Template:World Trade Organization
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1. International Trade Centre – The International Trade Centre is a subsidiary organization of the World Trade Organization and the United Nations Conference on Trade and Development and provides trade-related technical assistance. The pure focus on technical assistance is rare within the UN system as most other organizations that provide technical assistance usually engage in multiple areas, ITC has its headquarters in Geneva and one field office in Mexico City. The agreement was reached in 1967 and the International Trade Centre was officially established on 1 January 1968, iTCs 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 beneficiaries, Policymakers trade-support institutions, and enterprises. Some services are 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, an interactive online database on international trade statistics. It presents indicators on export performance, international demand, alternative markets, 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 company contact information module to help companies identify trading partners in 64 countries, Trade Map sources yearly data from UN COMTRADE and collect monthly data directly from national statistics bureaus or customs authorities. An analytical web application the serves the Millennium Development Goals efforts the aim of enhancing market access transparency, 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 MFN and preferential tariffs of over 190 countries as well as Non-Tariff Measures data for approximately 70 countries and it recently became available in French and Spanish in response to growing number of active users from Latin America and Africa. ITC had since its creation in 1964 six Executive Directors, twice in its history the position was vacant, in the early Seventies and the early Nineties. ITCs Executive Director is an international civil servant of the United Nations with the level of Assistant Secretary-General. ITCs Executive Director as well as the Deputy-Executive Director are appointed by the heads of its two parent organizations, the Director-General of the WTO and the Secretary-General of the UNCTAD, United Nations Conference on Trade and Development World Trade Organization Trade and development Official websiteInternational Trade Centre
2. 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, according to the WTO, it is sometimes described as a free trade institution, but that is 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, fair and undistorted economic competition. The actions and methods of the World Trade Organization evoke strong antipathies, among other things, the WTO is accused of widening the social gap between rich and poor it claims to be fixing. UNCTAD estimates that the market distortions cost the developing countries $700 billion annually in lost export revenue, Khor argues that developing countries have not benefited from the WTO Agreements of the Uruguay Round and, therefore, the credibility of the WTO trade system could be eroded. Jagdish Bhagwati asserts, however, that there is greater tariff protection on manufacturers in the poor countries, other critics claim that the issues of labor and environment are steadfastly ignored. Steve Charnovitz, former Director of the Global Environment and Trade Study, on the other side, Khor responds that if environment and labor were to enter the WTO system it would be conceptually difficult to argue why other social and cultural issues should also not enter. He also argues that trade measures have become a vehicle for big corporations, scholars have identified GATT Article XX as a central exception 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, these lobbies and 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 such non-trade agendas might overwhelm the organizations function, according to Panagariya, taken in isolation, TRIPs resulted in reduced welfare for developing countries and the world as a whole. For a discussion on the incorporation of labor rights into the WTO, results of green room discussions are presented to the rest of the WTO which may vote on the result. They have thus proposed the establishment of a small, informal steering committee that can be delegated responsibility for developing consensus on trade issues among the member countries. The Third World Network has called the WTO the most non-transparent of international organisations, because the vast majority of developing countries have very little real say in the WTO system. Dr Caroline Lucas recommended that such an assembly have a prominent role to play in the form of parliamentary scrutiny, and also in the wider efforts to reform the WTO processes. The lack of transparency is often seen as a problem for democracy, politicians can negotiate for regulations that would not be possible or accepted in a democratic process in their own nations. Some countries push for certain standards in international bodies and then bring those regulations home under the requirement of harmonization. This is often referred to as Policy Laundering, reforming WTO Decision Making, Lessons from Singapore and SeattleCriticism of the World Trade Organization – Protestors clashing with Hong Kong police in the Wan Chai waterfront area during the WTO Ministerial Conference of 2005.
3. General Agreement on Tariffs and Trade – General Agreement on Tariffs and Trade was a multilateral agreement regulating international trade. According to its preamble, its purpose was the reduction of tariffs and other trade barriers. It was negotiated during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization, GATT was signed by 23 nations in Geneva on October 30,1947 and took effect on January 1,1948. It lasted until the signature by 123 nations in Marrakesh on April 14,1994 of the Uruguay Round Agreements, the original GATT text is still in effect under the WTO framework, subject to the modifications of GATT1994. GATT held a total of nine rounds, The second round took place in 1949 in Annecy,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 world body. The fourth round returned to Geneva in 1955 and lasted until May 1956, twenty-six countries took part in the round. $2.5 billion in tariffs were eliminated or 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, twenty-six countries took part in the round. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the creation of the European Economic Community, the sixth round of GATT multilateral trade negotiations, held from 1963 to 1967. It was named after U. S. President John F. Kennedy in recognition of his support for the reformulation of the United States trade agenda and this Act gave the President the widest-ever negotiating authority. Japans high economic growth rate portended the major role it would play later as an exporter, indeed, there was an influential American view that saw what became the Kennedy Round as the start of a transatlantic partnership that might ultimately lead to a transatlantic economic community. To an extent, this view was shared in Europe, an example of this was the French veto in January 1963, before the round had even started, on membership by the United Kingdom. Another was the crisis of 1965, which ended in the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the Chicken War, some participants in the Round had been concerned that the convening of UNCTAD, scheduled for 1964, would result in further complications, but its impact on the actual negotiations was minimal. The working hypothesis for the negotiations was a linear tariff cut of 50% with the smallest number of exceptionsGeneral Agreement on Tariffs and Trade – Terminology
4. 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 renegotiated in parallel with the Uruguay Round in 1994, the agreement was subsequently revised on 30 March 2012. The revised GPA came into effect on 6 July 2014 and it regulates the government procurement of goods and services by the public authorities of the parties to the agreement, based on the principles of openness, transparency and non-discrimination. Several commentators have suggested that following the United Kingdoms departure from the European Union, the plurilateral Agreement on Government ProcurementAgreement on Government Procurement – Parties
5. Information Technology Agreement – Since 1997 a formal Committee under the WTO watches over the following of the Declaration and its Implementations. The aim of the treaty is to all taxes and tariffs on information technology products by signatories to zero. Ministerial Declaration on Trade in Information Technology Products, 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.1 doc#97-1935, G/L/160/Add.2 doc#97-3676,2 April 1997,5 May 1997,17 September 1997Information Technology Agreement – Information Technology Agreement parties
6. 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 and 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 and he was then succeeded by Roberto Azevêdo. Pascal Lamy was also European Commissioner for Trade and is currently the Honorary President of the Paris-based think tank, Notre Europe. Born in Levallois-Perret, Hauts-de-Seine, a suburb of Paris, Lamy studied at Sciences Po Paris, from HEC and ÉNA, Lamy is also an honorary graduate of the University of Warwick. He then joined the service, and in this role he ended up serving as an adviser to Jacques Delors as Economics and Finance Minister. Lamy has been a member of the French Socialist Party since 1969, when Delors became President of the European Commission in 1984, he took Lamy with him to serve as chef de cabinet, which he did until the end of Delors term in 1994. During his time there, Lamy became known as the Beast of the Berlaymont and he was seen as ruling Delors office with a rod of iron, with no-one able to bypass or manipulate him and those who tried being banished to one of the less pleasant European postings. 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 commissions 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. On 13 May 2005, Lamy was chosen as the next director-general of the World Trade Organization and he had been nominated by the European Union and won over candidates including Carlos Pérez del Castillo of Uruguay and Jaya Krishna Cuttaree of Mauritius. On 30 April 2009, Lamy was re-elected unanimously by the WTO General Council for a term of four years. He also served as the chairman of the organizations Trade Negotiations Committee and he was the WTOs fifth director-general. His hobbies include running and cycling, the Geneva Consensus, Making Trade Work for All. The Economic Summit and the European CommunityPascal Lamy – Pascal Lamy
7. 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 from September 1,2002 to September 1,2005 and he was succeeded by Pascal Lamy. In 1986 Supachai Panitchpakdi was appointed as Thailands Deputy Minister of Finance, in 1992 he returned to politics and became Deputy Prime Minister until 1995, responsible for trade and economics. During the Asian financial crisis in November 1997 he returned to be Deputy Prime Minister, in September 1999 he was elected to become Director-General of the World Trade Organization, sharing the post with competitor Mike Moore when a decision could not be reached. Taking the second half of the term, he entered office on September 1,2002. In March 2005 he was appointed to become the Secretary-General of the UN Conference on Trade and Development following his term at the WTO and he was appointed for a second four-year term in September 2009. Keen to reform and revitalise the organisation, he has established a Panel of Eminent Persons to oversee the start of reform of UNCTAD. Supachai received his masters degree in Economics, Development Planning and his Ph. D. in Economic Planning, in 1973, he completed his doctoral dissertation under supervision of Professor Jan Tinbergen, the first Nobel laureate in economics. In the same year, he went to Cambridge University as a fellow to conduct research on development models. He published numerous books, including Educational Growth in Developing Countries, Globalization and Trade in the New Millennium and China, UNCTAD - Secretary-Generals Office UNCTAD - Secretary-Generals Biography UNDT judgment UNDT/2012/136 Biography at WTOSupachai Panitchpakdi – Supachai Panitchpakdi
8. 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 seemed to be gaining momentum and had increased 300% from 2008, Albania has the second largest oil deposits in the Balkans and the largest onshore oil reserves in Europe. The collapse of communism in Albania came later and was more chaotic than in other Eastern European countries and was marked by an exodus of refugees to Italy. The country attempted to transition to autarky, but this eventually failed badly, attempts at reform began in earnest in early 1992 after real GDP fell by more than 50% from its peak in 1989. Albania currently suffers from high organised crime and corruption rates, key elements included price and exchange system liberalization, fiscal consolidation, monetary restraint, and a firm income policy. Most agriculture, state housing, and small industry were privatized and this trend continued with the privatization of transport, services, and 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 power 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 income country by Western European standards, with GDP per capita greater than the several countries in the region. According to Eurostat, Albanias GDP per capita stood at 35 percent of the EU average in 2008, Unemployment rate of 17. 3% is considerably higher than many countries in Balkans, For Example, Serbia has an unemployment rate of 16. 6%. Results of Albanias efforts were initially encouraging, led by the agricultural sector, real GDP grew by an estimated 11% in 1993, 8% in 1994, and more than 8% in 1995, with most of this growth in the private sector. Annual inflation dropped from 25% in 1991 to single-digit numbers, the Albanian currency, the lek, stabilized. Albania became less dependent on food aid, the speed and vigour of private entrepreneurial response to Albanias opening and liberalizing was better than expected. Beginning in 1995, however, progress stalled, with negligible GDP growth in 1996, a weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 12%. Inflation approached 20% in 1996 and 50% in 1997, the lek initially lost up to half of its value during the 1997 crisis, before rebounding to its January 1998 level of 143 to the dollar. The new government, installed in July 1997, has taken measures to restore public order and to revive economic activity. Albania is currently undergoing an intensive macroeconomic restructuring regime with the International Monetary Fund, the need for reform is profound, encompassing all sectors of the economy. In 2000, the oldest commercial bank, Banka Kombetare Tregtare/BKT was privatized, in 2004, the largest commercial bank in Albania—then the Savings Bank of Albania—was privatised and sold to Raiffeisen Bank of Austria for US$124 millionEconomy of Albania – Albania Export Treemap, 2012
9. 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 war that plagued the country from its independence in 1975 to 2002. Despite extensive oil and gas resources, diamonds, hydroelectric potential, and rich land, Angola remains poor. Since 2002, when the 27-year civil war ended, the nation has worked to repair and improve ravaged infrastructure, the Portuguese explorer Diogo Cão reached the Angolan coast in 1484, after which Portugal began to found trading posts and forts along the shore. Paulo Dias de Novais founded Sāo Paulo de Loanda in 1575, são Felipe de Benguella followed in 1587. The principal early trade was in slaves, Portuguese merchants purchased the slaves from the local Imbangala and Mbundu peoples, notable slave hunters, and sold them to the sugarcane plantations in Brazil. Brazilian ships were frequent visitors to Luanda and Benguela and Angola functioned as a kind of colony of Brazil, with Brazilian Jesuits active in its religious, the Portuguese Empire was neglected during the period of the Iberian Union, which lasted from 1580 to 1640. The Dutch, bitter enemies of their masters in Spain. During Portugals separatist war against Spain, the Dutch occupied Luanda from 1640 to 1648, the Dutch used the territory to supply their own slaves to the sugarcane plantations of Northeastern Brazil, which they had also seized from Portugal. John Maurice, Prince of Nassau-Siegen, conquered the Portuguese possessions of Saint George del Mina, Saint Thomas, Portugal recovered the territory between 1648 and 1650. In the high plains, the Planalto, the most important native states were Bié and Bailundo, Portugal expanded into their territory, but did not control much of the interior prior to the late 19th century. The Portuguese started to develop townships, trading posts, logging camps, from 1764 onwards, there was a gradual change from a slave-based society to one based on production for domestic consumption and export. Following the independence of Brazil in 1822, the trade was formally abolished in 1836. However it did continue locally into the 20th century, in 1844, Angolas ports were opened to foreign shipping. The principal exports of the economy in the 19th century were rubber, beeswax. Maize, tobacco, dried meat and cassava flour also began to be locally produced, grains, sugar, and rum were also produced for local consumption. The principal imports were foodstuffs, cotton goods, hardware, legislation against foreign traders was implemented in the 1890s. The territorys prosperity, however, continued to depend on plantations worked by labor indentured from the interior, from the 1920s to the 1960s, strong economic growth, abundant natural resources and development of infrastructure, led to the arrival of even more Portuguese settlersEconomy of Angola – Luanda is the financial center of Angola
10. Economy of Bahrain – The Bahraini currency is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking, the countrys capital, Manama is home to many large financial structures. Bahrains finance industry is very successful, in 2008, Bahrain was named the worlds fastest growing financial center by the City of Londons Global Financial Centres Index. Bahrains banking and financial sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum production is Bahrains most exported product, accounting for 60% of export receipts, 70% of government revenues, aluminium production is the second most exported product, followed by finance and construction materials. According to the 2011 Index of Economic Freedom, Bahrain has the freest economy in the Middle East, an alternative index, published by the Fraser Institute, puts Bahrain in 44th place tied with 7 other countries. Bahrain was recognised by the World Bank as an income economy. This is a chart of trend of gross product of Bahrain at market prices estimated by the International Monetary Fund with figures in millions of Bahraini Dinars. For purchasing power parity comparisons, the US Dollar is exchanged at 0.30 Bahraini Dinars only, mean wages were $19.81 per man-hour in 2009. In 2003 and 2004, the balance of performance improved due to rising oil prices. As a result, the current account balance registered a surplus of US$219 million in 2003, Bahrains gross international reserves increased substantially in 2004 to US$1.6 billion, compared with US$1.4 billion in the previous three years. Though Current GDP per capita shrank by 2. 4% in the 1980s, Bahrains urgency in embracing economic liberalisation is due to its need to diversify the economy away from its limited oil supplies. Unlike its Persian Gulf neighbours, Bahrain has little oil wealth, the Kingdom is the main banking hub for the Persian Gulf and a centre for Islamic finance, which has been attracted by the strong regulatory framework for the industry. The main risk stems from potential overheating in the economies of the region, prudential regulations are modern and comprehensive, and supervision is generally effective, especially in the dominant banking sector. Supervisory capacity needs to be expanded in line with new regulations and to keep up with the growth, the further expansion of the Islamic sector, the development of housing finance, and the deepening of securities markets are important for the future growth of the financial system. The banking and insurance sectors will eventually undergo consolidation, in 2005, Bahrain signed the US-Bahrain Free Trade Agreement, becoming the first Persian Gulf state to sign such a bilateral trade agreement with the United States. As a result, the economy has been positioned to exploit the extra revenues generated in the region thanks to the sustained high oil prices since 2002. In January 2006, the United Nations Economic and Social Commission for Western Asia cited Bahrain as the fastest growing economy in the Arab world, between 1981 and 1993, Bahrain Government expenditures increased by 64%Economy of Bahrain – Bahrain skyline
11. Economy of Barbados – Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances. After a painful re-adjustment process, the economy began to again in 1993. Growth rates have averaged between 3%–5% since then, the countrys three main economic drivers are, tourism, the international business sector, and foreign direct-investment. These are supported in part by Barbados operating as a service-driven economy, 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, since the first settlement by the British in 1625, through history the economy of Barbados was primarily dependent on agriculture. It had been recorded that minus the marshes and gully regions, quickly Barbados was then divided into large estate-plantations and using indentured labour mainly from the British Isles for the cultivation of tobacco and cotton crops were first introduced. The island, facing a large amount of competition from the North American colonies, cultivation of sugar 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 cane 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 well into the 20th century. With the emancipation of African slaves in the British Empire in 1811, thereafter many Bajans started to more emphasis on upward mobility. During the 1920s, politicians in Barbados started a push for more self-government along with Barbados seeking to more of the profits from economic growth within the country. Much of the profits were being repatriated by the British government to the United Kingdom, as the 1940s–1950s rolled around, Barbados moved towards developing political ties with neighbouring Caribbean islands. By 1958 the West Indies Federation was created by Britain for Barbados, the Federation was first led by the premier of Barbados, however the experiment ended by 1962. Later Barbados tried to negotiate several other unions with other islands, the island peacefully negotiated with Britain its own independence and became a sovereign nation at midnight on 30 November 1966. After the country independent of the United Kingdom on 30 November 1966 sugar cane still remained a chief money-maker for Barbados. The islands politicians tried to diversify the economy from just agriculture, during the 1950s–1960s visitors from both Canada and the United Kingdom started transforming tourism into a huge contributor for the Barbadian economy. As the 1970s progressed, global companies started to recognise Barbados for its educated population. In May 1972 Barbados formed its own Central Bank, breaking off from the East Caribbean Currency AuthorityEconomy of Barbados – Central Bank of Barbados
12. Economy of Benin – The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of GDP and roughly 80% of official export receipts, there is also production of textiles, palm products, and cocoa beans. Maize, beans, rice, peanuts, cashews, pineapples, cassava, yams, Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing, a modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized, a French brewer acquired the former state-run brewery. Smaller businesses are owned by Beninese citizens, but some firms are foreign owned, primarily French. The private commercial and 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 light industry, which is mainly involved in processing primary products. The service sector has grown quickly, stimulated by economic liberalization and fiscal reform, membership of the CFA Franc Zone offers reasonable currency stability as well as access to French economic support. Benin sells its products mainly to France and, in quantities, to the Netherlands, Korea, Japan. France is Benins leading source for imports, Benin is also a member of the Economic Community of West African States. Despite its rapid growth, the economy of Benin still remains underdeveloped and dependent on agriculture, cotton production. Growth in real output averaged a sound 5% since 1996, but a population rise offset much of this growth on a per capita basis. Inflation has subsided over the past several years, commercial and transport activities, which make up a large part of GDP, are vulnerable to developments in Nigeria, particularly fuel shortages. Two major products involved such working conditions in Benin, cotton, benin’s financial sector is dominated by banks, and in general remains shallow. However, a series of reforms were undertaken in the 1990s, a legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions is in place and underwent significant reforms in 1999. There is no customer deposit insurance system, Benin has a lively and diversified microfinance sector. Data from 2003 by the Central Bank stated a penetration rate of services of almost 60 percentEconomy of Benin – Cotonou is the largest city and economic capital of Benin
13. 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 middle income 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 instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy and high incidence of disease has kept the supply in flux. The mining industry, especially the extraction of gas and zinc. Inflation has plagued, and at times crippled, the Bolivian economy since the 1970s, at one time in 1985, Bolivia experienced an inflation rate of more than 20,000 percent. Fiscal and monetary reform reduced the rate to single digits by the 1990s. 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. Parallel legislative reforms have locked into place market-oriented policies, especially in the hydrocarbon and telecommunication sectors, foreign investors are accorded national treatment, and foreign ownership of companies enjoys virtually no restrictions in Bolivia. The government has a sales agreement to sell 30 million cubic metres a day of natural gas to Brazil through 2019. The Brazil pipeline carried about 21 MMcmd in 2000, Bolivia has the second-largest natural gas reserves in South America, and its current domestic use and exports to Brazil account for just a small portion of its potential production. Natural gas exports to Argentina resumed in 2004 at four MMcmd, in April 2000, violent protests over plans to privatize the water utility in the city of Cochabamba led to nationwide disturbances. The government eventually cancelled the contract without compensation to the investors, the foreign investors in this project continue to pursue an investment dispute case against Bolivia for its actions. A similar situation occurred in 2005 in the cities of El Alto, protest and widespread opposition to exporting gas through Chile led to the resignation of President Sanchez de Lozada in October 2003. The government held a referendum in 2004 on plans to export natural gas. By May 2005, the law draft was being considered by the Senate. Bolivias 2016 gross domestic product referred to PPP totaled $78.35 billion and its standard of living, as measured in GDP in PPP per capita was US $7,191Economy of Bolivia – Economy of Bolivia
14. Economy of Brunei – Brunei is a country with a small, wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of oil and natural gas. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production, the government provides for all medical services and subsidizes food and housing. The government has shown progress in its policy of diversifying the economy away from oil. Growth in 1999 was estimated at 2. 5% due to oil prices in the second half. Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day and it also is the fourth-largest producer of liquefied natural gas in the world. This is a chart of trend of gross product of Brunei Darussalam at market prices estimated by the International Monetary Fund with figures in millions of Bruneian dollars. For purchasing power 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 foreign labor out of concern it might disrupt Bruneis society, work permits for foreigners are issued only for short periods and must be continually renewed. Despite these restrictions, foreigners make up a significant portion of the work force, the government reported a total work force of 122,800 in 1999, with an unemployment rate of 5. 5%. Oil and natural gas account for almost all exports, since only a few products other than petroleum are produced locally, a wide variety of items must be imported. Brunei statistics show Singapore as the largest point of origin of imports, however, this figure includes some transshipments, since most of Bruneis imports transit Singapore. Japan and Malaysia were the second-largest suppliers, as in many other countries, Japanese products dominate local markets for motor vehicles, construction equipment, electronic goods, and household appliances. The United States was the third-largest supplier of imports to Brunei in 1998, Bruneis substantial foreign reserves are managed by the Brunei Investment Agency, an arm of the Ministry of Finance. The Brunei Government actively encourages foreign investment. New enterprises that meet certain criteria can receive pioneer status, exempting profits from tax for up to 5 years. The normal corporate tax rate is 30%. There is no income tax or capital gains taxEconomy of Brunei – Bandar Seri Begawan Centre Economy of Brunei Darussalam
