Template:World Trade Organization
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1. World Trade Organization accession and membership – The original member states of the World Trade Organization are the parties to the GATT after ratifying the Uruguay Round Agreements, and the European Communities. They obtained this status at the entry into force on 1 January 1995 or upon their date of ratification, all other members have joined the organization as a result of negotiation, and membership consists of a balance of rights and obligations. As is typical of WTO procedures, an offer of accession is only given once consensus is reached among interested parties. The process takes five years, on average, but it can take some countries almost a decade if the country is less than fully committed to the process. The shortest accession negotiation was that of Kyrgyzstan, lasting 2 years and 10 months, the longest were that of Russia, lasting 19 years and 2 months, Vanuatu, lasting 17 years and 1 month, and China, lasting 15 years and 5 months. As of 2007, WTO member states represented 96. 4% of global trade and 96. 7% of global GDP, iran, followed by Algeria, are the economies with the largest GDP and trade outside the WTO, using 2005 data. The process of accession can be broken down into four major stages, the government applying for membership has to describe all aspects of its trade and economic policies that have a bearing on WTO agreements. The application is submitted to the WTO in a memorandum which is examined by a working party open to all interested WTO Members, for large countries such as Russia, numerous countries participate in this process. For smaller countries, the Quadrilateral group of countries – consisting of the EU, the United States, Canada and Japan – and an applicants neighboring countries are typically most involved. The WP determines the terms and conditions of entry into the WTO for the applicant nation and these talks cover tariff rates and specific market access commitments, and other policies in goods and services. The new members commitments are to apply equally to all WTO members under normal non-discrimination rules, in other words, the talks determine the benefits other WTO members can expect when the new member joins. The talks can be complicated, it has been said that in some cases the negotiations are almost as large as an entire round of multilateral trade negotiations. When the bilateral talks conclude, the working party finalizes the terms of accession, sends an accession package, which includes a summary of all the WP meetings, the Protocol of Accession, and lists of the member-to-bes commitments to the General Council or Ministerial Conference. Once the General Council or Ministerial Conference approves of the terms of accession, the documents used in the accession process which are embargoed during the accession process are released once the nation becomes a member. As of July 2016, the WTO has 164 members, as of 2016, four of the successor states of the SFRY are WTO members, and the remaining two are observers negotiating membership. Four other states, China, Lebanon, Liberia, Syria, were parties to GATT, the remaining WTO members acceded after first becoming WTO observers and negotiating membership. China and Liberia have since acceded to the WTO, the 28 states of the European Union are dually represented, as the EU is a full member of the organization. Thus, Hong Kong became a GATT contracting party, by the now terminated sponsorship procedure of the United Kingdom, the WTO also has 22 observer states, that with the exception of the Holy See must start their accession negotiations within five years of becoming observersWorld Trade Organization accession and membership – Draft Working Party Report or Factual Summary adopted
2. 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
3. Doha Development Round – The Doha Development Round or Doha Development Agenda is the latest trade-negotiation round of the World Trade Organization which commenced in November 2001 under then director-general Mike Moore. Its objective was to trade barriers around the world. The Doha Round began with a meeting in Doha, Qatar in 2001. Subsequent ministerial meetings took place in Cancún, Mexico, and Hong Kong, there is also considerable contention against and between the EU and the US over their maintenance of agricultural subsidies—seen to operate effectively as trade barriers. Since the breakdown of negotiations in 2008, there have been repeated attempts to revive the talks, intense negotiations, mostly between the US, China, and India, were held at the end of 2008 seeking agreement on negotiation modalities, an impasse which was not resolved. In April 2011, then director-general Pascal Lamy asked members to think hard about the consequences of throwing away ten years of solid multilateral work. Adoption of the Bali Ministerial Declaration on 7 December 2013 for the first time successfully addressed bureaucratic barriers to commerce—a small part of the Doha Round agenda, however, as of January 2014, the future of the Doha Round remains uncertain. Doha Round talks are overseen by the Trade Negotiations Committee, whose chair is the WTO’s director-general, the negotiations are being held in five working groups and in other existing bodies of the WTO. Selected topics under negotiation are discussed below in five groups, market access, development issues, WTO rules, trade facilitation, before the Doha ministerial, negotiations had already been under way on trade in agriculture and trade in services. These ongoing negotiations had been required under the last round of trade negotiations. However, some countries, including the United States, wanted to expand the agriculture and services talks to allow trade-offs and these became known as the Singapore issues. These issues were pushed at successive ministerials by the European Union, Japan and Korea, since no agreement was reached, the developed nations pushed that any new trade negotiations must include the mentioned issues. Due to the failure of the Millennium Round, it was decided that negotiations would not start again until the next conference in 2001 in Doha. Just months before the Doha ministerial, the United States had been attacked by terrorists on 11 September 2001, some government officials called for greater political cohesion and saw the trade negotiations as a means toward that end. Some officials thought that a new round of trade negotiations could help a world economy weakened by recession. According to the WTO, the year 2001 showed. the lowest growth in output in more than two decades, and world trade contracted that year, the intent of the round, according to its proponents, was to make trade rules fairer for developing countries. However, by 2008, critics were charging that the round would expand a system of rules that were bad for development. The 2001 ministerial declaration established a deadline for concluding negotiations for the Doha round at January 1,2005Doha Development Round – The Hong Kong Convention Center, which was the site of the Sixth WTO Ministerial Conference
4. 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
5. 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
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. Economy of Argentina – The economy of Argentina is a high-income economy, Latin Americas third largest, and the second largest in South America behind Brazil. The country benefits from natural resources, a highly literate population, an export-oriented agricultural sector. Early in the twentieth century Argentina had one of the highest per capita GDP levels in the world, today a high-income economy, Argentina maintains a relatively high quality of life and GDP per capita. Argentina is considered a market by the FTSE Global Equity Index. During its most vigorous period, from 1880 to 1905, this resulted in a 7. 5-fold growth in GDP. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period, growth then slowed considerably, such that by 1941 Argentinas real per capita GDP was roughly half that of the U. S. Even so, from 1890 to 1950 the countrys per capita income was similar to that of Western Europe, the Great Depression caused Argentine GDP to fall by a fourth between 1929 and 1932. Having recovered its lost ground by the late 1930s partly through import substitution, the populist administration of Juan Perón nationalized the Central Bank, railways, and other strategic industries and services from 1945 to 1955. The subsequent enactment of developmentalism after 1958, though partial, was followed by a promising fifteen years. Inflation first became a problem during this period, but though it did not become fully developed. The economy, however, declined during the dictatorship from 1976 to 1983. Over 400,000 companies of all went bankrupt by 1982. Attempting to remedy this situation, economist Domingo Cavallo pegged the peso to the U. S. dollar in 1991 and his team then embarked on a path of trade liberalization, deregulation, and privatization. Inflation dropped to single digits and GDP grew by one third in four years, Argentinas socio-economic situation has since been steadily improving. Expansionary policies and commodity exports triggered a rebound in GDP from 2003 onward and this trend has been largely maintained, creating over five million jobs and encouraging domestic consumption and fixed investment. Social programs were strengthened, and a number of important firms privatized during the 1990s were renationalized beginning in 2003 and these include the postal service, AySA, Pension funds, Aerolíneas Argentinas, the energy firm YPF, and the railways. The economy nearly doubled from 2002 to 2011, growing an average of 7. 1% annually, real wages rose by around 72% from their low point in 2003 to 2013. The global recession did affect the economy in 2009, with growth slowing to nearly zero, but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011Economy of Argentina – National Bank of Argentina
8. Economy of Armenia – The economy of Armenia is ranked 132nd in the world, with a nominal gross domestic product of $10.561 billion per annum. It is also the 129th largest in the world by purchasing power parity, Armenia is the second-most densely populated of the post-Soviet states because of its small size. It is situated between the Black Sea and the Caspian Sea, bordered on the north and east by Georgia and Azerbaijan and on the south and west by Iran and Turkey. Agriculture accounted for only 20% of net material product and 10% of employment before the breakup of the Soviet Union in 1991, Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel, including gas, small amounts of coal, gas and petroleum have not yet been developed. Like other former states, Armenias economy suffers from the legacy of a planned economy. Soviet investment in and support of Armenian industry has virtually disappeared, in addition, the effects of the 1988 earthquake, which killed more than 25,000 people and made 500,000 homeless, are still being felt. Although a cease-fire has held since 1994, the conflict with Azerbaijan over Nagorno-Karabakh has not been resolved, the consequent blockade along both the Azerbaijani and Turkish borders has devastated the economy, because of Armenias dependence on outside supplies of energy and most raw materials. Land routes through Azerbaijan and Turkey are closed, routes through Georgia and Iran are adequate, in 1992-93, the GDP had fallen nearly 60% from its 1989 level. The national currency, the dram, suffered hyperinflation for the first few years after its introduction in 1993, Armenia has registered strong economic growth since 1995 and inflation has been negligible for the past several years. New sectors, such as precious stone processing and jewelry making and this steady economic progress has earned Armenia increasing support from international institutions. The International Monetary Fund, World Bank, EBRD, as well as other financial institutions and foreign countries are extending considerable grants. Total loans extended to Armenia since 1993 exceed $800 million, a liberal foreign investment law was approved in June 1994, and a law on privatization was adopted in 1997, as well as a program on state property privatization. The government has made strides toward joining the World Trade Organization. By 1994, however, the Armenian government had launched an ambitious IMF-sponsored economic liberalization program that resulted in growth rates in 1995-2005. Armenia joined the World Trade Organization in January 2003, Armenia also has managed to slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. Armenias unemployment rate, however, remains high, despite strong economic growth, the chronic energy shortages Armenia suffered in the early and mid-1990s have been offset by the energy supplied by one of its nuclear power plants at Metsamor. Armenia is now a net energy exporter, although it not have sufficient generating capacity to replace MetsamorEconomy of Armenia – Yerevan
9. Economy of Australia – The economy of Australia is one of the largest mixed market economies in the world, with a GDP of AUD$1.62 trillion as of 2015. Australias total wealth is AUD$6.4 trillion in 2013, in 2012, it was the 12th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjusted GDP, about 1. 7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter, the Reserve Bank of Australia publishes quarterly forecasts of the economy. The Australian economy is dominated by its service sector, comprising 68% of GDP, the mining sector represents 7% of GDP, including services to mining, the total value of the mining industry in 2009-10 was 8. 4% of GDP. Economic growth is dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market. Despite the recent decline of the boom in the country. The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific, the Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Cocos Islands, and Norfolk Island. It is also the currency of the independent Pacific Island nations of Kiribati, Nauru. Australia is a member of the APEC, G20, OECD, the country has also entered into free trade agreements with ASEAN, Canada, Chile, China, Korea, Malaysia, New Zealand, Japan, Singapore, Thailand and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand, Australias average GDP growth rate for the period 1901–2000 was 3. 4% annually. As opposed to many Southeast Asian countries, the process towards independency was relatively peaceful and thus did not have significant negative impact on the economy, growth peaked during the 1920s, followed by the 1950s and the 1980s. By contrast, the late 1910s/early 1920s, the 1930s, the 1970s, from the early 1980s onwards, the Australian economy has undergone a continuing economic liberalisation. In 1983, under Prime Minister Bob Hawke, but mainly driven by Treasurer Paul Keating, the early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size caused the Dow Jones Industrial Average to fall by 22. 6%. This collapse, larger than the market crash of 1929, was handled effectively by the global economy. However, in North America, the savings and loans industry was facing decline which eventually led to a savings. The following recession thus impacted the many countries closely linked to the United States, Paul Keating, who was Prime Minister at the time, famously referred to it as the recession that Australia had to have. During the recession, GDP fell by 1. 7%, employment by 3. 4%, despite this, there was a beneficial reduction in inflation. The establishment of a mining industry continued the high level of growth in the post-war periodEconomy of Australia – Sydney's central business district, a major financial and business services hub.
