. This eventually resulted in a loose union in which the Montenegrin government assumed predominant responsibility for its economic policies.Economy of Montenegro – Central Bank of Montenegro
92. Economy of Morocco – The economy of Morocco is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, Morocco has followed a policy of privatization of economic sectors which used to be in the hands of the government. Morocco is the 5th African economy by GDP. The World Economic Forum placed Morocco in its African Competitiveness Report 2014-2015. Industry, made up of mining, construction and manufacturing, is an additional quarter. The sectors who recorded the highest growth are the tourism, textile sectors. Morocco, however, still depends on agriculture. The sector employs 40 -- 45 % of the Moroccan population. With a semi-arid climate, Morocco's GDP varies depending on the weather. Fiscal prudence has allowed with both the budget deficit and debt falling as a percentage of GDP. The economic system of the country presents several facets. It is characterized by a large opening towards the outside world. France remains the primary partner of Morocco. France is also the primary creditor and foreign investor in Morocco. In the Arab world, Morocco has the non-oil GDP, behind Egypt, as of 2005.Economy of Morocco – Moroccan GDP growth (1990–2005).
93. Economy of Mozambique – In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought during the late 1990s although it returned to double digits in 2000-02. Fiscal reforms, including the introduction of a value-added reform of the customs service, have improved the government's revenue collection abilities. Subsistence agriculture continues to employ the vast majority of the country's workforce. A substantial imbalance persists although the opening of the MOZAL aluminium smelter, the country's largest foreign investment project to date has increased export earnings. Additional investment projects in processing and garment manufacturing should further close the import/export gap. Portugal founded settlements, trading posts, ports. Cities, villages were founded all over the territory by the Portuguese, like Lourenço Marques, Beira, Vila Pery, Vila Junqueiro, Vila Cabral and Porto Amélia. Others were developed greatly under Portuguese rule, like Quelimane, Nampula and Sofala. Administration was left to the trading companies who had received long-term leases from Lisbon. African peasants mainly produced cash crops designated for sale in the markets of Portugal. Major cash crops included cotton, cashews, rice. This arrangement ended in 1932 by the new António de Oliveira Salazar's government. Thereafter, Mozambique, along with other Portuguese colonies, was put under the direct control of Lisbon.Economy of Mozambique – Maputo, capital and financial center of Mozambique
94. Economy of Namibia – The Namibian economy has a modern market sector, which produces most of the country's wealth, a traditional subsistence sector. It leads the list of countries by inequality with a Gini coefficient of 70.7 and 74.3, respectively. To facilitate this goal, the government has actively courted foreign investment. The liberal Foreign Investment Act of 1990 provides guarantees against nationalisation, profits, currency convertibility, a process for settling disputes equitably. Namibia also is addressing the sensitive issue of agrarian reform in a pragmatic manner. However, Government owns a number of companies such as Air Namibia, Transnamib and NamPost, most of which need frequent financial assistance to stay afloat. The country's formal economy is based on capital-intensive industry and farming. However, Namibia's economy is heavily dependent on the earnings generated from primary commodity exports including minerals, especially diamonds, livestock, fish. Furthermore, the Namibian economy remains integrated with the economy of South Africa, as the bulk of Namibia's imports originate there. Namibia also has acceded to the European Union's Lomé Convention. Given a superb transport and communications base, Namibia is a leading advocate of regional economic integration. Within SACU, no tariffs exist on goods moving among the member countries. Namibia is a net receiver of SACU revenues; they are estimated to contribute billion NAD in 2012. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged to the South African rand. In September 1993, Namibia introduced the Namibia Dollar, linked to the South African Rand at a fixed exchange rate of 1:1.Economy of Namibia – Welcoming sign of the Burgsdorf -farm in Hardap.
95. Economy of Nepal – An isolated, agrarian society until Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The biggest challenges faced in achieving higher economic development are the frequent changes in political leadership as well as corruption. Nepal has used a series of five-year plans in an attempt to make progress in economic development. It completed its economic development plan in 2002; its currency has been made convertible, 17 state enterprises have been privatised. Foreign aid to Nepal accounts for more than half of the budget. Government priorities over the years have been the development of transportation and communication facilities, industry. Since 1975, rural development efforts have been emphasised. Agriculture remains Nepal's economic activity, employing about 65 % of the population and providing 31.7 % of GDP. About 20 % of the total area is cultivable; another 40.7 % is forested; most of the rest is mountainous. Wheat are the main food crops. The lowland Terai region produces an agricultural surplus, part of which supplies the food-deficient hill areas. GDP is heavily dependent on remittances of foreign workers. Subsequently, infrastructure in Nepal has not made dramatic progress. Tribhuvan University has several campuses. Please see Education in Nepal for further details.Economy of Nepal – Nepal Rastra Bank in Kathmandu
96. Economy of New Zealand – The Closer Economic Relations agreement with Australia means that New Zealand's economy is closely aligned with the Australian economy. New Zealand's diverse economy has a sizable service sector, accounting for 63 % of all GDP activity in 2013. Large manufacturing industries include aluminum production, food processing, metal fabrication, wood and paper products. Services accounted for 16.5 % of GDP in 2013. The primary sector continues to dominate New Zealand's exports, despite accounting in 2013. The major market is the New Zealand Exchange, known as the NZX. As of November 2014, NZX had a total of 258 listed securities with a combined capitalisation of $94.1 billion. The currency is the New Zealand dollar, informally known as the "Kiwi dollar"; it also circulates in five Pacific island territories. The New Zealand dollar is the 10th most traded currency in the world. However, the generally positive outlook includes some challenges. As a result, income inequality has increased dramatically. Despite this, public debt stands at 38.4 % of GDP, small compared to developed nations. However, between 2006, net foreign debt increased 11-fold, to NZ$182 billion. By March 2014 foreign debt had dropped back to NZ$141.6 billion, which represents 61.5 % of GDP. Despite New Zealand's current account deficits, the balance on external goods and services has generally been positive.Economy of New Zealand – Auckland's Central Business District at night, a major hub of economic activity.
97. Economy of Nicaragua – Nicaragua's economy is focused primarily on the agricultural sector. It is the second poorest in the Americas by nominal GDP. Under the administrations of Daniel Ortega, the Nicaraguan economy has increased dramatically, although it has also been subject to the global recession. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's rate hovered at 19.82 %. In 2010, the country posted lower inflation rates, 3.68 % and 5.45 %, respectively. Approximately million Nicaraguans contribute to the remittance sector of the economy. In early 2004, Nicaragua secured some $4.5 billion under the International Monetary Fund and World Bank Heavily Indebted Poor Countries initiative. In April 2006, the US-Central America Free Trade Agreement went into effect, expanding export opportunities for manufactured goods. Apparel account for nearly 60 % of Nicaragua's exports. In October 2007, the IMF approved an additional poverty reduction and growth program in support of the government's economic plans. Nicaragua's economy was devastated by the Contra War, which saw the destruction of much of the country's infrastructure. At the same time, the US staged an economic blockade from 1985 onward. Following the civil war, Nicaragua began free market reforms, commencing a general trend of economic growth. Growth was slow in 2001 due to a combination of factors, in 2009 the economy actually contracted 1.5% in reaction to the 2008–2012 global recession).Economy of Nicaragua – Managua
98. Economy of Niger – Economic activity centres on subsistence agriculture, animal husbandry, export of uranium. The 50 % devaluation of the West African CFA franc in January 1994 boosted exports of livestock, cowpeas, the products of Niger's small cotton industry. Exports of cattle to neighboring Nigeria, well as Groundnuts and their oil remain the primary non-mineral exports. Short-term prospects depend on IMF debt relief and extended aid. The post 1999 government has broadly adhered to privatisation and deregulation plans instituted by these funders. Niger is the poorest country in the world. Mean wages were $0.37 per man-hour in 2008. Niger's economy is based largely on subsistence crops, some of the world's largest uranium deposits. Drought cycles, desertification, the drop in world demand for uranium have undercut an already marginal economy. Traditional subsistence farming, herding, informal markets dominate an economy that generates few formal sector jobs. Current GDP per capita of Niger grew 10% in the 1960s. But it consequently shrank by 27 % in the 1980s and a further 48 % in the 1990s. Much of this GDP is explained through the exploitation of uranium in the far north of the country. Ore is partially transported by truck to Benin. Fluctuation of GDP can be mapped to changes in international price, as well as price negations with the main mining company, France's Areva NC.Economy of Niger – Petit Marché in Niamey
99. Economy of Nigeria – Nigeria is a middle income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in the 20th largest in terms of Purchasing Power Parity. Previously hindered by years of mismanagement, economic reforms of the past decade have put Nigeria back on track towards achieving its economic potential. Correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. . These figures are to be revised upwards by as much as 80% when metrics are recalculated subsequent to the rebasing of its economy in April 2014. Although much has been made as a major exporter of oil, oil only contributes about 9 % to the GDP. Nigeria produces about 2.7 % of the world's oil supply. According to a Citigroup report published in February 2011, Nigeria will get the highest average GDP growth in the world between 2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries. In 2014, Nigeria changed its economic analysis to account for rapidly growing contributors such as telecommunications, banking, its film industry. In 2005, Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its external debt. Under the agreement, Nigeria will pay off the remainder with a portion of its energy revenues. Outside of the sector, Nigeria's economy is highly inefficient. Moreover, human capital is underdeveloped -- Nigeria ranked 151 out in 2004 -- and non-energy-related infrastructure is inadequate.Economy of Nigeria – Skyline of Lagos, the commercial hub of Nigeria
100. Economy of Norway – The economy of Norway is a developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a strongly integrated welfare system. Norway's modern manufacturing and system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. Prior to the industrial revolution, Norway's economy was largely based on agriculture, fishing. Norwegians typically lived under conditions of considerable scarcity, though famine was rare. In areas of Central and Northern Norway, the Sami subsisted on the nomadic herding of reindeer. Fishing all around the coast was dangerous work, though fish such as herring, cod, halibut, other cold-water species were found in abundance. The introduction of the potato to Norway provided considerable relief for Norwegians. Fishing was typically supplemented on small farms. Agricultural families were reduced to poverty as tenant farmers, served as the impetus for emigration to North America. But the first industrial enterprises came into formation when entrepreneurs politics, leading to the founding of banks to serve those needs. Industries also offered employment for a large number of individuals who were displaced from the agricultural sector. As wages from industry exceeded those from agriculture, the shift started a long-term trend of reduction in cultivated land and rural population patterns. The working class became a distinct phenomenon with its own neighborhoods, culture, politics.Economy of Norway – Norway Exports Tree Map (2009)