15. 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 on agriculture, with only a small fraction directly involved in industry. Highly variable rainfall, poor soils, lack of communications and other infrastructure, a low literacy rate. The export economy also remains subject to fluctuations in world prices, the country has a high population density, few natural resources, and a fragile soil. Industry remains dominated by unprofitable government-controlled corporations, maintenance of its macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The Burkinabé financial system represents 30% of the country’s GDP and is dominated by the banking sector, eleven banks and five non-bank financial institutions operate in the country. The banking sector is concentrated, with the three largest banks holding nearly 60% of total financial sector assets. Banks are generally adequately capitalized, but remain vulnerable due to their overexposure to the cotton sector, 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, Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières located in Abidjan, Ivory Coast. As of 2009, the regional stock market capitalization reached nearly 10% of Burkina Faso’s GDP. Burkina Faso was ranked the 111th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings and this is a chart of trend of gross domestic product of Burkina Faso at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. For purchasing power parity comparisons, the US Dollar is exchanged at 470.70 CFA Francs only, mean wages were $0.56 per man-hour in 2009. Current GDP per capita of Burkina Faso grew 13% in the Sixties reaching a growth of 237% in the Seventies. But this proved unsustainable and growth scaled back to 23% in the Eighties. Finally, it shrank by 37% in the Nineties, average wages in 2007 hover around 2 to 3 dollars per day. Although handicapped by an extremely resource-deprived domestic economy, Burkina Faso remains committed to the adjustment program it launched in 1991. It has largely recovered from the devaluation of the CFA in January 1994, many Burkinabé migrate to neighbouring countries for work, and their remittances provide a substantial contribution to the balance of payments. The agricultural economy highly vulnerable to fluctuations in rainfallEconomy of Burkina Faso – Burkina Faso Exports Treemap (2009)
16. Economy of Burma – The economy of Myanmar is an emerging economy with an estimated nominal GDP of $63.14 billion and a purchasing power adjusted GDP of $244.37 billion in 2014. Historically, Burma was the trade route between India and China since 100 BC. The Mon Kingdom of lower Burma served as important trading centre in the Bay of Bengal, Burma also lacked a formal monetary system until the reign of King Mindon Min in the middle 19th century. All land was owned by the Burmese monarch. Exports, along with oil wells, gem mining and teak production were controlled by the monarch, Burma was vitally involved in the Indian Ocean trade. Logged teak was a prized export that was used in European shipbuilding, because of its durability, after Burma was conquered by the British, it became the wealthiest country in Southeast Asia, after the Philippines. It was also once the worlds largest exporter of rice, during British administration, Burma supplied oil through the Burmah Oil Company. This supplying market received a setback through the depression in the 1930s. Burma suffered, like other countries in this region, from the decline in the level of global trade. Burma also had a wealth of natural and labour resources and it produced 75% of the worlds teak and had a highly literate population. The country was believed to be on the fast track to development, after a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation. He attempted to make Burma a welfare state by adopting central planning measures, the government also tried to implement a poorly thought out Eight-Year plan. By the 1950s, rice exports had fallen by two thirds and mineral exports by over 96%, plans were partly financed by printing money, which led to inflation. The 1962 coup détat was followed by a scheme called the Burmese Way to Socialism. The catastrophic program turned Burma into one of the worlds most impoverished countries, the 1962 coup détat, was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalise all industries, with the exception of agriculture. The catastrophic program turned Burma into one of the worlds most impoverished countries, Burmas admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy. After 1988, the regime retreated from totalitarian socialism and it permitted modest expansion of the private sector, allowed some foreign investment, and received much needed foreign exchange. The economy is rated in 2009 as the least free in Asia, all fundamental market institutions are suppressedEconomy of Burma – Sakura Tower in Yangon
17. 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 $13 billion in 2012, per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodias two largest industries are textiles and tourism, while agricultural activities remain the source of income for many Cambodians living in rural areas. The service sector is concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore, in 1995, with a GDP of $2.92 billion the government transformed the countrys 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 from 26% in 1994 to only 6% in 1995, imports increased due to the influx of foreign aid, and exports, particularly from the countrys garment industry, also increased. After four years of improving performance, Cambodias economy slowed in 1997-98 due to the regional economic crisis, civil unrest. Foreign investments declined during this period, also, in 1998 the main harvest was hit by drought. But in 1999, the first full year of peace in 30 years, progress was made on economic reforms. Currently, Cambodias foreign policy focuses on establishing friendly borders with its neighbors, nonetheless, Cambodia continues to attract investors because of its low wages, plentiful labor, proximity to Asian raw materials, and favorable tax treatment. In line with the reformation, private property rights were introduced and state-owned enterprises were privatized. Cambodia also focused on integrating itself into regional and international economic blocs, such as the Association of South East Asian Nations and the World Trade Organization respectively. These policies triggered a growth in the economy, with its national GDP growing at an average of 6. 1% before a period of domestic unrest and regional economic instability in 1997. However, conditions improved and since 1999, the Cambodian economy has continued to grow at a pace of approximately 6-8% per annum. In 2007, Cambodias gross domestic product grew by an estimated 18. 6%, Garment exports rose by almost 8%, while tourist arrivals increased by nearly 35%. With exports decreasing, the 2007 GDP growth was largely by consumption. Foreign direct investment inflows reached US$600 million, slightly more than what the country received in official aid, domestic investment, driven largely by the private sector, accounted for 23.4 percent of GDP. Export growth, especially to the US, began to slow in late 2007 accompanied by stiffer competition from Vietnam, US companies were the fifth largest investors in Cambodia, with more than $1.2 billion in investments over the period 1997-2007Economy of Cambodia – Aerial view of Phnom Penh
18. Economy of the Central African Republic – The Central African Republic is classified as one of the worlds least developed countries, with an estimated annual per capita income of $547 PPP. Sparsely populated and landlocked, the nation is overwhelmingly agrarian, the vast bulk of the population engages in subsistence farming and 55% of the countrys GDP arises from agriculture. Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic, principal food crops include cassava, peanuts, sorghum, millet, maize, sesame, and plantains. Principal cash crops for export include cotton, coffee, and tobacco, timber has accounted for about 16% of export earnings and the diamond industry for nearly 54%. Much of the limited electrical supply is provided by hydroelectric plants located in Boali. Fuel supplies must be barged in via the Oubangui River or trucked overland through Cameroon, resulting in frequent shortages of gasoline, diesel, the C. A. R. s transportation and communication network is limited. The country has only 429 kilometers of paved road, limited international, and no air service. River traffic on the Oubangui River is impossible from April to July, the telephone system functions, albeit imperfectly. Four radio stations operate in the C. A. R. as well as one television station. Numerous newspapers and pamphlets are published on a basis. There are 22.9 million hectares of forest, but only 3.4 million hectares of dense forest, the CAR’s exploitable forests cover 27 million hectares, or 43% of the total land area. Transportation bottlenecks on rivers and lack of connections are serious hindrances to commercial exploitation. Most timber is shipped down the Ubangi and Zaire rivers and then on the Congo railway to the Atlantic, more than a dozen types of trees are felled, but 95 percent of the total is composed of obeche, sapele, ebony, and sipo. A dozen sawmills produced 516,000 m3 of sawn logs, the government is encouraging production of plywood and veneer. Roundwood removals were estimated at 2.8 million m3 in 2003, competition from lower-cost Asian and Latin American loggers has hurt the local industry, which is encumbered with high transportation and labor costs. In 2003, the country exported $89.8 million of forest products, the country has rich but largely unexploited natural resources in the form of diamonds, gold, uranium, and other minerals. There may be petroleum deposits along the northern border with Chad. Diamonds are the only of these mineral resources currently being developed, reported sales of largely uncut diamonds range between 20-30% of the CARs export earningsEconomy of the Central African Republic – OBangui Hotel in Bangui
19. Economy of Chile – Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean. In 2006, Chile became the country with the highest nominal GDP per capita in Latin America, in May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20. 2% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. Chile has a human development index of 0.661, compared to 0.662,0.680 and 0.542 for neighboring Uruguay, Argentina and Brazil. In 2008, only 2. 7% of the population lived on less than US $2 a day. The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, the privatized national pension system has encouraged domestic investment and contributed to an estimated total domestic savings rate of approximately 21% of GDP. After Spanish arrival in the 15th century Chilean economy came to revolve around autarchy estates called fundos, during early colonial times there were gold exports to Perú from placer deposits which soon depleted. Trade restrictions and monopolies established by the Spanish crown are credited for having held back development for much of the colonial times. As effect of these restrictions the country incorporated very few new crops, other sectors that were held back by restrictions were the wine and mining industries. The Bourbon reforms in the 18th century eased many monopolies and trade restrictions, in the 1830s Chile consolidated under the ideas of Diego Portales 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%. The League of Nations labeled Chile the country hardest hit by the Great Depression because 80% of government revenue came from exports of copper and nitrates, after the Great Depression Chilean economic policies changed toward import substitution industrialization and the Production Development Corporation was established. Under the influence of the Chicago Boys the Pinochet regime made of Chile a leading country in establishing neoliberal policies and these policies allowed large corporations to consolidate their power over the Chilean economy, leading to increases in unemployment and real wages whilst failing to achieve long-term economic growth. Income inequality, which had fallen during the presidency of socialist Salvador Allende, the crisis of 1982 caused the appointment of Hernán Büchi as minister of finance and a sharp revision of economic policy. Chiles economy has recovered and has seen growth rates of 5–7% over the past several years. The economy remained sluggish until 2003, when it began to show signs of recovery. The Chilean economy finished 2004 with growth of 6. 0%, real GDP growth reached 5. 7% in 2005 before falling back to 4. 0% in 2006. GDP expanded by 5. 1% in 2007, during 2012, the largest sectors by GDP were mining, business services, personal services, manufacturing and wholesale and retail tradeEconomy of Chile – The Santiago neighborhood nicknamed " Sanhattan "
20. Economy of China – Until 2015 China was the worlds fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of Chinas developing economy, Chinas public sector accounts for a share of the national economy than the burgeoning private sector. China is a hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the worlds fastest growing market and second largest importer of goods in the world. China is a net importer of services products, China is the largest trading nation in the world and plays the most important role in international trade, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001, China also has free trade agreements with several nations, 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. The provinces in the regions of China tend to be more industrialized. As Chinas economic importance has grown, so has attention to the structure and this is in accord with the planning goals of the central government. The internationalization of the Chinese economy continues to affect the standardized economic forecast officially launched in China by the Purchasing Managers Index in 2005, at the start of the 2010s, China became the sole Asian nation to have a GDP above the $10-trillion mark. As Chinas economy grows, so does Chinas Renminbi, which undergoes the process needed for its internationalization, China initiated the founding of the Asian Infrastructure Investment Bank in 2015. The rate of growth of the Chinese economy has started slowing with fears of an impending hard landing of the economy. The slowdown manifested in industrial regions as excess capacity in basic industries such as coal, steel, Economic development has generally been more rapid in coastal provinces than in the interior, and there are large disparities in per capita income between regions. See also, List of administrative regions by GDP, List of administrative regions by GDP per capita, there are 33 administrative divisions in China. Below are the top divisions in China ranked by GDP in 2015. In accordance with the One Country, Two Systems policy, the economies of the former British colony of Hong Kong, and Portuguese colony of Macau, are separate from the rest of China, see also, Closer Economic Partnership Arrangement with Hong Kong and Macau. See also, List of administrative divisions by Human Development Index, China, having been through a long period of economic downturn before 1978, has recently become one of the worlds major economic powers, following the implementation of economic reform from 1979. China shows a development potential from its remarkable economic growth rate in these yearsEconomy of China – Pudong in Shanghai in January 2014.
21. Economy of Colombia – Colombia is Latin Americas fourth largest and Middle Americas second largest economy measured by gross domestic product. Petroleum is Colombias main export, making over 45% of Colombias exports, manufacturing makes up nearly 12% of Colombias exports, and grows at a rate of over 10% a year. Colombia has the fastest growing technology industry in the world and 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 historic economic boom. In 1990, Colombia was Latin Americas 5th Largest economy and had a GDP per capita of only US$1,500, by 2015 it became the 4th largest in Latin America, and the worlds 31st largest. As of 2015 the GDP per capita has increased to over US$14,000, poverty levels were as high as 65% in 1990, but decreased to under 24% by 2015. Colombia is Latin Americas 2nd-largest producer of electronics and appliances only behind Mexico. Colombia had the fastest growing economy in the western world in 2014. In the Hispanic world, Colombia is only behind Mexico in cultural exports and is already a leader in cosmetic. The number of tourists in Colombia grows by over 12% every year, Colombia is projected to have over 15 million tourists by 2023. However, Colombias consistently sound economic policies and aggressive promotion of 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. Almost all sectors became open to foreign investment although agricultural products remained protected, still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted. Until 1997, Colombia had enjoyed a stable economy. The first five years of liberalization were characterized by economic growth rates of between 4% and 5%. The Ernesto Samper administration emphasized social welfare policies which targeted Colombias lower income population and these reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the administration was maintained. The economy slowed, and by 1998 GDP growth was only 0. 6%, in 1999, the country fell into its first recession since the Great DepressionEconomy of Colombia – Sunset over Bogotá
22. 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$24 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 and it boasted a thriving mining sector and its agriculture sector was relatively productive. Since then, corruption, war and political instability have been a detriment to further growth. Malnutrition affects approximately two thirds of the countrys population, agriculture is the mainstay of the economy, accounting for 57. 9% of GDP in 1997. In 1996, agriculture employed 66% of the work force, the economy of the third largest country in Africa relies heavily on mining. However, much activity occurs in the informal sector and is not reflected in GDP data. In 2006 Transparency International ranked the Democratic Republic of the Congo 156 out of 163 countries in the Corruption Perception Index, tying Bangladesh, Chad, President Joseph Kabila established the Commission of Repression of Economic Crimes upon his ascension to power in 2001. The conflicts in the DRC were over water, minerals, political agendas have worsened the economy, as in times of crisis, the elite benefit while the general populace suffers. This is worsened as a result of national and international corporations. The corporations instigate and allow the fighting for resources because they benefit from it, a large proportion of fatalities in the country are attributed to a lack of basic services, which is a reflection of the treatment of the citizens of the DRC. The influx of refugees since the war in 1998 only serves to worsen the issue of poverty, money of the taxpayers in the DRC is often misappropriated by the corrupt leaders of the country, who often use the money to benefit themselves instead of the citizens of the DRC. The DRC is consistently rated the lowest on the UN Human Development Index, forced labor was important for the rural sector. The corporations that dominated the economy were mostly owned by Belgium, independence caused the Congo to become the most industrialized country in Sub-Saharan Africa, after South Africa. The 1950s were a period of rising income and expectations, Congo was said to have the best public health system in Africa, but there was also a huge wealth disparity. Belgian companies favored workers in areas more and exported them to work in different areas. Favored groups also received education and were able to secure jobs for people in the same ethnic group which increased tensions. In 1960 there were only 16 university graduates out of a population of 20 million, Belgium still had economic power and independence gave little opportunity for improvementEconomy of the Democratic Republic of the Congo – Kinshasa, capital and economic center of the Democratic Republic of the Congo
23. 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 CIA World Factbook states that Costa Ricas Gross Domestic Product per capita is US$12,900, the reported GDP summed in 2012 to US$45. 1bn with a population of 4,805,000. The World Bank General Government Public Sector Debt statistics showed a rise from US$8bn in 2009 to US$18bn in 2014. The Instituto Nacional de Estadística y Censos is charged with measuring other economic performance measures, Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. Inflation rose to 22. 5% in 1995, dropped to 11. 1% in 1997, 12% in 1998, 11% in 1999, measures taken by the Central Bank have reduced inflation substantially to 4. 3% in 2009, and a projected 5. 8% for 2010. Curbing inflation, reducing the deficit, and improving public sector efficiency through an anti-corruption drive, previous 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 insurance, Costa Ricas economy emerged from recession in 1997 and has shown strong aggregate growth since then. After 6. 2% growth in 1997, GDP grew a substantial 8. 3% in 1999, Costa Rica had a US$6. 64bn trade deficit in 2013, on exports of US$11. 48bn and imports of US$18. 13bn. Miscellaneous circuits including telephones and miscellaneous petroleum products added to just under 25% of imports, the strength in the nontraditional export and tourism sector is masking a relatively lackluster performance by traditional sectors, including agriculture. The central government deficit decreased to 3. 2% of GDP in 1999, on a consolidated basis, including Central Bank losses and parastatal enterprise profits, the public sector deficit was 2. 3% of GDP. Costa Rica had a line of credit with the World Bank valued at US$947M in April 2014, of which US$645M had been accessed. Costa Rica has two seasons, both of which have their own resources, the tropical wet and dry seasons. One-fourth of Costa Ricas land is dedicated to national forests, often adjoining beaches and it has one of the best economies in Latin America. Because of the ocean access 23. 7% of Costa Ricas people fish, in terms of the 2012 Environmental Performance Index ranking, Costa Rica is 5th in the world, and first among the Americas. Ecotourism is extremely popular with the tourists visiting the extensive national parks. Costa Rica was a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism, other important market segments are adventure, sun and beaches. Most of the come from the U. S. and Canada, and the EU, the prime market travelers in the world. In the 2008 Travel and Tourism Competitiveness Index, Costa Rica reached the 44th place in the ranking, being the first among Latin American countriesEconomy of Costa Rica – San José
24. Economy of Cuba – Cuba has a planned economy dominated by state-run enterprises. Most industries are owned and operated by the government and most of the force is employed by the state. Following the fall of the Soviet Union, the Communist Party encouraged the formation of worker co-operatives, in the year 2000, public sector employment was 76% and private sector employment, mainly composed of self-employment, was 23% compared to the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government, the government sets most prices and rations goods to citizens. In 2009, Cuba ranked 51st out of 182 countries with a Human Development Index of 0.863, in 2012, the countrys public debt was 35. 3% of GDP, inflation was 5. 5%, and GDP growth was 3%. Housing and transportation costs are low, Cubans receive free education, health care and food subsidies. Corruption is common, although lower than in most of Latin America, the country achieved a more even distribution of income since the Cuban Revolution, which was followed by an economic embargo by the United States. Following the collapse of the Soviet Union, Cubas GDP declined by 33% between 1990 and 1993, partially due to loss of Soviet subsidies and to a crash in prices in the early 1990s. Cuba retains high levels of healthcare and education, although Cuba belonged to the high-income countries of Latin America since the 1870s, income inequality was high, accompanied by capital outflows to foreign investors. The countrys economy had grown rapidly in the part of the century. Its income per capita in 1929 was reportedly 41% of the US, thus higher than in Mississippi and its proximity to the United States made it a familiar holiday destination for wealthy Americans. Their visits for gambling, horse racing and golfing made tourism an important economic sector, tourism magazine Cabaret Quarterly described Havana as a mistress of pleasure, the lush and opulent goddess of delights. According to Perez, Havana was then what Las Vegas has become, the dictator Fulgencio Batista had plans to line the Malecon, Havana’s famous walkway by the water, with hotels and casinos to attract even more tourists. Today Hotel Havana Riviera is the hotel that was built before the revolutionary government took control. Cuba had an economy whose domestic market was constricted. Its population was characterized by unemployment and deep poverty. United States monopolies like Bethlehem Steel Corporation and Speyer gained control over national resources. The banks and the entire financial system, all electric power productionEconomy of Cuba – Skyline of Havana
25. 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 development in the agricultural and industrial sectors. The country has a climate, a largely unskilled labour force. The country’s most important economic asset is its strategic location connecting the Red Sea, as such, Djibouti’s economy is dominated by the services sector, providing services as both a transit port for the region and as an international transshipment and refueling centre. From 1991 to 1994, Djibouti experienced a war which had devastating effects on the economy. Since then, the country has benefited from political stability, in recent years, Djibouti has seen significant improvement in macroeconomic stability, with its annual gross domestic product improving at an average of over 3 percent since 2003. This comes after a decade of negative or low growth and this is attributed to fiscal adjustment measures aimed at improving public financing, as well as reforms in port management. Despite the recent modest and stable growth, Djibouti is faced with economic challenges, particularly job creation. With an average population growth rate of 2.5 percent. Unemployment is extremely high at over 43 percent and is a contributor to widespread poverty. Efforts are needed in creating conditions that will enhance private sector development and these conditions can be achieved through improvements in macroeconomic and fiscal framework, public administration, and labour market flexibility. Djibouti was ranked the 177th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings, Djibouti has experienced stable economic growth in recent years as a result of achievements in macroeconomic adjustment efforts. From 2003 to 2005, annual real GDP growth averaged 3.1 percent driven by performance in the services sector. Inflation has been low, due to the fixed peg of the Djibouti franc to the US dollar. However, as mentioned above, unemployment has remained high at over 40 percent in recent years, Djiboutis gross domestic product expanded by an average of more than 6 percent per year, from US$341 million in 1985 to US$1.5 billion in 2015. The government fiscal balance is in deficit because the government has not been able to raise sufficient tax revenues to cover expenses, in 2004, a substantial increase in expenditure resulted in a deterioration of the fiscal position. As a result, the government deficit increased to US$17 million in 2004 from US$7 million in 2003, but improvement in expenditure management brought down the fiscal deficit to US$11 million in 2005. Djibouti’s merchandise trade balance has shown a large deficit and this is due to the countrys enormous need for imports and narrow base of exportsEconomy of Djibouti – Port of Djibouti
26. Economy of Dominica – Although the financial services industry is increasingly becoming its largest income, agriculture, with bananas as the principal crop, is still Dominicas economic mainstay. Banana production employs, directly or indirectly, upwards of one-third of the work force and this sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994, in view of the European Unions announced phase-out of preferred access of bananas to its markets, agricultural diversification is a priority. Dominica has also had success in increasing its manufactured exports. Dominica also recently entered the financial services market. Because Dominica is mostly volcanic and has few beaches, development of tourism has been compared with that on neighboring islands. Nevertheless, Dominicas high, rugged mountains, rainforests, freshwater lakes, hot springs, waterfalls, Cruise ship stopovers have increased following the development of modern docking and waterfront facilities in the capital. Eco-tourism also is an 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 manages monetary policy, and regulates and supervises commercial banking activities in its member countries, Dominica is a beneficiary of the U. S. Caribbean Basin Initiative. Its 1996 exports to the U. S. were $7.7 million, Dominica is also a member of the 15-member Caribbean Community and of the Organisation of Eastern Caribbean States. There are a number of service providers, regulation and supervision of the financial services industry is the responsibility of the Financial Service Unit of the Commonwealth of Dominica under the supervision of the Ministry of Finance. The OECD threatened to place the Commonwealth of Dominica and other centres on a black list. About 22. 6% of the land area is arable. Agricultural production was on the decline even before the 1979 hurricane disaster, the main crop of Dominica is bananas, output of which had fallen to 29,700 tons in 1978. As a result of Hurricane David, production hit a low of 15,700 tons in 1979, agriculture suffered a further blow from Hurricane Allen in August 1980. However, after financial support began to rehabilitate the sector, production rose to 27,800 tons in 1981. Agriculture accounts for about 20% of GDP and employs about 40% of the labor force, agricultural exports amounted to $19.1 million in 2001Economy of Dominica – Commercial street in Roseau.