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 Bangladesh – According to the IMF, Bangladeshs economy is the second fastest growing major economy of 2016, with a rate of 7. 1%. In the decade since 2004, Bangladesh averaged a GDP growth of 6. 5%, that has been driven by its exports of ready made garments, remittances. The country has pursued export-oriented industrialisation, with its key sectors include textiles, shipbuilding, fish and seafood, jute. It has also developed self-sufficient industries in pharmaceuticals, steel and food processing, Bangladeshs telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies. Bangladesh also has reserves of natural gas and is Asias seventh largest gas producer. Offshore exploration activities are increasing in its territory in the Bay of Bengal. It also has deposits of limestone. The government promotes the Digital Bangladesh scheme as part of its efforts to develop the growing information technology sector. Bangladesh is strategically important for the economies of Northeast India, Nepal and Bhutan, as Bangladeshi seaports provide maritime access for these landlocked regions, China also views Bangladesh as a potential gateway for its landlocked southwest, including Tibet, Sichuan and Yunnan. In 2016, per-capita income was estimated as per IMF data at US$3,840, the economy faces challenges of infrastructure bottlenecks, insufficient power and gas supplies, bureaucratic corruption, political instability, natural calamities and a lack of skilled workers. East Bengal - the eastern segment of Bengal - was a prosperous region. The Ganges Delta provided advantages of a mild, almost tropical climate, fertile soil, ample water, and an abundance of fish, wildlife, the standard of living is believed to have been higher compared with other parts of South Asia. As early as the century, the region was developing as an agrarian economy. Bengal was the junction of routes on the Southeastern Silk Road. Under Mughal rule, it was a center of the muslin, silk. The development of East Bengal was thereafter limited to agriculture, after its independence from Pakistan, Bangladesh followed a socialist economy by nationalising all industries, proving to be a critical blunder undertaken by the Awami League government. Some of the factors that had made East Bengal a prosperous region became disadvantages during the nineteenth and twentieth centuries. As life expectancy increased, the limitations of land and the annual floods increasingly became constraints on economic growth, traditional agricultural methods became obstacles to the modernisation of agricultureEconomy of Bangladesh – Economy of Bangladesh
12. Economy of Belize – Belize has a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects. Besides petroleum, Belizes other primary exports are citrus, sugar, Belizes trade deficit has been growing, mostly as a result of low export prices for sugar and bananas. The new government faces important challenges to economic stability, rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize Dollar is fixed to the U. S. dollar at a rate of 2,1, domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. Tourism attracts the most foreign investment although significant foreign investment is also found in the energy, telecommunications. Belizes economy depended on forestry until well into the 20th century, logwood, used to make dye, was Belizes initial main export. However, the supply outstripped the demand, especially as Europeans developed man-made dyes which were less expensive, loggers turned to mahogany, which grew in abundance in the countrys forests. The wood was prized for use in cabinets, ships, while many merchants and traders became wealthy from the mahogany industry, ups and downs in the market had a large impact on the economy. In addition, new mahogany trees werent being planted, because mahogany trees grow slowly, the rate of natural regrowth necessitated a large, long-term investment in tree farming, which was not made. As the 19th century progressed, loggers were forced to go deeper into the forests to find the trees, variations of mahogany exports over long periods of time were linked to the accessible supply of the resource. Immediately after the introduction of cattle in the early 19th century, tractors in the 1920s, when the supply of accessible timber dwindled and logging became too unprofitable in the 20th century, the countrys economy shifted to new sectors. Cane sugar became the principal export and recently has been augmented by expanded production of citrus, bananas, seafood, the country has about 8,090 km² of arable land, only a small fraction of which is under cultivation. Banana production accounted for 16 percent of total Belizean exports in 1999, citrus fruits are Belizes second most important agricultural crop. A major constraint on a market economy in Belize continues to be the scarcity of infrastructure investments. Although electricity, telephone, and water utilities are all relatively good, several capital projects are currently underway. The largest of these is a $15 million rural electrification program to be implemented by the government. Development costs are high, but the Government of Belize has designated tourism as its second development priority after agriculture, in 2011, tourist arrivals totaled 888,191 and tourist receipts amounted to $260 millionEconomy of Belize – Belize City
13. 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
14. Economy of Cameroon – For a quarter of a century following independence, Cameroon was one of the most prosperous countries in Africa. Real per capita GDP fell by more than 60% from 1986 to 1994, the current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa. This is a chart of trend of gross product of Cameroon at market prices estimated by the International Monetary Fund with figures in millions of Central African CFA Francs. The government embarked upon a series of reform programs supported by the World Bank. Many of these measures have been painful, the government slashed civil service salaries by 65% in 1993, the CFA franc — the common currency of Cameroon and 13 other African states — was devalued by 50% in January 1994. The government failed to meet the conditions of the first four IMF programs, as of March 1998, Cameroons fifth IMF program — a 3-year enhanced structural adjustment program approved in August 1997 — is on track. Cameroon has rescheduled its Paris Club debt at favorable terms, GDP has grown by about 5% a year beginning in 1995. There is cautious optimism that Cameroon is emerging from its period of economic hardship. France is Cameroons main trading partner and source of private investment, Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector, inflation has been brought back under control. Cameroon aims at becoming emerging by 2035, cameroon’s financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs, as of 2006, bank loans to SMEs hardly reached 15 percent of total outstanding loans. Less than 5 percent of Cameroonians have access to a bank account, while the microfinance sector is consequently becoming increasingly important, its development is hampered by a loose regulatory and supervisory framework for microfinance institutions. The banking sector is concentrated and dominated by foreign commercial banks. 6 out of the 11 largest commercial banks are foreign-owned, while foreign banks generally display good solvency ratios, small domestic banks are in a much weaker position. Their capitalization is well below the average of banks in the CEMAC region and their profits are close to 2 percent, Cameroon Transport in Cameroon Economy of Cameroon at DMOZ Cameroon latest trade data on ITC Trade Map World Bank Summary Trade Statistics CameroonEconomy of Cameroon – Douala, the economic capital of Cameroon
15. 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
16. 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.
17. 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
18. Economy of the Republic of the Congo – Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the country is increasingly converting natural gas to electricity rather than burning it, earlier in the 1990s, Congos major employer was the state bureaucracy, which had a payroll of 80,000, which is enormous for a country of Congos size. Between 1994-96, the Congolese economy underwent a difficult transition, the prospects for building the foundation of a healthy economy, however, were better than at any time in the previous 15 years. Congo took a number of measures to liberalize its economy, including reforming the tax, investment, labor, planned privatizations of key parastatals, primarily telecommunications and transportation monopolies, were launched to help improve a dilapidated and unreliable infrastructure. To build on the momentum achieved during the period, the International Monetary Fund approved a three-year ESAF economic program in June 1996. By the end of 1996, Congo had made progress in various areas targeted for reform. It made significant strides toward macroeconomic stabilization through improving public finances and this change was accompanied by improvements in the structure of expenditures, with a reduction in personnel expenditures. Further, Congo benefited from debt restructuring from a Paris Club agreement in July 1996 and this reform program came to a halt, however, in early June 1997 when war broke out. However, economic progress was badly hurt by slumping oil prices in 1998, a second blow was the resumption of armed conflict in December 1998. Congos economic prospects remain largely dependent on the ability to establish political stability. The World Bank is considering Congo for post-conflict assistance, priorities will be in reconstruction, basic services, infrastructure, and utilities. President Sassou has publicly expressed interest in moving forward on economic reforms and privatization, however, the return of armed conflict in 1998 hindered economic reform and recovery. Congo and the United States ratified a bilateral investment treaty designed to facilitate, the country also adopted a new investment code intended to attract foreign capital. Despite this, Congos investment climate is not considered favorable, offering few meaningful incentives, the recent political instability, war damage, and looting also will undermined investor confidence. As a result, Congo has little American investment outside of the oil sector, the Congos growing petroleum sector is by far the countrys major revenue earner. In the early 1980s, rapidly rising oil revenues enabled the government to finance development projects with GDP growth averaging 5% annually. However, the government has mortgaged a substantial portion of its oil earnings, the Congolese oil sector is dominated by the French parastatal oil company Elf Aquitaine, which accounts for 70% of the countrys annual oil production. In second position is the Italian oil firm eni, chevron, independent CMS Nomeco, and Exxon Mobil are among the American companies active in petroleum exploration or productionEconomy of the Republic of the Congo – Brazzaville is the economic center of the Republic of Congo
19. 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
20. Economy of Ecuador – The economy of Ecuador is based mostly on exports of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from nearly a million Ecuadorian emigrants employed abroad. In 2002, oil accounted for about one-third of public-sector revenue, Ecuador is the worlds largest exporter of bananas and a major exporter of shrimp. Exports of non-traditional products such as flowers and canned fish have grown in recent years, industry is largely oriented to servicing the domestic market. Various studies have noted the threats to the cultures and the continuing growth in population that has contributed to poverty and are a reflection of unsustainable development. Deteriorating economic performance in 1997–98 culminated in a financial crisis in 1999. On January 9,2000, the administration of President Jamil Mahuad announced its intention to adopt the U. S. dollar as the currency of Ecuador to address the ongoing economic crisis. Subsequent protest led to the 2000 Ecuadorean coup détat which saw Mahuads removal from office, the Noboa government confirmed its commitment to convert to the dollar as the centerpiece of its economic recovery strategy, successfully completing the transition from sucres to dollars in 2001. Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000–01, GDP growth leveled off to 3. 3% in 2002. Although final figures are not yet available, it is expected to further, to about 1. 7%. GDP growth is estimated to recover to over 4% in 2004, inflation fell from an annual rate of 96. 1% in 2000 to an annual rate of 37. 7% in 2001,12. 6% for 2002. Despite recent gains, 40% of the population lives below the poverty line, the completion of the second Transandean Oil Pipeline in 2003 enabled Ecuador to expand oil exports. The OCP will double Ecuadors oil transport capacity, the industrial sector has had enormous difficulty to emerge significantly. The industrial sectors main problem is the deficit of energy, which the current government has tackled with the improvement of performance on existing hydro plants, such projects currently include negotiation of the Coca-Codo hydroplant. Ecuadors economy is the eighth largest in Latin America and experienced a growth of 4. 6% per year between 2000 and 2006. In January 2009, the Central Bank of Ecuador put the 2010 growth forecast at 6. 88%, GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE. Inflation rate up to January 2008 was located about 1. 14%, an estimated 9 million Ecuadorians have an economic occupation and about 1.01 million inhabitants are in unemployment condition. In 1998, 10% of the richest population had 42. 5% of income, the rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors. During the same year,7. 6% of health spending went to the 20% of the poor, the extreme poverty rate has declined significantly between 1999 and 2010Economy of Ecuador – WTO headquartered in Guayaquil
21. Economy of Egypt – The economy of Egypt was a highly centralized planned economy focused on import substitution under President Gamal Abdel Nasser. Egypt has a stable mixed economy enjoying average growth, averaging 3%–5% in the past quarter-century. Nationalization reduced the importance of the private sector. There was no stock trading to speak of, all banks and financial institutions were under the public sector, inter-War, 1967–1973, adversely affected the performance of the economy and public sector role in import substitution. External Debt Crisis, 1985–1990, the debt crisis and Paris Club rescheduling. Egypt faced the long term supply- and demand-side repercussions of the financial crisis on the national economy. The Egyptian economy is suffering from a severe downturn following the 2011 revolution. Political and institutional uncertainty, a perception of rising insecurity and sporadic unrest continue to affect economic growth. Under comprehensive economic reforms initiated in 1991, Egypt has relaxed many price controls, reduced subsidies, reduced inflation, cut taxes, Manufacturing had become less dominated by the public sector, especially in heavy industries. A process of public sector reform and privatization has begun to enhance opportunities for the private sector, Agriculture, mainly in private hands, has been largely deregulated, with the exception of cotton and sugar production. Construction, non-financial services, and domestic wholesale and retail trades are largely private and this has promoted a steady increase of GDP and the annual growth rate. The Government of Egypt tamed inflation bringing it down from double-digit to a single digit, currently, GDP is rising smartly by 7% per annum due to successful diversification. Based on national currency, GDP per capita at constant 1999 prices increased from EGP411 in 1981, to EGP2098 in 1991, to EGP5493 in 2001 and to EGP8708 in 2006. Based on the current US$ prices, GDP per capita increased from US$587 in 1981, to US$869 in 1991, to US$1461 in 2001, According to the World Bank Country Classification, Egypt has been promoted from the low income category to lower middle income category. As of 2013, the average salaries in Egypt reached LE641. The reform programme is a work in progress, noteworthy that the reform record has substantially improved since Nazif government came to power. Egypt has made progress in developing its legal, tax. Indeed, over the past five years, Egypt has passed, amended and admitted over 15 legislative pieces, the economy is expected to grow by about 4% to 6% in 2009/2010Economy of Egypt – Cairo is the financial capital of Egypt