101. Economy of Oman – Oman is a country in the Middle East. Current GDP per capita has expanded continuously in the past 50 years. Oman's economic performance improved significantly due largely to the mid-year upturn in oil prices. The government is moving ahead with privatization of its utilities, increased budgetary outlays. Oman gained membership in 2000. Oil fuels the economy and revenues from petroleum products have enabled Oman's dramatic development over the past 30 years. Oil was first discovered in the western desert in 1964. Petroleum Development Oman began production in August 1967. Foreign interests own 40 %. From 1981 to 1986, Oman compensated by increasing production levels to 600,000 b/d. With the collapse of oil prices in 1986, however, revenues dropped dramatically. By mid-2000, production had climbed to more than b/d where they remain. Oman is not a member of OPEC. Natural gas reserves, which will increasingly provide the fuel for power desalination, stand at 18 trillion ft ³. Oman does not have the immense oil resources of some of its neighbors.Economy of Oman – Economy of Oman
102. Economy of Pakistan – Pakistan has a population of over million, giving it a nominal GDP per capita of $1,429, which ranks 140th in the world. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, not taken into consideration when calculating per capita income. However, after decades of war and social instability, as of 2013, serious deficiencies in basic services such as electric power generation had developed. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, carpets/rugs. The economy has suffered from internal political disputes, a fast-growing population, mixed levels of foreign investment. Pakistan is currently undergoing a process of economic liberalization, including privatization of all government corporations, aimed to decrease budget deficit. In 2014, foreign currency reserves crossed $ billion which has led to stable outlook on the long-term rating by Standard & Poor's. In 2016, BMI Research report named Pakistan as one of the ten emerging economies on of its manufacturing hub. According to the World Bank, poverty in Pakistan fell in 2002 to 29.5 % in 2014. Pakistan's fiscal position continues to improve as the deficit has fallen from 6.4 % in 2013 to 4.3 % in 2016. The country's improving Macroeconomic position has led to Moody's upgrading Pakistan's outlook to "stable". Pakistan was a predominantly agricultural country when it gained independence in 1947. Pakistan's economic growth rate in the first five decades has been higher than the growth rate of the world economy during the same period. Average real GDP growth rates were 6.8 % in the 1960s, 4.8 % in the 1970s, 6.5 % in the 1980s.Economy of Pakistan – A view of I. I. Chundrigar Road, the financial district of Karachi in Pakistan
103. Economy of Panama – The economy of Panama is a fully dollarized free market economy with a history of low inflation. It is based mainly on the services industry, heavily weighted toward banking, tourism. The hand-over of military installations by the US has given rise to new construction projects. Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of its GDP. Services include the Panama Canal, banking, the Colón Free Trade Zone, insurance, container ports, flagship registry, other business. The country's industry includes, manufacturing of aircraft spare parts, cements, drinks, textiles. Also the leading exports for Panama are shrimp, sugar, coffee, clothing. Real GDP rose 7.5 %, 8.1 %. GDP growth in 2008 was 9.2%, reflecting a slowing of the robust growth of 11.5% seen in 2007. Growth has been fueled by the construction sector, tourism. However, Panama still has the unequal income distribution in Latin America. Since the 16th century, Panamanians have relied on the country's comparative advantage -- its geography. Exploitation of this advantage began soon after the Spanish arrived, when the conquistadors used Panama to transport gold and silver to Spain. Ports on a trail between them handled much of Spain's colonial trade from which the inhabitants of the port cities prospered. This was the beginning of the country's historical dependence on commerce for prosperity and imports.Economy of Panama – Panama City is the capital and financial center of Panama
104. Economy of Papua New Guinea – Papua New Guinea is one of the fastest developing countries in the southern hemisphere with an annual GDP of 9% spurred on by huge extrative industries. The country has made significant progress investing proceeds in infrastructure building. This is well supported as a Pacific's gateway to Asia as well as its comparatively huge landmass and demographic profile. International Monetary Fund. Exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. Agriculture provides a livelihood for the bulk of the population. Mineral deposits, including oil, gold, account for 72 % of export earnings. Development aid under World Bank auspices have helped sustain the economy. The crop was slashed by up to 50 % in 1997. Despite problems with drought, 1998 saw a small recovery in GDP. Growth increased to 3.6 % in 1999 and say 4.3 %. The economy generally can be separated into market sectors, although the distinction is blurred by smallholder cash cropping of coffee, cocoa, copra. About 75 % of the country's population relies primarily on the economy. The minerals, fish sectors are dominated by foreign investors. The formal labour sector consequently also is limited.Economy of Papua New Guinea – Port Moresby
105. Economy of Paraguay – Paraguay has a market economy highly dependent on agriculture products. In recent years, the economy has grown as a result of agricultural exports, especially soybeans. The government welcomes foreign investment. Paraguay is a middle-income country that changed rapidly as a result of hydroelectric development, agricultural colonization, construction, cash crop exports. That sector influenced the performance of virtually every other sector of the economy. The over dependence on agricultural economy and low tax collections deteriorated the already wide gap distribution. The extreme poverty increased during 2001 to 2012, even the economy growth. By 2013, it has a human index of 0.669, even lower than Bolivia. The economy recovered in 1984 and 1985, continued to expand in 1987 and 1988. Despite its rapid growth, the Paraguayan economy became increasingly dependent on soybeans and cotton for overall economic dynamism. These two crops, however, remained subject to local weather conditions, both of which varied considerably. Economic growth in the post-World War II period occurred in the context of political stability characterized by authoritarian patronage politics. Government economic policies deviated little to the late 1980s consistently favoring a strong private-enterprise economy with a large role for foreign investment. Unlike most Latin American economies, in Paraguay import tariffs were generally low, exchange rates not overvalued. Despite the economic growth that marked the postwar period, the distribution of economic benefits was highly inequitable.Economy of Paraguay – Asunción is the capital and largest city of Paraguay
106. Economy of Peru – Peru is classified as upper middle income by the World Bank and is the 39th largest in the world by total GDP. Peru is one with a 2012 GDP growth rate of 6.3 %. It currently has per capita GDP above $12,000 by PPP. Poverty has decreased dramatically from nearly 60 % in 2004 to 25.8 % in 2012. Peru is social market economy characterized by a high level of foreign trade. Agricultural exports have led to development in all the regions. Economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Although exports have provided substantial revenue, a more egalitarian distribution of income have proven elusive. Services account for 43 % of Peruvian domestic product, followed by manufacturing, extractive industries, taxes. Economic growth has been fueled by macroeconomic stability, improved terms of trade, rising investment and consumption. The rate has fallen steadily in recent years, as of 2012 stands at 3.6 %. Known around the world as The Inca Empire was the largest empire in pre-Columbian America. The administrative, military center of the empire was located in Cusco in modern-day Peru. The official language of the empire was Quechua, although hundreds of local dialects of Quechua were spoken. The Inca Empire, was organized with a stratified society, in which the ruler was the Inca.Economy of Peru – Financial centre of Lima
107. Economy of the Philippines – The Philippines is also one of the emerging markets. The Philippines is considered a newly industrialized country, which has an economy transitioning based on agriculture to one based more on services and manufacturing. In 2016, GDP by Purchasing parity was estimated to be at $811.726 billion. Primary exports include electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits. Major trading partners include the Japan, China, United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Thailand. It is currently one of Asia's fastest growing economies. The Philippine economy is projected to be the 16th biggest in the world by 2050. The economic history of the Philippine Islands had been traced back to the pre-colonial times. The country, then composed of different thalassocracies oversaw the large number of merchants coming to the islands for trade. Indian, Arab, Japanese merchants were welcomed by these kingdoms, which were mostly located by riverbanks, coastal ports and central plains. The merchants traded for goods such as gold, rice, other products. The pre-colonial people enjoyed a life filled with imported goods which reflected their fashion and lifestyle. Hence, Ruson-Tsukuri pots became sought after in Northeast Asia. Each Philippine kiln had its own symbol, marked on the bottom of the Ruson-tsukuri by a single baybayin letter.Economy of the Philippines – Makati, the financial capital of the Philippines
108. Economy of Qatar – Proved oil reserves of billion barrels should ensure continued output at current levels for 23 years. Oil has given a per capita GDP that ranks among the highest in the world. Qatar's proved reserves of natural gas exceed 7000 km3, the third-largest reserves of any country in the world. Export of natural gas are becoming increasingly important. Long-term goals include the diversification of the economy. Qatar is now the richest country in the world. Current GDP per capita registered a world record-breaking growth of 1,156 % in the 70s. Qatar's current GDP per capita contracted 53 % in the 80s. But rising global demand helped current GDP per capita to expand 94 % in the 90s. Diversification is still a long-term issue for this over-exposed economy. Mean wages were $59.99 per man-hour in 2009. The exploration of gas fields began in 1939. Qatar's economy was in a downturn from 1982 to 1989. OPEC quotas on crude oil production, the generally unpromising outlook on international markets reduced oil earnings. In turn, the Qatari government's spending plans had to be cut to match lower income.Economy of Qatar – Doha, financial centre of Qatar.
109. Economy of Russia – Russia has an upper-middle income mixed economy with state ownership in strategic areas of the economy. Market reforms in the 1990s privatized much of Russian agriculture, with notable exceptions to this privatization occurring in the energy and defense-related sectors. Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources. The World Bank estimates the total value of Russia's natural resources at $ trillion US dollars. Russia relies on energy revenues to drive most of its growth. Russia has an abundance of oil, natural gas and precious metals, which make up a major share of Russia's exports. As of 2012 the oil-and-gas sector accounted for 16 % of the GDP, over 70 % of total exports. The value of Russian exports totalled $15.7 billion in 2013 -- second only to the US. Military exports from Russia include combat aircraft, air defence systems, ships and submarines. In 2015, the Russian economy twelfth largest at market exchange rates. Between 2012 Russia's energy exports fueled a rapid growth in living standards, with real disposable income rising by 160 %. In dollar-denominated terms this amounted since 2000. In the same period, Russians' self-assessed life satisfaction also rose significantly. This growth was a combined result of high oil prices, as well as prudent economic and fiscal policies. Poor governance means that Russia also has the second-largest volume of illicit money outflows, having lost in this way.Economy of Russia – Moscow International Business Center
110. Economy of Rwanda – Rwanda is a rural country with about 90% of the population engaged in agriculture. It has few natural resources and minimal industry. Primary exports are tea. By 1994, size, on average, was smaller than one hectare, while population density was more than 450 persons per square kilometer of arable land. The Rwandan economy is based on the largely rain-fed agricultural production of small, increasingly fragmented farms. It has a small, noncompetitive industrial sector. Prewar population was increasing at the high rate of 3% annually. However, when coffee prices fell sharply in the 1980s, growth became erratic. The crisis peaked in 1990 when the first measures of an IMF structural program were carried out. While the program was not fully implemented before the war, key measures such as the removal of official prices were enacted. The consequences on salaries and power were rapid and dramatic. This crisis particularly affected the educated elite, most of whom were employed in civil service or state-owned enterprises. The first postwar year, signaled the resurgence of economic activity. The 1994 genocide destroyed Rwanda's economic base, severely impoverished the population, particularly women, eroded the country's ability to attract private and external investment. However, Rwanda has made significant progress in rehabilitating its economy.Economy of Rwanda – A coffee farmer in Rwanda.