27. Economy of the Dominican Republic – The Dominican Republic has the ninth largest economy in Latin America, and is the largest in the Caribbean and Central American region. It is an upper middle-income developing country primarily dependent on agriculture, mining, trade, tourism accounts for more than $1 billion in annual earnings. Free trade zone earnings and tourism are the export sectors. According to a 1999 International Monetary Fund report, 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 care and education. Secondarily, remittances have financed small businesses and other productive activities, the Dominican Republic’s most important trading partner is the United States. Other main markets are the People’s Republic of China, Haiti, Mexico, Colombia, Spain, the country exports free-trade-zone manufactured products, nickel, sugar, coffee, cacao, and tobacco. It imports petroleum, industrial raw materials, capital goods, CAFTA-DR entered into force for the Dominican Republic on 1 March 2007. Remittances were close to $2.7 billion in 2006, an important aspect of the Dominican economy is the Free Trade Zone industry, which made up U. S. $4.55 billion in Dominican exports for 2006. Reports show, however, that the FTZs lost approximately 60,000 between 2005 and 2007 and suffered a 4% decrease in exports in 2006. Lost Dominican business was captured by firms in Central America and Asia, the tobacco, jewelry, medical, and pharmaceutical sectors in the FTZs all reported increases for 2006, which somewhat offset textile and garment losses. Industry experts from the FTZs expected that entry into force of the CAFTA-DR agreement will promote growth in the FTZ sector for 2007. An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system, the third, serving the eastern provinces, is operated by U. S. concerns and is 50% U. S. -owned. The World Bank records that electricity losses for 2005 totaled about 38. 2%. Industry experts estimate distribution losses for 2006 will surpass 40%, primarily due to low rates, theft, infrastructure problems. At the close of 2006, the government had exceeded its budget for electricity subsidies, the government plans to continue providing subsidies. Congress passed a law in 2007 that criminalizes the act of stealing electricity, the electricity sector is a highly politicized sector and the prospect of further effective reforms of the electricity sector is poor. Debts in the sector, including government debt, amount to more than U. S. $500 million, some generating companies are under capitalized and at times unable to purchase adequate fuel supplies. With almost 80% of the land area suitable for crop production and about 17% of the labor force engaged in farming, agriculture remains the primary occupationEconomy of the Dominican Republic – Santo Domingo is the financial center of Dominican Republic
28. Economy of El Salvador – Compared to other developing countries, El Salvador has experienced relatively low rates of GDP growth. Rates have not risen above the low single digits in two decades – part of broader environment of macroeconomic instability which the integration of the US dollar has done little to improve. One problem that the Salvadoran economy faces is the inequality in the distribution of income. In 2011, El Salvador had a Gini Coefficient of.485, 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, securities are $2. 577B with total currency and deposits at $94. 9M. Securities with other central banks are $81. 10M. Securities with banks headquartered outside the reporting country $13. 80M, gold reserves reported at $271. 4M with volume in millions of fine Troy ounces at $200k. Other reserve assets are financial derivatives valued at $2. 7M and this way, the government has formally limited its possibility of implementing open market monetary policies to influence short term variables in the economy. Since 2004, the colón stopped circulating and is now never used in the country for any type of transaction, however some stores still have prices in both colons and U. S. dollars. In general, people were unhappy with the shift from the colón to the U. S. dollar, because wages are still the same, 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 Greshams Law, some banks however claim that they still do some transactions en colones, keeping this change from being unconstitutional. Fiscal policy has been the biggest challenge for the Salvadoran government, the 1992 peace accords committed the government to heavy expenditures for transition programs and social services. The stability adjustment programs initiated by President Cristianis administration committed the government to the privatization of banks, the government lost the revenues from contributors and absorbed completely the costs of coverage of retired pensioners. This has been the source of fiscal imbalance. ARENA governments have financed this deficit with the emission of bonds, the emission of bonds and the approval of a loans need a qualified majority in the parliament. If the deficit is not financed through a loan it is enough with a majority to approve the budget. This would facilitate an otherwise long process in Salvadoran politics, despite such challenges to keep public finances in balance, El Salvador still has one of the lowest tax burdens in the American continent. Many specialists claim that it is impossible to advance significant development programs with such a public sectorEconomy of El Salvador – A cotton field, Usulután Department.
29. Economy of Fiji – Endowed with, mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies, though it remains a developing country with a large subsistence agriculture sector. Agriculture accounts for 18% of gross domestic product, although it employed some 70% of the workforce as of 2001, sugar exports and the growing tourist industry are the major sources of foreign exchange. Sugar cane processing makes up one-third of industrial activity, coconuts, ginger, and 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 countrys 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 development plan. Among other things, it aimed to give indigenous Fijians a greater stake in the economy, the plan envisages tax-relief to businesses owned or 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 rice production, cattle farming, fishing, and forestry are being encouraged to diversify the economy, the leading manufacturing industries involve the processing of primary products. On 14 April 2005, the Cabinet approved Prime Minister Laisenia Qarases proposal to develop a biofuels industry, under the plan, ethanol is to be developed as a complement to the sugar industry, with the hope of alleviating Fijis dependence on imported fossil fuel such as petrol. On 15 August, Qarase said that the United Nations Development Programme had granted assistance to Fiji to develop its biofuels project, energy could be produced from copra, forest, and agricultural products, as well as sugar. He touted the scheme as necessary for diversifying and strengthening the sugar industry for its own survival and he said that the government of India had loaned F$86 million for upgrading of Fijis sugar mills, which would be completed in time for the 2007-2008 crushing season. On 28 December 2005, John Teiwa of the Coconut Industry Development Authority announced that a 20-year plan for the industry would be launched in 2006. The government expected a profit of F$120 million from the venture. Trials for the generation of fuel from oil were also in progress. Tourism has expanded rapidly since the early 1980s and is the economic activity in the islands. More than 409,000 people visited Fiji in 1999, excluding cruise ship passengers, about a quarter came from Australia, with large contingents also coming from New Zealand, Japan, the United States and United Kingdom. Over 62,000 of the tourists were American, a number that had increased since the start of regularly scheduled non-stop air service from Los Angeles. Tourism earned more than $300 million in exchange for Fiji in 1998Economy of Fiji – Fiji Exports Treemap (2009)
30. Economy of Gabon – Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s, the oil 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 oil collapse of the 1980s. Gabon has earned a reputation with the Paris Club and the International Monetary Fund for management of its debt. IMF missions have criticized the government for overspending on off-budget items, over-borrowing from the Central Bank, gabons oil revenues have given it a per capita GDP of more than $10,000, unusually high for the region. On the other hand, an income distribution and poor social indicators are evident. The economy is dependent on extraction of abundant primary materials. After oil, timber and manganese mining are the major sectors. Gabon continues to face fluctuating prices for its oil, timber, manganese, foreign and Gabonese observers have consistently lamented the lack of transformation of primary materials in the Gabonese economy. The small processing and service sectors are dominated by just a few prominent local investors. In 1992, Gabon failed to settle arrears on its debt, leading to a cancellation of rescheduling agreements with official. Devaluation of its CFA franc by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%, the IMF provided a one-year standby arrangement in 1994–1995 and a three-year Extended Fund Facility at near-commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline, France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. The rebound of oil prices in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains, animal husbandry is limited by the presence of the tsetse fly, though tsetse-resistant cattle have recently been imported from Senegal to a cattle project. In 2005 there were an estimated 212,000 hogs,195,000 sheep,90,000 goats,35,000 head of cattle, and 3.1 million chickens. In an effort to reduce Gabon’s reliance on imports, the government set aside 200,000 hectares in Gabon’s unpopulated Savannah region for three ranches at Ngounie, Nyanga, and Lekabi. Currently, however, frozen imports are the most important source of beef, poultry production satisfies about one-half of Gabon’s consumption demandEconomy of Gabon – Libreville is the capital and financial center of Gabon
31. Economy of the Gambia – The Gambia has no important mineral or other natural resources, and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood, small-scale manufacturing activity features the processing of peanuts, fish, and animal hides. Short-run economic progress remains highly dependent on aid, and on responsible government economic management as forwarded by International Monetary Fund technical help. Current GDP per capita of the Gambia registered a growth of 23. 3% in the 1970s. Economic growth slowed by 8. 30% in the 1980s and a further 5. 20% in the 1990s, the Gambia has benefited from a rebound in tourism after its decline in response to the militarys takeover in July 1994. This is a chart of trend of gross product of Gambia at market prices estimated by the International Monetary Fund with figures in millions of Dalasi. For purchasing power parity comparisons, the US dollar is exchanged at 4.35 Dalasi only, average wages in 2007 hover around $1–2 per day. Agriculture accounts for 23% of gross product and employs 75% of the labor force. Within agriculture, peanut production accounts for 5. 3% of GDP, other crops 8. 3%, livestock 4. 4%, fishing 1. 8%, 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, soft drinks, and clothing, services account for 19% of GDP. Tourism in Gambia has three major strands, there is the traditional sun seeking holiday making use of the hot climate and wonderful beaches. The Gambia is also usually the first African destination for many European birders, in view of its easily accessed, there are also a significant number of African Americans tracing their roots in this country, from which so many Africans were taken during the slave trade. The tourist season is the dry season, during the Northern Hemisphere winter, in FY1999, the UK and other EU countries were the Gambias major domestic export markets, accounting for 86% of all exports. This was followed by Asia at 14% of exports, and the African at 8% of exports, the Gambia re-exports 11% of its exports going to and 14. 6% of its imports coming from the United States. Agriculture - products, peanuts, pearl millet, sorghum, rice, maize, cassava, palm kernels, cattle, sheep, goats, forest, exports, $132 million commodities, peanuts and peanut products, fish, cotton lint, palm kernels. Partners, Benelux 78%, Japan, United Kingdom, Hong Kong, France, Spain Imports, $201 million commodities, foodstuffs, manufactures, fuel, machinery, the Good Tourist in the Gambia, Travelguide for Conscious Tourists. Translated from Swedish by Rolli Fölsch, economy of the Gambia at DMOZ The Gambia latest trade data on ITC Trade Map Company formation GambiaEconomy of the Gambia – Bird-watching tourists in the Gambia
32. Economy of Ghana – These have given Ghana one of the highest GDP per capita in West Africa. Owing to a GDP rebasement, in 2011 Ghana became the fastest growing economy in the world, the Ghanaian 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, Ghana embarked on a currency re-denomination exercise, from Cedi to the new currency, the Ghana Cedi in July 2007. The transfer 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 consumption tax administered in Ghana, the tax 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 was 10% and amended in 2000 to 12. 5%, the top income tax and corporate tax rates are 25%. Other taxes included with value-added tax, are national health insurance levy, the overall tax burden amounts to 12. 1% of Ghanas total domestic income, and the budget of Ghana has fallen to the equivalent of 39. 8% of GDP. Ghana is Africa’s second-biggest gold producer and second-largest cocoa producer and it is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon, coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015. Ghanas industrial base is relatively advanced, Ghana began its automotive industry with the construction of a prototype robust SUV, named the SMATI Turtle 1, intended for use in the rough African terrain. It was designed and manufactured by the Artisans of Suame Magazine Industrial Development Organization, urban electric cars have been manufactured in Ghana since 2014. As of 2012 there were four companies in the textiles sector, Akosombo Textiles Limited, Tex Style Ghana Limited, Printex Ghana. Ghana National Petroleum Corporation and Ghana Oil Company deal with oil and gas exploration, exploitation. Ghanas telecommunications statistics indicated that as of 2013 there are 26,336,000 cell-phone lines in operation. The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the 3rd freest in Africa, Chapter 12 of the Constitution of Ghana guarantees freedom of the Ghanaian press and the independence of the mass media, and Chapter 2 prohibits censorship. Ghanaian press freedom was restored in 1992, Ghana was one of the first countries in Africa to achieve the connection to the World Wide Web. The financial services in Ghana have seen a lot of reforms in the past years, the Banking Act 2007 included the awarding of a general banking license to qualified banks, which allows only indigenous Ghana offshore banks to operate in country Ghana. It has therefore become possible for Ghanaian non-resident individuals or residents, the Stock Exchange of Ghana is one of the largest in Africa, with a market capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012Economy of Ghana – Economy of Ghana
33. Economy of Grenada – Grenada has a largely tourism-based, small, open economy. Over the past two decades, the economy has shifted from one of agriculture-dominant into that of services-dominant, with tourism serving as the foreign currency earning sector. The countrys principal export crops are the nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export. Economic growth picked up in the late 1990s following slow growth, despite an expansionary 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 the global economy, to deal with the shocks, fiscal policy became more expansionary while privatization receipts declined. As a result, public debt increased sharply to near 110 percent of GDP in 2003, the country is still facing the difficult task of reconstruction and recovery, while public debt is unsustainable and the government faces large financing gaps. In the years ahead, reinvigorating growth will be a high priority, the economy of Grenada was brought to a near standstill in September 2004 by Hurricane Ivan, which damaged or destroyed 90 percent of the countrys buildings, including some tourist facilities. In July 2005 Hurricane Emily struck Grenada again as the country was recovering from the impact of Hurricane Ivan. Besides the negative impacts to the industry, the two devastating hurricanes destroyed or significantly damaged a large percentage of Grenada’s tree crops, which may take years to recover. As a result, the deficit rose to 8.5 percent of GDP in 2001 from 3.2 percent in 2000. The fiscal situation remained shaky in 2002 with the widening to 19.2 percent of GDP due to dampened output from Tropical Storm Lili. As the economic began to recover in 2003, the government began to take steps for fiscal consolidation, but progress in fiscal consolidation was impeded in 2004 as the government policy changed abruptly to post-hurricane relief. Meanwhile, government revenues decreased as a result of the impact of the hurricanes on the economy, as a result, public debt has increased sharply to over 100 percent of GDP since 2002, it remained as high as near 130 percent of GDP in 2004. Grenada is a member of the Eastern Caribbean Central Bank, which manages monetary policy, inflation has remained low and stable within the framework of the currency board arrangement, with inflation averaging at two percent over the past 15 years. Grenadas current account balance has remained in large due to its heavy dependence on import of most consumer goods. The current account deficits are financed by inflows of foreign investment, official grants and loans. Grenada’s economy is vulnerable to external shocks considering its high dependence on tourism, exports and it is also prone to other adverse shocks such as natural disastersEconomy of Grenada – St. George's
34. Economy of Guatemala – Guatemala is the most populous of the Central American countries with a GDP per capita roughly one-third that of Brazils. Coffee, sugar, and bananas are the main products, the 1996 peace accords ended 36 years of civil war and removed a major obstacle to foreign investment, and Guatemala since then has pursued important reforms and macroeconomic stabilization. On 1 July 2006, the Central American Free Trade Agreement entered into force between the US and Guatemala and has spurred increased investment in the export sector. The distribution of income remains highly unequal with 12% of the population living below the poverty line. Guatemalas gross domestic product for 1990 was estimated at $19.1 billion, ten years later, in 2000, it rose by 1 to 4% and by 2010 it had fallen back to 3%, according to the World Bank. The final peace accord in December 1996 left Guatemala well-positioned for rapid growth over the next 11 years. Guatemalas economy is dominated by the sector, which generates about 85% of GDP. Most manufacturing is light assembly and food processing, geared to the domestic, U. S. in 1990 the labor force participation rate for women was 42%, it increased by 1% in 2000 to 43% and 51% in 2010. For men the labor participation rate in 1990 was about 89%. Self-employment for men is about 50% while women take up about 32%. Over the past twenty years the percentage of exports of goods, in 1990 it was 21% and in 2000, 20%. It increased again in 2010 to 26%, on the other hand, its level of imports of goods and services has continually increased. In 1990 its imports of goods and services was about 25%, in 2000 it increased by 4% up to 29%, and in 2010 it increased up to 36%. Migration is another important avenue in Guatemala, according to Cecilia Menjivar, remittances are “central to the economy. ”In 2004 remittances to Guatemala from men’s migration to the U. S. accounted for approximately 97%. The United States is the countrys largest trading partner, providing 36% of Guatemalas imports, due to concerns over serious worker rights protection issues, however, Guatemalas benefits under both the CBTPA and GSP are currently under review. Guatemala became more developed and stable from 1990-2011. The data indicate that Guatemala is behind other Latin American countries, in terms of lowering poverty rates, but there has been an increase in economic activity in terms of GDP and development. Guatemala’s HDI increased from 0.462 in 1990, to 0.525 in 2000, to 0.550 in 2005, and 0.574 in 2011.3 Guatemala ranked 131st in HDI in 2011. Other important human development statistics such as the fertility rate in Guatemala decreased from 4.8 births per woman in 2000 to 4.2 births per woman in 2006Economy of Guatemala – Guatemala City
35. 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 the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few miles of one another, the economy made dramatic progress after President Hoytes 1989 economic recovery program. As a result of the ERP, Guyanas 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 grew at a rate of 7.9 percent in 1996,6.2 percent in 1997, the 1999 growth rate was three percent. The unofficial growth rate in 2005 was 0.5 percent, Guyana remains the poorest country in South America. The telephone company and assets in the timber, rice, international corporations were hired to manage the huge state sugar company, GuySuCo, and the largest state bauxite mine. An American company was allowed to open a mine. However, efforts to privatise the two state-owned bauxite mining companies, Berbice Mining Company and Linden Mining Company have so far been unsuccessful, most price controls were removed, the laws affecting mining and oil exploration were improved, and an investment policy receptive to foreign investment was announced. Tax reforms designed to promote exports and agricultural production in the sector were enacted. Agriculture and mining are Guyanas most important economic activities, with sugar, bauxite, rice, however, the rice sector experienced a decline in 2000, with export earnings down 27 percent through the third quarter 2000. Ocean shrimp exports, which were impacted by a one-month import ban to the United States in 1999. Shrimp exports rebounded in 2000, representing 11 percent of earnings through the third quarter 2000. Other exports include timber, diamonds, garments, rum, the value of these other exports is increasing. Since 1986, Guyana has received its entire wheat supply from the United States on concessional terms under a PL480 Food for Peace programme and it is now supplied on a grant basis. The Guyanese currency generated by the sale of the wheat is used for purposes agreed upon by the U. S. as with many developing countries, Guyana is heavily indebted. Reduction of the debt burden has been one of the present administrations top priorities, in 1999, through the Paris Club Lyons terms and the Heavily Indebted Poor Countries initiative Guyana managed to negotiate $256 million in debt forgiveness. In qualifying for HIPC assistance, for the first time, Guyana became eligible for a reduction of its multilateral debt. About half of Guyanas debt is owed to the multilateral development banks and 20% to its neighbour Trinidad and Tobago, almost all debt to the U. S. government has been forgivenEconomy of Guyana – Guyana Export Treemap
36. Economy of Haiti – Haiti has a free market economy. Labor costs are lower than average for North America and its major trading partner is the United States. Over half of the worlds vetiver oil comes from Haiti, and bananas, cocoa, Haiti has also moved to expand to higher-end manufacturing, producing Android-based tablets and current sensors and transformers. Vulnerability to natural disasters, as well as poverty and limited access to education are among Haitis most serious disadvantages, Haiti suffers from a severe trade 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 source of foreign exchange, equaling nearly 20% of GDP. Haitis economy was impacted by the 2010 Haiti earthquake which occurred on 12 January 2010. Before Haiti established its independence from French administration in 1804, Haiti ranked as the worlds richest and most productive colony, in 1838, France agreed to reduce the debt to 60 million francs to be paid over a period of 30 years. In 1883, Haiti made the payment to France. Since the demise of the Duvalier dictatorship in 1986, international economists have urged Haiti to reform, a council to guide the modernization program was established and a timetable was drawn up to modernize nine key parastatals. Although the state-owned flour-mill and cement plants have been transferred to private owners, the modernization of Haitis state-enterprises remains a controversial political issue in Haiti. Comparative social and economic indicators show Haiti falling behind other low-income developing countries since the 1980s, Haiti continues to suffer the consequences of the 1991 coup. The irresponsible economic and financial policies of de facto authorities greatly accelerated Haitis economic decline, following the coup, the United States adopted mandatory sanctions, and the OAS instituted voluntary sanctions aimed at restoring constitutional government. International sanctions culminated in the May 1994 United Nations embargo of all goods entering Haiti except humanitarian supplies, such as food, the assembly sector, heavily dependent on U. S. markets for its products, employed nearly 80,000 workers in the mid-1980s. During the embargo, employment fell from 33,000 workers in 1991 to 400 in October 1994, private, domestic and foreign investment has been slow to return to Haiti. Remittances from abroad have consistently constituted a significant source of support for many Haitian households. The Haitian Ministry of Economy and Finance designed the Haiti economic reforms of 1996 to rebuild the economy of Haiti after significant downturns suffered in the previous years, the primary reforms centered around the Emergency Economic Recovery Plan and were followed by budget reforms. Haitis real GDP growth turned negative in FY2001 after six years of growth, real GDP fell by 1. 1% in FY2001 and 0. 9% in FY2002. The IDB disbursed $35 million of a $50 million policy-based loan in July, the IDB, IMF, and World Bank also discussed new lending with the governmentEconomy of Haiti – Port-au-Prince, the financial centre of Haiti
37. Economy of Honduras – The economy of Honduras is based mostly on agriculture, which accounts for 14% of its gross domestic product in 2013. Leading export coffee accounted for 22% of total Honduran export revenues, bananas, formerly the countrys second-largest export until being virtually wiped out by 1998s Hurricane Mitch, recovered in 2000 to 57% of pre-Mitch levels. Cultivated shrimp is another important export 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, marine, and mineral resources, although widespread slash, the Honduran economy grew 4. 8% in 2000, recovering from the Mitch-induced recession of 1999. Inflation, as measured by the price index, was 10. 1% in 2000. The countrys international reserve position continued to be strong in 2000, remittances from Hondurans living abroad rose 28% to $410 million in 2000. The Lempira was devaluing for many years but 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 $US1,649, the average for Central America is $US6,736. Honduras is the fourth poorest country in the Western Hemisphere, only Haiti, Nicaragua, utilizing alternative statistical measurements in addition to the Gross Domestic Product can provide greater context for the nations poverty. The country signed an Enhanced Structural Adjustment Facility -- later converted to a Poverty Reduction, Honduras continues to maintain stable macroeconomic policies. In July 2000, Honduras reached its decision point under the Heavily Indebted Poor Countries Initiative, lack of resources, lack of arable land, and a small domestic market continue to impede economic progress in Honduras. Most significantly, Honduras lacks abundant natural resources, only appears to be plentiful. Hondurass manufacturing sector has not yet developed beyond simple textile and agricultural processing industries, the small domestic market and competition from more industrially advanced countries in the region have inhibited more complex industrialization. After Honduras achieved independence from Spain in the early 19th century, during much of the 19th century, the Honduran economy languished, traditional cattle raising and subsistence agriculture produced no suitable major export. In the latter part of the century, economic activity quickened with the development of large-scale, the most important mines were located in the mountains near the capital of Tegucigalpa and were owned by the New York and Honduras Rosario Mining Company. Silver was the metal extracted, accounting for about 55% of exports in the 1880s. Mining income stimulated commercial and ancillary enterprises, built infrastructure, there were few other beneficial economic effects, however, because the mining industry was never well integrated into the rest of the Honduran economy. The foreign mining companies employed a work force, provided little or no government revenue. Hondurass international economic activity surged in the early 20th century, between 1913 and 1929, its agricultural exports rose from US$3 million to US$25 millionEconomy of Honduras – Tegucigalpa