22. 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
23. Economy of Georgia (country) – The economy of Georgia is an emerging free market. Georgia continued its progress since, moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014. In 2007, the World Bank named Georgia the Worlds number one economic reformer, Georgias economy is supported by a relatively free and transparent atmosphere in the country. With a mixed news media environment, Georgia is also the country in its immediate neighborhood where the press is not deemed unfree. Since 2014, Georgia is part of the European Unions Free Trade Area, with the EU continuing to be the countrys largest trading partner, accounting for over a quarter of Georgias total trade turnover. Following the EU trade pact,2015 was marked by further increase in bilateral trade, before the 20th century Georgia had a largely agrarian economy. Like many post-Soviet countries, Georgia went through a period of economic decline during the 1990s, with high inflation and large budget-deficits. In 1996 Georgias budget deficit rose to as much as 6. 2%, during that period international financial institutions played a critical role in Georgias budgetary calculations. Multilateral and bilateral grants and loans totaled 116.4 million lari in 1997, a law and a decree establishing the legal basis and procedures for state property privatization reduced the number of companies controlled by the state. The United States began assisting Georgia in the process of reform soon after the country gained independence from Soviet Union, gradually, the focus shifted from humanitarian to technical and institution-building programs. Provision of legal and technical advisors was complemented by training opportunities for parliamentarians, law enforcement officials, over the last few years Georgian economy has been one of the fastest in the FSU. Since 2003s Rose Revolution, the new Government of Georgia implemented broad and comprehensive reforms, economic reforms were addressed to liberalization of the economy and provision of sustainable economic growth, based on the private sector development. Establishment of a business environment led to significant inflow of Foreign Direct Investment in the country. In 2013, Georgia ranked in the top ten countries internationally in the Emerging Market Energy Security Growth Prosperity Index, the index identifies emerging nations that have strong growth potential based on energy reserves and GDP. In overall, during 2004-2007 the economy of Georgia expanded by 35%, due to reforms and liberalization of economy policy Georgia shows exceptional resilience to external shocks – the war with Russia in 2008 and global financial crisis. Despite this, in 2008 Georgia economy grew by 2. 3%, after a slight slowdown of economy in 2009 country recovered shortly with 6. 3% GDP real growth 2010. In 2011 GDP real growth reached 7. 0%, unemployment rate for 2010 constituted 16. 3% and it was decreased from 16. 9% in 2009. In 2013 the annual rate in Georgia equaled 2. 4%Economy of Georgia (country) – TBC Bank in Tbilisi
24. 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
25. Economy of Guinea – Guinea also has considerable potential for growth in the agricultural and fishing sectors. Land, water, and climatic conditions provide opportunities for large-scale irrigated farming, remittances from Guineans living and working abroad and coffee exports account for the rest of Guineas foreign exchange. Guinea was part of the franc zone countries that included most of the former French Colonies, after Independence, these countries did not become completely economical free. France decided against monetary autonomy hence they could not use a convertible currency. The state intervention of the new governments was characterized by stops of quotas on imports,1980, the franc-zone countries had on average a lower inflation and a higher economic growth compared to the Anglophone counterparts, who could use their own currencies. But regarding the time after c.1980 and the liberalism, characterized by Structural Adjustments. The government has eliminated restrictions on agricultural enterprise and foreign trade, liquidated many parastatals, increased spending on education, the government also has made major strides in restructuring the public finances. The IMF and the World Bank are heavily involved in the development of Guineas economy, as are many bilateral donor nations, although Guineas external debt burden remains high, the country is now current on external debt payments. Current GDP per capita of Guinea shrank by 16% in the 1990s, the government revised the private investment code in 1998 to stimulate economic activity in the spirit of a free enterprise. The code does not discriminate between foreigners and nationals and provides for repatriation of profits, foreign investments outside Conakry are entitled to especially favorable conditions. A national investment commission has been formed to review all investment proposals, the United States and Guinea have signed an investment guarantee agreement that offers political risk insurance to American investors through OPIC. Guinea plans to inaugurate a court system to allow for the quick resolution of commercial disputes. Mean wages were $0.45 per man-hour in 2009, bauxite mining and alumina production provide about 80% of Guineas foreign exchange. Several U. S. companies are active in this sector, diamonds and gold also are mined and exported on a large scale, providing additional foreign exchange. Concession agreements have been signed for future exploitation of Guineas extensive iron ore deposits, lately, with the increase of alumina demand from the booming economy of China, there is a renew interest in Guinea riches. This comes with a project from Canadian start-up Global Alumina trying to come with a 2 billion dollar alumina plant in the same region. As of April 2005, the National Assembly of Guinea has not ratified Globals project, revenue from bauxite mining is expected to fall significantly in 2010 due mainly to the world economic situation. Guinea also has potential for growth in the agricultural and fishing sectorsEconomy of Guinea – A proportional representation of Guinea's exports.
26. Economy of Guinea-Bissau – Guinea-Bissau is among the worlds least developed nations and one of the 10 poorest countries in the world, and depends mainly on agriculture and fishing. Cashew crops have increased remarkably in recent years, and the country now ranks sixth in cashew production, Guinea-Bissau exports non-fillet frozen fish and seafood, peanuts, palm kernels, and timber. License fees for fishing provide the government with some revenue, rice is the major crop and staple food. From a European viewpoint, the history of the Guinea Coast is largely associated with slavery. Indeed, one of the names for the region was the Slave Coast. When the Portuguese first sailed down the Atlantic coast of Africa in the 1430s, ever since Mansa Musa, king of the Mali Empire, made his pilgrimage to Mecca in 1325, with 500 slaves and 100 camels the region had become synonymous with such wealth. The trade from sub-Saharan Africa was controlled by the Islamic Empire which stretched along Africas northern coast, Muslim trade routes across the Sahara, which had existed for centuries, involved salt, kola, textiles, fish, grain and slaves. As the Portuguese extended their influence around the coast, Mauritania, Senegambia and Guinea, rather than becoming direct competitors to the Muslim merchants, the expanding market opportunities in Europe and the Mediterranean resulted in increased trade across the Sahara. In addition, the Portuguese merchants gained access to the interior via the Sénégal, the Portuguese brought in copper ware, cloth, tools, wine and horses. Trade goods soon also included arms and ammunition, in exchange, the Portuguese received gold, pepper and ivory. There was a small market for African slaves as domestic workers in Europe. The Portuguese found they could make considerable amounts of gold transporting slaves from one trading post to another, Muslim merchants had a high demand for slaves, which were used as porters on the trans-Saharan routes, and for sale in the Islamic Empire. The Portuguese found Muslim merchants entrenched along the African coast as far as the Bight of Benin, before the arrival of the Europeans, the African slave trade, centuries old in Africa, was not yet the major feature of the coastal economy of Guinea. The expansion of trade occurs after the Portuguese reach this region in 1446, the Portuguese used slave labour to colonize and develop the previously uninhabited Cape Verde islands where they founded settlements and grew cotton and indigo. They then traded these goods, in the estuary of the Geba River, for slaves captured by other black peoples in local African wars. The slaves were sold in Europe and, from the 16th century, the Company of Guinea was a Portuguese governative institution whose task was to deal with the spices and to fix the prices of the goods. It was called Casa da Guiné, Casa da Guiné e Mina from 1482 to 1483, the Portuguese presence in Guinea was therefore largely limited to the port of Bissau. As with the other Portuguese territories in mainland Africa, Portugal exercised control over the areas of Portuguese Guinea when first laying claim to the whole region as a colonyEconomy of Guinea-Bissau – Central Bank of Guinea-Bissau in Bissau
27. 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
28. 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
29. Economy of India – The economy of India is the seventh-largest in the world measured by nominal GDP and the third-largest by purchasing power parity. The country is classified as an industrialised country, and one of the G-20 major economies. Indias economy became the worlds fastest growing economy in the last quarter of 2014. The Indian economy has the potential to become the worlds 3rd-largest economy by the next decade, and the outlook for short-term growth is also good as according to the IMF, the Indian economy is the bright spot in the global landscape. India also topped the World Banks growth outlook for 2015-16 for the first time with the economy having grown 7. 6% in 2015-16, growth is expected to decline slightly to 7. 1% in the 2016-17 fiscal year. India has one of the fastest growing sectors in the world with annual growth rate of above 9% since 2001. India has become an exporter of IT services, BPO services. It is also the part of the economy. The IT industry continues to be the largest private employer in India. India ranks second worldwide in farm output, the Industry sector has held a constant share of its economic contribution. The Indian auto mobile industry is one of the largest in the world with a production of 21.48 million vehicles in FY 2013-14. India has $600 billion worth of retail market in 2015 and one of worlds fastest growing E-Commerce markets, India is also home to worlds third largest billionaires pool with 111 billionaires in 2016 and the fourth largest number of ultra-high-net-worth households that have more than US$100 million. The combination of protectionist, import-substitution, Fabian socialism, social democratic-inspired policies governed India for sometime after the end of British occupation, the economy was then characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country towards a market-based economy, by 2008, India had established itself as one of the worlds faster-growing economies. Growth significantly slowed to 7. 0% in 2008–09, but subsequently recovered to 7. 4% in 2009–10, Indias current account deficit surged to 4. 1% of GDP during Q2 FY11 against 3. 2% the previous quarter. The unemployment rate for 2012–13, according to Government of Indias Labour Bureau, was 4. 7% nationwide, by UPS method, Indias consumer price inflation ranged between 8.9 and 12% over the 2009-2013 period. Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD, over time, traders organised themselves into associations which received state patronage. Other scholars suggest trading from India to West Asia and Eastern Europe was active between 14th and 18th century, during this period, Indian traders had settled in Surakhani, a suburb of greater Baku, AzerbaijanEconomy of India – Mumbai, Maharashtra is considered the financial capital of India
30. Economy of Israel – The economy of Israel is technologically advanced by global standards. The major economic sectors include high-technology and industrial manufacturing, the Israeli diamond industry is one of the centers for diamond cutting and polishing. Its central high technology hub Silicon Wadi is considered second in only to its Californian counterpart. Numerous Israeli companies have been acquired by global corporations for their reliable, each entrepreneur has each praised Israels economy and invested heavily across numerous Israeli industries beyond their traditional business activities and investments back in their home nations. Israel is also a major tourist destination, with 3.54 million foreign tourists visiting it in 2013, in September 2010, Israel was invited to join the OECD. The British Mandate that came into effect in 1923 aimed at restricting land purchases of previously Arab-owned land by Jewish immigrants, for this reason the Jewish population was initially more urban and had a higher share in industrial occupations than did the Arab majority. The first survey of the Dead Sea in 1911, by the Russian Jewish engineer Moshe Novomeysky, led to the establishment of Palestine Potash Ltd. in 1930, in 1923, Pinhas Rutenberg was granted an exclusive concession for the production and distribution of electric power. He founded the Palestine Electric Company, later the Israel Electric Corporation, in 1937, there were 86 spinning and weaving factories in the country, employing a workforce of 1,500. Capital and technical expertise were supplied by Jewish professionals from Europe, the Ata textile plant in Kiryat Ata, which went on to become an icon of the Israeli textile industry, was established in 1934. The industry underwent rapid development during World War II, when supplies from Europe were cut off while local manufacturers were commissioned for army needs, by 1943, the number of factories had grown to 250, with a workforce of 5,630, and output increased tenfold. From 1924, trade fairs were held in Tel Aviv, the Levant Fair was inaugurated in 1932. After statehood, Israel faced an economic crisis. As well as having to recover from the effects of the 1948 Arab–Israeli War, it also had to absorb hundreds of thousands of Jewish refugees from Europe. Israel was financially overwhelmed and faced an economic crisis, which led to a policy of austerity from 1949 to 1959. Unemployment was high, and foreign reserves were scarce. Over the next 14 years, West Germany paid Israel 3 billion marks, the reparations became a decisive part of Israels income, comprising as high as 87. 5% of Israels income in 1956. In 1950, the Israeli government launched Israel Bonds for American and Canadian Jews to buy, in 1951, the final results of the bonds program exceeded $52 million. Additionally, many American Jews made private donations to Israel, which in 1956 were thought to amount to $100 million a year, in 1957, bond sales amounted to 35% of Israels special development budgetEconomy of Israel – The Diamond Exchange District in Ramat Gan