111. Economy of Saint Kitts and Nevis – Tourism, offshore activity have assumed larger roles. Most food is imported. The government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs. In late September 1998, Hurricane Georges caused approximately $ million for the year. Hurricanes in 1999 contributed to a sharp slowdown. Real economic growth was 0.75% in 2002 after a decline of 4.3% in 2001. The economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline. Consumer prices have risen marginally over the past few years. The rate was -4 % for most of the 1990s. The ECCB also supervises commercial banking activities in its member countries. There is an parallel economy denominated in US$, the facto currency for many business transactions. St. Kitts is a member of the Eastern Caribbean Telecommunications authority, developing the regulations to liberalize the telecommunications sector in the region by 2004. See CIA factbook for latest data Of the islands' total land area, about 39% is devoted to crops. The principal agricultural product of St. Kitts is sugarcane; peanuts are now the second crop.Economy of Saint Kitts and Nevis – Economy of Saint Kitts and Nevis
112. Economy of Saint Lucia – Saint Lucia is one of the Windward Islands, a group of islands located off the southeast coast of North America. The island's output was heavily impacted in 2007 by the passage of Hurricane Dean. In addition to production for export, a variety of crops are produced on the island for domestic consumption. The island's industry declined by 6.7 % during 2007. The level of island households living below the poverty level increased from 18.7 to 21.4 percent from 1995 to 2005. Another 16.2 percent of the island's population are vulnerable to economic shocks that could easily push them below the line. One rural district had 44.9 percent of households living below the line. In order to broaden the island's economic base, the government added small information technology and financial services as development objectives. Foreign investors also have been attracted by the infrastructure improvements well as by the educated and skilled work force and relatively stable political conditions. The largest investment is in a petroleum storage and terminal built by Hess Oil. The Caribbean Development Bank funded an airport project. Until the events of 11 September 2001, the sector had made significant gains, experiencing a boom despite some untimely and destructive hurricanes. Several hotels declared bankruptcy, including the Hyatt. The government is committed to providing a favourable investment environment. Incentives are available for upgrading tourism facilities.Economy of Saint Lucia – A proportional representation of St. Lucia's exports.
113. Economy of Saint Vincent and the Grenadines – The St. Vincent economy is heavily dependent on agriculture being the world’s leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports. Such reliance on a single crop makes the economy vulnerable to external factors. St. Vincent's banana growers benefited from preferential access to the European market. In view of the European Union's announced phase-out of this preferred access, economic diversification is a priority. Tourism has grown to become a very important part of the economy. In 1993, tourism supplanted banana exports as the chief source of foreign exchange. The Grenadines have become a favourite of the up-market yachting crowd. The trend toward increasing tourism revenues will likely continue. In 1996, new cruise ship and ferry berths came on-line, sharply increasing the number of passenger arrivals. Figures from 2005 tourism's contribution to the economy at US$ million. St. Vincent and the Grenadines is a beneficiary of the U.S. Caribbean Basin Initiative. The country belongs to the Caribbean Community, which has signed a agreement with the United States to promote investment in the region.Economy of Saint Vincent and the Grenadines – Economy of Saint Vincent and the Grenadines
114. Economy of Saudi Arabia – Saudi Arabia has an oil-based economy with strong government control over major economic activities. The sector accounts for almost all of Saudi government revenues, export earnings. Most workers, particularly in the private sector, are foreigners. Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be billion barrels, about one-quarter of world oil reserves. Petroleum in Saudi Arabia is not only plentiful but under close to the earth's surface. This makes it thus far more profitable to extract petroleum in Saudi Arabia than in many other places. The sector accounts for roughly 92.5 % of Saudi budget revenues, 97 % of export earnings, 55 % of GDP. Another 40% of GDP comes from the private sector. An estimated million foreigners work legally in Saudi Arabia, playing a crucial role in the Saudi economy, for example, in the oil and service sectors. At every level in every sphere of activity, Saudis maneuver through life manipulating individual privileges, favors, connections. The domestic product of Saudi Arabia fluctuates dramatically according to the price of oil. Market prices estimated with figures in millions of Saudi Arabian Riyals. For purchasing parity comparisons, the U.S. dollar is exchanged at 3.75 Saudi Arabian Riyals only. Mean wages were $14.74 per man-hour in 2009.Economy of Saudi Arabia – Riyadh with the Kingdom Centre in the background
115. Economy of Senegal – Predominantly rural, with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, services. The agricultural sector of Senegal is highly vulnerable to variations in changes in world commodity prices. Senegal also has one of the best developed tourist industries in Africa. Senegal depends heavily on foreign assistance, which in 2000 represented about 32 % of CFA 270.8 billion. Senegal is a member of the World Trade Organization. The GDP per capita of Senegal shrank in the 60s. However, it still expanded 43 % in the turbulent 1980s. However, the economy consequently shrank by 40 % in the 90s. In January 1994, Senegal undertook a economic reform program at the behest of the international donor community. This reform began with a 50 % devaluation of the CFA franc, linked at a fixed rate to the French franc. Government subsidies have been steadily dismantled as another economic reform. This devaluation had severe social consequences, because most essential goods were imported. The price of goods such as milk, rice, fertilizer and machinery doubled. As a result, Senegal suffered a large exodus, with many of those who could afford it choosing to leave the country. Annual inflation had been pushed down to the single digits.Economy of Senegal – Dakar, Senegal's place de l'Indépendance: a center of government, banking and trade. In the background is the commercial port and the tourist destination, Gorée island.
116. Economy of Seychelles – The economy of Seychelles is based on fishing, tourism, the processing of coconuts and vanilla, coir rope, boat building, printing, furniture and beverages. Agricultural products include cinnamon, sweet potatoes, cassava, bananas, tuna. The public sector, comprising state-owned enterprises, dominates the economy in terms of employment and gross revenue, employing two-thirds of the labor force. Government consumption absorbs over one-third of the GDP. The French originally settled the Seychelles in 1770, setting up plantations which relied heavily on labour to produce cotton, sugar, rice, maize. The British took control of the Seychelles without removing the French upper class. In the 1960s, 20 % worked in the public or government sector. Plantations were the main industry of the Seychelles until 1971, when the international airport opened. Overnight, tourism became a serious industry, basically dividing the economy into plantations and tourism. The plantation economy could only expand so far. Tourism and fishing became the primary industries of Seychelles. By 2006 it was less than 3 %. While industrial fishing industries were on a roll in the late 1990s, the traditional plantation economy atrophied. Copra -- traditional export crops -- dwindled to negligible amounts by 1991. Since Seychelles' independence in 1976, per capita output has expanded to roughly seven times the near-subsistence level.Economy of Seychelles – Aircraft at Seychelles International Airport.
117. Economy of Sierra Leone – The economy of Sierra Leone is that of a least developed country with a GDP of approximately 1.9 billion USD in 2009. Since the end of the civil war in 2002 the economy is gradually recovering with a GDP rate between 4 and 7 %. In 2008 its GDP in PPP ranked between 153rd largest in the world. Sierra Leone's economic development has always been hampered by an overdependence on exploitation. The population as a whole have always believed that "diamonds and gold" are sufficient generators of foreign currency earnings and lure for investment. As a result, large agriculture of commodity products, industrial development and sustainable investments have been neglected by governments. Two-thirds of the population of Sierra Leone are directly involved in agriculture. Agriculture accounted for 58 percent national Gross Domestic Product in 2007. Current GDP per capita of Sierra Leone grew 32% in the 1960s, reaching a peak growth of 107% in the 1970s. But it consequently shrank by 52 % in the 1980s and a further 10 % in the 1990s. The mean wage was US$0.32 per hour in 2009. Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. Agriculture accounted for 58 percent national Gross Domestic Product in 2007. Agriculture is the largest employer with 80 percent of the population working in the sector. Rich in Sierra Leone has relied on the mining sector in general, diamonds in particular, for its economic base.Economy of Sierra Leone – A diamond Mine in Kono District.
118. Economy of Singapore – Singapore has a highly developed trade-oriented market economy. APEC is headquartered in Singapore. The economy of Singapore is a major Foreign Direct Investment financier in the world. Singapore has limited arable land, meaning that Singapore has to rely on the agrotechnology park for agricultural consumption. Human resources is another vital issue for the health of the Singaporean economy. The economy of Singapore ranks 2nd overall with the featuring of Biopolis. Singapore also has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, averaging around 400% during 2008–11. The Port of Singapore is the second-busiest in the world by tonnage. Singapore's rates have remained among the highest in the world since the 1970s. Most companies in Singapore are registered as limited-liability companies. The Ministry of Manpower oversees the matter related to immigration of workers. These measures aim to boost Singapore's productivity, so that Singapore remains ready for the challenges of an information-driven global economy. Upon independence from Malaysia in 1965, Singapore faced high levels of unemployment and poverty. A third of its people squatted in slums on the city fringes.Economy of Singapore – Skyline of Singapore's CBD
119. Economy of the Solomon Islands – A per capita GDP of $3,200 ranks Solomon Islands as a lesser developed nation. Over 75 % of its labour force is engaged in subsistence fishing. Until 1998, when world prices for tropical timber fell steeply, timber was main export product. In recent years, Solomon Islands forests were dangerously overexploited. Solomon Islands was hard hit by the Asian financial crisis even before the ethnic violence of June 2000. The Asian Development Bank estimates that the crash of the market for tropical timber reduced Solomon Island's GDP between 15 % -25 %. About one-half of all jobs in the industry were lost. The government has said it will reform harvesting policies with the aim of resuming logging on a more sustainable basis. In the wake of the ethnic violence in June 2000, exports of palm gold ceased while exports of timber fell. Important cash exports include copra and palm oil. In 1998 production began at Gold Ridge on Guadalcanal. Exploitation of Solomon Islands rich fisheries offers the best prospect for domestic economic expansion. Solomon Taiyo Ltd. which operated the only fish cannery in the country, closed in mid-2000 as a result of the ethnic disturbances. Though the plant has reopened under local management, the export of tuna has not resumed. Tourism, particularly diving, is an important industry for Solomon Islands.Economy of the Solomon Islands – A man sells fish at the central market in Honiara, 2013.