38. Economy of Hong Kong – Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and pegged to the US dollar. Interest rates are determined by the banks in Hong Kong to ensure it is fully market-driven. There is no officially recognised central banking system, although Hong Kong Monetary Authority functions as a regulatory authority. When destabilising factors are hitting the market of Hong Kong, they will be monitored and inspected by the Hong Kong Monetary Authority. Electronic finance trading is evolutionarily impacting the market of Hong Kong. According to Index of Economic Freedom, Hong Kong has had the highest degree of freedom in the world since the inception of the Index in 1995. Its economy is governed under positive non-interventionism, and is dependent on international trade. In 2009, Hong Kongs real economic growth fell by 2. 8% as a result of the financial turmoil. Despite the downturn, these strengths enable it to respond to changing circumstances. It has the most efficient and an application procedure, the lowest income tax. The government of Hong Kong consistently upheld the policy of encouraging and supporting activities of private businesses, examples include the Cyberport and the Hong Kong Disneyland. This has an impact on the overall economic performance by removing unnecessary barriers for the private enterprises in the Special Administrative Region. Hong Kongs gross domestic product has grown 180 times between 1961 and 1997, also, the GDP per capita rose by 87 times within the same time frame. By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York, Hong Kong is a full Member of World Trade Organization. The Kwai Chung container complex was the largest in Asia, while Hong Kong shipping owners were only to those of Greece in terms of total tonnage holdings in the world. The Hong Kong Stock Exchange is the sixth largest in the world, Hong Kong has also had an abundant supply of labour from the regions nearby. A skilled labour force coupled with the adoption of modern British/Western business methods and technology ensured that opportunities for trade, investment. Prices and wages in Hong Kong are relatively flexible, depending on the performance, Hong Kong raises revenues from the sale and taxation of land and through attracting international businesses to provide capital for its public finance, due to its low tax policyEconomy of Hong Kong – Central and Victoria Harbour of Hong Kong
39. Economy of Iceland – The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12. 3bn, with a population of 321,000, this is $38,000 per capita, based on purchasing power parity estimates. The financial crisis of 2007–2010 produced a decline in GDP and employment, Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries, geothermal power is the primary source of home and industrial energy in Iceland. In the 1990s Iceland undertook extensive free market reforms, which produced strong economic growth. As a result, Iceland was rated as having one of the worlds highest levels of freedom as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index and was one of the most egalitarian, from 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008. Iceland occupies an area of 103,000 square kilometers. It has a 4,790 kilometer coastline and a 200 nautical mile economic zone extending over 758,000 square kilometers of water. Approximately only 0. 7% of Icelands surface area is arable, since the terrain is mostly mountainous. Iceland has few mineral resources. In the past, deposits of sulphur have been mined, however, today most sulphur is obtained in the refining of oil. That plant has now closed for environmental reasons. The only natural resource conversion in Iceland is the manufacture of cement, concrete is widely used as building material, including for all types of residential housing. 9% of Icelands electricity being generated from renewables. By far the largest of the many Icelandic hydroelectric power stations is Kárahnjúkar Hydropower Plant in the north of Vatnajökull. Other stations include Búrfell, Hrauneyjarfoss, Sigalda, Blanda, recent geological research has improved the likelihood of Iceland having sizable off-shore oil reserves within its 200 mile economic zone in the seabed of the Jan Mayen area. Iceland is the worlds largest electricity producer per capita, the presence of abundant electrical power due to Icelands geothermal and hydroelectric energy sources has led to the growth of the manufacturing sectorEconomy of Iceland – Alcoa's aluminium plant in Reyðarfjörður, Iceland
40. Economy of Indonesia – Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. The country is also a member of G-20 major economies and classified as an industrialised country. It is the sixteenth largest economy in the world by nominal GDP and is the eighth largest in terms of GDP, since 1999 the economy has recovered and growth has accelerated to over 4–6% in recent years. In 2012 Indonesia replaced India as the second-fastest-growing G-20 economy, behind China, 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, high levels of regulation and 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 1970 to 1980 as a result of the increase in oil export revenues from 1973 to 1979. High levels of growth from 1987 to 1997 masked a number of structural weaknesses in Indonesias economy. As a result, the system was very weak, and there was no effective way to enforce contracts, collect debts. Banking practices were unsophisticated, with collateral-based lending the norm and widespread violation of prudential regulations. Non-tariff barriers, rent-seeking by state-owned enterprises, domestic subsidies, barriers to domestic trade, the Asian financial crisis that began to affect Indonesia in mid-1997 became an economic and political crisis. Indonesias initial response was to float the rupiah, raise key domestic interest rates, the rupiah remained weak, however, and President Soeharto was forced to resign in May 1998. In August 1998, Indonesia and the IMF agreed on an Extended Fund Facility under President B. J Habibie that included significant structural reform targets, President Abdurrahman Wahid took office in October 1999, and Indonesia and the IMF signed another EFF in January 2000. The new program also has a range of economic, structural reform, the effects of the financial and economic crisis were severe. By November 1997, rapid currency depreciation had seen public debt reach US$60 bn, in 1998, real GDP contracted by 13. 1%. The economy reached its low point in mid-1999 and real GDP growth for the year was 0. 8%, inflation reached 72% in 1998 but slowed to 2% in 1999. The rupiah, which had been in the Rp 2, 600/USD1 range at the start of August 1997 fell to 11, 000/USD1 by January 1998, with spot rates around 15,000 for brief periods during the first half of 1998. It returned to 8, 000/USD1 range at the end of 1998 and has traded in the Rp 8, 000–10, 000/USD1 range ever since, with fluctuations that are relatively predictable. However, the rupiah began devaluing past 11,000 in 2013 and is as of November 2016 around 13,000 USD, in late 2004 Indonesia faced a mini-crisis due to international oil prices rises and importsEconomy of Indonesia – Jakarta, financial capital of Indonesia.
41. Economy of Jamaica – Jamaica has natural resources, primarily bauxite, and an ideal climate conducive to agriculture and also tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the industry shifted Jamaicas economy from sugar. By the 1970s, Jamaica had emerged as a leader in export of these minerals as foreign investment increased. Weakness in the sector, speculation, and lower levels of investment erode confidence in the productive sector. Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to competition, absence of North American Free Trade Agreement parity, drug contamination delaying deliveries. Strict adherence to the IMFs refinancing programme and preparations for the JLH has favourably affected Jamaicas credit rating, before independence, Jamaicas economy was largely focused on agriculture with the vast majority of the labour force engaged in the production of sugar, bananas, and tobacco. These products were exported to the United Kingdom, Canada. Jamaicas trade relationships expanded substantially from 1938 to 1946, with total imports almost doubling from ₤6,485,000 to ₤12,452,000, after 1962, the Jamaican government pushed for industrialization by trying to attract investments from foreign companies. Although the manufacturing and services sectors have grown in the half of the 20th century. The Jamaican economy suffered its fourth year of negative growth in 1999. All sectors excepting bauxite/alumina, energy, and tourism shrank in 1998 and 1999, in 2000, Jamaica experienced its first year of positive growth since 1995. Inflation fell from 25% in 1995 to single digits in 2000, through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. The Jamaican dollar has been slipping, despite intervention, resulting in an exchange rate of J$73.40 per US$1.00. Over the last 30 years, real per capita GDP increased at an average of just one percent per year, in addition, the International Finance Corporation and Multilateral Investment Guarantee Agency will continue to support private sector development. The reform program is beginning to bear fruit, Institutional reforms, despite some revival, economic growth is still low, the Jamaican Government is forecasting real gross domestic product growth of 1. Jamaica, which had seen its poverty rate drop almost 20 percent over two decades, saw it increase by eight percent in a few years, the unemployment rate in Jamaica is about 13. 2%, with youth unemployment more than twice the national rateEconomy of Jamaica – Downtown Kingston - Scotia Bank and the Bank of Jamaica
42. Economy of Japan – The economy of Japan is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity. And is the second largest developed economy. According to the International Monetary Fund, the countrys per capita GDP was at $37,519, Japan is a member of the G7. The Japanese economy is forecasted by the Quarterly Tankan survey of business sentiment conducted by the Bank of Japan, Nikkei 225 presents the monthly report of top Blue chip equities on Japan Exchange Group. Due to a currency exchange rate, Japans GDP as measured in dollars fluctuates widely. Accounting for these fluctuations 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 the leading industrial clusters and manufacturing centers for the Japanese economy. Japan is the worlds largest creditor nation Japan generally runs a trade surplus and has a considerable net international investment surplus. As of 2010, Japan possesses 13. 7% of the private financial assets at an estimated $13.5 trillion. As of 2015,54 of the Fortune Global 500 companies are based in Japan, Japan has the highest ratio of public debt to GDP of any developed nation. The Japanese economy faces considerable challenges posed by a declining population. Statistics showed a decline for the first time in 2015. By 1990, income per capita in Japan equalled or surpassed that in most countries in the West, however, in the second half of the 1980s, rising stock and real estate prices caused the economic bubble to the Japanese economy by Bank of Japan. The economic bubble came to an end as the Tokyo Stock Exchange crashed in 1990–92. Growth in Japan throughout the 1990s at 1. 5% was slower than growth in other developed economies. After another decade of low rate, the term became the Lost 20 Years. Nonetheless, GDP per capita growth from 2001 to 2010 has still managed to outpace Europe and his analysis indicates that Japan has converged on its steady-state growth rate. With this low rate, national debt of Japan is difficult for the government to manage due to its considerable social welfare spending related to an aging society. The scenario of Abandoned homes continues to spread from areas to urban areas in JapanEconomy of Japan – Financial center in Tokyo
43. Economy of Jordan – Jordans GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, and rose 36% in the 1990s. Jordan is classified as an emerging market, after king Abdullah IIs accession to the throne in 1999, liberal economic policies were introduced that resulted in a boom that continued through 2009. Jordan has a banking sector that attracts investors due to conservative bank policies that enabled the country to weather the global financial crisis of 2009. Jordans economy has been growing at a rate of 7% after King Abdullah IIs accession to throne in 1999. As of 2015, Jordan boasts a GDP worth $37.6 USD bn, Jordan has FTAs with the United States, Canada, Singapore, Malaysia, the European Union, Tunisia, Algeria, Libya, Turkey and Syria. More FTAs are planned with Iraq, the Palestinian Authority, the GCC, Lebanon, the main obstacles to Jordans economy are scarce water supplies, complete reliance on oil imports for energy, and regional instability. Just over 10% of its land is arable and the supply is limited. Rainfall is low and highly variable, and much of Jordans available ground water is not renewable, Jordans economic resource base centers on phosphates, potash, and their fertilizer derivatives, tourism, overseas remittances, and foreign aid. These are its principal sources of hard currency earnings, lacking coal reserves, hydroelectric power, large tracts of forest or commercially viable oil deposits, Jordan relies on natural gas for 10% of its domestic energy needs. Jordan used to depend on Iraq for oil until the American-led 2003 invasion of Iraq, rapid privatization of previously state-controlled industries and liberalization of the economy is spurring growth in urban centers like Amman and Aqaba. Jordan has six special economic zones that attract large-scale investment, Aqaba, Mafraq, Maan, Ajloun, the Dead Sea, Jordan also has a plethora of industrial zones producing goods in the textile, aerospace, defense, ICT, pharmaceutical, and cosmetic sectors. In the last few years Jordans economic growth has slowed, averaging around 2%.4 million Syrian refugees, all of this has contributed for the swelling of Jordans public debt, which reached 95% of its GDP in 2016. The regional situation has made Jordan increasingly reliant on foreign aid, according to the World Bank, Syrian refugees have cost Jordan more than $2.5 billion a year, amounting to 6% of the GDP and 25% of the governments annual revenue. Foreign aid covers only a part of these costs, 63% of the total costs is covered by Jordan. This is a chart of trend of gross product of Jordan at market prices by the International Monetary Fund with figures in millions of Jordanian Dinars. For purchasing power parity comparisons, the Jordanian Dinar is exchanged per US dollar at 0.359, Jordans population is 6,342,948 and mean wages were $4.19 per man-hour in 2009. Jordan is classified by the World Bank as a middle income country. Jordan ranked as having the 35th best infrastructure in the world, the Kingdom scored higher than many of its peers in the Persian Gulf and Europe like Kuwait, IsraelEconomy of Jordan – 1 Jordanian Dinar
44. Economy of Kuwait – Kuwait is a small, petroleum-based economy. The Kuwaiti dinar is the unit of currency in the world. 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, in terms of economic development, the historical preeminence of Kuwait in finance dates back to the founding of the National Bank of Kuwait in 1952. The bank was the first local publicly traded corporation in the Gulf, in the late 1970s and early 1980s, an alternative stock market, trading in shares of Gulf companies, emerged in Kuwait, the Souk Al-Manakh. At its peak, its market capitalization was the third highest in the world, behind only the U. S. and Japan, Kuwait has a large wealth-management industry that stands out in the region. Kuwaiti investment companies administer more assets than those of any other GCC country, the Kuwait Financial Centre, in a rough calculation, estimated that Kuwaiti firms accounted for over one-third of the total assets under management in the GCC. The relative strength of Kuwait in the financial industry extends to its stock market, for many years, the total valuation of all companies listed on the Kuwaiti exchange far exceeded the value of those on any other GCC bourse, except Saudi Arabia. In recent years, Kuwaiti investment companies have invested large percentages of their assets abroad, over the years aid was annually provided to Egypt, Syria, and Jordan, as well as the Palestine Liberation Organization. In 1974, the funds lending mandate was expanded to all developing countries in the world. In 1934, the Emir of Kuwait granted an oil concession to the Kuwait Oil Co. jointly owned by the Anglo-Persian Oil Company and Gulf Oil Corporation In 1976, the following year, Kuwait took over onshore production in the Divided Zone between Kuwait and Saudi Arabia. KOC produces jointly there with Texaco, Inc. which, by its 1984 purchase of Getty Oil Co. acquired the Saudi Arabian onshore concession in the Divided Zone. In the Offshore Divided Zone, the Arabian Oil Co. – 80% owned by Japanese interests and 10% each by the Kuwaiti, the original concession agreements will expire in January 2003, negotiations to replace the concession with a technical service agreement should be completed in 2002. The latter, purchased outright in 1982, gives KPC a worldwide presence in the petroleum industry. KPC also has purchased from Gulf Oil Co. refineries and associated stations in the Benelux nations and Scandinavia, as well as storage facilities. In 1987, KPC bought a 19% share in British Petroleum, KPC markets its products in Europe under the brand Q8 and is interested in the markets of the United States and Japan. Kuwait has about 94 billion barrels of oil reserves. Estimated capacity, before the war, was about 2.4 million barrels per day, during the Iraqi occupation, Kuwaits oil-producing capacity was reduced to practically nothingEconomy of Kuwait – Kuwait City
45. Economy of Liechtenstein – Low business taxes - the maximum tax rate is 20% - and easy incorporation rules. The country participates in a union with Switzerland and 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 mutual economic area. Therefore, the borders between states are open. The country also uses the Swiss franc as its national currency, currently there are 21 Swiss border guards stationed in Liechtenstein and 20 Austrian border guards securing its border. Liechtenstein is a member of EFTA, and joined the European Economic Area in 1995 in order to benefit from the EU internal market, the Principality of Liechtenstein has gone through economic and cultural development in the last 40 years like no other Western country. In this short period, Liechtenstein developed from an agricultural state 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 to $2.9 billion in 2008. Some 15. 7% of Liechtenstein goods are exported to Switzerland,62. 6% to the EU, Liechtenstein imports more than 85% of its energy requirements from the Swiss, while it produces only 15% of its energy requirements. France and Italy were able to maintain their positions, while Austria, about 32% of the countrys revenues are invested in research and development, one of the driving forces of the success of Liechtensteins economy. Total R&D spending in 2000 rose by 20. 7% to approximately $140 million, the Principality of Liechtenstein also is known as an important financial centre, primarily because it specializes in financial services for foreign entities. The same factors made the country attractive and vulnerable to money launderers, Liechtenstein has chartered 17 banks, three non-bank financial companies, and 71 public investment companies, as well as insurance and reinsurance companies. Its 270 licensed fiduciary companies and 81 lawyers serve as nominees for, or manage, more than 73,000 entities, about one-third of these entities hold the controlling interest in other entities, chartered in countries other than Liechtenstein. The Principalitys laws permit the corporations it charters to issue bearer shares, until recently, the Principalitys banking laws permitted banks to issue numbered accounts, but new regulations require strict know-your-customer practices for all accounts. Healthcare in Liechtenstein List of foundations established in VaduzEconomy of Liechtenstein – Vaduz
46. Economy of Mauritania – Mauritania has extensive deposits of iron 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 prices, gold and copper mining companies are opening mines in the interior. The nations coastal waters are among the richest fishing areas in the world, the countrys first deep water port opened near Nouakchott in 1986. In recent years, drought and economic mismanagement have resulted in a buildup of foreign debt, in March 1999, the government signed an agreement with a joint World Bank-International Monetary Fund mission on a $54 million enhanced structural adjustment facility. The economic objectives have been set for 1999-2002, privatization remains one of the key issues. This is a chart of trend of gross product of Mauritania at market prices estimated by the International Monetary Fund with figures in millions of Mauritanian Ougulyas. Current GDP per capita of Mauritania grew 82% in the Sixties reaching a growth of 166% in the Seventies. But this proved unsustainable and growth scaled back to 14% in the Eighties. Finally, it shrank by 29% in the Nineties, mean wages were $0.97 per man-hour in 2009. In 2007, mining accounted for well over 35 per cent of the Mauritanian economy. Diversification of the economy into non-mining industries remains a long-term issue, Mauritania is a net importer of food, reportedly importing 70% of its domestic food needs. In February 2006, the Mauritanian government denounced amendments to an oil made by former leader Maaouiya Ould Taya with Woodside Petroleum. In 2004, Woodside had agreed to invest $US600 million in developing Mauritanias Chinguetti offshore oil project and they also eased environmental constraints, and extended the length and scope of the exploitation and exploration monopoly, among other measures. The disputed amendments were signed by former oil minister Zeidane Ould Hmeida in February 2004, Hmeida was arrested in January 2006 on charges of serious crimes against the countrys essential economic interests. Nouakchotts authorities declared that the government would seek international arbitration. Discovered in 2001, Chinguetti has proven reserves of about 120,000,000 barrels of oil. At the end of December 2005, authorities estimated that in 2006, some U. S. oil companies are alleged to be playing a part in Mauritanias oil related corruption. cia. gov/library/publications/the-world-factbook/index. htmlEconomy of Mauritania – A market place in Tidjikja
47. Economy of Moldova – Moldova is a former Soviet republic in Eastern Europe. It is landlocked, bordered by Ukraine on the east and Romania to the west, the Republic of Moldova remains Europes poorest nation with per capita incomes on par with Nicaragua and Ghana and half that of Albania. On January 2,1992, Moldova introduced a market economy, liberalising prices, in 1993, a national currency, 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 an annual growth of between 5% and 10%. Remittances from Moldovans abroad account for a quarter of Moldovas GDP, however, Ion Marandici claims the high level of remittances did not lead to development. Moldovas proximity to the Black Sea gives it a mild and sunny climate, the fertile soil supports wheat, corn, barley, tobacco, sugar beet, and soybeans. Beef and dairy cattle are raised, and beekeeping is widespread, Moldovas best-known product comes from its extensive and well-developed vineyards concentrated in the central and southern regions. In addition to wine, Moldova produces liqueur and sparkling wine. It is also known for its seeds, walnuts, apples. This makes the ideal for agriculture and food processing, which accounts for about 40% of the countrys GDP. Moldova has experienced difficulties, like many other former Soviet republics. The Russian ruble devaluation of 1998 had an effect on Moldovas economy. Moldova has made progress in economic reform since independence, the government has liberalized most prices and has phased out subsidies on most basic consumer goods. A program begun in March 1993 has privatized 80% of all housing units and nearly 2,000 small, medium, and large enterprises. Other successes include the privatization of all of Moldovas agricultural land from state to private ownership, as a result of an American assistance program, Pamînt. A stock market opened in June 1995, inflation was brought down from over 105% in 1994 to 11% in 1997. Though inflation spiked again after Russia’s 1998 currency devaluation, Moldova made great strides in bringing it under control,18. 4% in 2000,6. 3% in 2001, and 4. 4% in 2002. In 2003 inflation escalated again – due mainly to a rise in agricultural prices – reaching 15. 7%Economy of Moldova – 100 Moldovan Lei Banknote
48. Economy of Mongolia – Economic activity in Mongolia has traditionally been based on agriculture and livestock. Mongolia also has mineral deposits, copper, coal, molybdenum, tin, tungsten. Soviet assistance, at its height one-third of Gross domestic product, disappeared almost overnight in 1990–91, Mongolia was driven into deep recession. Reform has been back by the ex-communist MPRP opposition and by the political instability brought about through four successive governments under the DUC. Economic growth picked up in 1997–99 after stalling in 1996 due to a series of disasters and increases in world prices of copper. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis, in August and 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 donor 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, 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, 80% of Mongolias trade was with the former Soviet Union, Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants. The former Soviet Union served as the market for Mongolian industry. In the 1980s, Mongolias industrial sector became increasingly important, by 1989, it accounted for an estimated 34% of material products, compared to 18% from agriculture. However, minerals, animals, and animal-derived products still constitute a large proportion of the countrys exports, principal imports included machinery, petroleum, cloth, and building materials. In the late 1980s, the government began to improve links with non-communist Asia and the West, as of 1 January 1991, Mongolia and the former Soviet Union agreed to conduct bilateral trade in hard currency at world prices. Despite its external trade difficulties, Mongolia has continued to press ahead with reform, privatization of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. Privatization of large state enterprises has begun, tax reforms also have begun, and the barter and official exchange rates were unified in late 1991. Between 1990 and 1993, Mongolia suffered triple-digit inflation, rising unemployment, shortages of basic goods, during that period, economic output contracted by one-third. As market reforms and private enterprise took hold, economic growth began again in 1994–95, GDP grew by about 6% in 1995, thanks to largely to a boom in copper prices. Average real economic growth leveled off to about 3. 5% in 1996–99 due to the Asian financial crisis, the 1998 Russian financial crisis, Mongolias gross domestic product growth fell from 3. 2% in 1999 to 1. 3% in 2000Economy of Mongolia – Ulaanbaatar