31. Economy of Kazakhstan – The economy of Kazakhstan is the largest economy in Central Asia. It possesses enormous oil reserves as well as minerals and metals, the mountains in the south are important for apples and walnuts, both species grow wild there. In 1995-97 the pace of the government program of reform and privatization quickened. Kazakhstans economy turned downward in 1998 with a 2. 5% decline in GDP growth due to slumping oil prices and the August financial crisis in Russia. A bright spot in 1999 was the recovery of international prices, which, combined with a well-timed tenge devaluation. Current GDP per capita shrank by 26% in the Nineties, in the 2000s, Kazakhstans economy grew sharply, aided by increased prices on world markets for Kazakhstans leading exports—oil, metals and grain. GDP grew 9. 6% in 2000, up from 1. 7% in 1999, in 2006, extremely high GDP growth had been sustained, and grew by 10. 6%. Business with booming Russia and China, as well as neighboring Commonwealth of Independent States nations have helped to propel this growth. The increased economic growth led to a turn-around in government finances. In 2015, the World Economic Forum compiled its Global Competitiveness Ranking ranking Kazakhstan 50th out of 144 countries, the ranking considers multiple macroeconomic and financial factors, such as market size, GDP, tax rates, infrastructure development, etc. The World Bank VP also talked about Kazakhstans improved positioning in the World Banks Doing Business Report 2017, Kazakhstan is listed in the 2016 Bloomberg Innovation Index among the top 50 most innovative economies. Kazakhstan improved its position in the 2017 Bloomberg Innovation Index by 2 spots ranking 48th with total score 45.56, Kazakhstan ranks 11th out of 42 countries in the Asia–Pacific region, and its overall score is above the world and regional averages. This chart shows trends in the domestic product of Kazakhstan at market prices estimated by the International Monetary Fund. For purchasing-power parity comparisons, the US Dollar is exchanged at 59.95 Tenges only, mean wages comprised $6.93 per man-hour in 2009. Kazakhstan has managed its monetary policy well and its principal challenge in 2001 was to manage strong foreign-currency inflows without sparking inflation. Inflation had, in fact, stayed under control, registering 9. 8% in 2000, overall foreign debt amounts to about $12.5 billion, $4 billion of it owed by the government. This amounts to 6. 9% of GDP, well within manageable levels, Government tax-revenues grew from 16. 4% of GDP in 1999 to 20. 6% of GDP in 2000. In 2000, Kazakhstan adopted a new tax-code in an effort to consolidate these gains and its strong financial position also allowed the government to reduce the value-added tax from 20% to 16% and to reduce social taxes as of July 2001Economy of Kazakhstan – Business center in Astana
32. Economy of South Korea – The economy of South Korea is the fourth largest economy in Asia and the 11th largest in the world. South Korea is famous for its rise from one of the poorest countries in the world to a developed. This economic miracle, commonly known as the Miracle on the Han River, brought South Korea to the ranks of elite countries in the OECD, South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the economy in the middle of the 21st century. Bank of Korea and Korea Development Institute periodically release major economic indicators, the economy of South Korea is the global leader of consumer electronics, mobile broadband and smartphones. South Koreas LCD TV global market share jumped to 37 percent in 2009, from 27 percent at the end of 2007. The economy of South Korea ranks No.1 in the world in ICT Development Index 2015 and 2015 Bloomberg Innovation Index, other financial organizations like the World Bank describe Korea as one of the fastest-growing major economies of the next generation along with BRIC and Indonesia. The South Korean economy again recovered with the record-surplus of US$70, South Korea was a historical recipient of official development assistance from OECD. Throughout the 1980s until the mid-1990s, South Koreas economic prosperity as measured in GDP by PPP per capita was still only a fraction of industrialized nations. In 1980, the South Korean GDP per capita was $2,300, about one-third of nearby developed Asian economies such as Singapore, Hong Kong, and Japan. Since then, South Korea has advanced into an economy to eventually attain a GDP per capita of $30,000 in 2010. The whole countrys GDP increased from $88 billion to $1,460 billion in the time frame. In 2009, South Korea officially became the first major recipient of ODA to have ascended to the status of a donor of ODA. Between 2008 and 2009, South Korea donated economic aid of $1.7 billion to other than North Korea. South Koreas separate annual economic aid to North Korea has historically more than twice its ODA. On June 23,2012, South Korea was landmarked to become the 7th member of the 20-50 club, chronologically, after Japan, United States of America, France, Italy, Germany and United Kingdom. A free trade agreement between the United States of America and the Republic of Korea was concluded on April 1,2007, the European Union–South Korea Free Trade Agreement was signed on 15 October 2009. The Canada–South Korea Free Trade Agreement was concluded in 2014, china–South Korea Free Trade Agreement went official on November 10,2014Economy of South Korea – Shipbuilding is a flagship industry of South Korea that boomed since the 1960s.
33. Economy of Kyrgyzstan – Kyrgyzstan is a mountainous country with a dominant agricultural sector. Cotton, tobacco, wool, and meat are the agricultural products, although only tobacco. According to Healy Consultants, the economy relies heavily on the strength of industrial exports, with reserves of gold, mercury, uranium. The economy also relies heavily on remittances from foreign workers, following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. Kyrgyzstan was the first Commonwealth of Independent States country to be accepted into the World Trade Organization, much of the governments stock in enterprises has been sold. Kyrgyzstans economic performance has been hindered by corruption, low foreign investment. Despite political corruption and regional instability, Kyrgyzstan is ranked 70th on the ease of doing business index and this is a chart of trend of gross domestic product of Kyrgyzstan at market prices estimated by the International Monetary Fund and EconStats with figures in millions of Kyrgyz Soms. For purchasing power parity comparisons, the US Dollar is exchanged at 9.40 Soms only, current GDP per capita of Kyrgyzstan shrank by 54% in the 1990s. Mean wages were $0.85 per man-hour in 2009 and this rate represented underemployment when compared to effective market pay, in the first half of 2012, Kyrgyz economy shrank by 5. 8%. This downturn was largely due to decline in production at the Kumtor mine. The budget deficit in mid-2012 was 23-billion soms and accounted for 7% of GDP while the target was to reduce it to 6%. On October 2012, International reserves and Foreign Currency Liquidity of Kyrgyzstan National Bank have reached US $1.96 bln,8. 6% of which is in gold. In 2012, to diversify the assets of Kyrgyzstan, the basket of currencies has been expanded by means of the Chinese yuan, in 2012,1 billion soms are to be spent for the purchase of gold. Gold proportion in international reserves has already grown to 8. 6%, the National Bank plans to increase it to 12-15% in future. Agriculture remains a part of Kyrgyzstan’s economy and a refuge for workers displaced from industry. Subsistence farming has increased in the early 2000s, after sharp reductions in the early 1990s, by the early 2000s agricultural production was approaching 1991 levels. Grain production in the valleys and livestock grazing on upland pastures occupy the largest share of the agricultural workforce. Farmers are shifting to grain and away from cotton and tobacco, other important products are dairy products, hay, animal feed, potatoes, vegetables, and sugar beetsEconomy of Kyrgyzstan – Osh Bazaar selling foods in Bishkek
34. Economy of Laos – The economy of the Lao Peoples Democratic Republic is rapidly growing, as the government began to decentralize control and encourage private enterprise in 1986. Currently, Laos ranks amongst the fastest growing economies in the world and it is also forecasted that Laos will sustain at least 7% growth through 2019 as well. Key goals for the government includes pursuing poverty reduction and education for all children and this is showcased through the ongoing construction of the nearly $6 billion dollar high-speed rail from Kunming, China to Vientiane, Laos. In the current period, the economy of Laos relies largely on foreign investment to attract the capital from overseas to support its continual economic rigorousness. Despite rapid growth, Laos remains one of the poorest countries in Southeast Asia, a landlocked country, it has inadequate infrastructure and a largely unskilled work force. Nonetheless, Laos continues to attract foreign investment as it integrates with the larger ASEAN Economic Community, its plentiful, young workforce, the countrys per capita income in 2016 was estimated to be $5,700 on a purchasing power parity-basis. Within a few years, the PDR Lao government realized these types of policies were preventing, rather than stimulating, growth. No substantive reform was introduced, however, until 1986 when the government announced its new economic mechanism, initially timid, the NEM was expanded to include a range of reforms designed to create conditions conducive to private sector activity. Prices set by market forces replaced government-determined prices, farmers were permitted to own land and sell crops on the open market. State firms were granted increased decision-making authority and lost most of their subsidies, the government set the exchange rate close to real market levels, lifted trade barriers, replaced import barriers with tariffs, and gave private sector firms direct access to imports and credit. In 1989, the PDR Lao government reached agreement with the World Bank, the government agreed to introduce fiscal and monetary reform, promote private enterprise and foreign investment, privatize or close state firms, and strengthen banking. In addition, it agreed to maintain a market exchange rate, reduce tariffs. A liberal foreign investment code was enacted and appears to be making a positive impact in the market. Enforcement of intellectual property rights is governed by two Prime Ministers Decrees dating from 1995 and 2002, in an attempt to stimulate further international commerce, the PDR Lao government accepted Australian aid to build a bridge across the Mekong River to Thailand. The Thai-Lao Friendship Bridge, between Vientiane Prefecture and Nong Khai Province, Thailand, was inaugurated in April 1994, although the bridge has created additional commerce, the Lao government does not yet permit a completely free flow of traffic across the span. These reforms led to growth and an increased availability of goods. In FY1999, foreign grants and loans accounted for more than 20% of GDP, the economy continues to be dominated by an unproductive agricultural sector operating largely outside the money economy and in which the public sector continues to play a dominant role. Still, a number of enterprises have been founded and some are quite successful in industries such as handicrafts, beer, coffeeEconomy of Laos – A street market in Luang Prabang
35. Economy of Liberia – Liberia is one of the poorest countries in the world, and its economy is extremely underdeveloped, largely due to the First Liberian Civil War in 1989-96. The civil war destroyed much of Liberias economy, especially the infrastructure in, the war also caused a brain drain and the loss of capital, as the civil war involved overthrowing the Americo-Liberian minority that ruled the country. Some returned during 1997, but many have not, local manufacturing, such as it exists, is mainly foreign-owned. The Liberian economy had relied heavily on the mining of iron ore prior to the civil war, Liberia was a major exporter of iron ore on the world market. In the 1970s and 1980s, iron mining accounted for more than half of Liberias export earnings. Since the coup détat of 1980, the economic growth rate has slowed down because of a decline in the demand for iron ore on the world market. The United Nations imposed sanctions on Liberia in May 2001 for its support to the rebels of the Revolutionary United Front in neighboring Sierra Leone and these sanctions have been lifted following elections in 2005. In March 2010, Bob Johnson, founder of BET, funded the first hotel constructed in Liberia in 20 years, the 13-acre luxury resort was built in the Paynesville section of Monrovia. Liberias external debt was estimated in 2006 at approximately $4.5 billion, as a result of bilateral, multilateral and commercial debt relief from 2007 to 2010, the countrys external debt fell to $222.9 million by 2011. Liberias business sector is controlled by foreigners mainly of Lebanese. There also are limited numbers of Chinese engaged in agriculture, the largest timber concession, Oriental Timber Corporation, is Indonesian owned. There also are significant numbers of West Africans engaged in cross-border trade, legal monopolies are possible, for example, Cemenco holds a monopoly on cement production. Unlike almost all countries in the world, Liberia has not adopted the metric system as its primary system of measurement. Timber and rubber are Liberias main export items since the end of the war, Liberia earns more than $100 million and more than $70 million annually from timber and rubber exports, respectively. Alluvial diamond and gold mining activities also account for some economic activity, in recent years, foreign investment from ArcelorMittal Steel, BHP Biliton, and China Union is aiding the revitalization of the iron-ore mining sector. Liberia has begun exploration for oil, unproven oil reserves may be in excess of one billion barrels. The government divided its offshore waters into 17 blocks and began auctioning off exploration licenses for the blocks in 2004, an additional 13 ultra-deep offshore blocks were demarcated in 2011 and planned for auction. Among the companies to have won licenses are Repsol, Chevron, Anadarko, Liberia maintains an open maritime registry, meaning that owners of ships can register their vessels as Liberian with relatively few restrictionsEconomy of Liberia – Boy grinding sugar cane 1968
36. 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
37. Economy of the Republic of Macedonia – The breakup of Yugoslavia in 1991 deprived the economy of the Republic of Macedonia, then its poorest republic, of its key protected markets and large transfer payments from the center. An absence of infrastructure, United Nations sanctions on its largest market Federal Republic of Yugoslavia, worker remittances and foreign aid have softened the subsequent volatile recovery period. GDP has increased each year except in 2001, rising by 5% in 2000, however, growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo war. Successful privatization in 2000 boosted the countrys reserves to over $700 million, also, the leadership demonstrated a continuing commitment to economic reform, free trade, and regional integration. The economy can meet its food needs but depends on outside sources for all of its oil and gas and most of its modern machinery. Inflation jumped to 11% in 2000, largely due to oil prices. The Republic of Macedonia experiences one of Europes biggest growth rates at an average of 4% making it comparable to such as Romania. Macedonias economy has almost always been completely agricultural in nature from the beginning of the Ottoman Empire when it was part of the District of Skopje and it concentrated on pasture farming and vineyard growing. Opium poppy, introduced into the region in 1835, became an important crop as well by the late 19th century, the role of industry in the regions economy increased during the industrial age. Macedonia was responsible for large outputs of textiles and several other goods in the Ottoman Empire, however outdated techniques to produce the goods persisted. The stagnation of Macedonian economy began under the rulership of the Kingdom of Serbia, when World War II ended, the local economy began to experience revitalization by way of subsidies from Federal Belgrade. Previously, Skopje was the industrial center in Macedonia, this expanded to several other cities during Socialist Yugoslavia. After the fall of Socialist Yugoslavia, the economy experienced several shocks that damaged the local economy, starting with the Western embargo on the Yugoslavian common market, and ending with the Greek embargo on Macedonia over the countrys name. The economy began to recover in 1995 and experienced a recovery after the 2001 insurgency by ethnic Albanians. Macedonias GDP grew by an average of 6% on a basis until the 2008 economic crisis when its economy contracted with the rest of the world. The global crisis had little impact on the due to Macedonian banks stringent rules. Macedonia today maintains a low debt-to-GDP ratio and is experiencing a revitalized investment interest by companies from Turkey, Algeria, Albania, and others. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total output of goodsEconomy of the Republic of Macedonia – Pelagonija, breadbasket region of Macedonia.