120. Economy of South Africa – The economy of South Africa is the second largest in Africa, after Nigeria. At the end of the 18th century, the British annexed the colony. The British annexed the area as a result of the Boer War which witnessed the placement of Boer children in British-built concentration camps. The country also entered a period of industrialisation including the organisation of the first South African trade unions. The country soon started putting distinguishing between different races in place. The policy was widely led to crippling sanctions being placed against the country in the 1980s. The 1994 government inherited an economy wracked by long years of external sanctions. The government refrained from resorting to economic populism. Inflation was brought down, public finances were stabilised, some foreign capital was attracted. However, growth was still subpar. His policies faced strong opposition from organised labour. From 2004 economic growth picked up significantly; both employment and capital formation increased. In 2009 the Nobel Prize -- winning economist Joseph Stiglitz warned South Africa that inflation targeting should be a secondary concern amid the financial crisis of 2007 -- 2009. The potential growth rate of South Africa under the current policy environment has been estimated at 3.5 %. Others linked to them such as crime, have in turn hurt investment and growth, consequently having a negative feedback effect on employment.Economy of South Africa – Johannesburg, the economic capital of South Africa
121. Economy of Sri Lanka – In GDP per capita terms, it is ahead of other countries in the South Asian region. The economic sectors of the country are tourism, tea export, apparel, textile, rice production and other agricultural products. In addition to these economic sectors, overseas employment contributes highly in 90 % of expatriate Sri Lankans reside in the Middle East. Sri Lanka experienced a big decline in poverty between 2002 and 2009 -- to 9 percent of the population. Despite this pockets of poverty continue to exist. Creating jobs for the bottom 40 % has become a challenge. Sri Lanka also faces a challenges in Social inclusion, Governance and sustainability. The government is also planning on regaining GSP + trade concessions well as joining the Trans-Pacific Partnership. In 1948-1955, the country reverted to total dependence on traditional plantation exports. The sector's contribution to GDP increased from 5 % in 1955 to 23 % by 1977. Key sectors were developed, notably heavy industry, especially tea and rubber machinery; electronics; and garments. Since then, the government has been deregulating, opening the economy to international competition. Between 1994 and 2004 under SLFP rule. In 2001, Sri Lanka faced bankruptcy, with debt reaching 101% of GDP. The impending crisis was averted after the country reached a hasty ceasefire agreement with the LTTE and brokered substantial foreign loans.Economy of Sri Lanka – Unawatuna Beach
122. Economy of Suriname – Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings. The backbone of the economy of Suriname is small amounts of aluminium produced from bauxite mined in the country. Suriname's bauxite deposits have been among the world's richest. Inexpensive power costs are Suriname's big advantage in the energy-intensive alumina and business. In the 1960s, the Aluminum Company of America built the US$150-million Afobaka Dam for the production of hydroelectric energy. This created one of the largest artificial lakes in the world. The construction of this railway was financially funded by the Dutch government's independence/severance payments after November 1975. Also plans to construct a dam in the Kabalebo River were developed but never fully executed. Under this agreement, both companies share profits. It is now estimated that their reserves will be depleted by 2006. Other proven reserves exist in the east, north of the country sufficient to last until 2045. However, topography make their immediate development costly. The companies are looking into cost-effective ways to develop the new mines. ALCOA's continued presence in Suriname is a key element in the U.S.-Suriname economic relationship. There is one large scale gold mine operating in Suriname.Economy of Suriname – Hardwood logs transported down river, 1955
123. Economy of Switzerland – The economy of Switzerland is one of the world's most stable economies. Because of high labor specialization, industry and trade are the keys to Switzerland's economic livelihood. Switzerland has achieved one of the highest per capita incomes with low unemployment rates and a balanced budget. The sector has also come to play a significant economic role. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index. Switzerland as a federal state was established in 1848. But in Switzerland, hydraulic power was often used instead of steam-engines because of the country's topography while there are no significant deposits of coal. By 1814, hand weaving had been mostly replaced by the loom. Both banking began to develop as an economic factor from about the same time. While Switzerland was primarily rural, the cities experienced an industrial revolution in the 19th century, focused especially on textiles. For example, textiles, including silk, were the leading industry. In 1888 women made up 44% of the wage earners. Nearly half the women worked with household servants the second largest job category. The share of women in the workforce was higher between 1910 than it was in the late 1960s and 1970s. Railways played a major part with the first railway appearing in 1847 between Zurich and Baden.Economy of Switzerland – View of the industrial area of Zürich. Zurich metropolitan area is among the most important economic centres in the world
124. Economy of Tajikistan – Since independence, Tajikistan gradually followed the path of transition economy, reforming its economic policies. With foreign revenue precariously dependent upon exports of aluminium, the economy is highly vulnerable to external shocks. International assistance also was necessary to address the second year of severe drought that resulted in a continued shortfall of production. Tajikistan's economy grew substantially after the war. The domestic product of Tajikistan expanded at an average rate of 9.6 % over the period of 2000-2007 according to the World Bank data. This improved Tajikistan's position among other Asian countries, which have degraded economically ever since. As of August 2009, an estimated 60 % of Tajikistani citizens live below the line. The 2008 financial crisis has hit Tajikistan hard, both domestically and internationally. For purchasing parity comparisons, the US Dollar is exchanged at 0.82 Somoni only. The Tajikistani economy has been gravely weakened by six years of markets for its products. Tajikistan thus depends on humanitarian assistance for much of its basic subsistence needs. Even if the agreement of June 1997 is honored, the country faces major problems in integrating refugees and former combatants into the economy. The future of the potential for attracting foreign investment depend upon stability and continued progress in the peace process. In 2006 GDP per capita of Tajikistan was 85% of 1990s level. While population has increased from 5.3 million in 1991 to 7.3 million in 2009.Economy of Tajikistan – Dushanbe
125. Economy of Taiwan – The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index for specific strengths. Most large government-owned banks and industrial firms have been privatized. With the economic planning under martial law until 1987, real growth in GDP has averaged about 8 % during the past three decades. Exports have grown even faster and since World War II, have provided the primary impetus for industrialization. Unemployment are low; the trade surplus is substantial; and foreign reserves are the world's fourth largest. The service sector makes up 73 % of the economy. Labor-intensive industries are steadily being moved off-shore and replaced with more capital - and technology-intensive industries. Economy of Taiwan is an indispensable partner in the Global Value Chains of Electronics Industry. Institute for Information Industry with its international recognitions is responsible for the development of IT industry and industry in Taiwan. Industrial Technology Research Institute with its global partners is the advanced center for applied technology for the economy of Taiwan. Ministry of Economic Affairs release major economic indicators of the economy of Taiwan. International Trade is officially assisted by Taiwan External Trade Development Council. Taiwanese businesses have become major investors in mainland China, Vietnam, Thailand, Indonesia, the Philippines, Malaysia. Other two major banks in Taiwan are Bank of Mega International Commercial Bank. Unlike the neighboring Japan and South Korea, medium-sized businesses make up a significant proportion of the businesses in Taiwan.Economy of Taiwan – Taipei skyline.
126. Economy of Tanzania – The United Republic of Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa. The country is largely dependent on agriculture for employment, accounting for about half of the employed workforce. An estimated 34 percent of Tanzanians currently live in poverty. The economy has been transitioning to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita only exceeded the pre-transition figure in around 2007. Following the rebasing of the economy in 2014, the GDP increased to $41.33 billion. Significant measures have been taken to encourage both foreign and domestic private investment. Current GDP per capita of Tanzania grew more than 40 percent between 2007. The PRGF was the program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996-1999. Tanzania also embarked on a major restructuring of state-owned enterprises. The program has far divested 335 out of some 425 parastatal entities. Also, the economy remains overwhelmingly donor-dependent. Moreover, Tanzania has an external debt of $ billion. The servicing of this debt absorbs about 40 percent of total government expenditures. Tanzania has qualified under the enhanced Heavily Indebted Poor Countries initiative.Economy of Tanzania – BOT Twin Towers in Dar es Salaam
127. Economy of Thailand – Thailand is a newly industrialized country. Its economy is heavily export-dependent, with exports accounting for more than two-thirds of its domestic product. According to the Office of the National Economic and Social Development Board, Thailand had a GDP of 11.375 trillion baht. The Thai economy grew with a headline inflation rate of 3.02 percent and an account surplus of 0.7 percent of the country's GDP. In 2013, the Thai economy is expected to grow in the range of 3.8–4.3 percent. During the first half of 2013, the Thai economy grew by 4.1 percent. After seasonal adjustment, however, Thailand's GDP contracted in the first and the second quarters of 2013 respectively. The industrial and service sectors are the main sectors in the Thai domestic product, with the former accounting for 39.2 percent of GDP. The mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors account for 24.9 percent of the country's GDP. Trade in services are emerging as centers of industrial expansion and economic competitiveness. Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP in 2012, however, ranks after Singapore, Brunei, Malaysia. On 19 July 2013 Thailand held US$ billion in international reserves, the second-largest in Southeast Asia. Thailand ranks second in Southeast Asia in external volume, after Singapore.Economy of Thailand – Bangkok is the commercial hub of Thailand
128. Economy of Togo – The economy of Togo is refers to the economic activity of Togo. Subsistence agriculture is the economic activity in Togo; the majority of the population depends on subsistence agriculture. Cash crop production employs the majority of the labor force and contributes about 42 % to the gross domestic product. Cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001, production rebounded in 2002. Medium-sized farms produce most of the food crop; the average farm size is one to three hectares. In the industrial sector, the country has an estimated 60 million metric tons of phosphate reserves. From a high point of million tons in 1997, production dropped to approximately 1.1 million tons in 2002. The fall in production is partly the result of the lack of funds for new investment. The formerly state-run company appears to have benefited from private management, which took over in 2001. Togo also has substantial marble deposits. However, following declines in world prices for commodities, its economy became burdened with fiscal imbalances, unprofitable state enterprises. Under these programs, the Togolese Government introduced a series of major restructuring goals for the state enterprise and rural development sectors. These reforms were aimed at eliminating most state monopolies, simplifying taxes and customs duties, privatizing major state enterprises. With a elected government in place, Togo negotiated new 3-year programs with the World Bank and IMF in 1994.Economy of Togo – Phosphate mining in Togo
129. Economy of Tonga – Much of the monetary sector of the economy is dominated, if not nobles. This is particularly true of the satellite services. Particularly retailing on Tongatapu, is now dominated by recent Chinese immigrants who arrived under a cash-for-passports scheme that ended in 1998. The manufacturing sector consists of a few other very smallscale industries, all of which contribute only about 3 % of GDP. Commercial business activities also are inconspicuous and, to a large extent, are dominated by the large trading companies found throughout the South Pacific. In September 1974, the Bank of Tonga, opened. Rural Tongans rely on plantation and agriculture. Coconuts, bananas are the major cash crops. The processing of coconuts into copra and coconut is the only significant industry. Pigs and poultry are the major types of livestock. Horses are kept for draft purposes, primarily by farmers working their api. Beef imports are declining. Much work remains to be done. A small but growing sector is developing in response to the inflow of aid monies and remittances from Tongans abroad. The industry is plagued by world prices that have been depressed for years.Economy of Tonga – A Tongan coin
130. Economy of Trinidad and Tobago – Furthermore, it is recognised as a high income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas. Recent growth has been fueled by investments in liquefied natural gas, petrochemicals, steel. Additional petrochemical, aluminum, plastics projects are in various stages of planning. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. The economy benefits from a growing trade surplus. Trinidad and Tobago's infrastructure is adequate by regional standards. A major expansion of the Piarco International Airport in Trinidad, the country's main airport, was completed in 2001. There is an extensive network of paved roads, utilities are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages. The government is addressing this problem with the construction of additional desalinization plants. Service, sewerage, are among the government's budget priorities. Trinidad and Tobago has a relatively modern, robust and reliable Information and Communications Technology infrastructure. Mobile phone service is widespread and has been the major area of growth for several years.Economy of Trinidad and Tobago – Downtown Port of Spain at night