49. Economy of Montenegro – The economy of Montenegro is mostly a service based economy, currently in the process of economic transition. The economy of this small Balkan state is recovering from the impact of the Yugoslav Wars, the decline of industry following the breakup of SFRY, and UN economic sanctions. As a relatively small principality and kingdom, Montenegro made its first steps towards an economy only at the turn of the 20th century. The causes for this relative delay lay in the population, lack of raw materials, underdeveloped transport network. However, this delay in industrialization had its positive effects - Montenegro survived as a specific ecological oasis, the first factories were built in Montenegro in the first decade of the 20th century, followed by wood mills, an oil refinery, a brewery, and electric power plants. This brief evolution of industrial economy was interrupted by new wars - First Balkan War, followed by World War I, 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 urbanization and industrialization. The disintegration of the Yugoslav market, and the imposition of UN sanctions in May 1992 were the causes of the greatest economic, the financial losses under the adverse effects of the UN sanctions on the overall economy of Montenegro are estimated to be approximately $6.39 billion. This period was marked by the second highest hyperinflation in the history of humankind, due to its favourable geographical location Montenegro became a hub for smuggling activity. It became a de facto legalized practice and it went on for years, in 1997, Milo Đukanović took control over the ruling party DPS and began severing ties with Serbia. He blamed policies of Slobodan Milošević for the decline of the Montenegrin economy. Resurgent inflation led the Montenegrin government to dollarize the economy, adopting the German mark unilaterally and this eventually resulted in creation of Serbia and Montenegro, a loose union in which the Montenegrin government assumed predominant responsibility for its economic policies. This was followed by implementation of faster and more efficient privatization, when the German mark was replaced by the euro, the latter became Montenegros legal tender despite objections from Brussels. The government established a plan of economic reforms, popularly referred to as The Agenda. Despite implementation of laws and privatization of most of publicly owned companies. The government, with Milo Ðukanović still as the Prime minister, some arguments used to support this position were that foreign debt was higher in Serbia by one third, that unemployment was significantly lower in Montenegro. A referendum was held on May 21,2006 in which the people of Montenegro voted by a majority in favour of Montenegrin independence from Serbia. Efforts have been made to attract the foreign investors into tourism greenfield investments, as well as in infrastructure projectsEconomy of Montenegro – Central Bank of Montenegro
50. Economy of Mozambique – The economy of Mozambique has developed since the end of the Mozambican Civil War, but the country is still one of the worlds poorest and most underdeveloped. In 1987, the government embarked on a series of reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to improvements in the countrys growth rate. Inflation was brought to single digits during the late 1990s although it returned to double digits in 2000-02, fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the governments revenue collection abilities. In spite of gains, Mozambique remains dependent upon foreign assistance for much of its annual budget. Subsistence agriculture continues to employ the vast majority of the countrys workforce, a substantial trade imbalance persists although the opening of the MOZAL aluminium smelter, the countrys largest foreign investment project to date has increased export earnings. Additional investment projects in titanium extraction and processing and garment manufacturing should further close the import/export gap, Portugal founded settlements, trading posts, forts and ports. Cities, towns and villages were founded all over the territory by the Portuguese, like Lourenço Marques, Beira, Vila Pery, Vila Junqueiro, Vila Cabral, others were expanded and developed greatly under Portuguese rule, like Quelimane, Nampula and Sofala. By this time, Mozambique had become a Portuguese colony, indigenous African peasants mainly produced cash crops designated for sale in the markets of Portugal. Major cash crops included cotton, cashews, tea and rice and this arrangement ended in 1932 after the takeover in Portugal by the new António de Oliveira Salazars government. Thereafter, Mozambique, along with other Portuguese colonies, was put under the control of Lisbon. In 1951, it became an overseas province, the economy expanded rapidly during the 1950s and 1960s, attracting thousands of Portuguese settlers to the country. It was around this time that the first nationalist guerrilla groups began to form in Tanzania, in 1959-60, Mozambiques major exports included cotton, cashew nuts, tea, sugar, copra and sisal. The expanding economy of the Portuguese overseas province was fuelled by foreign direct investment, british capital owned two of the large sugar concessions, including the famous Sena states. The Matola Oil Refinery, Procon, was controlled by England, in 1948 the petroleum concession was given to the Mozambique Gulf Oil Company. At Maotize coal was mined, the industry was financed by Belgian capital. Three banks were in operation, the Banco Nacional Ultramarino, Portuguese, Barclays Bank, british, and the Banco Totta e Standard de Moçambique. Nine out of the insurance companies were PortugueseEconomy of Mozambique – Maputo, capital and financial center of Mozambique
51. Economy of Niger – The economy of Niger is based largely upon internal markets, subsistence agriculture, and the export of raw commodities, foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently ranked on the bottom of the Human development index, with a relatively low GDP. Economic activity centres on agriculture, animal husbandry, re-export trade. The 50% devaluation of the West African CFA franc in January 1994 boosted exports of livestock, cowpeas, onions, exports of cattle to neighboring Nigeria, as well as Groundnuts and their oil remain the primary non-mineral exports. The government relies on bilateral and multilateral aid – which was suspended briefly following coups détat in 1996 and 1999 – for operating expenses, short-term prospects depend on continued World Bank and IMF debt relief and extended aid. The post 1999 government has broadly adhered to privatisation and market deregulation plans instituted by these funders, Niger is the poorest country in the world. This is a chart of trend of gross product of Niger at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. Mean wages were $0.37 per man-hour in 2008, Nigers economy is based largely on subsistence crops, livestock, and some of the worlds largest uranium deposits. Drought cycles, desertification, a 3. 4% population growth rate, traditional subsistence farming, herding, small trading, and informal markets dominate an economy that generates few formal sector jobs. Between 1988 and 1995 28% to 30% of the economy of Niger was in the unregulated Informal sector, including small and even large scale rural and urban production, transport. Current GDP per capita of Niger grew 10% in the 1960s, but this proved unsustainable and 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 at Arlit in the far north of the country, ore is partially processed on site by foreign mining corporations and transported by truck to Benin. Fluctuation of GDP can be mapped to changes in international uranium price, as well as price negations with the mining company. Price rises in the mid-1970s were followed by a collapse in the market price through much of the 1980s and 1990s, thus the GDP per capita has little direct impact on the average Nigerien, although uranium funds much government operation. The 2006 Human Development Index ranked Niger sixth from worst in the world, Nigers agricultural and livestock sectors are the mainstay of all but 18% of the population. Fourteen percent of Nigers GDP is generated by livestock production, said to support 29% of the population, the 15% of Nigers land that is arable is found mainly along its southern border with Nigeria. Rainfall varies and when insufficient, Niger has difficulty feeding its population and must rely on grain purchases, although the rains in 2000 were not good, those in 2001 were plentiful and well distributed. Pearl millet, sorghum, and cassava are Nigers principal rain-fed subsistence crops, irrigated rice for internal consumption, while expensive, has, since the devaluation of the CFA franc, sold for below the price of imported rice, encouraging additional productionEconomy of Niger – Petit Marché in Niamey
52. Economy of Norway – The economy of Norway is a developed mixed economy with state-ownership in strategic areas. Although sensitive to business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a high standard of living compared with other European countries. Norways modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, prior to the industrial revolution, Norways economy was largely based on agriculture, timber, and fishing. Norwegians typically lived under conditions of scarcity, though famine was rare. In areas of Central and Northern Norway, the Sami subsisted on the herding of reindeer. Fishing all around the coast was dangerous work, though such as herring, cod, halibut. The introduction of the potato to Norway provided considerable relief for Norwegians, all around the coast, the harvesting of fish was an important supplement to farming and was in many areas in the north and west the primary household subsistence. Fishing was typically supplemented with crop-growing and the raising of livestock on small farms, the economic conditions in Norway did not lend themselves to the formation of feudal system, though several kings did reward land to loyal subjects who became knights. Self-owning farmers were—and continue to be—the main unit of work in Norwegian agriculture, many agricultural families were reduced to poverty as tenant farmers, and served as the impetus for emigration to North America. Aside from mining in Kongsberg, Røros and Løkken, industrialization came with the first textile mills that were built in Norway in the middle of the 19th century. But the first large industrial enterprises came into formation when entrepreneurs politics, 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 started a long-term trend of reduction in cultivated land. The working class became a phenomenon in Norway, with its own neighborhoods, culture. The roots of the socialist movement in Norway were based on working conditions, exploitative labor relations policies. As socialism became part of the labor movement, it also became part of the mainstream political discourse. The government controls 31. 6% of publicly listed companies, when non-listed companies are included the state has an even higher share in ownership. Highly progressive income taxes, the introduction of value-added tax, authorities particularly taxed discretionary spending, levying special taxes on automobiles, tobacco, alcohol, cosmetics, etcEconomy of Norway – Norway Exports Tree Map (2009)
53. Economy of Pakistan – The economy of Pakistan is the 24th largest in the world in terms of purchasing power parity, and 43th largest in terms of nominal gross domestic product. Pakistan has a population of over 190 million, giving it a nominal GDP per capita of $1,429, however, Pakistans undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a country and is one of the Next Eleven. However, after decades of war and social instability, as of 2013, serious deficiencies in basic services such as railway transportation, the economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals, the economy has suffered in the past from internal political disputes, a fast-growing population, mixed levels of foreign investment. Pakistan is currently undergoing a process of liberalization, including privatization of all government corporations, aimed to attract foreign investment. In 2014, foreign currency reserves crossed $18.4 billion which has led to stable outlook on the long-term rating by Standard & Poors, according to the World Bank, poverty in Pakistan fell from 64. 3% in 2002 to 29. 5% in 2014. Pakistans fiscal position continues to improve as the budget deficit has fallen from 6. 4% in 2013 to 4. 3% in 2016, the countrys improving Macroeconomic position has led to Moodys upgrading Pakistans debt outlook to stable. Pakistan was a poor and predominantly agricultural country when it gained independence in 1947. Pakistans average economic growth rate in the first five decades has been higher than the rate of the world economy during the same period. Average annual real GDP growth rates were 6. 8% in the 1960s,4. 8% in the 1970s, average annual growth fell to 4. 6% in the 1990s with significantly lower growth in the second half of that decade. This is a chart of trend of gross product of Pakistan at market prices estimated by the International Monetary Fund with figures in millions of Pakistani Rupees. See also Historically, Pakistans overall economic output has grown every year since a 1951 recession, despite this record of sustained growth, Pakistans economy had, until a few years ago, been characterised as unstable and highly vulnerable to external and internal shocks. The World Bank and International Finance Corporations flagship report Ease of Doing Business Index 2015 ranked Pakistan 138 among 189 countries around the globe, the top five countries were Singapore, New Zealand, the United States, Hong Kong and United Kingdom. Many Western companies refuse to do business with Pakistan and cite problems of courrption, lack of resources, today the Nominal GDP of Pakistan is 270.96 billion USD which is better than its last decades performance due to high growth rate. AMC said that during the period January–July this year, Indian 100 point index was 6. 67% while Karachi Stock Exchange had achieved 100 point index of 17 percent. In the first four years of the twenty-first century, Pakistans KSE100 Index was the stock market index in the world as declared by the international magazine Business Week. The stock market capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005 by the World Bank, as a result, the corporate sector of Pakistan has declined dramatically in recent timesEconomy of Pakistan – A view of I. I. Chundrigar Road, the financial district of Karachi in Pakistan
54. 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 industry, heavily weighted toward banking, commerce. The hand-over of the canal and military installations by the United States has given rise to new construction projects, Panamas 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, and flagship registry, medical and health, the countrys industry includes, manufacturing of aircraft spare parts, cements, drinks, adhesives, and textiles. Also the leading exports for Panama are bananas, shrimp, sugar, coffee, and clothing. Nominal GDP per capita in Panama was 11,691 in 2002,13,099 in 2004,14,004 in 2005,15,141.9 in 2006, as reported by Office of Statistics and Census, Government of Panama. Growth from 2002 to 2006 was especially strong in the transport and communications sector, real GDP rose 7. 5%,6. 9%,8. 1%. GDP growth in 2008 was 9. 2%, reflecting a slowing of the robust growth of 11. 5% seen in 2007. Although growth slowed to 2. 4% in the first half of 2009, due to the economic downturn. Growth has been fueled by the sector, transportation, port and Panama Canal-related activities. As a result of growth, government deficit as a percentage of GDP dropped to 43% in 2009. A recent United Nations report highlighted progress in poverty reduction from 2001 to 2007—overall poverty fell from 37% to 29%, however, Panama still has the second-most unequal income distribution in Latin America. Since the early 16th century, Panamanians have relied on the countrys comparative advantage—its geography, exploitation of this advantage began soon after the Spanish arrived, when the conquistadors used Panama to transport gold and silver from Peru to Spain. Ports on each coast and a trail between them handled much of Spains colonial trade from which the inhabitants of the cities prospered. This was the beginning of the countrys dependence on world commerce for prosperity. Agriculture received little attention until the twentieth century, and by the 1980s had—for much of the population—barely developed beyond indigenous Indian techniques, Industry developed slowly because the flow of goods from Europe and later from North America created a disincentive for local production. Panama has been affected by the nature of international trade. The economy stagnated in the 18th century as colonial exchange via the isthmus declined, in the mid-19th century, Panamas economy boomed as a result of increased cargo and passengers associated with the California gold rushEconomy of Panama – Panama City is the capital and financial center of Panama
55. Economy of Papua New Guinea – PNGs GDP growth is driven by the extraction industries and real GDP growth per capita has averaged 4% since mid-2000. The country has made significant progress investing proceeds from oil and gas in infrastructure building and this is well supported by its strategic location as a Pacifics gateway to Asia as well as its comparatively huge landmass and demographic profile. Despite this poverty it is endowed with natural resources, but exploitation has been hampered by the rugged terrain. Agriculture provides a livelihood for the bulk of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings, budgetary support from Australia and development aid under World Bank auspices have helped sustain the economy. In 1995, Port Moresby reached an agreement with the International Monetary Fund and World Bank on an adjustment program. The coffee crop was slashed by up to 50% in 1997, despite problems with drought, the year 1998 saw a small recovery in GDP. Growth increased to 3. 6% in 1999 and may be higher in 2000. The economy generally can be separated into subsistence and market sectors, although the distinction is blurred by smallholder cash cropping of coffee, cocoa, about 75% of the countrys population relies primarily on the subsistence economy. The minerals, timber, and fish sectors are dominated by foreign investors, manufacturing is limited, and the formal labour sector consequently also is limited. In 1999, mineral production accounted for 26. 3% of gross domestic product, government revenues and foreign exchange earning minerals. Copper and gold mines are currently in production at Porgera, Ok Tedi, Misima, Lihir, Simberi, New nickel, copper and gold projects have been identified and are awaiting a rise in commodity prices to begin development. At early 2011, there are confirmation that Mount Suckling project has found at least two new large highly prospective porphyry bodies at Araboro Creek and Ioleu Creek, a consortium led by Chevron is producing and exporting oil from the Southern Highlands Province of Papua New Guinea. In 2001, it expects to begin the commercialization of the countrys estimated 640 km³ of natural gas reserves through the construction of a gas pipeline from Papua New Guinea to Queensland, Papua New Guinea produces and exports agricultural, timber, and fish products. Agriculture currently accounts for 25% of GDP and supports more than 80% of the population, cash crops ranked by value are coffee, oil, cocoa, copra, tea, rubber, and sugar. The timber industry was not active in 1998, due to low world prices, about 40% of the country is covered with timber rich trees, and a domestic woodworking industry has been slow to develop. Fish exports are confined primarily to shrimp, although fishing boats of other nations catch tuna in Papua New Guinea waters under license, Papua New Guinea is the largest yam market in Asia. In general, the Papua New Guinea economy is dependent on imports for manufactured goodsEconomy of Papua New Guinea – Port Moresby
56. 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 industry and agriculture, with exceptions to this privatization occurring in the energy. Russias vast geography is an important determinant of its economic activity, the World Bank estimates the total value of Russias natural resources at $75 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 Russias exports. As of 2012 the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues, the value of Russian arms exports totalled $15.7 billion in 2013—second only to the US. Top military exports from Russia include combat aircraft, air systems, ships. In 2015, the Russian economy was the sixth largest in the world by PPP, between 2000 and 2012 Russias energy exports fueled a rapid growth in living standards, with real disposable income rising by 160%. In dollar-denominated terms this amounted to a more than increase in disposable incomes since 2000. In the same period, unemployment and poverty more than halved and this growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies. However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all assets held by Russian households. Poor governance means that Russia also has the second-largest volume of illicit money outflows, since 2008 Forbes has repeatedly named Moscow the billionaire capital of the world. The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, the 2014 Russian military intervention in Ukraine, and the subsequent capital flight. While in 2014 GDP growth remained positive at 0. 6%, however, the World Bank and the IMF estimated that Russias economy will begin to recover by 2017. In January 2016, the US company Bloomberg rated Russias economy as the 12th most innovative in the world, up from 14th in January 2015, former finance minister Alexei Kudrin has said that Russia needs to reduce geopolitical tensions to improve its economic conditions. By the 1970s the Soviet Union entered the Era of Stagnation, the complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners in Moscow became overwhelming, from 1975 to 1985, corruption and data fiddling became common practice among bureaucracy to report satisfied targets and quotas thus entrenching the crisis. Since 1986 Mikhail Gorbachev attempted to address economic problems by moving towards a market-oriented socialist economy, gorbachevs policies had failed to rejuvenate the Soviet economy, though. Instead, Perestroika set off a process of political and economic disintegration, following the collapse of the Soviet Union, Russia had undergone a radical transformation, moving from a centrally planned economy to a globally integrated market economyEconomy of Russia – Moscow International Business Center
57. Economy of Saint Kitts and Nevis – The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane, decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles, the government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to fund social programs. In late September 1998, Hurricane Georges caused approximately $445 million in damages, the economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but hurricanes in 1998 and 1999 contributed to a sharp slowdown. Real economic growth was 0. 75% in 2002 after a decline of 4. 3% in 2001, the economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline. The construction sector recorded a 4. 51% decline, manufacturing and hotels and restaurants also recorded significant declines of 4.01 and 9. 89% respectively, consumer prices have risen marginally over the past few years. The inflation rate was 3%-4% for most of the 1990s, St. Kitts and Nevis is a member of the Eastern Caribbean Currency Union The Eastern Caribbean Central Bank issues a common currency for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries, there is an extensive parallel economy denominated in US$, which is the de facto currency for many business transactions. St. Kitts is a member of the Eastern Caribbean Telecommunications authority, 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, on Nevis, sea island cotton and coconuts are the major commodities. Sweet potatoes, onions, tomatoes, cabbages, carrots, in 2001, agricultural products accounted for about 18. 5% of total imports by value and 11. 2% of exports, the government has embarked on a program to substitute for food imports. Sugar estate lands were nationalized in 1975, and the factory was purchased by the government the following year.9 million was utilized to provide financial stability. Sugar production in 1999 was estimated at 197,000 tons, in July 2005, sugar production ceased. Pasture areas are small, covering some 2. 7% of the islands, pangola and Bermuda grasses provide the bulk of the fodder. Estimates of livestock in 2001 were sheep,14,000, goats,14,400, cattle,4,300 head, fishing is a traditional occupation that has not expanded to any great extent, the catch in 2000 was 257 tons. Some exports are made to the Netherlands Antilles and Puerto Rico, fish is caught by traditional methods such as beach-seining, pot and trap fishing & hand-lining. The catch is not enough to satisfy demand for fish. Large quantities of dried, salted and smoked fish, as well as frozen are imported from Canada, both islands have small stands of virgin tropical forest, with palms, poincianas, and palmettosEconomy of Saint Kitts and Nevis – Economy of Saint Kitts and Nevis
58. 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 islands banana output was heavily impacted in 2007 by the passage of Hurricane Dean, in addition to banana production for export, a variety of crops are produced on the island for domestic consumption. The islands tourism industry declined by 6. 7% during 2007, the level of island households living at or below the poverty level increased from 18.7 to 21.4 percent from 1995 to 2005. Another 16.2 percent of the population are vulnerable to economic shocks that could easily push them below the poverty line. One rural district had 44.9 percent of households living below the poverty line, in order to broaden the islands economic base, the government added small computer-driven information technology and financial services as development objectives. Foreign investors also have been attracted by the improvements as well as by the educated and skilled work force. The largest investment is in a storage and transshipment terminal built by Hess Oil. The Caribbean Development Bank funded an expansion project. Until the events of 11 September 2001, the sector had made significant gains, experiencing a boom despite some untimely. Stay-over visitors and cruise arrivals declined in 2001 and several hotels declared bankruptcy, the development of the tourism sector remains a priority, and the government is committed to providing a favourable investment environment. Incentives are available for building and upgrading tourism facilities, St. Lucias economy depends primarily on revenue from tourism and banana production, with some contribution from small-scale manufacturing. All sectors of the economy have benefited from improvements in roads, communications, water supply, sewerage. These improvements, combined with a political environment and educated work force, have attracted foreign investors in several different sectors. Although St. Lucia enjoys a steady flow of investment in tourism, in addition, the Caribbean Development Bank funded an extensive airport expansion project. The country is encouraging farmers to plant crops such as cocoa, mangoes, tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St. Lucias GDP. The hotel and restaurant industry grew by 6. 3% during 2005, stay-over arrivals increased by 6. 5%, and the United States remained the most important market, accounting for 35. 4% of these arrivals. Redeployment of cruise ships, remedial berth construction, and high costs prevented higher growth rates. However, several investors have planned new tourism projects for the island, including a large hotel, the global recession has caused a reduction in tourist revenue and foreign investment, significantly slowing growth ratesEconomy of Saint Lucia – A proportional representation of St. Lucia's exports.