38. Economy of Madagascar – The economy of Madagascar is a market economy and is supported by Madagascars well-established agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as crops such as vanilla. Madagascars wealth of natural resources supports its sizable mining industry, additionally, Madagascars status as a developing nation exempts Malagasy exports from customs protocol in some areas, notably the United States and European Union. These exemptions have supported the growth of the Malagasy textile industry, foreign investments have resumed following the resumption of elections in early 2014. Agriculture, including fishing and forestry, is Madagascars largest industry, in 2011, agricultural products—especially cloves, vanilla, cacao, sugar, pepper, and coffee—accounted for Madagascars top twelve exports by value. Madagascar produces the second largest vanilla harvest in the world and Malagasy vanilla accounts for about a quarter of the global vanilla market. A small but growing part of the economy is based on mining of ilmenite, with investments emerging in recent years, particularly near Tulear, mining corporation Rio Tinto Group started production at its Fort Dauphin mine in January 2009, following several years of preparation. Gemstone mining is also an important part of Madagascars economy, several major projects are underway in the mining and oil and gas sectors that, if successful, will give a significant boost. In the mining sector, these include the development of coal at Sakoa, the Ambatovy nickel mine is a huge operation and has cost USD $4.76 million to date and is due to start production in 2011. In oil, Madagascar Oil is developing the massive onshore heavy oil field at Tsimiroro, following the 2002 political crisis, the government attempted to set a new course and build confidence, in coordination with international financial institutions and donors. Madagascar developed a plan in collaboration with the private sector and donors. Donor countries demonstrated their confidence in the new government by pledging $1 billion in assistance over five years, Business Council was formed as a collaboration between the United States Agency for International Development and Malagasian artisan producers in Madagascar in 2002. The U. S. -Madagascar Business Council was formed in the United States in May 2003, president Ravalomanana rose to prominence through his agro-foods TIKO company, and is known for attempting to apply many of the lessons learned in the world of business to running the government. Prior to Ravalomananas resignation, concerns had arisen about the conflict of interest between his policies and the activities of his firms, most notable among them the preferential treatment for rice imports initiated by the government in late 2004 when responding to a production shortfall in the country. Madagascar’s appeal to investors stems from its competitive, trainable work force, more than 200 investors, particularly garment manufacturers, were organized under the country’s export processing zone system since it was established in 1989. The absence of quota limits on textile imports to the European market under the Lome Convention helped stimulate this growth, Growth in output in 1992–97 averaged less than the growth rate of the population. Growth has been back by a decline in world coffee demand. During a period of growth from 1997 to 2001, poverty levels remained stubbornly highEconomy of Madagascar – Rice paddies in Madagascar
39. Economy of the Maldives – In ancient times the Maldives were renowned for cowries, coir rope, dried tuna fish, ambergris and coco de mer. Local and foreign trading ships used to load these products in the Maldives, nowadays, the mixed economy of the Maldives is based on the principal activities of tourism, fishing and shipping. Tourism is the largest industry in the Maldives, accounting for 28% of GDP and it powered the current GDP per capita to expand 265% in the 1980s and a further 115% in the 1990s. Over 90% of government tax revenue flows in from import duties, fishing is the second leading sector in the Maldives. The economic reform program by the government in 1989 lifted import quotas, subsequently, it has liberalized regulations to allow more foreign investment. Agriculture and manufacturing play a role in the economy, constrained by the limited availability of cultivable land. Industry in the Maldives consists mainly of garment production, boat building and it accounts for around 18% of GDP. Maldivian authorities are concerned about the impact of erosion and possible global warming in the low-lying country, among the 1,900 islands in the Maldives, only 198 are inhabited. The population is scattered throughout the country, and the greatest concentration is on the capital island, limitations on potable water and arable land, plus the added difficulty of congestion are some of the problems faced by households in Malé. Taxes on the tourist industry have been plowed into infrastructure and it is used to technology in the agricultural sector. This is a chart of trend of gross product of Maldives at market prices estimated by the International Monetary Fund with figures in millions of rufiyaa. For purchasing power parity comparisons, the US dollar is exchanged at 12.85 rufiyaa only, mean wages were $4.15 per man-hour in 2009. The Maldives has experienced relatively low throughout the recent years. Real GDP growth averaged about 10% in the 1980s and it expanded by an exceptional 16. 2% in 1990, declined to 4% in 1993, and, over the 1995–2004 decade, real GDP growth averaged just over 7. 5% per year. In 2005, as a result of the tsunami, the GDP contracted by about 5. 5%, however, the Maldives has been running a merchandise trade deficit in the range of $200 to $260 million since 1997. The trade deficit declined to $233 million in 2000 from $262 million in 1999, in 2004 it was $444 million. Over the years, Maldives has received assistance from multilateral development organizations, including the United Nations Development Programme, Asian Development Bank. Individual donors, including Japan, India, Europe, Australia, see, Economic Aid to Maldives In 1956, a bilateral agreement gave United Kingdom access to Gan in Addu Atoll in the far south, to establish an air facility in Gan in return for British aidEconomy of the Maldives – Malé, commercial centre of Maldives
40. Economy of Mali – The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture. Before 1991, the former Soviet Union, China and the Warsaw Pact countries had been a source of economic. The per capita gross domestic product of Mali was $820 in 1999, Malis great potential wealth lies in mining and the production of agricultural commodities, livestock, and fish. The most productive agricultural area lies along the banks of the Niger River, the Inner Niger Delta and this is a chart of trend of gross domestic product of Mali at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. Current GDP per capita of Mali registered a growth of 295% in the 1970s. But this proved unsustainable and growth scaled back to just 5. 20% in the 1980s. The mean wage was equivalent to $0.65 per hour in 2009, Agricultural activities occupy 70% of Malis labor force and provide 42% of the GDP. Cotton and livestock make up 75%–80% of Malis annual exports, small-scale traditional farming dominates the agricultural sector, with subsistence farming on about 90% of the 14,000 square kilometres under cultivation. The most productive agricultural area lies along the banks of the Niger River between Bamako and Mopti and extends south to the borders of Guinea, Ivory Coast, and Burkina Faso. Average rainfall varies in this region from 500 mm per year around Mopti to 1,400 mm in the south near Sikasso and this area is most important for the production of cotton, rice, pearl millet, maize, vegetables, tobacco and tree crops. Annual rainfall, critical for Malis agriculture, has been at or above average since 1993, cereal production, including rice, has grown annually, and the 1997–98 cotton harvest reached a record 500,000 tons. Until the mid-1960s, Mali was self-sufficient in grains — pearl millet, sorghum, rice, production has rebounded since 1987 due to agricultural policy reforms undertaken by the government and supported by the Western donor nations. Liberalization of producer prices and an open cereals market have created incentives to production, using water diverted from the Niger, the Office du Niger irrigates about 600 km2 of land for rice and sugarcane production. About one-third of Malis paddy rice is produced at the Office du Niger, sorghum is planted extensively in the drier parts of the country and along the banks of the Niger in eastern Mali, as well as in the lake beds in the Niger delta region. During the wet season, farmers near the town of Dire have cultivated wheat on irrigated fields for hundreds of years, peanuts are grown throughout the country but are concentrated in the area around Kita, west of Bamako. Malis resource in livestock consists of millions of cattle, sheep, approximately 40% of Malis herds were lost during the great drought in 1972–74. The level was restored, but the herds were again decimated in the 1983–85 drought. Sheep, goats, and camels are raised to the exclusion of cattle in the dry areas north, the Niger River is also an important source of fish, providing food for riverside communities, the surplus—smoked, salted, and dried—is exportedEconomy of Mali – A pirogue carrying two passengers on the River Niger at Gao in Mali.