131. Economy of Tunisia – Tunisia is in the process of economic reform and liberalization after decades of heavy state direction and participation in the economy. Prudent fiscal planning have resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, tourism. In the World Economic Forum Global Competitiveness Report for 2015-2016, Tunisia ranks in 92nd place. Based on HDI latest report, Tunisia ranks 96th 5th in Africa. Current GDP per capita soared by more than 380% in the Seventies. Growing foreign debt and the foreign exchange crisis in the mid-1980s. In 1986, the government launched a structural program to liberalize prices, reduce tariffs, reorient Tunisia toward a market economy. Tunisia's economic program has been lauded as a model by international financial institutions. The government has liberalized reduced tariffs, lowered debt-service-to-exports and debt-to-GDP ratios, extended the average maturity of its $10 billion foreign debt. Structural adjustment brought additional lending from other Western creditors. In 1990, Tunisia is a member of the World Trade Organization. In 1996 Tunisia entered with the European Union which removes tariff and other trade barriers on most goods by 2008. The government has partially privatized around 160 state-owned enterprises since the privatization program was launched in 1987. Although the program is supported by the GATT, the government has had to move carefully to avoid mass firings.Economy of Tunisia – Tunis
132. Economy of Turkey – The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is according to the CIA World Factbook. Turkey has 17th-largest GDP by PPP. Turkey has the world's 18th-largest nominal GDP, 17th-largest GDP by PPP. The country is the G-20 major economies. Since December 1995, Turkey is also a part of the EU Customs Union. Hence, Turkey has been meeting the "60 percent EU Maastricht criteria" for public stock since 2004. The CIA classifies Turkey as a developed country. The World Bank classifies Turkey as an upper-middle country in terms of the country's per capita GDP in 2007. Mean pay was $10.02 per man-hour in 2010. As a result, the production of durable consumer goods increased despite a decrease in automotive production. The Turkish Stock Market and rating agencies have responded positively. According to The Economist, share prices in Turkey nearly doubled over the course of 2009. On International credit rating agency Moody's upgraded Turkey's rating one notch. The Turkish economy grew 11 % in the first six months of 2010.Economy of Turkey – Levent business district in Istanbul
133. Economy of Uganda – It appeared poised for rapid economic growth and development. The national energy needs have historically been more than domestic generation, though large petroleum reserves have been found in the west. After the turmoil of the Amin period, the country began a program of economic recovery in 1981 that received foreign assistance. From mid-1984 onward, the renewed outbreak of civil strife led to a setback in economic performance. Since assuming power in early 1986, Museveni's government has taken important steps toward economic rehabilitation. The country's infrastructure -- notably its transport and communications systems which were destroyed by neglect -- is being rebuilt. It is not clear to what extent this positive development can be attributed to Structural Adjustment. Inflation, which ran at 42 % in June 1992, was 5.4 % for fiscal year 1995-96 and 7.3 % in 2003. Investment as a percentage of GDP was estimated compared to 13.7 % in 1999. Private investment, largely financed by private transfers from abroad, was 14.9 % of GDP in 2002. Gross national savings as a percentage of GDP was estimated at 5.5% in 2002. The Ugandan Government has also worked with donor countries to cancel substantial portions of the country's external debts. Uganda is a member of the World Trade Organization. Uganda began issuing its own currency through the Bank of Uganda. Prior to the failure of the East African Currency Board, Uganda used other countries' currency.Economy of Uganda – Downtown Kampala
134. Economy of Ukraine – The economy of Ukraine is an emerging free market. Like post-Soviet states, its gross domestic product fell sharply for 10 years following the collapse the Soviet Union in 1991. However, it grew rapidly from 2000 until 2008 when the Great Recession reached Ukraine as the 2008-2009 Ukrainian financial crisis. Since 2013 the Ukrainian economy has been suffering from a severe downturn. The depression during the 1990s included a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth continued for eight years. By October 2013, the Ukrainian economy lapsed into another recession. The previous summer Ukrainian export to Russia was substantially worsened due to stricter border and customs control by Russia. In 2013, Ukraine saw zero growth in GDP. This continued with a 12 % decline in GDP in 2015. In January 2016 the World Bank expected Ukraine to experience an economic rate of 1 % in 2016, which if true will end the recession. At present, however, the economy remains in poor condition. It is still smaller than it was in 1992. On 24 August 1991 Ukraine established its independence from the Soviet Union. Its economy suffered the following years.Economy of Ukraine – Kiev, Ukraine
135. Economy of the United Arab Emirates – The economy of the United Arab Emirates is the second largest in the Arab world, with a gross domestic product of $570 billion in 2014. The United Arab Emirates has been successfully diversifying its economy. Although UAE has the most diversified economy in the GCC, the UAE's economy remains extremely reliant on oil. With the exception of Dubai, most of the UAE is dependent on oil revenues. Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the oil exports in 2009. In 2011, oil exports accounted for 77% of the UAE's state budget. Dubai suffered from a significant economic crisis in 2007-2010 and was bailed out by Abu Dhabi's oil wealth. Dubai's current prosperity has been attributed to Abu Dhabi's petrodollars. Dubai is currently in extreme debt. Tourism is one of the main sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE. A massive construction boom, an expanding manufacturing base, a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization and OPEC. Prior to independence from the UK and unification in 1971, each emirate was responsible for its own economy.Economy of the United Arab Emirates – Dubai skyline and world's tallest building Burj Khalifa
136. Economy of the United States – The United States' GDP was estimated to be $17.914 trillion as of Q2 2015. In many others it is the facto currency. Its seven largest trading partners are Canada, China, Mexico, Japan, Germany, South Korea, the United Kingdom. The US has high productivity. It has the world's ninth-highest per capita GDP and tenth-highest per capita GDP as of 2013. It has been the world's largest national economy since at least the 1890s. The U.S. is the world's third largest producer of oil and natural gas. The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.93T in 2012. Of the world's 500 largest companies, 128 are headquartered in the US. The consumer market of the US represents the largest in the world. The United States has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest exchange by capitalization. Foreign investments made in the US total almost $ trillion, while American investments in foreign countries total over $ trillion. The economy of the U.S. leads in Development funding.Economy of the United States – New York City, the financial center of the United States and the world.
137. Economy of Uruguay – The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. Real GDP fell in four years with 2002 the worst year. The rate rose, inflation surged, the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt without asking creditors to accept a reduction on the principal. Economic growth for Uruguay averaged 8 % annually during the period 2004-08. The 2008-09 financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9 % in 2009. Uruguay has a partially dollarized economy. Most transactions use the Uruguayan peso. Throughout Uruguay's history, their strongest exporting industries have been wool. At the same time with refining being kept within the country, forestry has become a growth industry in the recent years. Due to two major investments made in 1997, the most significant manufactured exports in Uruguay are plastics. These investments laid the way for most of the substantial exports of plastic-based products which has taken an important role in Uruguay's economy. In 2013, tourism accounted for 9.4 % of the country's GDP. Their industry is mainly characterized for attracting visitors from neighboring countries.Economy of Uruguay – Member states
138. Economy of Venezuela – The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for roughly 95 % of total exports. Venezuela is the fifth largest member of OPEC by production. Notable manufacturing includes electronics and automobiles, as well as beverages, foodstuffs. Agriculture in Venezuela accounts for approximately 3 % of GDP, at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, beef. The country is not self-sufficient in most areas of agriculture. In spite of strained relations between the two countries, the United States has been Venezuela's most important partner. U.S. exports to Venezuela have included machinery, agricultural products, cars. Venezuela is one of foreign oil to the United States. About 500 U.S. companies are represented in Venezuela. When oil was discovered in 1922, Venezuela's dictator, Juan Vicente Gómez, allowed US oil companies to write Venezuela's petroleum law. Terms even more favorable to Venezuela were negotiated in 1945, after a coup brought to power a left-leaning government that included Juan Pablo Pérez Alfonso. From the 1950s to the early 1980s the Venezuelan economy was the most prosperous in South America. The continuous growth during that period attracted many immigrants.Economy of Venezuela – Caracas
139. Economy of Vietnam – Vietnam's socialist-oriented market economy is a developing planned economy and market economy. Over that period, the economy has experienced rapid growth. In the twenty-first century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises. Vietnam has served as an attractive destination for foreign investment in Southeast Asia. In the current period the economy of Vietnam relies largely on direct investment to attract the capital from overseas to support its continual economic rigorousness. In 2013, the nominal GDP reached US$ billion, with nominal GDP per capita of US$1,902. Vietnam has been named among the Next Eleven and countries. Civilization in Vietnam had been built on agriculture. Their economic thoughts have been predicated on physiocracy. Such large-scale works as dykes were constructed in the Red River Delta to facilitate wet rice cultivation. In peaceful times, soldiers were sent home to do work. Furthermore, the court held many agriculture-related ceremonies. Commerce was deprecated, businessmen were called by the derogatory term con buôn. The national economy was self-sufficient.Economy of Vietnam – Ho Chi Minh City is the financial center of Vietnam
140. Economy of Yemen – At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. The 1994 civil war further drained Yemen's economy. For the past 10 years Yemen has relied heavily on aid from multilateral agencies to sustain its economy. In return, it has pledged to implement economic reforms. In 1997 the International Monetary Fund approved two programs to increase Yemen's credit significantly: the extended funding facility. However, limited progress led the IMF to suspend funding between 2001. At a meeting of Yemen's development partners, a total of US$4.7 billion in grants and concessional loans was pledged for the period 2007 -- 10. Yemen remains under significant pressure to face the loss of badly needed international financial support. At unification, both the People's Democratic Republic of Yemen were struggling underdeveloped economies. In the north, disruptions of civil war and frequent periods of drought had dealt severe blows to a previously prosperous agricultural sector. Coffee production, formerly the north's main export and principal form of foreign exchange, declined as the cultivation of khat increased. A lack of raw materials made the YAR dependent on a wide variety of imports. For purchasing parity comparisons, the US Dollar is exchanged at 150.11 Yemeni Rials only. Mean wages were $1.06 per man-hour in 2009. Foreign aid paid for perennial trade deficits.Economy of Yemen – Khat cultivation in western Yemen near At Tawilah
141. Economy of Zambia – Zambia is one of Sub-Saharan Africa's most highly urbanized countries. About one-half of the country's million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated. Underemployment are serious problems. This low GDP per capita, which stands at $1400, places the country among the world's poorest nations. Social indicators are improving, particularly at birth and maternal and infant mortality. The high population rate of 2.3 % per annum makes it difficult for per capita income to increase. The country's rate of economic growth can not support the strain which HIV/AIDS-related issues places on government resources. For the first time since 1989 Zambia's economic growth reached the -7 % mark needed to reduce poverty significantly. Output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was again good in 2005, helping agricultural exports. Cooperation continues with international bodies on programs to reduce poverty, including a new arrangement with the IMF in the second quarter of 2004. Zambia still has a serious problem with high public debt. Zambia was ranked the 127th safest destination in the world in the March 2011 Euromoney Country Risk rankings. The British South Africa Company retained commercial assets and mineral rights that it acquired from a concession signed in 1892. These two plans, which provided in infrastructure and manufacturing, were largely implemented and were generally successful.Economy of Zambia – Lusaka is the capital and largest financial district in Zambia
142. Economy of Zimbabwe – The economy of Zimbabwe shrank significantly after 2000, resulting in a desperate situation for the country – widespread poverty and a 95% unemployment rate. Hyperinflation in Zimbabwe was a major problem from about 2003 to April 2009, when the country suspended its own currency. Zimbabwe faced 231 million peak hyperinflation in 2008. The country has reserves of metallurgical-grade chromite. Commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and iron ore. Since 2000, Zimbabwe forcibly redistributed most of the country's white owned commercial farms. Short term gains were achieved by selling the equipment. The contemporary lack of agricultural expertise has negatively affected market confidence. Idle land is now being utilised by local peasants practising meagre farming. Production such as maize, has recovered accordingly -- unlike typical export crops including tobacco and coffee. Zimbabwe has also sustained the 30th occurrence of recorded hyperinflation in history. Government spending is 29.7% of GDP. State enterprises are strongly subsidised, tariffs are high. State regulation is costly to companies, closing a business is slow and costly. Labour market firing a worker is difficult.Economy of Zimbabwe – Sam Nujoma Street in Harare.