59. Economy of Saudi Arabia – Saudi Arabia has an oil-based economy with strong government control over major economic activities. The Saudi economy is the largest in the Arab world, Saudi Arabia possesses 18% of the worlds proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, most workers, particularly in the private sector, are foreigners. Saudi oil reserves are the second largest in the world, and Saudi Arabia is the leading oil exporter. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels, Petroleum in Saudi Arabia is not only plentiful but under pressure and close to the earths surface. This makes it far cheaper and thus far more profitable to extract petroleum in Saudi Arabia than in other places. The petroleum sector accounts for roughly 92. 5% of Saudi budget revenues, 97% of export earnings, another 40% of GDP comes from the private sector. An estimated 7.5 million foreigners work legally in Saudi Arabia, playing a role in the Saudi economy, for example, in the oil. The government has encouraged private sector growth for years to lessen the kingdoms dependence on oil. In recent decades the government has begun to permit private sector and foreign investor participation in such as power generation and telecom. During much of the 2000s, high oil prices enabled the government to post budget surpluses, boost spending on job training and education, infrastructure development, and government salaries. More than 95% of all Saudi oil is produced on behalf of the Saudi Government by the parastatal giant Saudi Aramco, at every level in every sphere of activity, Saudis maneuver through life manipulating individual privileges, favors, obligations, and connections. The gross domestic product of Saudi Arabia fluctuates dramatically according to the price of oil, Market prices estimated by the International Monetary Fund and other sources, with figures in millions of Saudi Arabian Riyals. For purchasing power 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. Population from FAO aqaustat, UN World Population Prospects, The 2010 Revision As of August 2009 it was reported that Saudi Arabia is the strongest Arab economy, Saudi Arabia was a subsistence economy until the 1930s. During the 1973 oil crisis Saudi began to rapidly and peaked around 1980. In the mid 1980s the oil dropped from a high of US$40 per barrel to around US$5. From 2002 to mid-2008 oil prices recovered, allowing the government to post budget surpluses, Saudi Arabia was an economy based on subsistence agriculture by a population that was largely nomadic and very poor until the discovery of oil in the 1930sEconomy of Saudi Arabia – Riyadh with the Kingdom Centre in the background
60. Economy of Senegal – Predominantly rural, and with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall, the former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region. 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 overall government spending—including both current expenditures and capital investments—or CFA270.8 billion. Senegal is a member of the World Trade Organization, the GDP per capita of Senegal shrank by 1. 30% in the 60s. However, it registered a growth of 158% in the 70s. However, this proved unsustainable and the economy shrank by 40% in the 90s. In January 1994, Senegal undertook an economic reform program at the behest of the international donor community. This reform began with a 50% devaluation of Senegals currency, the CFA franc, government price controls and subsidies have been steadily dismantled as another economic reform. This currency devaluation had severe consequences, because most essential goods were imported. Overnight, the price of such as milk, rice, fertilizer. As a result, Senegal suffered an exodus, with many of the most educated people. After an economic contraction of 2. 1% in 1993, Senegal made an important turnaround, thanks to the reform program, annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union, Senegal is working toward greater regional integration with a unified external tariff, Senegal still relies heavily upon outside donor assistance, however. The fishing sector has replaced the groundnut sector as Senegals export leader and its export earnings reached U. S. $239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese tuna is rapidly losing the French market to more efficient Asian competitors, phosphate production, the second major foreign exchange earner, has been steady at about U. S. $95 million. Exports of peanut products reached U. S. $79 million in 2000, receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million, senegal’s new Agency for the Promotion of Investment plays a pivotal role in the government’s foreign investment program. Its objective is to increase the investment rate from its current level of 20. 6% to 30%, currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchangeEconomy 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.
61. 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 war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. In 2008 its GDP in PPP ranked between 147th and 153rd largest in the world, Sierra Leones economic development has always been hampered by an overdependence on mineral exploitation. Successive governments and the population as a whole have always believed that diamonds and gold are sufficient generators of foreign currency earnings, as a result, large scale agriculture of commodity products, industrial development and sustainable investments have been neglected by governments. The economy could thus be described as one which is exploitative - a rentier state -, 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 and this is a chart of trend of gross domestic product of Sierra Leone at market prices estimated by the International Monetary Fund and EconStats with figures in millions of Sierra Leones. Current GDP per capita of Sierra Leone grew 32% in the 1960s, but this proved unsustainable and 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. Rice is the most important staple crop in Sierra Leone with 85 percent of farmers cultivating rice during the rainy season, rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base. In the 1970s and early 1980s, economic growth rate slowed because of a decline in the mining sector, financially disadvantageous exchange rates and government budget deficits led to sizable balance-of-payments deficits and inflation. Sierra Leones short-term prospects depend upon continued adherence to International Monetary Fund programs, radio is the most-popular and most-trusted media source in Sierra Leone, with 72% of people in the country listening to the radio daily. Sierra Leone is home to one government-owned national radio station and roughly two dozen private radio stations, as well as one government-owned and one private TV station, telephone and telegraph services are marginal, but improving. According to the International Labour Organization, approximately 8,000 Sierra Leoneans are employed in the tourism industry, the main entrance point is Freetown International Airport, where transport to and from has been problematic. The main attractions for tourist in Sierra Leone are the beaches, nature reserves, because of widespread poverty, high petroleum prices and a large portion of the population residing in small communities, walking is often the preferred method of transportation in Sierra Leone. There are 11,700 kilometres of highway in Sierra Leone, there are 800 km of waterways in Sierra Leone, of which 600 km are navigable year-round. Major ports of Sierra Leone include, Bonthe, Freetown and Pepel, queen Elizabeth II Quay in Freetown represents the countrys only deep water port facility capable of berthing large-hulled cargo or military vessels. There are ten airports in Sierra Leone, of which one - Lungi International Airport in Freetown - has a runway in excess of 3000m in lengthEconomy of Sierra Leone – A diamond Mine in Kono District.
62. Economy of the Solomon Islands – A per capita GDP of $3,200 ranks Solomon Islands as a lesser developed nation. Over 75% of its force is engaged in subsistence farming and fishing. Until 1998, when prices for tropical timber fell steeply. In recent years, Solomon Islands forests were dangerously overexploited, Solomon Islands was particularly 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 Islands GDP by between 15%-25%, about one-half of all jobs in the timber industry were lost. The government has said it will reform timber harvesting policies with the aim of resuming logging on a sustainable basis. In the wake of the violence in June 2000, exports of palm oil. Important cash crops and exports include copra and palm oil, in 1998 gold production began at Gold Ridge on Guadalcanal. Exploitation of Solomon Islands rich fisheries offers the best prospect for further export, a Japanese joint venture, 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 management, the export of tuna has not resumed. Tourism, particularly diving, is an important service industry for Solomon Islands, growth in tourism is hampered by lack of infrastructure, transportation limitations and security concerns. Since 2000 the Government of Solomon Islands has become increasingly insolvent and it has exhausted its borrowing capacity, in 2001 the deficit reached 8% of GDP. It is unable to meet bi-weekly payrolls and has become dependent on funds from foreign aid accounts. Principal aid donors are Australia $247 Million per year, New Zealand $14 Million per year, the European Union, Japan $40 Million per year, the Solomon Islands are a member of the WTO. Electricity - production,78 GWh Electricity - consumption,72Economy of the Solomon Islands – A man sells fish at the central market in Honiara, 2013.
63. Economy of South Africa – The economy of South Africa is the second largest in Africa, after Nigeria. South Africa accounts for 24 percent of Africas gross domestic product, the nation is amongst the G-20, and is the only African member of the group. The formal economy of South Africa has its beginnings in the arrival of Dutch settlers in 1652, at the end of the 18th century, the British annexed the colony. This led to the Great Trek, spreading farming deeper into the mainland, as well as the establishment of the independent Boer Republics of Transvaal and the Orange Free State. The British annexed the area as a result of the Boer War which witnessed the placement of Boer women and children in British-built concentration camps, the country also entered a period of industrialization during this time, including the organization of the first South African trade unions. The country soon started putting laws distinguishing between different races in place, the policy was widely criticised and led to crippling sanctions being placed against the country in the 1980s. The 1994 government inherited an economy wracked by long years of internal conflict, the government refrained from resorting to economic populism. Inflation was brought down, public finances were stabilised, and some foreign capital was attracted and his policies faced strong opposition from organised labour. From 2004 onward 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 global financial crisis of 2007–2009. The long-term potential growth rate of South Africa under the current policy environment has been estimated at 3. 5%. Per capita GDP growth has proved mediocre, though improving, growing by 1. 6% a year from 1994 to 2009, and by 2. 2% over the 2000–09 decade, compared to world growth of 3. 1% over the same period. The high levels of unemployment, at over 25%, and inequality are considered by the government and these issues, and others linked to them such as crime, have in turn hurt investment and growth, consequently having a negative feedback effect on employment. Crime is considered a major or very severe constraint on investment by 30% of enterprises in South Africa, Mining has been the main driving force behind the history and development of Africas most advanced economy. South Africa is one of the leading mining and mineral-processing countries. Though minings contribution to the national GDP has fallen from 21% in 1970 to 6% in 2011, the mining sector accounts for up to 9% of value added. South Africa also accounted for nearly 5% of the worlds polished diamond production by value and it is also the worlds third largest coal exporter. The mining sector has a mix of privately owned and state-controlled mines, however, due to the aridity of the land, only 13. 5% can be used for crop production, and only 3% is considered high potential land. The sector continues to face problems, with increased foreign competition, the government has been accused of either putting in too much effort, or not enough effort, to tackle the problem of farm attacks as opposed to other forms of violent crimeEconomy of South Africa – Johannesburg, the economic capital of South Africa
64. 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 the export of aluminium oxide, in 1999, the aluminium smelter at Paranam was closed and mining at Onverdacht ceased, however, alumina exports accounted for 72% of Surinames estimated export earnings of US$496.6 million in 2001. Surinames bauxite deposits have been among the worlds richest, inexpensive power costs are Surinames big advantage in the energy-intensive alumina and aluminium business. In the 1960s, the Aluminum Company of America built the US$150-million Afobaka Dam for the production of hydroelectric energy and this created the Brokopondo Reservoir a 1,560 km² lake, one of the largest artificial lakes in the world. The construction of railway was financially funded by the Dutch governments independence/severance payments after November 25,1975. After completion of railway and associated facilities, for political and economical reasons it was never actually used and was left to be overgrown by the jungle. Also plans to construct a dam in the Kabalebo River were developed, in 1984, SURALCO, a subsidiary of Alcoa, formed a joint venture with the Royal Dutch Shell-owned Billiton Company, which did not process the bauxite it mined in Suriname. Under this agreement, both companies share risks and profits, the major mining sites at Moengo and Lelydorp are maturing, and it is now estimated that their reserves will be depleted by 2006. Other proven reserves exist in the east, west, and north of the country sufficient to last until 2045, however, distance and topography make their immediate development costly. The government and the companies are looking into ways to develop the new mines. The preeminence of bauxite and ALCOAs 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. This is the Rosebel Gold Mine, development of a second large scale mine called the Merian Gold Project was approved by the government of Suriname on June 7,2013. This mining project would be a partnership of Newmont Mining Corporation and Alcoa World Alumina, Merian is about 60 kilometres south of the town of Moengo on the Marowijne River. The government estimates there are another 20,000 small scale operators, only 115 of these were registered by the government in 2009. The government calls these people porknokkers, because of unemployment in Suriname, some local people turn to small, illegal gold mining as their source of incomes. Gold mining has caused damages in the country. Establishment of Ordening Goudsector Commission for the Ordering of the Gold Mining Sector was established by the government in 2010, ban on mercury use in small-scale mining Suriname doesn’t produce chemical mercury and only allows mercury imports with a license. Since the nineties these licenses weren’t issued anymore, moreover, all licenses are used for mercury imports for medical use or researchEconomy of Suriname – Hardwood logs transported down river, 1955
65. 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 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 from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, following the rebasing of the economy in 2014, the GDP increased by a third to $41.33 billion. Significant measures have taken to liberalize the Tanzanian economy along market lines. Current GDP per capita of Tanzania grew more than 40 percent between 1998 and 2007, the PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996-1999. Tanzania also embarked on a restructuring of state-owned enterprises. The program has so far divested 335 out of some 425 parastatal entities, overall, real economic growth has averaged about 4 percent a year, much better than the previous 20 years, but not enough to improve the lives of average Tanzanians. Also, the economy remains overwhelmingly donor-dependent, moreover, Tanzania has an external debt of $7.9 billion. The servicing of this debt absorbs about 40 percent of government expenditures. Tanzania has qualified for relief under the enhanced Heavily Indebted Poor Countries initiative. Debts worth over $6 billion were canceled following implementation of the Paris Club 7 Agreement, height measure studies for Tanzania show that welfare increased through the years of colonization, with an decline during the 1930s. This is due to epidemics in that period of time and this is a chart of trend of gross domestic product of Tanzania at market prices estimated by the International Monetary Fund with figures in millions of Tanzanian Shillings. See Mean wages were $0.52 per man-hour in 2009,16.4 percent of the land is arable, with 2.4 percent of the land planted with permanent crops. This strong dependence on agriculture, makes Tanzanias economy highly vulnerable to weather shocks, industry and construction is a major and growing component of the Tanzanian economy, contributing 22.2 percent of GDP in 2013. This component includes mining and quarrying, manufacturing, electricity and natural gas, water supply, mining contributed 3.3 percent of GDP in 2013. The vast majority of the countrys export revenue comes from gold. It also exports sizable quantities of gemstones, including diamonds and tanzanite, all of Tanzanias coal production, which totalled 106,000 short tons in 2012, is used domesticallyEconomy of Tanzania – BOT Twin Towers in Dar es Salaam
66. 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. Food and cash crop production employs the majority of the labor force, coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001, production rebounded to 168,000 metric tons in 2002, despite insufficient rainfall in some areas, the Togolese Government has achieved its goal of self-sufficiency in food crops — maize, cassava, yams, sorghum, pearl millet, and groundnut. Small and medium-sized farms produce most of the crop, the average farm size is one to three hectares. In the industrial sector, phosphates are Togos most important commodity, from a high point of 2.7 million tons in 1997, production dropped to approximately 1.1 million tons in 2002. The fall in production is partly the result of the depletion of easily accessible deposits, the formerly state-run company appears to have benefited from private management, which took over in 2001. Togo also has limestone and marble deposits. However, following declines in prices for commodities, its economy became burdened with fiscal imbalances, heavy borrowing. Under these programs, the Togolese Government introduced a series of austerity measures and major restructuring goals for the state enterprise and these reforms were aimed at eliminating most state monopolies, simplifying taxes and customs duties, curtailing public employment, and privatizing major state enterprises. Togo made good progress under the financial institutions programs in the late 1980s. With a new, elected government in place, Togo negotiated new 3-year programs with the World Bank, Togo returned to the Paris Club in 1995 and received Naples terms, the clubs most concessionary rates. With the economic downturn associated with Togos political problems, scheduled external debt obligations for 1994 were greater than 100% of projected government revenues. By 2001, Togo was embarked on an IMF Staff Monitored Program designed to restore stability and financial discipline. New IMF, World Bank and Africa Development Bank lending must await the willingness of Togos traditional donors – the European Union, principally, as of the fall 2002, Togo was $15 million in arrears to the World Bank and owed $3 million to the ADB. Togo is one of 16 members of the Economic Community of West African States, the ECOWAS development fund is based in Lomé. Togo also is a member of the West African Economic and Monetary Union, the West African Development Bank, which is associated with UEMOA, is based in Lomé. Togo long served as a banking center, but that position has been eroded by the political instabilityEconomy of Togo – Phosphate mining in Togo
67. 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 economic and fiscal planning have resulted in moderate but sustained growth for over a decade, Tunisias economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and 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 globally and 5th in Africa. The year 2015 was marked by terrorist attacks in Tunisia which are likely to impact economic growth, especially in tourism, GDP per capita soared by more than 380% in the seventies. Tunisias economic reform program was lauded as a model by international financial institutions, the government liberalized prices, reduced tariffs, lowered debt-service-to-exports and debt-to-GDP ratios, and extended the average maturity of its $10 billion foreign debt. Structural adjustment brought additional lending from the World Bank and other Western creditors, in 1990, Tunisia acceded to the General Agreement on Tariffs and Trade and is a member of the World Trade Organization. In 1996 Tunisia entered into an Association Agreement with the European Union which removed tariff, the government totally or partially privatized around 160 state-owned enterprises after the privatization program was launched in 1987. Although the program is supported by the GATT, the government had to move carefully to avoid mass firings, unemployment continued to plague Tunisias economy and was aggravated by a rapidly growing work force. An estimated 55% of the population is under the age of 25, officially,15. 2% of the Tunisian work force is unemployed. In 2011, after the Arab Spring, the economy slumped, however, unemployment is still one of the major issues with 15. 2% of the labor force unemployed as of the first quarter of 2014. Tunisia’s political transition gained new momentum in early 2014, with the resolution of a deadlock, the adoption of a new Constitution. The national dialogue platform, brokered by key civil society organizations and this consensus will allow for further reform in the economy and public sector. In 2015, the Bardo National Museum attack led to the collapse of the third largest sector of Tunisias economy, Tunisian tourist workers in Tunis have said that tourism is dead, it is completely dead expressing the severe drop in tourism after the attack. In 1992, Tunisia re-entered the private capital market for the first time in 6 years. In January 2003 Standard & Poors affirmed its investment grade ratings for Tunisia. The World Economic Forum 2002-03 ranked Tunisia 34th in the Global Competitiveness Index Ratings, in April 2002, Tunisias first US dollar-denominated sovereign bond issue since 1997 raised $458 million, with maturity in 2012. The Bourse de Tunis is under the control of the state-run Financial Market Council, the government offers substantial tax incentives to encourage companies to join the exchange, and expansion is occurring. The Tunisian government adopted a unified investment code in 1993 to attract foreign capital, more than 1,600 export-oriented joint venture firms operate in Tunisia to take advantage of relatively low labor costs and preferential access to nearby European marketsEconomy of Tunisia – Tunis
68. Economy of Uganda – Endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed. The economy of Uganda has great potential, and it appeared poised for rapid economic growth, the national energy needs have historically been more than domestic energy generation, though large petroleum reserves have been found in the west. After the turmoil of the Amin period, the country began a program of recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the outbreak of civil strife led to a setback in economic performance. Since assuming power in early 1986, Musevenis government has taken important steps toward economic rehabilitation, the countrys infrastructure—notably its transport and communications systems which were destroyed by war and neglect—is being rebuilt. These so-called Structural Adjustment Programs greatly improved the shape of the Ugandan economy, since 1995, Uganda has experienced rapid economic growth, but it is not clear to what extent this positive development can be attributed to Structural Adjustment. Uganda is a member of the World Trade Organization, Uganda began issuing its own currency in 1966 through the Bank of Uganda. Agricultural products supply nearly all of Ugandas foreign exchange earnings, with coffee alone accounting for about 27% of the exports in 2002. Exports of apparel, hides, skins, vanilla, vegetables, fruits, cut flowers, and fish are growing, and cotton, tea, most industry is related to agriculture. Uganda has about 30,000 kilometres of roads, with approximately 2,800 kilometres paved, the country has about 1,350 kilometres of rail lines. A railroad originating at Mombasa on the Indian Ocean connects with Tororo, where it branches westward to Jinja, Kampala, and Kasese and northward to Mbale, Soroti, Lira, Gulu, the only railway line still operating, however, is the one to Kampala. An international airport is at Entebbe on the shore of Lake Victoria, the Uganda Communications Commission regulates communications, primarily delivered through an enabled private sector. In late 2012, the government of Uganda was taken to court over value added tax that it placed on goods and services purchased by Tullow Oil, a foreign oil company operating in the country. There is also a possibility that the country could be sanctioned by the World Bank if found in breach of trade, the Ugandan government insists that Tullow cannot claim taxes on supplies as recoverable costs before oil production starts. Tullow Oil is being represented in the case by Kampala Associated Advocates, whose founder is Elly Kurahanga. In June 2015, the Ugandan government and Tullow Oil settled a dispute regarding the amount of certain capital gains taxes that the company owed to the government. The government claimed that the company owed US$435 million, the claim, however, was settled for US $250 million. The Tullow Oil refinery that cost $1.5 billion has been put on due to governmental complicationsEconomy of Uganda – Downtown Kampala