41. 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
42. 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
43. 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
44. Economy of Nepal – An isolated, agrarian society until the mid-20th century, Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The biggest challenges faced by the country in achieving economic development are the frequent changes in political leadership as well as corruption. Nepal has used a series of plans in an attempt to make progress in economic development. It completed its ninth economic development plan in 2002, its currency has been made convertible, Foreign aid to Nepal accounts for more than half of the development budget. Government priorities over the years have been the development of transportation and communication facilities, agriculture, since 1975, improved government administration and rural development efforts have been emphasised. Agriculture remains Nepals principal economic activity, employing about 65% of the population, only about 20% of the total area is cultivable, another 40. 7% is forested, most of the rest is mountainous. Rice and wheat are the food crops. The lowland Terai region produces a surplus, part of which supplies the food-deficient hill areas. GDP is heavily dependent on remittances of foreign workers, subsequently, economic development in social services and infrastructure in Nepal has not made dramatic progress. A countrywide primary education system is under development, and Tribhuvan University has several campuses, please see Education in Nepal for further details. Although eradication efforts continue, malaria had been controlled in the fertile, kathmandu is linked to India and nearby hill regions by road and an expanding highway network. The capital was almost out of fuel and transport of supplies caused by a general strike in southern Nepal on 17 February 2008. Major towns are connected to the capital by telephone and domestic air services, the export-oriented carpet and garment industries have grown rapidly in recent years and together now account for approximately 70% of merchandise exports. The Cost of Living Index in Nepal is comparatively lower than many countries, the quality of life has declined to much less desirous value in recent years. Nepal was ranked 54th worst of 81 ranked countries on the Global Hunger Index in 2011, Nepals current score of 19.5 is better than in 2010 and much improved than its score of 27.5 in 1990. Huge numbers of Small Foreign Investments come to Nepal via the Non Resident Nepali, Nepal has huge capacity of Hydroelectricity due to which huge number of foreign companies are in line but the political instability has stopped the process at the same time its growing on its own. Nepal entered into agreement for avoidance of taxation with 10 countries since 1987. Similarly, it has Investment protection agreement with 5 countries since 1983, in 2014, Nepal restricted the Foreign aid by setting minimum limit for foreign grants, soft and commercial loans from its development partnersEconomy of Nepal – Nepal Rastra Bank in Kathmandu
45. Economy of Nicaragua – Nicaraguas economy is focused primarily on the agricultural sector. It is the least developed country in Central America, and the second poorest in the Americas by nominal GDP, in recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has increased dramatically, although it has also been subject to the global recession. Nicaraguas economy continues to post growth, with indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaraguas inflation rate hovered at 19. 82%, in 2009 and 2010, the country posted lower inflation rates,3. 68% and 5. 45%, respectively. Remittances are a source of income, equivalent to 15% of the countrys GDP, which originate primarily from Costa Rica, the United States. Approximately one million Nicaraguans contribute to the sector of the economy. In early 2004, Nicaragua secured some $4.5 billion in debt reduction under the International Monetary Fund. In April 2006, the US-Central America Free Trade Agreement went into effect, expanding opportunities for Nicaraguas agricultural. Textiles and apparel account for nearly 60% of Nicaraguas exports, in October 2007, the IMF approved an additional poverty reduction and growth facility program in support of the governments economic plans. Nicaraguas economy was devastated in the 1980s by the Contra War, at the same time, the US staged an economic blockade from 1985 onward. Following the civil war, Nicaragua began free market reforms, privatizing more than 350 state companies and commencing a general trend of economic growth. Inflation has been reduced from a high of 33, 603% during the years of the Sandinista period to more normal levels. Growth was slow in 2001 due to a combination of factors, but even with the recessions, growth has averaged 3. 4% between 2001 and 2011. Nicaragua suffers from persistent trade and budget deficits and a high debt-service burden, one of the key engines of economic growth has been production for export. In 2007, exports topped $1 billion US dollars for the first time in Nicaraguan history, Nicaragua is primarily an agricultural country, but construction, mining, fisheries, and general commerce also have been expanding during the last few years. Foreign private capital inflows topped $300 million in 1999 but, due to economic and political uncertainty, in the last 12 years, tourism has grown 394%, the rapid growth has led it to become Nicaraguas second largest source of foreign capital. Less than three years ago, the nation’s tourism budget was U. S. $400,000, today, Nicaraguas economy has also produced a construction boom, the majority of which is in and around Managua. Nicaragua faces a number of challenges in stimulating economic growthEconomy of Nicaragua – Managua
46. Economy of Nigeria – Nigeria is a middle income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Previously hindered by years of mismanagement, economic reforms of the past decade have put Nigeria back on track towards achieving its full economic potential, correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. These figures are to be revised upwards by as much as 80% when metrics are recalculated subsequent to the rebasing of its economy in April 2014, although much has been made of its status as a major exporter of oil, oil only contributes about 9% to the GDP. Nigeria produces only about 2. 7% of the oil supply. Although the petroleum sector is important, as Government revenues still heavily rely on this sector, it remains in fact a part of the countrys overall vibrant. In 2006, Nigeria successfully convinced the Paris Club to let it buy back the bulk of its debts owed to the Paris Club for a payment of roughly $12 billion. According to a Citigroup report published in February 2011, Nigeria will get the highest average GDP growth in the world between 2010 and 2050, Nigeria is one of two countries from Africa among 11 Global Growth Generators countries. In 2014, Nigeria changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, in 2005, Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. Under the agreement, the lenders will forgive most of the debt, outside of the energy sector, Nigerias economy is highly inefficient. Moreover, human capital is underdeveloped—Nigeria ranked 151 out of countries in the United Nations Development Index in 2004—and non-energy-related infrastructure is inadequate, from 2003 to 2007, Nigeria attempted to implement an economic reform program called the National Economic Empowerment Development Strategy. The government hoped that the NEEDS would create 7 million new jobs, diversify the economy, boost non-energy exports, increase capacity utilization. A related initiative on the level is the State Economic Empowerment Development Strategy. A longer-term economic development program is the United Nations -sponsored National Millennium Goals for Nigeria, in an update released in 2004, the UN found that Nigeria was making progress toward achieving several goals but was falling short on others. Specifically, Nigeria had advanced efforts to provide primary education, protect the environment. A prerequisite for achieving many of these objectives is curtailing endemic corruption. President Olusegun Obasanjos campaign against corruption, which includes the arrest of officials accused of misdeeds, however, while broad-based progress has been slow, these efforts have begun to become evident in international surveys of corruption. In fact, Nigerias ranking has improved since 2001 ranking 147 out of 180 countries in Transparency Internationals 2007 Corruption Perceptions IndexEconomy of Nigeria – Skyline of Lagos, the commercial hub of Nigeria
47. 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)
48. Economy of Oman – Oman is a country in the Middle East. Current GDP per capita] has expanded continuously in the past 50 years and it grew 339% in the 1960s reaching a peak growth of 1, 370% in the 1970s scaling back to modest 13% growth in the 1980s and rising again to 34% in the 1990s. This is a chart of trend of the domestic product. Omans economic performance improved significantly in 1999 due largely to the upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of law to facilitate foreign investment. Oman liberalized its markets in an effort to accede to the World Trade Organization, today, petroleum fuels the economy and revenues from petroleum products have enabled Omans dramatic development over the past 30 years. Oil was first discovered in the interior near Fahud in the desert in 1964. Petroleum Development Oman began production in August 1967, the Omani Government owns 60% of PDO, and foreign interests own 40%. In 1976, Omans oil production rose to 366,000 barrels per day, from 1981 to 1986, Oman compensated for declining oil prices, by increasing production levels to 600,000 b/d. With the collapse of oil prices in 1986, however, revenues dropped dramatically, by mid-2000, production had climbed to more than 900,000 b/d where they remain. Oman is not a member of OPEC, natural gas reserves, which will increasingly provide the fuel for power generation and desalination, stand at 18 trillion ft³. The Oman LNG processing plant located in Sur was opened in 2000, with capacity of 6.6 million tons/YR, as well as unsubstantial gas liquids. Oman does not have the oil resources of some of its neighbors. Nevertheless, in recent years, it has found more oil than it has produced, Omans complex geology makes exploration and production an expensive challenge. Recent improvements in technology, however, have enhanced recovery, agriculture and fishing are the traditional way of life in Oman. Dates and limes, grown extensively in the Batinah coastal plain, coconut palms, wheat, and bananas also are grown, and cattle are raised in Dhofar. Other areas grow cereals and forage crops, fish and shellfish exports totaled $34 million in 2000. The government is undertaking many development projects to modernize the economy, improve the standard of living, Oman became a member of the World Trade Organization in October 2000, and continues to amend its financial and commercial practices to conform to international standardsEconomy of Oman – Economy of Oman
49. Economy of Rwanda – Rwanda is a rural country with about 90% of the population engaged in agriculture. It is the most densely populated country in Africa, is landlocked, primary exports are coffee and tea. By 1994, farm size, on average, was smaller than one hectare, the Rwandan economy is based on the largely rain-fed agricultural production of small, semi-subsistence, and increasingly fragmented farms. It has few resources to exploit and a small, noncompetitive industrial sector. Prewar population was increasing at the rate of 3% annually. However, when coffee prices fell sharply in the 1980s. Compared to an annual GDP growth rate of 6. 5% from 1973 to 1980, the crisis peaked in 1990 when the first measures of an IMF structural adjustment program were carried out. While the program was not fully implemented before the war, key measures such as two large devaluations and the removal of official prices were enacted, the consequences on salaries and purchasing power were rapid and dramatic. This crisis particularly affected the educated elite, most of whom were employed in service or state-owned enterprises. During the 5 years of war that culminated in the 1994 genocide, GDP declined in 3 out of 5 years, posting a rapid decline at more than 40% in 1994. The 9% increase in real GDP for 1995, the first postwar year, the 1994 genocide destroyed Rwandas fragile and economic base, severely impoverished the population, particularly women, and eroded the countrys ability to attract private and external investment. However, Rwanda has made significant progress in stabilizing and rehabilitating its economy, in June 1998, Rwanda signed an Enhanced Structural Adjustment Facility with the International Monetary Fund. Rwanda has also embarked upon an ambitious program with the World Bank. In 1996, humanitarian relief aid began to shift to reconstruction, after the Rwandan Genocide, the Tutsi-led government began a major program to improve the countrys economy and reduce its dependence on subsistence farming. The failing economy had been a factor behind the genocide, as was overpopulation. The government focused primarily on building up its manufacturing and service industries and eliminating barriers to trade, tea plantations and factories continue to be rehabilitated, and coffee, always a smallholders crop, is being more seriously rehabilitated and tended as the farmers sense of security returns. However, the road to recovery will be slow, coffee production of 14,578,560 tons in 2000 compares to a pre-civil war variation between 35,000 and 40,000 tons. By 2002 tea became Rwanda’s largest export, with earnings from tea reaching US$18 million equating to 15,000 tons of dried teaEconomy of Rwanda – A coffee farmer in Rwanda.
50. 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
51. 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.
52. Economy of Saint Vincent and the Grenadines – The St. Vincent economy is heavily dependent on agriculture being the world’s leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force, such reliance on a single crop makes the economy vulnerable to external factors. St. Vincents banana growers benefited from access to the European market. In view of the European Unions announced phase-out of this preferred access, tourism has grown to become a very important part of the economy. In 1993, tourism supplanted banana exports as the source of foreign exchange. The Grenadines have become a favourite of the up-market yachting crowd, the trend toward increasing tourism revenues will likely continue. In 1996, new ship and ferry berths came on-line. In 1998, total visitor arrivals stood at 202,109 with United States visitors constituting 2. 7%, as most of the tourists are from other countries in the Caribbean. Figures from 2005 record tourisms contribution to the economy at US$90 million, St. Vincent and the Grenadines is a beneficiary of the U. S. Caribbean Basin InitiativeEconomy of Saint Vincent and the Grenadines – Economy of Saint Vincent and the Grenadines
53. 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.
54. 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.
55. Economy of Singapore – Singapore has a highly developed trade-oriented market economy. The economy of Singapore is a major Foreign Direct Investment outflow financier in the world, Singapore has also benefited from the inward flow of FDI from global investors and institutions due to its highly attractive investment climate and a stable political environment. Moreover, water is scarce in Singapore therefore water is defined as a resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited land, meaning that Singapore has to rely on the agrotechnology park for agricultural production and consumption. Human resources is another issue for the health of the Singaporean economy. The economy of Singapore ranks 2nd overall in the Scientific American Biotechnology ranking in 2014, Singapore also has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, the Port of Singapore is the second-busiest in the world by cargo tonnage. Singapores government promotes high levels of savings and investment through policies such as the Central Provident Fund, Singapores savings rates have remained among the highest in the world since the 1970s. Most companies in Singapore are registered as private limited-liability companies, a private limited company in Singapore is a separate legal entity, and shareholders are not liable for the companys debts beyond the amount of share capital they have contributed. To attract foreign talents, Singaporean government issues Employment Pass under three categories viz, the Ministry of Manpower oversees the matter related to immigration of workers. These measures aim to boost Singapores productivity, so that Singapore remains competitive, upon independence from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty. 70 percent of Singapores households lived in overcrowded conditions. Unemployment averaged 14 percent, GDP per capita was US$516, in response, the Singapore government established the Economic Development Board to spearhead an investment drive, and make Singapore an attractive destination for foreign investment. FDI inflows increased greatly over the decades, and by 2001 foreign companies accounted for 75% of manufactured output. Meanwhile, Singapores savings and investment rates rose among the highest levels in the world, while household consumption, as a result of this investment drive, Singapores capital stock increased 33 times by 1992, and achieved a tenfold increase in the capital-labor ratio. Living standards steadily rose, with families moving from a lower-income status to middle-income security with increased household incomes. During a National Day Rally speech in 1987, Lee Kuan-Yew claimed that 80% of Singaporeans could now be considered to be members of the middle-class. However, much unlike the policies of Greece and the rest of EuropeEconomy of Singapore – Skyline of Singapore's CBD