143. European Union – The European Union is a politico-economic union of 28 member states that are located primarily in Europe. It has an estimated population of over 510 million. The EU has developed an single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. The EU operates through a hybrid system of intergovernmental decision-making. The Maastricht Treaty introduced European citizenship. The Treaty of Lisbon, came into force in 2009. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union represents itself at the United Nations, the World Trade Organization, the G8, the G-20. Because of its global influence, the European Union has been described as a potential superpower. After World War II, European integration was seen to the extreme nationalism which had devastated the continent. 1952 saw the creation of Steel Community, declared to be "a first step in the federation of Europe." The supporters of the Community included Alcide De Gasperi, Jean Monnet, Paul-Henri Spaak.European Union – In 1989, the Iron Curtain fell, enabling the union to expand further (Berlin Wall pictured).
144. Economy of Austria – Labour movements have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy. Germany has historically been the main partner of Austria, making it vulnerable to rapid changes in the German economy. Growth in GDP reached 3.3 % in 2006. Vienna was ranked the fifth richest NUTS-2 region within Europe reaching $38,632 per capita just behind Inner London, Luxembourg, Brussels-Capital Region and Hamburg. Growth has been steady in 2002 -- 2006 varying between 1 and 3.3 %. Ever since the end of the World War II, Austria has achieved economic growth. Austria became a member of the EU on 1 January 1995. Membership has drawn an influx of foreign investors attracted by Austria's access to the single European market. Austria also has made progress in generally increasing its international competitiveness. As a member of the monetary union of the European Union, Austria's economy is closely integrated with other EU member countries, especially with Germany. On 1 Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro coins were introduced, replacing those of the Austrian schilling. One per face value, were selected for the Austrian coins. In 2007, in order to adopt the common map like the rest of the Eurozone countries, Austria changed the common side of its coins.Economy of Austria – Danube City, Vienna
145. Economy of Belgium – The modern, private enterprise economy of Belgium has capitalised on its central geographic location, highly developed transport network, diversified industrial and commercial base. Belgium imports semi-finished goods that are further processed and re-exported. For its coal, no longer economical to exploit, Belgium has few natural resources other than fertile soils. Despite the industrial component, services account for 74.9 % of GDP, while agriculture accounts for only 1 % of GDP. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on trade. Belgium's trade advantages are derived from a highly skilled, multilingual, productive work force. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. About three-quarters of its trade is with other EU countries. Together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states. Belgium's public debt is about 105% of GDP. The government succeeded in balancing its budget during the 2000 -- income distribution is relatively equal. Belgium began circulating the currency in January 2002. Foreign direct investment dropped in 2008. In 2009 Belgium suffered increased unemployment, stemming from the worldwide banking crisis. This disparity began to fade during the interwar period.Economy of Belgium – Brussels, Belgium
146. Economy of Bulgaria – The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an upper-middle-income country according to the World Bank. Since 2001, Bulgaria has managed to attract considerable amounts of Foreign Direct Investment. However, the growth continued allowing the pre-crisis level of GDP to be reached in 2014. The currency of the country is the lev, pegged at a rate of 1.95583 leva for 1 euro. The lev is most stable currency in Eastern Europe. The strongest sectors are energy, mining, metallurgy, machine building, tourism. Industrial exports are clothing, iron and steel, machinery and refined fuels. During the 1930s, the Bulgarian economy was described as an economy militarily bound to Germany. In the early 1940s, as Germany began to lose the Second World War, the Bulgarian economy suffered a decline. As a whole, the period between the 1945 was marked by strong industrialization. During the Socialism era, Bulgarian economy continued to be industrialized, although free trade substantially decreased, as private market initiatives became state-regulated. The party's ascent to power in 1944 had marked the beginning of economic change towards planned economy. At the same time, the focus of international trade shifted from Central Europe to Eastern Europe and the USSR. These new policies resulted in initial rates of economic development.Economy of Bulgaria – Business Park Sofia
147. Economy of Croatia – Economy of Croatia is a service-based economy with the tertiary sector accounting for 70% of total gross domestic product. Croatia became a member of the European Union on 1 July 2013. Croatia formally emerged in Q4 2014, Q1 2015 and Q2 2015. Predictions are that real growth will gradually rise to 2.1 % in 2016. The industrial sector with exports of over $ billion annually is dominated by shipbuilding which accounts for over 10 % of exported goods. Chemical industry also account for significant portions of industrial output and exports. Industrial sector represents 27 % of Croatia's economic output while agriculture represents 6 %. Industrial sector is responsible for 25 % of Croatia's GDP, with agriculture, forestry and accounting for the remaining 5 % of Croatian GDP. With over million tourists annually, tourism generates revenue in excess of $8 billion. Croatia was voted world's top tourism destination in 2005 by Lonely Planet. Trade plays a major role in Croatian economic output. In 2007 Croatia's exports were valued at 12.84 billion. According to Healy Consultants, trade in Croatia is bolstered by its trade-weighted average tariff of just 1.2 %. Croatia's currency is the Kuna, which has remained stable since. During the 19th century the Kingdom of Croatia had a high ratio of population working in agriculture.Economy of Croatia – Sectors of the Croatian economy
148. Economy of Cyprus – The 2012–13 Cypriot financial crisis, part of the wider European debt crisis, has dominated the country's economic affairs in recent times. After a three-and-a-half-year recession, Cyprus returned in the first quarter of 2015. The remaining $ billion of the ESM bailout was never dispensed, due to the Cypriot government's better than expected finances over the course of the programme. Cyprus has an open, service-based economy with some light manufacturing. The Cypriots are with GDP per capita surpassing $26,000 in 2014. However, after more than three decades of unbroken growth, the Cypriot economy contracted in 2009. This reflected the exposure of Cyprus to European debt crisis. In recent times, concerns have been raised about the state of spiralling borrowing costs. Moreover, the economy benefited from the close cooperation between the private sectors. In the past 30 years, the economy has shifted to light manufacturing and services. The services sector, including tourism, employs more than 70 % of the labor force. Construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2.1 % of GDP and 8.5 % of the labor force. Citrus are the principal export crops. This pattern underlined the economy's vulnerability to swings in the need to diversify the economy. Declining competitiveness in tourism and especially in manufacturing are expected to act as a drag on growth until structural changes are effected.Economy of Cyprus – Nicosia is the island's financial hub
149. Economy of the Czech Republic – The Czech Republic has developed an advanced social market economy and social policies that support a high-income welfare state. As of 2016, the Czech GDP per capita at purchasing parity is $32,622, $18,020 at nominal value. The Czech Republic is therefore a part of the economy of the European Union. Its largest trading partner for both import is Germany. Its agricultural products are sugar beets, fodder roots, potatoes, wheat, hops. The country's industrial tradition dates back to the 19th century, when Bohemia and Moravia were the economic heartland of the Austro-Hungarian Empire. The Czech lands produced a majority of all industrial goods in the Austro-Hungarian Empire, some of which were almost monopolistic. The Czechoslovak crown was introduced in April 1919. Introduced to the Austro-Hungarian currency, it became one of the most stable currencies in Europe. The consequences of the Munich Agreement were disastrous for the economy. In accordance with Stalin's policy of planned interdependence, all the economies of the socialist countries were tightly linked to that of the Soviet Union. Czechoslovakia was the most prosperous country in the Eastern Bloc, however it continued to lag further behind the rest of the developed world. With the disintegration of the economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries in the east. This heritage is both an asset and a liability. The Czech Republic has a well-developed infrastructure.Economy of the Czech Republic – Pankrác financial district in Prague
150. Economy of Denmark – Denmark has a diverse, mixed economy. Cooperatives be it in housing, agriculture or retail. Foundations play a large role as owners of private sector companies. Denmark's nominal GDP was estimated to be the 32nd largest in the world. It no legally stipulated minimum wage. As of January 2015 the rate is at 6.2 %, below the Euro Area average of 11.2 %. As of February 2014 Denmark is among the countries with the highest credit ratings. Denmark's main exports are: 73.3 %; agricultural products and others for consumption 18.7 %. Denmark has since the 1990s had a balance of payments surplus. Imports in 2013 amounted to 49 % of GDP. Notable among the service exports are container shipping. . Taking assets into account as well net debt of the central government was 11 percent. The public sector as a whole had net assets of billion kroner in 2008. Within the European Union, Denmark advocates a liberal policy.Economy of Denmark – Copenhagen
151. Economy of Estonia – Estonia is a member of the European Union and of the eurozone and, according to the IMF, an advanced economy. Products such as butter, cheese were widely known on the western European markets. Only 3 % of all commerce was with the neighbouring USSR. The USSR's annexation of the ensuing Nazi and Soviet destruction during World War II crippled the Estonian economy. Post-war Sovietization of life continued into the USSR's centrally planned structure. Before the war, Estonia and Finland had a relatively similar standard of living. By 1987, capitalist Finland's GDP per capita reached 14,370 USD, while communist Estonia's GDP per capita was around 2,000 USD. Between 2008, the personal income tax rate was reduced from 26 % to 21 % in several steps. Estonia received more foreign investment per capita than any other country in Central and Eastern Europe. It is already rated a high-income country by the World Bank. Because of its economic performance after the Soviet breakup, Estonia has been termed one of the Baltic Tigers. In 2008, Estonia was ranked 12th of 162 countries in the Index of the best of any former Soviet republic. The government is drafting improvements. Estonia is 21st on the Ease of Doing Business Index 2013 by the World Bank Group. Estonia had the EU's worst year for unemployment, which rose to 15.6 % in May 2009.Economy of Estonia – Tornimäe business area in Tallinn
152. Economy of Finland – The largest sector of the economy is services at 72.7 percent, followed at 31.4 percent. Primary production is 2.9 percent. With respect to foreign trade, the economic sector is manufacturing. The largest industries are electronics, machinery, vehicles and other engineered metal products, chemicals. Finland has several mineral and freshwater resources. Forestry, the agricultural sector are politically sensitive to rural residents. The Greater Helsinki area generates around a third of GDP. In a 2004 OECD comparison, high-technology manufacturing in Finland ranked second largest after Ireland. Knowledge-intensive services have also ranked slow-growth sectors -- especially agriculture and low-technology manufacturing -- second largest after Ireland. Investment was below expected. GDP growth has been above many EU peers. Finland has the 4th largest knowledge economy behind Sweden, Denmark and the UK. International trade is a third of GDP. The European Union makes 60 percent of the total trade. The largest trade flows are with Germany, Russia, Sweden, the United Kingdom, the United States, China.Economy of Finland – Helsinki, Finland
153. Economy of France – France has the world's sixth-largest economy by nominal figures and the ninth largest economy by PPP figures. It has the third-largest economy in Europe with Germany in 1st. The OECD is headquartered in the nation's financial capital. The industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. France's industry is a major component of the economy, as France is the most visited destination in the world. Sophia Antipolis is the major hub for the economy of France. According in 2013, France was the world's 20th country by GDP per capita with $44,099 per inhabitant. In 2013, France was listed on the United Nations's Human Development Index on the Corruption Perceptions Index. France's economy appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction. With 31 of the 500 biggest companies of the world in 2015, France ranks 4th in the Fortune Global 500, behind the USA, Japan. French corporations rank amongst the largest in their industries such as AXA in insurance and Air France in air transportation. France embarked under state coordination. The 1981 election of president François Mitterrand saw a short-lived increase in governmental control of the economy, nationalising private banks. This form of increased dirigisme, was criticised early as 1982. By 1983, the government decided to start an era of rigueur or corporatization.Economy of France – La Défense is a major business district in Europe
154. Economy of Germany – Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, fifth by GDP. The country is a founding member of the Eurozone. The economic model of Germany is based on the concept of the social economy. In 2014, Germany recorded the highest surplus in the world worth $285 billion, making it the biggest capital exporter globally. Germany is the third largest exporter in the world with trillion euros in goods and services exported in 2014. The sector contributes around 70 % of the total GDP, industry 29.1 %, agriculture 0.9 %. Exports account for 41% of national output. Germany is rich in iron ore, potash, salt, uranium, nickel, copper and natural gas. Energy in Germany is sourced predominantly followed by nuclear power second, then gas, wind, biomass, hydro and solar. Germany is the first industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the leading producer of wind turbines in the world. Renewables now produce over 27% of electricity consumed in Germany. 99 percent of all German companies belong to the German "Mittelstand," medium-sized enterprises, which are mostly family-owned. Germany is the world's top location for trade fairs. Around two thirds of the world's leading trade fairs take place in Germany.Economy of Germany – Frankfurt, financial capital of Germany.