69. Economy of Ukraine – The economy of Ukraine is an emerging free market. Like other 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 began worldwide and reached Ukraine as the 2008-2009 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has been suffering from a severe downturn, the depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and this growth was halted by the global financial crisis of 2008, but the Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. 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. The early 2014 annexation of Crimea by Russia, and the War in Donbass that started in the spring of 2014 severely damaged Ukraines economy, in 2013, Ukraine saw zero growth in GDP. Ukraines economy shrank by 6. 8% in 2014, and this continued with a 12% decline in GDP in 2015, in January 2016 the World Bank expected Ukraine to experience an economic growth rate of 1% in 2016, which if true will end the recession. The nation has many of the components of a major European economy - rich farmlands, an industrial base, highly trained labour. At present, however, the 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 huge output declines and soaring inflation the following years, huge output declines and soaring inflation was at the time common to most former Soviet republics, but Ukraine was among the hardest hit by these problems. In response to hyperinflation the National Bank of Ukraine replaced the old currency, the currency continued to be unstable through the late 1990s, particularly amid the 1998 Russian financial crisis. World Bank report,2007 notes, Ukraine recorded one of the sharpest declines in poverty of any economy in recent years. The poverty rate, measured against an absolute poverty line, fell from a high of 32% in 2001 to 8% in 2005, the UN noted that absolute poverty in Ukraine already was overcome, and that there was only relative poverty in 2009. Ukraine stabilised by the early 2000s, the year 2000 was the first year of economic growth. The economy continued to grow thanks to a 50% growth of exports from 2000 till 2008, mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food. Between 2001 and 2008 metals and chemicals prices boomed because of fast international economic growth while the price of gas imported from Russia remained low. Monetization also helped to drive the economic boom Ukraine experienced between 2000 and 2008, attracted in part by relatively high interest rates foreign cash was injected in Ukraines economy and money supply grew rapidly, from 2001 to 2010 broad money increased at an annual rate of 35%Economy of Ukraine – Kiev, Ukraine
70. Economy of Venezuela – The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the countrys GDP, Venezuela is the sixth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a growth that attracted many immigrants. Other notable manufacturing includes electronics and automobiles, as well as beverages, agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least one-fourth of Venezuelas land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, 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 Venezuelas most important trading partner, U. S. exports to Venezuela have included machinery, agricultural products, medical instruments, and cars. Venezuela is one of the top four suppliers of oil to the United States. About 500 U. S. companies are represented in Venezuela.4 million barrels per day,500,000 of which go to the United States of America. In 2015, Venezuela had over 100% inflation – the highest in the world, the rate increased to nearly 500% by the end of 2016 with Venezuela spiraling into hyperinflation while the population poverty rate was between 76% to 80% according to independent sources. When oil was discovered at the Maracaibo strike in 1922, Venezuelas dictator, Juan Vicente Gómez, but oil history was made in 1943 when Standard Oil of New Jersey accepted a new agreement in Venezuela based on the 50-50 principle, a landmark event. Terms even more favorable to Venezuela were negotiated in 1945, after a coup brought to power a government that included Juan Pablo Pérez Alfonso. From the 1950s to the early 1980s buoyed by high oil prices, the continuous growth during that period attracted many immigrants. In 1958 a new government again included Pérez Alfonso, who devised a plan for the oil cartel that would become OPEC. During Pérez Jimenez dictatorship from 1952 to 1958, Venezuela enjoyed remarkably high GDP growth, nevertheless, he managed to balance Venezuelas public budget and initiate an unsuccessful agrarian reform. Literacy and welfare programs benefited tremendously from these conditions, because of the oil wealth, Venezuelan workers enjoyed the highest wages in Latin America. This situation was reversed when oil prices collapsed during the 1980s, by the mid-1990s under President Rafael Caldera, Venezuela saw annual inflation rates of 50-60% from 1993 to 1997 with an exceptional peak in 1996 at 99. 88%. The number of living in poverty rose from 36% in 1984 to 66% in 1995 with the country suffering a severe banking crisis. In 1998, the crisis had grown even worseEconomy of Venezuela – Caracas
71. 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 Yemens economy, as a consequence, 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 significant economic reforms, in 1997 the International Monetary Fund approved two programs to increase Yemens credit significantly, the enhanced structural adjustment facility and the extended funding facility. However, limited progress led the IMF to suspend funding between 1999 and 2001, in late 2005, the World Bank, which had extended Yemen a four-year US$2. A key component of the US$2.3 billion package—US$300 million in concessional financing—has been withheld pending renewal of Yemens PRGF with the IMF, which is currently under negotiation. In November 2006, at a meeting of Yemens development partners, the influx of an average 1,000 Somali refugees per month into Yemen looking for work is an added drain on the economy, which already must cope with a 20 to 40 percent rate of unemployment. Yemen remains under significant pressure to implement economic reforms or face the loss of badly needed financial support. At unification, both the Yemen Arab Republic and the Peoples 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 main export and principal form of foreign exchange. Low domestic industrial output and a lack of raw materials made the YAR dependent on a variety of imports. This is a chart of trend of gross product of Yemen at market prices estimated by the International Monetary Fund with figures in millions of Yemeni Rials. For purchasing power parity comparisons, the US Dollar is exchanged at 150.11 Yemeni Rials only, mean wages were $1.06 per man-hour in 2009. Remittances from Yemenis working abroad and foreign aid paid for perennial trade deficits, beginning in the mid-1950s, the Soviet Union and Peoples Republic of China provided large-scale assistance to the YAR. This aid included funding of construction projects, scholarships. In the south, pre-independence economic activity was concentrated in the port city of Aden. The seaborne transit trade, which the port relied upon, collapsed with the closure of the Suez Canal, only extensive Soviet aid, remittances from south Yemenis working abroad, and revenues from the Aden refinery kept the PDRYs centrally planned Marxist economy afloat. With the dissolution of the Soviet Union and a cessation of Soviet aid, since unification, the government has worked to integrate two relatively disparate economic systems. Agriculture is the mainstay of Yemens economy, generating more than 20 percent of domestic product since 1990Economy of Yemen – Khat cultivation in western Yemen near At Tawilah
72. Economy of Zambia – Zambia is one of Sub-Saharan Africas most highly urbanized countries. About one-half of the countrys 16 million people are concentrated in a few urban zones strung along the transportation corridors. Unemployment and underemployment are serious problems, National GDP has actually doubled since independence, but due in large part to high birth rates and AIDS per capita annual incomes are currently at about two-thirds of their levels at independence. For the first time since 1989 Zambias economic growth reached the 6%-7% mark needed to reduce poverty significantly, Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was good in 2005, helping boost GDP. Cooperation continues with international bodies on programs to poverty, including a new lending arrangement with the IMF in the second quarter of 2004. A tighter monetary policy will help cut inflation, but Zambia still has a problem with high public debt. Zambia was ranked the 127th safest investment 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 with the Litunga of Barotseland in 1892. Only by threatening to expropriate the BSAC, on the eve of independence and these two plans, which provided for major investment in infrastructure and manufacturing, were largely implemented and were generally successful. The Zambian government then created a new body, the Mining Development Corporation. The Finance and Development Corporation allowed the Zambian government to control of insurance companies. However, foreign-owned banks successfully resisted takeover, the management contracts under which day-to-day operations of the mines had been carried out by Anglo American and RST were ended in 1973. In 1982 NCCM and RCM were merged into the giant Zambia Consolidated Copper Mines Ltd, unfortunately for Kaunda and Zambia, the programs of nationalization were ill-timed. Events that were beyond their control soon wrecked the countrys well-laid plans for economic, in 1973 a massive increase in the price of oil was followed by a slump in copper prices in 1975, resulting in a diminution of export earnings. In 1973 the price of copper accounted for 95% of all export earnings, by 1976 Zambia had a balance-of-payments crisis, and rapidly became massively indebted to the International Monetary Fund. The Third National Development Plan had to be abandoned as crisis management replaced long-term planning, there was a strong movement to replace managers of European ancestry with those seen to be of native African decent. While this was undoubtedly a desirable long term goal in bringing equality to the population it repeatedly led to the promotion of unskilled and/or inexperienced managers, engineers etc. An example of this would be Zambezi Sawmills where the managers were replacedEconomy of Zambia – Lusaka is the capital and largest financial district in Zambia
73. 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. Zimbabwes participation from 1998 to 2002 in the war in the Democratic Republic of the Congo set the stage for this deterioration by draining the country of hundreds of millions of dollars. Hyperinflation in Zimbabwe was a problem from about 2003 to April 2009. Zimbabwe faced 231 million percent peak hyperinflation in 2008, a combination of the abandonment of the Zimbabwe dollar and a government of national unity in 2009 resulted in a period of positive economic growth for the first time in a decade. The country has reserves of metallurgical-grade chromite, other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and iron ore. Since 2000, Zimbabwe has seized and forcibly redistributed most of the white owned commercial farms. Short term gains were achieved by selling the land or equipment, the contemporary lack of agricultural expertise has triggered severe export losses and negatively affected market confidence. Idle land is now being utilised by rural communities practicing subsistence farming, production of staple foodstuffs, 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 world history, Government spending is 29. 7% of GDP. State enterprises are strongly subsidized, taxes and tariffs are high, state regulation is costly to companies, starting or closing a business is slow and costly. Labour market is regulated, hiring a worker is cumbersome. By 2008 unemployment had risen to 94%, Zimbabwe has adequate internal transportation and electrical power networks, however maintenance has been neglected over several years. The Zimbabwe Electricity Supply Authority is responsible for providing the country with electrical energy, Zimbabwe has two larger facilities for the generation of electrical power, the Kariba Dam and since 1983 by large Hwange Thermal Power Station adjacent to the Hwange coal field. However, total generation capacity does not meet the leading to rolling blackouts. The Hwange station is not capable of using its full capacity due to old age, in May 2010 the countrys generation power was an estimated 940MW against a peak demand of 2500MW. Use of local small scale generators is widespread, the telephone service is problematic, and new lines used to be difficult to obtain. This has since changed as sim cards are available at most retail shops. Zimbabwe has only one service provider however and the lack of competitiveness impacts the local population badlyEconomy of Zimbabwe – Sam Nujoma Street in Harare.
74. Economy of Austria – Austria is one of the 14 richest countries in the world in terms of GDP per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austrias largest industry firms were nationalised, in recent years, however, labour movements are particularly strong in Austria and have large influence on labour politics. Next to a developed industry, international tourism is the most important part of the national economy. Germany has historically been the main trading partner of Austria, making it vulnerable to changes in the German economy. However, since Austria became a state of the European Union it has gained closer ties to other European Union economies. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austrias access to the single European market, growth in GDP accelerated in recent years and reached 3. 3% in 2006. In 2004 Austria was the fourth richest country within the European Union, having a GDP per capita of approximately €27,666, with Luxembourg, Ireland, and Netherlands leading the list. Vienna was ranked the fifth richest NUTS-2 region within Europe with GDP reaching €38,632 per capita, just behind Inner London, Luxembourg, Brussels-Capital Region, growth has been steady in recent years 2002–2006 varying between 1 and 3. 3%. Ever since the end of the World War II, Austria has achieved sustained economic growth. In the soaring 1950s, the efforts for Austria lead to an average annual growth rate of more than 5% in real terms. Following moderate real GDP growth of 1. 7%, 2% and 1. 2%, respectively, in 1995,1996, and 1997, Austria became a member of the EU on 1 January 1995. Membership brought economic benefits and challenges and has drawn an influx of foreign investors attracted by Austrias access to the single European market, Austria also has made progress in generally increasing its international competitiveness. As a member of the economic and monetary union of the European Union, Austrias economy is closely integrated with other EU member countries, on 1 January 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced, replacing those of the Austrian schilling. In Austria, Euros appear as 1999, however all Austrian euro coins introduced in 2002 have this year on it, eight different designs, one per face value, were selected for the Austrian coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, before adopting the Euro in 2002 Austria had maintained use of the Austrian schilling which was first established in December 1924. The Schilling was abolished in the wake of the Anschluss in 1938 and has been reintroduced after the end of the World War II in November 1945, Austria has one of the richest collection of collectors coins in the Eurozone, with face value ranging from 10 to 100 euro. These coins are a legacy of an old practice of minting of silverEconomy of Austria – Danube City, Vienna
75. Economy of Belgium – The modern, private enterprise economy of Belgium has capitalised on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the populous Flanders in the north, around Brussels, Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Except for its coal, which is no longer economical to exploit, despite the heavy 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 world trade, Belgiums trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the 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. Belgiums public debt is about 105% of GDP, the government succeeded in balancing its budget during the 2000–2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002, Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium suffered negative growth and increased unemployment, stemming from the banking crisis. This disparity began to fade during the interwar period, foreign investment contributed significantly to Belgian economic growth in the 1960s. In particular, U. S. firms played a role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s. In the 1980s and 1990s, the center of the country continued to shift northwards to Flanders with investments by multinationals. Economic growth rose from 2% in 1984 to a peak of 4% in 1989, in May 1990, the government linked the Belgian franc to the Deutsche Mark, primarily through closely tracking German interest rates. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the growth rate. In 1992–93, the Belgian economy suffered the worst recession since World War II, on 1 May 1998, Belgium became a first-tier member of the European Monetary Union. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002, Belgian per capita GDP ranks among the worlds highest. In 2008, the per capita income was $37,500, the federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. GDP growth in 2009 was negative at −1. 5%, about 80% of Belgiums trade is with fellow EU member statesEconomy of Belgium – Brussels, Belgium
76. Economy of Cyprus – The economy of Cyprus is classified by the World Bank as a high-income economy, and was included by the International Monetary Fund in its list of advanced economies in 2001. On 1 January 2008, the country adopted the euro as its official currency, the 2012–13 Cypriot financial crisis, part of the wider European debt crisis, has dominated the countrys economic affairs in recent times. After a three-and-a-half-year recession, Cyprus returned to growth in the first quarter of 2015, the remaining €2.7 billion of the ESM bailout was never dispensed, due to the Cypriot governments better than expected finances over the course of the programme. Cyprus has an open, free-market, service-based economy with some light manufacturing, since gaining independence from the United Kingdom in 1960, Cyprus has had a record of successful economic performance, reflected in strong growth, full employment conditions and relative stability. The Cypriots are among the most prosperous people in the Mediterranean region and their standard of living is reflected in the countrys very high Human Development Index, and Cyprus is ranked 23rd in the world in terms of the Quality-of-life Index. However, after more than three decades of growth, the Cypriot economy contracted in 2009. This reflected the exposure of Cyprus to the Great Recession and European debt crisis, in recent times, concerns have been raised about the state of public finances and spiralling borrowing costs. Furthermore, Cyprus was dealt a blow by the Evangelos Florakis Naval Base explosion in July 2011, with the cost to the economy estimated at €1–3 billion. The loss of the port of Famagusta, which handled 83 percent of the cargo. Moreover, the economy benefited from the cooperation between the public and private sectors. In the past 30 years, the economy has shifted from agriculture to light manufacturing, the services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labor force. Industry and construction account for approximately one-fifth of GDP and labor, potatoes and citrus are the principal export crops. After robust growth rates in the 1980s, economic performance in the 1990s was mixed and this pattern underlined the economys vulnerability to swings in tourist arrivals and 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, overvaluation of the Cypriot pound prior to the adoption of the euro in 2008 had kept inflation in check. Trade is vital to the Cypriot economy—the island is not self-sufficient in food, Cyprus must import fuels, most raw materials, heavy machinery, and transportation equipment. More than 50% of its trade is with the rest of the European Union, especially Greece, in 1991, Cyprus introduced a value-added tax, which is at 19% as of 13/01/2014. Cyprus ratified the new trade agreement in 1995 and began implementing it fully on 1 January 1996. EU accession negotiations started on 31 March 1998, and concluded when Cyprus joined the organization as a member in 2004Economy of Cyprus – Nicosia is the island's financial hub
77. Economy of Denmark – Denmark is the 39th largest national economy in the world measured by nominal gross domestic product and 60th largest in the world measured by purchasing power parity. Denmark has an economy based on services and manufacturing. It relies heavily on human resources, but not exclusively, as there are a few significant and valuable natural resources available, including mature oil, cooperatives form a large part of some sectors, be it in housing, agriculture or retail. Foundations play a role as owners of private sector companies. Denmark has one of the worlds lowest levels of income inequality, as of January 2015 the unemployment rate is at 6. 2%, which is below the Euro Area average of 11. 2%. As of 28 February 2014 Denmark is among the countries with the highest credit ratings, Denmarks main exports are, industrial production/manufactured goods 73. 3%, agricultural products and others for consumption 18. 7%. Denmark is a net exporter of food and energy and has since the 1990s had a balance of payments surplus, the total value of service and merchandise exports in 2013 amounted to 54% of GDP, and imports in 2013 amounted to 49% of GDP. Notable among the exports are container shipping. Taking assets into account as well net debt of the government was 11 percent. The public sector as a whole had net assets of 108 billion kroner in 2008, within the European Union, Denmark advocates a liberal trade policy. The employers right to hire and fire their employees whenever they find it necessary is recognised, there is no legally-stipulated minimum wage set by the government, the minimum of wages is determined by negotiations between the organisations of employers and employees. Denmark is a net exporter of food, the coalition also committed itself to maintaining a stable currency. - has risen from 25. 5% of GDP during the government to 26% today and is projected to be at 26. 5% in 2015 if current policies continue. Denmark chose not to join the 11 other European Union members who launched the euro on 1 January 1999, as a consequence, the trade balance showed a surplus in 1987, and the balance-of-payments in 1990. They have remained in surplus since, except for the balance of payments in 1998, Denmark has a broad-reaching welfare system, which ensures that all Danes receive tax-funded health care. Expenses to medicine is only partially funded and some non-vital medical treatments are not funded at all, Denmark has an unemployment insurance system called the A-kasse. This system requires a membership of a state recognized unemployment fund. Most of these funds are managed by trade unions, and a percentage of their expenses are financed through the state tax-systemEconomy of Denmark – Copenhagen
78. 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, milk and cheese were widely known on the western European markets, the main markets were Germany and the United Kingdom, and only 3% of all commerce was with the neighbouring USSR. The USSRs annexation of Estonia in 1940 and the ensuing Nazi, post-war Sovietization of life continued with the integration of Estonias economy and industry into the USSRs centrally planned structure. Before the war, Estonia and Finland had a similar standard of living. By 1987, capitalist Finlands GDP per capita reached 14,370 USD, after Estonia moved away from Communism in the late 1980s and became an independent capitalist economy in 1991, it emerged as a pioneer of the global economy. In 1994, it one of the first countries in the world to adopt a flat tax. Between 2005 and 2008, the income tax rate was reduced from 26% to 21% in several steps. Estonia received more foreign investment per capita in the half of the 1990s than any other country in Central. The country has been catching up with the EU-15, its GDP per capita having grown from 34. 8% of the EU-15 average in 1996 to 65% in 2007. 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 Economic Freedom 2008, the same year, the country was on bottom of Europe by labour market freedom, but the government is drafting improvements. Estonia is 21st on the Ease of Doing Business Index 2013 by the World Bank Group, the Government of Estonia decided that the country should adopt the euro as its official currency, and finalized the design of Estonian euro coins in late 2004. The switchover to the euro took place on 1 January 2011, later than planned, Estonia had the EUs worst year for unemployment, which rose from 3. 9% in May 2008 to 15. 6% in May 2009. Nevertheless, long-term prospects for the Estonian economy remain among the most promising in Europe, according to the same projections, by 2050, Estonia could become the most productive country in the EU, after Luxembourg, and thus join the top five most productive nations in the world. Until the early 13th century, the territory that is now known as Estonia was independent, the economy was largely an agricultural one, but Estonia being a country with a long coastline, there were also many maritime activities. Autonomous development was brought to an end by the Northern Crusades undertaken by the King of Denmark, the German Livonian, the Estonian world was transformed by military conquest. The war against the invaders lasted from 1208–1227, the last Estonian county to fall was the island of Saaremaa in 1261. Thereafter, through many centuries until WWI, Estonian agriculture consisted of peasants working large feudal-type estates held by ethnic German landlordsEconomy of Estonia – Tornimäe business area in Tallinn