56. Economy of Sri Lanka – In GDP per capita terms, it is ahead of other countries in the South Asian region. Since the end of the terrorism, Sri Lanka is now focusing on long-term strategic. The main economic sectors of the country are tourism, tea export, apparel, textile, rice production, in addition to these economic sectors, overseas employment contributes highly in foreign exchange, 90% of expatriate Sri Lankans reside in the Middle East. Sri Lanka has met the Millennium Development Goal target of halving extreme poverty and is on track to meet most of the other MDGs, Sri Lanka experienced a big decline in poverty between 2002 and 2009 – from 23 percent to 9 percent of the population. Despite this pockets of poverty continue to exist, Sri Lanka has one of the lowest tax-to-GDP ratios in the world and creating jobs for the bottom 40% has become a challenge. Sri Lanka also faces a challenges in Social inclusion, Governance, creation of several business and technology development areas specialised in various sectors island wide as well as tourism zones in a planned manner is also being planned. Between 1977 and 1994 the country came under UNP rule in which under President J. R Jayawardana Sri Lanka began to shift away from a socialist orientation in 1977, since then, the government has been deregulating, privatizing, and opening the economy to international competition. In 2001, Sri Lanka faced bankruptcy, with debt reaching 101% of GDP, the impending currency crisis was averted after the country reached a hasty ceasefire agreement with the LTTE and brokered substantial foreign loans. After 2004 the UPFA government has concentrated on production of goods for domestic consumption such as rice, grain. Economic growth has been uneven in the years as the economy faced a multitude of global and domestic economic. Overall, average annual GDP growth was 5. 2% over 1991-2000, in 2001, however, GDP growth was negative 1. 4%--the first contraction since independence. The economy was hit by a series of global and domestic problems and affected by terrorist attacks in Sri Lanka. The crises also exposed the fundamental policy failures and structural imbalances in the economy, the year ended in parliamentary elections in December, which saw the election of United National Party to Parliament, while Sri Lanka Freedom Party retained the Presidency. In 2002, the experienced a gradual recovery. During this period Sri Lanka has been able to reduce expenditures and begin to focus on getting its large. In 2002, economic growth reached 4%, aided by strong service sector growth, the agricultural sector of the economy staged a partial recovery. Some state-owned corporations became overstaffed and less efficient, making huge losses with series of frauds being uncovered in them, during this time EU revoked GSP plus preferential tariffs from Sri Lanka due to alleged human rights violations, which cost about USD500 million a year. The resumption of the civil-war in 2005 led to a steep increase defense expenditures, the increased violence and lawlessness also prompted some donor countries to cut back on aid to the countryEconomy of Sri Lanka – Unawatuna Beach
57. 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
58. Economy of Switzerland – The economy of Switzerland is one of the worlds most stable economies. Because of the small size and high labor specialization, industry. Switzerland has achieved one of the highest per capita incomes in the world with low unemployment rates, the service sector has also come to play a significant economic role. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index, Switzerland as a federal state was established in 1848. But in Switzerland, hydraulic power was used instead of steam-engines because of the countrys topography while there are no significant deposits of coal. By 1814, hand weaving had been replaced by the power loom. Both tourism and banking began to develop as an economic factor from about the same time, while Switzerland was primarily rural, the cities experienced an industrial revolution in the late 19th century, focused especially on textiles. In Basel, for example, textiles, including silk, were the leading industry, in 1888 women made up 44% of the wage earners. Nearly half the women worked in the mills, with household servants the second largest job category. The share of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s, railways played a major part in industrialization with the first railway appearing in 1847 between Zurich and Baden. Due to competition between players, Switzerland was covered with more than 1000 km of track by 1860. During World War I, Switzerland suffered an economic crisis and it was marked by a decrease in energy consumption, energy being mostly produced by coal in the 1910s, 1920s, 1930s and 1940s. As imports were difficult, attempts were made to strengthen the Swiss economy, Switzerlands total energy consumption, which was dropping from the mid 1910s to the early 1920s, started increasing during the early 1920s. The same got stagnated during the 1930s before dropping again during the early 1940s before an exponential growth started in the mid 1940s. However, Switzerlands energy consumption decreased rapidly, after World War II, Switzerlands production facilities remained to a great extent undamaged, which facilitated the countrys swift economic resurgence. In the 1950s, annual GDP growth averaged 5% and Switzerlands energy consumption doubled, coal lost its rank as Switzerlands primary energy source, as other fossil fuels such as crude and refined oil and natural and refined gas imports increased. This decade also marked the transition from an economy to a service economy. Since then the sector has been growing faster than the agrarianEconomy of Switzerland – View of the industrial area of Zürich. Zurich metropolitan area is among the most important economic centres in the world
59. Economy of Tajikistan – Since independence, Tajikistan gradually followed the path of transition economy, reforming its economic policies. With foreign revenue precariously dependent upon exports of cotton and aluminium, International assistance also was necessary to address the second year of severe drought that resulted in a continued shortfall of food production. Tajikistans economy grew substantially after the war, the gross domestic product of Tajikistan expanded at an average rate of 9. 6% over the period of 2000-2007 according to the World Bank data. This improved Tajikistans position among other Central Asian countries, which have degraded economically ever since, as of August 2009, an estimated 60% of Tajikistani citizens live below the poverty line. The 2008 global financial crisis has hit Tajikistan hard, both domestically and internationally, Tajikistan has been hit harder than many countries because it already has a high poverty rate and because many of its citizens depend on remittances from expatriate Tajikistanis. This is a chart of trend of gross product of Tajikistan at market prices estimated by the International Monetary Fund with figures in millions of ruling currency. For purchasing power parity comparisons, the US Dollar is exchanged at 0.82 Somoni only, the Tajikistani economy has been gravely weakened by six years of civil conflict and loss of markets for its products. Tajikistan thus depends on international humanitarian assistance for much of its basic subsistence needs, even if the peace agreement of June 1997 is honored, the country faces major problems in integrating refugees and former combatants into the economy. The future of Tajikistans economy and the potential for attracting foreign investment depend upon stability, in 2006 GDP per capita of Tajikistan was 85% of 1990s level. While population has increased from 5.3 million in 1991 to 7.3 million in 2009, despite resistance from vested interests, the Government of Tajikistan continued to pursue macroeconomic stabilization and structural reform in FY2000. The continued privatization of medium-sized and large SOEs, land reform, improved fiscal discipline by the Government of Tajikistan has supported the return to positive economic growth. The government budget was nearly in balance in 2001 and the government’s 2002 budget targets a deficit of 0. 3% of GDP. In 2005 Tajikistan’s GDP grew by 6. 7%, to about US$1.89 billion, the official forecast for GDP growth in 2007 is 7. 5%. Per capita GDP in 2005 was US$258, lowest among the 15 countries of the former Soviet Union, in 2005 services contributed 48%, agriculture 23. 4%, and industry 28. 6% to GDP. The recent global recession has reduced Tajikistans GDP growth rate to 2. 8% in the first half of 2009, remittances from expatriate Tajikistanis is estimated to account for 30-50% of Tajikistans GDP. Privatization of cotton farms has been slow, and unresolved debts of cotton farmers remained a problem in 2006. In the early 2000s, the crops were cotton, cereals, potatoes, vegetables, fruits. Cotton makes an important contribution to both the agricultural sector and the national economy, cotton accounts for 60 percent of agricultural output, supports 75 percent of the rural population, and uses 45 percent of irrigated arable landEconomy of Tajikistan – Dushanbe
60. Economy of Tonga – Much of the monetary sector of the economy is dominated, if not owned, by the royal family and nobles. This is particularly true of the telecommunications and satellite services, much of small business, particularly retailing on Tongatapu, is now dominated by recent Chinese immigrants who arrived under a cash-for-passports scheme that ended in 1998. The manufacturing sector consists of handicrafts and a few other very smallscale industries, commercial business activities also are inconspicuous and, to a large extent, are dominated by the same large trading companies found throughout the South Pacific. In September 1974, the countrys first commercial trading bank, the Bank of Tonga, rural Tongans rely on plantation and subsistence agriculture. Coconuts, vanilla beans, and bananas are the cash crops. The processing of coconuts into copra and desiccated coconut is the significant industry. Pigs and poultry are the types of livestock. Horses are kept for draft purposes, primarily by working their api. More cattle are being raised, and beef imports are declining, substantial progress has been made, but much work remains to be done. A small but growing sector is developing in response to the inflow of aid monies and remittances from Tongans abroad. The copra industry is plagued by world prices that have been depressed for years, efforts are being made to discover ways to diversify. One hope is seen in fisheries, tests have shown that sufficient skipjack tuna pass through Tongan waters to support a fishing industry, another potential development activity is exploitation of forests, which cover 35% of the kingdoms land area but are decreasing as land is cleared. Coconut trees past their prime bearing years also provide a source of lumber. Cruise ships often stop in Nukuʻalofa and Vavau, a number of islands within the Kingdom of Tonga are lacking basic electricity supply. Together with IRENA, Tonga has charted out an energy based strategy to power the main. The strategy focuses on Solar Home Systems that turn individual households into small power plantsEconomy of Tonga – A Tongan coin
61. Economy of Trinidad and Tobago – Trinidad and Tobago is the wealthiest country in the Caribbean as well as the third richest country by GDP per capita in the Americas after the United States and Canada. Furthermore, it is recognised as an income economy by the World Bank. Unlike most of the English-speaking Caribbean, the economy is primarily industrial, with an emphasis on petroleum. The countrys wealth is attributed to its reserves and exploitation of oil. Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates, recent growth has been fueled by investments in liquefied natural gas, petrochemicals, and steel. Additional petrochemical, aluminum, and plastics projects are in various stages of planning, oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. The country is also a financial center, and tourism is a growing sector. The economy benefits from a trade surplus. Trinidad and Tobagos infrastructure is adequate by regional standards, a major expansion of the Piarco International Airport in Trinidad, the countrys main airport, was completed in 2001. There is a network of paved roads, and utilities are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages, the government is addressing this problem with the construction of additional desalinization plants. Infrastructure improvement, especially roads and telephone service, drainage. Trinidad and Tobago has a modern, robust and reliable Information. Mobile phone service is widespread and has been the area of growth for several years. Digicel and Laqtel were granted licenses in 2005, breaking the monopoly of the sole provider of mobile telephony services TSTT. However, as of 2015 TSTT and Digicel remain the only mobile providers, internet connectivity has seen the participation of much more players than mobile telephone with the presence of five broadband service providers/ISPs. Trinidad and Tobago has been involved in the sector for over one hundred years. There has been oil and gas production on land and in shallow waterEconomy of Trinidad and Tobago – Downtown Port of Spain at night
62. 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
63. 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
64. Economy of the United Arab Emirates – The economy of the United Arab Emirates is the second largest in the Arab world, with a gross domestic product of $570 billion in 2014. The United Arab Emirates has been diversifying its economy. Although UAE has the most diversified economy in the GCC, the UAEs economy remains reliant on petroleum. With the exception of Dubai, most of the UAE is dependent on oil revenues, Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi. More than 85% of the UAEs economy was based on the oil exports in 2009, while Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil accounted for 77% of the UAEs state budget. Dubai suffered from a significant economic crisis in 2007-2010 and was bailed out by Abu Dhabis oil wealth, dubais current prosperity has been attributed to Abu Dhabis petrodollars. Dubai is currently in extreme debt, tourism is one of the main sources of revenue in the UAE, with some of the worlds most luxurious hotels being based in the UAE. A massive construction boom, a manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of construction projects. The UAE is a member of the World Trade Organization and OPEC, prior to independence from the UK and unification in 1971, each emirate was responsible for its own economy. At the time, pearl diving, seafaring and fishing were together the mainstay of the economy, until the development of Japanese cultured pearls and the discovery of commercial quantities of oil. Likewise, former UAE vice-president Sheikh Rashid Bin Saeed Al Maktoum had a vision for the Emirate of Dubai and foresaw the future in not petroleum alone. UAE has the second-largest economy in the Arab world, with a domestic product of $377 billion in 2012. A third of the GDP is from oil revenues, the economy was expected to grow 4–4. 5% in 2013, compared to 2. 3–3. 5% over the previous five years. Since independence in 1971, UAEs economy has grown by nearly 231 times to AED1.45 trillion in 2013, the non-oil trade has grown to AED1.2 trillion, a growth of around 28 times from 1981 to 2012. The UAEs economy is one of the most open worldwide, and its history of history goes back to the times when ships sailed to India, along the Swahili coast. Current UAE’s GDP is $386.4 Billion while the share is almost 70 thousand dollarsEconomy of the United Arab Emirates – Dubai skyline and world's tallest building Burj Khalifa
65. Economy of the United States – The United States GDP was estimated to be $17.914 trillion as of Q22015. Several countries use it as their currency, and in many others it is the de facto currency. The United States has an economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate. Its seven largest trading partners are Canada, China, Mexico, Japan, Germany, South Korea, the US has abundant natural resources, a well-developed infrastructure, and high productivity. It has the worlds ninth-highest per capita GDP and tenth-highest per capita GDP as of 2013, Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007. It has been the worlds largest national economy since at least the 1890s, the U. S. is the worlds third largest producer of oil and natural gas. It is one of the largest trading nations in the world as well as the second largest manufacturer. The US not only has the largest internal market for goods, US total trade amounted to $4. 93T in 2012. Of the worlds 500 largest companies,128 are headquartered in the US, the United States has one of the worlds largest and most influential financial markets. The New York Stock Exchange is by far the worlds largest stock exchange by market capitalization, foreign investments made in the US total almost $2.4 trillion, while American investments in foreign countries total over $3.3 trillion. The economy of the U. S. leads in international ranking on venture capital and Global Research, consumer spending comprises 71% of the US economy in 2013. The United States has the largest consumer market in the world, the labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U. S. is one of the economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report. The US economy went through a downturn following the financial crisis of 2007–08. The economy, however, began to recover in the half of 2009. In December 2014, public debt was more than 100% of GDP. Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion, the economic history of the United States began with American settlements in the 17th and 18th centuries. The American colonies went from marginally successful colonial economies to a small, independent farming economy, in 180 years, the US grew to a huge, integrated, industrialized economy that made up around one fifth of the world economyEconomy of the United States – New York City, the financial center of the United States and the world.