155. Economy of Greece – The economy of Greece is the 45th largest in the world with a nominal gross domestic product of $195.212 billion per annum. It is also the 51st largest at $288.778 billion per annum. As of 2015, Greece is the fifteenth-largest economy in the 28-member European Union. Greece is ranked 38th and 45th at $17,988 and $26,391 for nominal GDP per capita and purchasing power parity per capita respectively. Greece is a developed country with an economy based on the service and industrial sectors. The agricultural sector contributed 3.9 % of economic output in 2015. Greek industries include tourism and shipping. With million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15 % of global tonnage as of 2013. The increased demand for international transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry. The country is a agricultural producer within the EU. Greece is as an important regional investor. The Greek company OTE has become a strong investor in former Yugoslavia and in other Balkan countries. The country joined what is now the European Union in 1981. In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an rate of 340.75 drachmae per euro.Economy of Greece – Greek agriculture, shipping and tourism
156. Economy of Hungary – Hungary is an export-oriented economy with a heavy emphasis on foreign trade, thus the country is the 35th largest export economy in the world. Hungary's productive capacity is more than 80 % privately owned with overall taxation, which funds the country's welfare economy. As of 2015, the key trading partners of Hungary were Czech Republic. Major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, tourism. Hungary is the largest producer in Central and Eastern Europe. Electronics research are among the main drivers of innovation and economic growth in the country. In the past 20 years Hungary has also grown into a major center for mobile technology, related hardware research. Rate was 6.2 % in 2015 December, down from 11 % during the financial crisis of 2007 -- 08. Hungary is part of the single market which represents more than 508 million consumers. Several commercial policies are determined by agreements among European Union members and by EU legislation. Hungarian companies are included in the BUX, the Hungarian stock market index listed on Budapest Stock Exchange. Well-known companies include MOL Group, the OTP Bank, Gedeon Richter, Magyar Telekom, CIG Pannonia, FHB Bank, Zwack Unicum and more. Besides these, Hungary has large number of specialised medium enterprises, for example many automotive industry suppliers and technology start ups, among others. Budapest is the financial and business capital of Hungary. On the national level, Budapest is the primary city of Hungary for business, accounting for 39% of the national income.Economy of Hungary
157. Economy of the Republic of Ireland – The economy of Ireland is a modern knowledge economy, focusing on services and high-tech industries and dependent on trade, industry and investment. GDP is significantly greater than GNP due to the repatriation of profits and royalty payments by multinational firms based in Ireland. A 2005 study by The Economist found Ireland to have the best quality of life in the world. One of the keys to this economic growth was a low tax, currently at 12.5 % standard rate. The financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. The economic climate was reported in April 2010, even to have led to a resumed emigration. In May 2013 the European Commission's economic forecast for Ireland predicted its growth rates would return to 2.2 % in 2014. The Irish economy grew by an unexpected 26.3 % in 2015. During the 1950s, 400,000 people emigrated from Ireland. It became increasingly clear that economic nationalism was unsustainable. While European countries enjoyed fast growth, Ireland suffered economic stagnation. In the 1970s, the population increased by national income increased at an annual rate of about 4 %. The state sector amounted to a large part of that. Public employment was a third of the total workforce by 1980. Budget public debt increased, leading to the crisis in the 1980s.Economy of the Republic of Ireland – Dublin City Centre
158. Economy of Italy – The economy of Italy is the 3rd-largest national economy in the Euro Zone, the 8th-largest by nominal GDP in the world, the 12th-largest by GDP. The country is a founding member of the European Union, the Eurozone, the OECD, the G8. Italy is the eighth largest exporter in the world with $ billion exported in 2016. Ties are with the other countries of the European Union, with whom it conducts about 59 % of its total trade. The largest trading partners, in order of share, are Germany, France, United States, Switzerland, United Kingdom, Spain. Italy is the third net contributor to the budget of the European Union. Italy is the largest market for luxury goods in Europe. Despite these important achievements, the country's today suffers from structural and non-structural problems. After the unification, industrialization was largely artisanal, located in the political capitals; factory industry was instead attracted by the waterfalls of the subalpine Northwest. During the Great War, the Italian Royal Army increased with 5 million recruits in total entering service during the war. This came at a terrible cost: by the end of the war, Italy had a budget deficit of billions of lira. Italy emerged in a poor and weakened condition. The National Fascist Party of Benito Mussolini came to power at the end of a period of social unrest. During the first years of the new regime, the Fascist pursued a economic policy: they initially reduced taxes, regulations and trade restrictions on the whole. However, once Mussolini acquired a firmer hold of power, free trade were progressively abandoned in favour of government intervention and protectionism.Economy of Italy – Milan is the financial centre of Italy
159. Economy of Latvia – The economy of Latvia is an open economy in Northern Europe and is part of the European Union's single market. Latvia is a member of the World Trade Organization since 1999, of the Eurozone since 2014. Due to its geographical location, transit services are highly developed, along with manufacturing of machinery and electronic devices. In 2011 Latvia achieved GDP growth by 5.5% and thus Latvia again was among the fastest growing economies in the European Union. The IMF/EU program successfully concluded in December 2011. Privatization is mostly complete, for some of the large state-owned utilities. Export growth contributed to the economic recovery, however the bulk of the country's economic activity is in the services sector. On July 2016 Latvia became a full member of the OECD. For centuries under German influence and then during its inter-war independence, Latvia used its geographic location as an important East-West commercial and trading center. Industry served local markets, while paper and agricultural products were Latvia's main exports. After reestablishing its independence, Latvia proceeded with market-oriented reforms, albeit at a measured pace. The lat, was introduced in 1993 and held steady, or appreciated, against major world currencies. Inflation was reduced to 25 % by 1995 and 1.4 % by 2002. After contracting substantially between 1991 -- 93, the economy steadied in late 1994, led by a boom in commerce and finance. After 2000, Latvian GDP grew for 4 consecutive years.Economy of Latvia – Riga
160. Economy of Lithuania – Lithuania is a member of the European Union and the largest economy among the three Baltic states. Lithuania belongs to the group of very high human development countries. It enjoyed high growth rates after joining the European Union along with the Baltic states, leading to the notion of a Baltic Tiger. GDP growth reached its peak in 2007, still growing slightly in 2008. Similar to the other Baltic States, the Lithuanian economy suffered a deep recession with GDP falling by almost 15 %. GDP growth has resumed in 2010, albeit at a slower pace than before the crisis. GDP per capita in Lithuania is 70% above the world's average of $10,500. The history of Lithuania can be divided into seven major periods. All the periods have some important facts that affected the economic situation of the country in those times. Lithuanian tribes maintained close trade contacts with the Roman Empire. Amber was the main good via a long route called the Amber Road. Consolidation of the Lithuanian lands began in the 12th century. Andreas Stirland crowned Mindaugas, the first pan-Lithuanian ruler, as the Catholic King of Lithuania in 1253. The Grand Duchy was open to everyone. Economic immigrants improved the level of handicrafts.Economy of Lithuania – Gediminas Avenue in autumn
161. Economy of Luxembourg – The economy of Luxembourg is largely dependent on the banking, steel, industrial sectors. Luxembourgers enjoy the second highest per capita gross domestic product behind Qatar. Luxembourg is seen as a industrialized nation, contrasting the oil boom in Qatar, the major monetary source of the southwest Asian state. Although Luxembourg in literature is aptly called the "Green Heart of Europe", its pastoral land coexists with a highly industrialized and export-intensive area. Luxembourg's economy is quite similar to Germany's. Luxembourg enjoys a degree of economic prosperity very rare among industrialized democracies. This was however reduced to 1.4% in 2010. In 2013 the GDP was $ billion of which services, including the financial sector, produced 86 %. The financial sector comprised 36 % of GDP, agriculture only 0.3 %. Banking is the largest sector in the Luxembourg economy. The country has specialised in the cross-border fund business. As Luxembourg's domestic market is relatively small, the country's financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg, with over 27,000 employees. These factors have contributed in Europe. Major US banks also heavily represented.Economy of Luxembourg – Economy of Luxembourg
162. Economy of Malta – Malta is a highly industrialised, service based economy. It is a member of the eurozone, having formally adopted the euro on 1 January 2008. The economy is dependent on foreign trade, tourism and financial services. In 2014, over million tourists visited the island. At 5.9 %, Malta has the sixth lowest rate in the EU. Malta is the 15th most democratic country according to the Economist Intelligence Unit's Democracy Index. During the Napoleonic Wars, Malta's economy became the focal point of a major trading system. In 1808, two-thirds of the cargo consigned from Malta went to Levant and Egypt. Later, one-half of the cargo was usually destined for Trieste. Cargo consisted of largely colonial-manufactured goods. Many artisans, such as weavers, found new jobs in the port industry. During the Battle of Navarino, which took place in Greece, the British fleet was based in Malta. In 1839, the Peninsular and Oriental Steam Navigation Company and East India Companies used Malta on their Egypt and Levant runs. In 1869, the opening of the Suez Canal benefited Malta's economy greatly as there was a massive increase in the shipping which entered in the port. The economy had entered a special phase.Economy of Malta – Valletta, Malta
163. Economy of the Netherlands – . GDP per capita is roughly $43,404 which makes one of richest nations in the world. Between 2000 annual economic growth averaged over 4 %, well above the European average. Growth slowed considerably as part of the global economic slowdown. 2007 however showed economic growth of 3.4 % and 3.9 %. The Dutch economy was hit considerably by the ensuing European debt crisis. Beginning in the 1950s, the Netherlands discovered natural gas resources. The sale of natural gas, generated enormous revenues for the Netherlands for decades to come, adding hundreds of billions of euros to the government's budget. However, the unforeseen consequences of the country's huge wealth, impacted the competitiveness of other sectors of the economy, leading to the theory of Dutch disease. The Netherlands have a open economy, which depends heavily on foreign trade. Industrial activity is predominantly in food processing, chemicals, petroleum refining, hightech, financial services, electrical machinery. A highly mechanised agricultural sector provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the currency on 1 January 2002. The financial policy has been abandoned in 2009 on account of the current credit crises. The relatively large sector was partly nationalised and bailed out through government interventions.Economy of the Netherlands – Zuidas in Amsterdam