79. Economy of Hungary – The Hungarian economy is the 57th-largest economy in the world with $265.037 billion annual output, and ranks 49th in the world in terms of GDP per capita measured by purchasing power parity. Hungary is a market economy with a heavy emphasis on foreign trade. The country had more than $100 billion of exports in 2015, with a trade surplus of $9.003 billion, of which 79% went to the EU. Hungarys productive capacity is more than 80% privately owned, with 39. 1% overall taxation, on the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%. As of 2015, the key trading partners of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland, major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism. Hungary is the largest electronics producer in Central and Eastern Europe, electronics manufacturing and 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 center for mobile technology, information security. The unemployment rate was 4. 3% in January 2017, down from 11% during the crisis of 2007–08. Hungary is part of the European single market which represents more than 508 million consumers, several domestic commercial policies are determined by agreements among European Union members and by EU legislation. Large Hungarian companies are included in the BUX, the Hungarian stock market index listed on Budapest Stock Exchange, well-known companies include the Fortune Global 500 firms MOL Group, the OTP Bank, Gedeon Richter Plc. Magyar Telekom, CIG Pannonia, FHB Bank, Zwack Unicum, besides these, Hungary has large number of specialised small and medium enterprises, for example many automotive industry suppliers and technology start ups, among others. Budapest is the financial and business capital of Hungary. 4%, on the national level, Budapest is the primary city of Hungary for business, accounting for 39% of the national income. The city had a gross metropolitan product of more than $100 billion in 2015, Budapest is also among the Top100 GDP performing cities in the world, as measured by PricewaterhouseCoopers. In a global city competitiveness ranking by EIU, Budapest is ranked above Tel Aviv, Lisbon, Moscow and Johannesburg, the Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%. In the age of feudalism the key factor was land. The new economic and social orders created private ownership of land, there are three forms of existence, the royal, ecclesiastical and secular private estate. The royal estate of the dynasty had evolved from the tribal lands. The origin of the private holdings dates back to the conquest tribal common estatesEconomy of Hungary
80. 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. In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27 at 5th in the OECD-28 rankings as of 2008. In terms of GNP per capita, a measure of national income, Ireland ranks only slightly above the OECD average, despite significant growth in recent years. GDP is significantly greater than GNP due to the repatriation of profits, a 2005 study by The Economist found Ireland to have the best quality of life in the world. The 1995 to 2007 period of high economic growth, with a record of posting the highest growth rates in Europe. One of the keys to this growth was a low corporation tax. The Irish financial crisis affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. The hard economic climate was reported in April 2010, even to have led to a resumed emigration, the economic challenges continued, however, as the prolonged European sovereign-debt crisis caused a new Irish recession starting in Q32012, which was still ongoing as of Q22013. In May 2013 the European Commissions economic forecast for Ireland predicted its growth rates would return to a positive 1. 1% in 2013 and 2. 2% in 2014, the Irish economy grew by 4. 8% in 2014 and an unexpected 26. 3% in 2015. From the 1920s Ireland had high trade barriers such as tariffs, particularly during the Economic War with Britain in the 1930s. During the 1950s,400,000 people emigrated from Ireland and it became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation, in the 1970s, the population increased by 15% and national income increased at an annual rate of about 4%. Employment increased by around 1% per year, but the sector amounted to a large part of that. Public sector employment was a third of the workforce by 1980. Budget deficits and public debt increased, leading to the crisis in the 1980s, during the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their income, unemployment had risen to 20%, annual overseas emigration reached over 1% of population. In 1987 Fianna Fáil reduced public spending, cut taxes, ryanair used Irelands deregulated aviation market and helped European regulators to see benefits of competition in transport markets. Intel invested in 1989 and was followed by a number of companies such as MicrosoftEconomy of the Republic of Ireland – Dublin City Centre
81. Economy of Luxembourg – The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Luxembourgers enjoy the second highest per capita gross domestic product in the world, Luxembourg is seen as a diversified industrialized nation, contrasting the oil boom in Qatar, the major monetary source of the southwest Asian state. Although Luxembourg in tourist literature is called the Green Heart of Europe, its pastoral land coexists with a highly industrialized. Luxembourgs economy is similar to Germanys. Luxembourg enjoys a degree of economic prosperity very rare among industrialized democracies, in 2009, a budget deficit of 5% resulted from government measures to stimulate the economy, especially the banking sector, as a result of the world economic crisis. This was however reduced to 1. 4% in 2010, in 2013 the GDP was $60.54 billion of which services, including the financial sector, produced 86%. The financial sector comprised 36% of GDP, industry comprised 13. 3%, banking is the largest sector in the Luxembourg economy. The country has specialised in the fund administration business. As Luxembourgs domestic market is small, the countrys financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg and these factors have contributed to a Corruption Perceptions Index of 8.3 and a DAW Index ranking of 10 in 2012, the latter the highest in Europe. Germany accounts for the grouping of banks, with Scandinavian, Japanese. Total assets exceeded €929 billion at the end of 2008, more than 9,000 holding companies are established in Luxembourg. The European Investment Bank—the financial institution of the European Union—is also located there and this concern has led Luxembourg to modify its tax legislation to avoid conflict with the tax authorities of European Union Members. For example, the tax exempt 1929 Holding Company was outlawed 31 December 2010. A key event in the history of Luxembourg was the 1876 introduction of English metallurgy. The refining process led to the development of the industry in Luxembourg. The iron and steel industry, located along the French border, is an important sector of the economy, Steel accounts for 29% of all exports,1. 8% of GDP, 22% of industrial employment, and 3. 9% of the work force. The restructuring of the industry and increasing government ownership in Arbed began as early as 1974 and its productivity is among the highest in the worldEconomy of Luxembourg – Economy of Luxembourg
82. Economy of the Netherlands – According to the World Bank and the International Monetary Fund, the Netherlands was the 18th largest economy of the world in 2012, while the country has only about 17 million inhabitants. GDP per capita is roughly $48,860 which makes it one of richest nations in the world, between 1996 and 2000 annual economic growth averaged over 4%, well above the European average. Growth slowed considerably in 2001-05 as part of the economic slowdown. 2006 and 2007 however showed economic growth of 3. 4% and 3. 9%, the Dutch economy was hit considerably by the ongoing global financial crisis and the ensuing European debt crisis. The Netherlands has discovered huge natural gas resources since 1959, the sale of natural gas generated enormous revenues for the Netherlands for decades, adding hundreds of billions of euros to the governments budget. However, the consequences of the countrys huge energy wealth impacted the competitiveness of other sectors of the economy. The Netherlands have a prosperous and open economy, which depends heavily on foreign trade, industrial activity is predominantly in food processing, chemicals, petroleum refining, hightech, financial services, creative sector and electrical machinery. A highly mechanised agricultural sector employs no more than 2% of the force but provides large surpluses for the food-processing industry. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002, the stern financial policy has been abandoned in 2009 because of the current credit crises. The relatively large banking sector was partly nationalised and bailed out through government interventions, the unemployment rate dropped to 5. 0% in the summer of 2011, but increased with a sharp rate since then to 7. 3% in May 2013 and 6. 8% in 2015. The state budget deficit is about 2. 2% in 2015 well below the norm of 3. 0% in the EU, historically, the Dutch introduced and invented the stock market by the merchandise trading through Dutch East India Company. The Netherlands is a member of the European Union, the OECD. After declaring its independence from the empire of Philip II of Spain in 1581, in 1670 the Dutch merchant marine totalled 568,000 tons of shipping—about half the European total. The main reasons for this were the dominance of the Amsterdam Entrepot in European trade, unique was that the V. O. C. was the first multinational, while its shares were traded at one of the first stock markets in the world, in Amsterdam. Affluence facilitated what is known as the Dutch Golden Age and this economic boom abruptly came to an end by a combination of political-military upheavals and adverse economic developments around 1670. Still the Netherlands kept a level of prosperity, due to trade. Towards the 1800s, the Netherlands did not industrialize as rapidly as other counties in Europe. One explanation for this is that the Netherlands were struggling to come to terms with having lost their dominant economical and political position in the world, griffiths argues that government policies made possible a unified Dutch national economy in the 19th centuryEconomy of the Netherlands – Zuidas in Amsterdam
83. Economy of Poland – The economy of Poland is the sixth largest economy in the European Union, and the largest among the former Eastern Bloc members of the European Union. Since 1990 Poland has pursued a policy of liberalization and its economy was the only one in the EU to avoid a recession through the 2008-2009 economic downturn. Before the late-2000s recession, its economy grew at a rate of over 6. 0%. Poland is ranked 20th worldwide in terms of GDP and classified as high-income economy by World Bank, the largest component of its economy is the service sector, followed by industry and agriculture. With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$198.2 billion worth of goods around the globe in 2015, up by 5. 4% since 2011, the top Poland exports include machinery, electronic equipment, vehicles, furniture, and plastics. According to the Central Statistical Office of Poland, in 2010 the Polish economic growth rate was 3. 9%, in 2014 its economy grew by 3. 3% and in 2015 by 3. 6%. Although in 2016 economic growth slowed, government stimulus measures combined with a tighter labour market in late 2016 kick-started new growth. Poland has seen the largest increase in GDP per capita both among the former Soviet-bloc countries, and compared to the EU-15 and it has had uninterrupted 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, inefficient small farms, and a lack of investment. Restructuring and privatization of sensitive sectors, has also been slow, recent reforms in health care, education, the pension system, and 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, since the global recession of 2009, Polands GDP continued to grow. In 2009, at the point of the crisis, the GDP for the European Union as a whole dropped by 4. 5% while Polish GDP increased by 1. 6%. As of November 2013, the size of EUs economy remains below the pre-crisis level, the major reasons for its success appear to be a large internal market and a business friendly political climate. Another factor which allowed the Polish economy to avoid the crisis was its low level of public debt, at about 50% of GDP. Strict financial regulation also helped to keep household and corporate debt low, an additional reason for its success lay in the fact that Poland is outside the Euro zone. The depreciation of the currency, the złoty, increased international competitiveness, however, the economic fluctuations of the business cycle did affect Polands unemployment rate, which by early 2013 reached almost 11%. This level was still below European average and has begun falling subsequently, as of February 2014, Polands unemployment rate stood at 7% according to EurostatEconomy of Poland – Warsaw
84. 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 became an EU member state in 2004 and adopted the euro at the beginning of 2009 and its capital, Bratislava, is the largest financial centre in Slovakia. As of March 2016, the unemployment rate was 10. 2%, while economic growth and other fundamentals improved steadily during Mečiars term, public and private debt and trade deficits also rose, and privatization was uneven. Real annual GDP growth peaked at 6. 5% in 1995, two governments of the liberal-conservative Prime Minister Mikuláš Dzurinda pursued policies of macroeconomic stabilization and market-oriented structural reforms. Nearly the entire economy has now been privatized, and foreign investment has picked up, economic growth exceeded expectations in the early 2000s, despite recession in key export markets. In 2001 policies of macroeconomic stabilization and 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. Solid domestic demand boosted economic growth to 4. 1% in 2002, strong export 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 inflation rate dropped to 2. 0% and is projected at less than 3% in 2005 and 2. 5% in 2006. In 2006, Slovakia reached the highest economic growth among the members of OECD, the country has had difficulties addressing regional imbalances in wealth and employment. GDP per capita ranges from 178% of EU average in Bratislava to only 49% in Eastern Slovakia, in 2014, GDP growth was 2. 4% and in 2015 Slovakias economy grew 3. 6%. Foreign direct investment in Slovakia has increased dramatically, FDI inflow grew more than 600% from 2000 and cumulatively reached an all-time high of, $17.3 billion USD in 2006, or around $18,000 per capita by the end of 2006. The total inflow of FDI in 2006 was $2.54 billion, origin of foreign investment 1996–2005 – the Netherlands 24. 3%, Germany 19. 4%, Austria 14. 1%, Italy 7. 5%, United States 4. 0%. Top investors by companies, Deutsche Telekom, Neusiedler, Gaz de France, Gazprom, U. S. Steel, MOL, ENEL, E. ON. Foreign investment sectors – industry 38. 4%, banking and insurance 22. 2%, wholesale and retail trade 13. 1%, production of electricity, gas and water 10. 5%, transport and telecommunications 9. 2%. Slovakias tourism has been rising in recent years, income has doubled from 640 million USD in 2001 to 1.2 billion USD in 2005, however, this sector still remains underdeveloped in comparison with neighbouring countries. Slovakia became industrialized mostly in the half of the 20th century. Heavy industry was built for strategic reasons because Slovakia was less exposed to the military threat than the parts of Czechoslovakia. After the end of the Cold War, the importance of industry, in 2010, industry accounted for 35. 6% of GDP, compared with 49% in 1990Economy of Slovakia – Headquarters of Slovakia's central bank in Bratislava
85. Economy of Spain – Spain has the fourteenth-largest economy by nominal GDP in the world, and it is also among the largest in the world by purchasing power parity. The country is a member of the European Union, the Organization for Economic Co-operation and Development, the Spanish economy is the fifth-largest in the European Union, and the fourth-largest in the Eurozone, based on nominal GDP statistics. In 2012, Spain was the twelfth-largest exporter in the world, Spain is listed 23rd in UN Human Development Index and 30th in GDP per capita by the World Bank, thus it is classified as a high income economy and among the countries of very high human development. According to The Economist, Spain has the worlds 10th highest quality of life, Spain has also the biggest life expectancy in Europe. Following the financial crisis of 2007–08, the Spanish economys plunged into recession, compared to the EUs and US. average, the Spanish economy entered recession later, but stayed there for longer. The economic boom of the 2000s was reversed, leaving over a quarter of Spains workforce unemployed by 2012, in aggregated terms, the Spanish GDP contracted by almost 9% during the 2009-2013 period. The economic situation started improving by 2013-2014, the country managed to reverse the record trade deficit which had built up during the boom years attaining a trade surplus in 2013 after three decades of running a trade deficit. The surplus kept strengthening during 2014 and 2015, in 2015 the Spanish GDP grew by 3. 2%, a rate not seen since 2007, before the crisis struck, such growth rate was the highest among larger EU economies that year. Strong GDP growth was registered also in 2016, with the country growing twice as fast as the eurozone average, when Spain joined the EEC in 1986 its GDP per capita was about 72% of the average of its members. Due to its own development and the EU enlargements up to 28 members, by 2007 Spain had achieved a GDP per capita of 105% of EUs average. Three regions were included in the leading EU group exceeding 125% of the GDP per capita average level, Basque Country leading with Madrid and Navarre. According to calculations by the German newspaper Die Welt, Spains economy had been on course to overtake countries like Germany in per capita income by 2011. Unemployment stood at 7. 6% in October 2006, a rate that compared favorably to many other European countries, growth during the 1997-2007 period had been led by a property boom fed by historically low interest rates, massive rates of foreign investment and an immense surge in immigration. At its peak in 2007, construction had expanded to a massive 16% of the gross domestic product of the country. Noticeable progress continued until early 2008, when the financial crisis burst Spains property bubble. A European Commission forecast had predicted Spain would enter the worlds late 2000s recession by the end of 2008, at the time, Spains Economy Minister was quoted saying, Spain is facing its deepest recession in half a century. Spains government forecast the unemployment rate would rise to 16% in 2009, the ESADE business school predicted 20%. By 2013, Spain’s GDP per capita had fallen back to 95% of EUs average, in 2011 the deficit reached a high of 8. 5%Economy of Spain – Cuatro Torres Business Area in Madrid
86. Economy of Sweden – The economy of Sweden is a developed export-oriented economy aided by timber, hydropower, and 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, iron, and steel. Approximately 90% of all resources and companies are owned, with a minority of 5% owned by the state. Sweden has achieved a standard of living under a mixed system of high-tech capitalism. Sweden has the second highest total tax revenue behind Denmark, as a share of the countrys income, as of 2012, total tax revenue was 44. 2% of GDP, down from 48. 3% in 2006. The National Institute of Economic research predicts GDP growth of 1. 8%,3. 1% and 3. 4% in 2014,2015 and 2016 respectively, in the 19th century Sweden evolved from a largely agricultural economy into the beginnings of an industrialized, urbanized country. However, incomes were sufficiently high to finance emigration to distant places, prompting a large portion of the country to leave, Economic reforms and 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 industrialization process commencing in the 1860s, by the 1930s, Sweden had what Life magazine called in 1938 the worlds highest standard of living. Beginning in the 1970s and culminating with the recession of the early 1990s. Since the mid-1990s the economic performance has improved, in 2009, Sweden had the worlds tenth highest GDP per capita in nominal terms and was in 14th place in terms of purchasing power parity. Sweden has had a model in the post-World War II era. The Swedish economy has extensive and universal social benefits funded by high taxes, in the 1980s, a real estate and financial bubble formed, driven by a rapid increase in lending. A restructuring of the tax system, in order to emphasize low inflation combined with an economic slowdown in the early 1990s. Between 1990 and 1993 GDP went down by 5% and unemployment skyrocketed, the investment levels for IT and computers were restored as early as 1993. In 1992 there was a run on the currency, the central bank briefly jacking up interest to 500% in an effort to defend the currencys fixed exchange rate. Total employment fell by almost 10% during the crisis, a real estate boom ended in a bust. The government took over nearly a quarter of banking assets at a cost of about 4% of the nations GDP and this was known colloquially as the Stockholm SolutionEconomy of Sweden – Stockholm, Sweden
87. Economy of the United Kingdom – It is the second-largest economy in the European Union by both metrics. The UK is one of the strongest EU countries in regards to GDP growth, job creation and it is one of the most globalised economies, and is composed of the economies of England, Scotland, Wales and Northern Ireland. Britains aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement and its pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical research and development. Of the worlds 500 largest companies,26 are headquartered in the UK, the British economy is boosted by North Sea oil and gas production, its reserves were estimated at 2.9 billion barrels in 2015, although it has been a net importer of oil since 2005. There are significant regional variations in prosperity, with South East England, the size of Londons economy makes it the largest city by GDP in Europe. In the 18th century the UK was the first country to industrialise, from the late 19th century the Second Industrial Revolution was also taking place rapidly in the United States and the German Empire, this presented an increasing economic challenge for the UK. The costs of fighting World War I and World War II further weakened the UKs relative position, in the 21st century, however, it remains a great power and has an influential role in the world economy. Since 1979 management of the economy has followed a broadly laissez-faire approach, the Bank of England is the UKs central bank and its Monetary Policy Committee is responsible for setting interest rates, quantitative easing, and forward guidance. 5% until the early 1970s. According to the OECD, the rate of growth between 1960 and 1973 averaged 2. 9%, although this figure was far behind the rates of other European countries such as France, West Germany. Deindustrialization meant the closure of operations in mining, heavy industry and manufacturing. A certain amount of turnover had always taken place, with older businesses shutting down, however, the post-1973 scene was different, with a worldwide energy crisis, and a dramatic influx of low-cost manufactured goods from Asia. Coal mining quickly collapsed, and practically disappeared in the 21st century, the consumption of coal--mostly for electricity--plunged from 157 million tonnes in 1970 to 37 million tonnes in 2015, nearly all of it imported. Employment in the mines fell from a peak of 1,191,000 in 1920 to 695,000 in 1956,247,000 in 1976,44,000 in 1993. The railways were decrepit, more textile mills closed than opened, steel employment fell sharply, popular responses varied a great deal. Tim Strangleman et al. found a range of responses from the affected workers, some nostalgically invoked a glorious industrial past or the bygone British Empire to cope with their newfound personal economic insecurity. Others looked to the EU for help, some turned to exclusionary Englishness as the solution to current grievances. By the 21st century, grievances accumulated enough to have a political impact, the United Kingdom Independence Party, based in white working-class towns, gained increasing share of the vote while warning against the dangers of immigration. The political reverberations came to a head in the vote in favor of Brexit in 2016Economy of the United Kingdom – Canary Wharf in London, the financial hub of the United Kingdom
88. Chinese Taipei – Following the First Sino-Japanese War in 1895, Taiwan was annexed by Japan. The KMT, however, retreated to the occupied Taiwan, thus becoming government in exile, most democratic countries continued to support the Nationalist government while communist nations recognize the Communist government. The ROC needed to come to a conclusion to how it would be referred when there was in the same forum participation 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. The Nagoya Resolution sanctioned that the Beijing Olympic Committee would be called the Chinese Olympic Committee, 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. ”Taiwans own government and it regarded the term Chinese Taipei as both acceptably neutral and hopeful of assent from other interested parties. Beijing accepted the position that the ROC Olympic Committee could be named the Chinese Taipei Olympic Committee. In April 1979, in a session of the IOC, He Zhenliang. However, its anthem, flag and constitutions should be changed correspondingly, the National Olympic Committee of the ROC boycotted the Summer and Winter Games in protest of not being allowed to use the Republic of Chinas official flag and national anthem. 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. The agreement was signed on March 23 in Lausanne by Shen Chia-ming, the President of Chinese Taipei Olympic Committee, and Juan Antonio Samaranch, in 1983, the National Flag Anthem of the Republic of China was chosen as the anthem of the Chinese Taipei delegation. The Republic of China has competed under this flag and name exclusively at each Games since the 1984 Winter Olympics, as well as at the Paralympics, both the Republic of China and the Peoples Republic of China agree to use the English name Chinese Taipei. This is possible because of the ambiguity of the English word Chinese, since then, and until 1989 the PRC translated Chinese Taipei as Zhongguo Taipei, similar to Zhongguo Hong Kong, connoting that Taipei is a part of the Chinese state. By contrast, the Republic of China government translated it as Zhonghua Taipei in Chinese, in 1981 the former Republic of China Olympic Committee confirmed its acceptance of the Nagoya resolution, but translated Chinese Taipei to Zhonghua Taipei. In 1989, the two Olympic committees signed a pact in Hong Kong, clearly defining the use of Zhonghua Taipei, in Beijing 2008 it followed Japan and preceded the Central African Republic. This ordering was based on the number and order of each teams name in simplified Chinese. Other East Asian nations have also had to make unique translation decisions, in Japan, the PRC is referred to by its official Japanese name Chūka Jinmin Kyōwakoku, but an English transliteration, Chainīzu Taipei, is used for Chinese TaipeiChinese Taipei – ROC team at the 2010 Winter Olympics opening ceremony with Chinese Taipei flag