164. Economy of Poland – Before the late-2000s recession, its economy grew at a yearly rate of over 6.0%. Poland is classified as high-income economy by World Bank. The largest component of its economy is the sector, followed by industry and agriculture. With the economic reform of 1989 the external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$ billion worth of goods around the globe in 2015, up by 5.4 % since 2011 and down 7.6 % from 2014 to 2015. The top Poland exports include machinery, electronic equipment, vehicles, plastics. According in 2010 the Polish economic growth rate was 3.9 %, one of the best results in Europe. In Q1 2014 its economy is expected to grow by 3.4 % in 2014, 3.7 % in 2015 and 3.9 % in 2016. Poland has compared to the EU-15. It has had economic growth since 1992, even after the 2007 financial crisis. This article discusses the economy of the current Poland, post-1989. The agricultural sector remains handicapped by structural problems, surplus labor, a lack of investment. Recent foreign investments in energy and steel have begun to turn the tide. Recent reforms in health care, education, state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with focus on inflation, are priorities for the Polish government.Economy of Poland – Warsaw
165. Economy of Portugal – The Economy of Portugal is of a mixed nature and functions in support of a high income country. Portugal ranked 38th for 2015-2016. Portugal's ranking continuously recovered from the 51st position in 2013 to the 36th in 2014. Regional groups that are significant trade partners of Portugal are the NAFTA, the PALOP, the Maghreb and the Mercosul. The country has been a part of the Eurozone since its inception. The growth has been accompanied by a continuous fall in the unemployment rate. The Government deficit has also been reduced from the 11.2 % of GDP in 2010 to 4.8 % in 2014. The country, with a transcontinental empire with plenty of vast unexploited areas, was among the most powerful nations in the world. After a short period of economic divergence before 1914, the Portuguese economy recovered slightly until 1950, entering thereafter on a path of economic convergence. Portuguese economic growth in the period 1960–1973 created an opportunity for real integration with the developed economies of Western Europe. Through emigration, trade, foreign investment, individuals and firms changed their patterns of production and consumption, bringing about a structural transformation. Simultaneously, the increasing complexity of a growing economy raised new organizational challenges, stimulating the formation of modern professional and management teams. Its overseas territories on the eve of the Carnation Revolution was growing well above the European average. Economic policy encouraged and created conditions for the formation of large business conglomerates. These Portuguese conglomerates zaibatsus.Economy of Portugal – Parque das Nações (Lisbon)
166. Economy of Romania – After consistent growth during its Communist period, the post-Communist period triggered catastrophic downturns, requiring reforms in early 2000s. These, combined to the European Union finally allowed growth to compensate for and slightly exceed Communist-era peaks. Romania has experienced growth in foreign investment with a cumulative FDI totaling more than $ billion since 1989. Up until the late financial crisis, the Romanian economy had been referred to as a "Tiger" due to its high growth rates and rapid development. Until 2009, Romanian economic growth was among the fastest in Europe. The country is a regional leader such as IT and motor vehicle production. The capital city, is one of the largest financial and industrial centres in Eastern Europe. With production of 7.2 million tons in 1937, Romania ranked second in Europe and seventh in the world. The oil extracted from Romania was essential for the German war campaigns. Before World War II, Romania was Europe's second-largest producer. After the Second World War, Romania switched to a socialist-style command economy. During this period the country experienced rapid industrialization in an attempt to create a "multilaterally developed socialist society". This eventually led to a growing foreign debt, which peaked at $11 -- 12 billion. Romania's debt was largely paid off by implementing severe austerity measures which deprived Romanians of basic consumer goods. Before the Romanian Revolution, Romania had a GDP of about 800 billion lei, or $53.6 billion.Economy of Romania – Bucharest, Romania
167. Economy of Slovakia – Since GDP grew strongly from 2000 until 2008 – reporting 10.4% growth in 2007 – the Slovak economy was referred to as the Tatra Tiger. Slovakia adopted the euro at the beginning of 2009. Bratislava, is the largest financial centre in Slovakia. As of March 2016, the rate was 10.2 %. Privatization was uneven. Annual GDP growth peaked at 6.5 % in 1995 but declined to 1.3 % in 1999. Two governments of Prime Minister Mikuláš Dzurinda pursued policies of macroeconomic stabilization and market-oriented structural reforms. Foreign investment has picked up. Economic growth exceeded expectations despite recession in key export markets. In 2001 policies of structural reform led to spiraling unemployment. Unemployment peaked at 19.2% in 2001 and though it has fallen to 9.8%( or 13.5% as of September 2006, it remains a problem. Domestic demand boosted economic growth to 4.1 % in 2002. Strong growth, in turn, pushed economic growth to a still-strong 4.2 % in 2003 and 5.4 % in 2004, despite a downturn in household consumption. Multiple reasons entailed a GDP growth of 6% in 2005. In July 2005, the rate dropped to 2.0 % and is projected at less than 3 % in 2005 and 2.5 % in 2006.Economy of Slovakia – Headquarters of Slovakia's central bank in Bratislava
168. Economy of Slovenia – Nominal GDP in 2015 was 38.570 mio EUR, nominal GDP per capita in 2015 was EUR. Slovenia is situated at a major transport crossroad. On the other hand, the level of direct investment is one of the lowest but is rising steadily in last years. Slovenian economy has been severely hurt by the economic crisis, which started in late 2000s. After 2013 is GDP/pc rising again. Almost two thirds of the working population are employed in services. It thus gained independence with an already relatively prosperous economy and strong market ties to the West. Since that time it has vigorously pursued diversification of its trade into Western and transatlantic institutions. Slovenia is a founding member of the World Trade Organization, joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism. The euro was circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI, well as in the Central European Initiative, the Royaumont Process, the Black Sea Economic Council. In the late economic crisis, the Slovenian economy suffered a severe setback. In 2009 the Slovenian GDP per capita shrunk by 7.9 %, the biggest fall in the European Union after the Baltic countries and Finland. After a slow recovery from the 2009 recession thanks to exports, the economy of Slovenia again slid in the last quarter of 2011.Economy of Slovenia – Ljubljana
169. Economy of Spain – Spain has the fourteenth-largest economy by nominal GDP in the world, it is also among the largest in the world by purchasing power parity. The country is a member of the European Union, the World Trade Organization. The Spanish economy is the fourth-largest in the Eurozone, based on nominal GDP statistics. In 2012, Spain was the twelfth-largest exporter in the sixteenth-largest importer. According to The Economist, Spain has the world's 10th highest quality of life. Spain has also the biggest expectancy in Europe. Following the financial crisis of 2007 -- 08, the Spanish economy's plunged into recession, entering a cycle of macroeconomic performance. Compared to the EU's and US. average, the Spanish economy entered recession later, but stayed there for longer. The economic boom of the 2000s was reversed, leaving by 2012. In aggregated terms, the Spanish GDP contracted during the 2009-2013 period. The economic situation started improving by 2013-2014. During the boom years, Spain had built up a deficit eventually reaching a record amounting to 10 % of GDP. Exports in 2014 were 34% of GDP, up from 24% in 2009. When Spain joined the EEC in 1986 its GDP per capita was about 72% of the average of its members. Three regions were included in the leading EU group exceeding 125 % of the GDP per capita level: Basque Country leading with Madrid and Navarre.Economy of Spain – Cuatro Torres Business Area in Madrid
170. Economy of Sweden – The economy of Sweden is a developed export-oriented economy aided by timber, hydropower, iron ore. These constitute the base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, steel. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total revenue behind Denmark, as a share of the country's income. As of 2012, total revenue was 44.2 % of GDP, down from 48.3 % in 2006. The National Institute of Economic research predicts GDP growth in 2014, 2015 and 2016 respectively. In the 19th century Sweden evolved into the beginnings of an industrialized, urbanized country. Poverty was still widespread. However, incomes were sufficiently high to finance emigration to distant places, prompting a large portion of the country to leave, especially to the United States. The creation of a modern economic system, banks and corporations were enacted during the later half of the 19th century. During that time Sweden was in a way the "powerhouse" of the Scandinavian region with a strong process commencing in the 1860s. By the 1930s, Sweden had what Life magazine called in 1938 the "world's highest standard of living". Culminating with the deep recession of the early 1990s, Swedish standards of living developed less favorably than many other industrialized countries. Since the mid-1990s the economic performance has improved.Economy of Sweden – Stockholm, Sweden
171. Economy of the United Kingdom – It is one of the most globalised economies, is composed of the economies of England, Scotland, Wales and Northern Ireland. Britain's industry is the second - or third-largest national industry depending on the method of measurement. The UK has the third-highest share of development. Of the world's 500 largest companies, 26 are headquartered in the UK. There are regional variations in prosperity, with southern Scotland being the richest areas per capita. The size of London's economy makes it the largest city by GDP in Europe. The costs of fighting World War I and World War II further weakened the UK's relative position. In the 21st century, however, it has an influential role in the economy. Since 1979 management of the economy has followed a broadly laissez-faire approach. The Bank of England is the UK's central bank and its Monetary Policy Committee is responsible for setting interest rates, quantitative easing, forward guidance. Wilson formed a minority government in March 1974 after the general election on 28 February ended in a hung parliament. Wilson secured a three-seat majority in a second election in October that year. In 1976, the UK was forced to request a loan of £2.3 billion from the International Monetary Fund. This triggered the May 1979 general election which resulted in Margaret Thatcher's Conservative Party forming a new government. During the 1980s, most state-owned industries and utilities were privatised, markets deregulated.Economy of the United Kingdom – Canary Wharf in London, the financial hub of the United Kingdom
172. Chinese Taipei – The term is deliberately ambiguous. Most democratic countries continued to support the Nationalist government while communist nations recognize the Communist government. The ROC needed to come to how it would be referred when there was by the PRC. The International Olympic Committee, had informally been using in international Olympic activities a number of names to differentiate the ROC from the PRC. "Taiwan" was used at the Tokyo Games. In 1979, the PRC agreed to participate in IOC activities if the Republic of China was referred to as "Chinese Taipei". What people refer to as Taiwan is one of several areas or islands and Taiwan alone did not reflect the “territorial extent” of the ROC. Some wines from Kinmen are labeled “made in Kinmen,” just as some perfume is labeled “made in Paris” and not “made in France.” Taiwan's own government, the ROC government under the Kuomintang, rejected the designation of "Taiwan, China" on the grounds that this would imply subordination to the PRC. It regarded the term Chinese Taipei from interested parties. Its proposal found agreement. Beijing accepted the compromise position that the ROC Olympic Committee could be named the "Chinese Taipei Olympic Committee". However, its anthem, flag and constitutions should be changed correspondingly. The name "Chinese Taipei" was formally accepted by the Government of the Republic of China in 1981. A flag bearing the emblem of its Olympic Committee against a white background as the Chinese Taipei Olympic flag was confirmed in January 1981.Chinese Taipei – ROC team at the 2010 Winter Olympics opening ceremony with Chinese Taipei flag