66. Economy of Uruguay – The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. Real GDP fell in four years by nearly 20%, with 2002 the worst year, the unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage, Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08, the 2008-09 global financial crisis put a brake on Uruguays vigorous growth, which decelerated to 2. 9% in 2009. Nevertheless, the managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment. Uruguay has a partially dollarized economy, as of August 2008 almost 60% of bank loans use United States dollars, but most transactions use the Uruguayan peso. Throughout Uruguays history, their strongest exporting industries have been beef, in the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan. At the same time with timber refining being kept within the country, forestry has become an industry in the recent years. Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics and these investments laid the way for most of the substantial exports of plastic-based products which has taken an important role in Uruguays economy. In 2013, travel and tourism accounted for 9. 4% of the countrys GDP and their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguays major attraction is the interior, particularly located in the region around Punta del Este, cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Beef exports in 2006 amounted to around 37% of Uruguayan exports, wool is a traditional product exported mainly to America, followed by the UK and India. Conaprole, National Cooperative of Milk Producers is the main exporter of products in Latin America. The area of the dedicated to the dairy food is located mainly in the south west. Fine varieties are produced in the lowlands in the east of the close to Merin lake on the Uruguay-Brazil border. The national company Saman claims to be the main exporter in Latin America, countries it exports to include Brazil, Iran, Peru, South Africa, Chile, Senegal, Argentina, Paraguay, Bolivia, Ecuador, USA, Canada and China. International cruises call at Montevideo from October to March every year, also, Uruguay hosts many year-round international conferences. Uruguays well-educated workforce and lower-than-international wages have put Uruguay on the IT map, a product named GeneXus, originally created in Uruguay by a company called ArTech, is noteworthyEconomy of Uruguay – Member states
67. 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
68. 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
69. 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
70. 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.
71. European Union – The European Union is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2, the EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished, a monetary union was established in 1999 and came into full force in 2002, and is composed of 19 EU member states which use the euro currency. The EU operates through a system of supranational and intergovernmental decision-making. The EU traces its origins from the European Coal and Steel Community, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. While no member state has left the EU or its antecedent organisations, the Maastricht Treaty established the European Union in 1993 and introduced European citizenship. The latest major amendment to the basis of the EU. The EU as a whole is the largest economy in the world, additionally,27 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize, through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, because of its global influence, the European Union has been described as an emerging superpower. After World War II, European integration was seen as an antidote to the nationalism which had devastated the continent. 1952 saw the creation of the European Coal and Steel Community, the supporters of the Community included Alcide De Gasperi, Jean Monnet, Robert Schuman, and Paul-Henri Spaak. These men and others are credited as the Founding fathers of the European Union. In 1957, Belgium, France, Italy, Luxembourg, the Netherlands and West Germany signed the Treaty of Rome and they also signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear energy. Both treaties came into force in 1958, the EEC and Euratom were created separately from the ECSC, although they shared the same courts and the Common Assembly. The EEC was headed by Walter Hallstein and Euratom was headed by Louis Armand, Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. During the 1960s, tensions began to show, with France seeking to limit supranational power, Jean Rey presided over the first merged Commission. In 1973, the Communities enlarged to include Denmark, Ireland, Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendumEuropean Union – In 1989, the Iron Curtain fell, enabling the union to expand further (Berlin Wall pictured).
72. 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
73. Economy of the Czech Republic – The Czech Republic has developed an advanced social market economy and social policies that support a high-income welfare state. As of 2016, the Czech GDP per capita at purchasing power parity is $32,622, the Czech Republic is participating in the European Single Market of the European Union and is therefore a part of the economy of the European Union. Its largest trading partner for both export and import is Germany, as of January 2017, the unemployment rate in the Czech Republic was the lowest in the EU at 3. 4%, and the poverty rate is the second lowest of OECD members only behind Denmark. Its main agricultural products are sugar beets, fodder roots, potatoes, wheat, the countrys strong industrial tradition dates back to the 19th century, when Bohemia and Moravia were the economic heartland of the Austro-Hungarian Empire. The Czech lands produced a majority of all goods in the Austro-Hungarian Empire. The Czechoslovak crown was introduced in April 1919, introduced at a 1,1 ratio to the Austro-Hungarian currency, it became one of the most stable currencies in Europe. The consequences of the Munich Agreement were disastrous for the economy, in accordance with Stalins development policy of planned interdependence, all the economies of the socialist countries were tightly linked to that of the Soviet Union. Czechoslovakia was the most prosperous country in the Eastern Bloc, however it continued to lag further behind the rest of the developed world, with the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries in the east. Today, this heritage is both an asset and a liability, the Czech Republic has a well-educated population and a well-developed infrastructure. The Velvet Revolution in 1989, offered a chance for profound and sustained political, signs of economic resurgence began to appear in the wake of the shock therapy that the International Monetary Fund labelled the big bang of January 1991. Inflation has been higher than in other countries – mostly in the 10% range –. Two government priorities have been strict fiscal policies and creating a climate for incoming investment in the republic. Following a series of devaluations, the crown has remained stable in relation to the US$. The Czech crown became fully convertible for most business purposes in late 1995, in order to stimulate the economy and attract foreign partners, the government has revamped the legal and administrative structure governing investment. With the breakup of the Soviet Union, the country, till that point highly dependent on exports to the USSR, had to make a shift in economic outlook, away from the East. This necessitated the restructuring of existing banking and telecommunications facilities, as well as adjusting commercial laws, the republic boasts a flourishing consumer production sector and has privatized most state-owned heavy industries through the voucher privatization system. Under the system, every citizen was given the opportunity to buy, for a moderate price, the voucher holders could then invest their vouchers, increasing the capital base of the chosen company, and creating a nation of citizen share-holders. This is in contrast to Russian privatization, which consisted of sales of assets to private companies rather than share-transfer to citizensEconomy of the Czech Republic – Pankrác financial district in Prague
74. Economy of Germany – Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP. The country is a member of the European Union and the Eurozone. The economic model of Germany is based on the concept of the market economy. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion, Germany is the third largest exporter in the world with 1.21 trillion euros in goods and services exported in 2016. The service sector contributes around 70% of the total GDP, industry 29. 1%, exports account for 41% of national output. Germany is rich in timber, iron ore, potash, salt, uranium, nickel, copper, energy in Germany is sourced predominantly by fossil fuels, followed by nuclear power second, then gas, wind, biomass, hydro and solar. Germany is the first major industrialized nation to commit to the energy transition called Energiewende. Germany is the producer of wind turbines in the world. Renewables now produce over 27% of electricity consumed in Germany,99 percent of all German companies belong to the German Mittelstand, small and medium-sized enterprises, which are mostly family-owned. ON, Bayer, and RWE. Germany is the top location for trade fairs. Around two thirds of the leading trade fairs take place in Germany. The largest annual trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, Cologne, Leipzig. The Industrial Revolution in Germany occurred a century later than in England, France, the establishment of the Deutscher Zollverein and the expansion of railway systems were the main drivers of Germanys industrial revolution and political union. In 1834, tariff barriers between German states were eliminated, between 1845 and 1870,5,000 more miles of rail had been built and in 1850 Germany was building its own locomotives. Over time, other German states joined the union and started linking their railroads. Another factor which propelled German industry forward was the unification of the monetary system, the Deutsche Mark was introduced in 1871, a new monetary coinage system backed by gold. However, this system did not fully come into use as silver coins retained their value until 1907, the victory of Prussia over Napoleon III in the Franco-Prussian War marked the end of French hegemony in Europe and resulted in the creation of the German Empire in 1871. Regarding politics and society, between 1881 and 1889 Chancellor Otto von Bismarck promoted laws that provided insurance and improved working conditionsEconomy of Germany – Frankfurt, financial capital of Germany.
75. 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
76. Economy of Italy – The economy of Italy is the 3rd-largest national economy in the eurozone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP. The country is a member of the European Union, the Eurozone, the OECD, the G7. Italy is the eighth largest exporter in the world with $514 billion exported in 2016 and its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany, France, United States, Switzerland, United Kingdom, and Spain. According to the Human Development Index, the country enjoys a high standard of living. Italy owns the worlds third-largest gold reserve, and is the third net contributor to the budget of the European Union, Italy is the largest market for luxury goods in Europe and the countrys private wealth is one of the largest in the world. Despite these important achievements, the economy today suffers from structural and non-structural problems. After strong GDP growth in 1945–1990, the last two decades average annual growth rates lagged below the EU average, moreover, Italy was hit hard by the late-2000s recession. The stagnation in economic growth, and the efforts to revive it with massive government spending from the 1980s onwards. After the unification, industrialization was largely artisanal, and located in the former political capitals, the resulting Italian diaspora concerned nearly 26 million Italians, the most part immigrated in the period 1880–1914, and it is considered the biggest mass migration of contemporary times. During the Great War, the Italian Royal Army increased in size and this came at a terrible cost, by the end of the war, Italy had lost 700,000 soldiers and had a budget deficit of billions of lira. Italy emerged from World War I in a poor and weakened condition, the National Fascist Party of Benito Mussolini came to power in 1922, at the end of a period of social unrest. However, once Mussolini acquired a firmer hold of power, laissez-faire and free trade were progressively abandoned in favour of government intervention, in 1929, Italy was hit hard by the Great Depression. A number of mixed entities were formed, whose purpose it was to bring representatives of the government. These representatives discussed economic policy and manipulated prices and wages so as to both the wishes of the government and the wishes of business. This economic model based on a partnership between government and business was extended to the political sphere, in what came to be known as corporatism. At the same time, the foreign policy of Mussolini led to an increasing military expenditure. After the invasion of Ethiopia, Italy intervened to support Francos nationalists in the Spanish Civil War, by 1939, Italy had the highest percentage of state-owned enterprises after the Soviet UnionEconomy of Italy – Milan is the financial centre of Italy
77. Economy of Latvia – The economy of Latvia is an open economy in Northern Europe and is part of the European Unions single market. Latvia is a member of the World Trade Organization since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Due to its location, transit services are highly developed, along with timber and wood-processing, agriculture and food products. In 2011 Latvia achieved GDP growth by 5. 5% and thus Latvia again was among the fastest growing economies in the European Union, the IMF/EU program successfully concluded in December 2011. Privatization is mostly complete, except for some of the large state-owned utilities, export growth contributed to the economic recovery, however the bulk of the countrys economic activity is in the services sector. For centuries under Hanseatic and German influence and then during its independence, Latvia used its geographic location as an important East-West commercial. Industry served local markets, while timber, paper and agricultural products were Latvias main exports, conversely, years in the Russian Empire and the Soviet Union tended to integrate Latvias economy with their markets and also serve those countries large internal industrial needs. After reestablishing its independence, Latvia proceeded with market-oriented reforms, albeit at a measured pace and its freely traded currency, the lat, was introduced in 1993 and held steady, or appreciated, against major world currencies. Inflation was reduced from 958. 6% in 1992 to 25% by 1995 and 1. 4% by 2002, after contracting substantially between 1991–93, the economy steadied in late 1994, led by recovery in light industry and a boom in commerce and finance. After 2000, Latvian GDP grew by 6–8% a year for 4 consecutive years, Latvias state budget was balanced in 1997 but the 1998 Russian financial crisis resulted in large deficits, which were reduced from 4% of GDP in 1999 to 1. 8% in 2003. These deficits were smaller than in most of the countries joining the European Union in 2004. Until the middle of 2008, Latvia had the fastest developing economy in Europe, in 2003, GDP growth was 7. 5% and inflation was 2. 9%. The centrally planned system of the Soviet period was replaced with a based on free-market principles. In 2005, private sector share in GDP was 70%, recovery in light industry and Rigas emergence as a regional financial and commercial center offset shrinkage of the state-owned industrial sector and agriculture. The official unemployment figure was held steady in the 7%–10% range, the Financial Crisis of 2008 severely disrupted the Latvian economy, primarily as a result of the easy credit bubble that began building up during 2004. The bubble burst lead to a weakening economy, resulting in a budget, wage. Latvia had the worst economic performance in 2009, with growth rate averaging −18%. The Latvian economy entered a phase of contraction during the second half of 2008 after an extended period of credit-based speculationEconomy of Latvia – Riga
78. Economy of Lithuania – Lithuania is a member of the European Union and the largest economy among the three Baltic states. Lithuania belongs to the group of high human development countries. Lithuania was the first country to independence from Soviet Union in 1990 and rapidly moved from centrally planned to a market economy. It enjoyed high growth rates after joining the European Union along with the other Baltic states, GDP growth reached its peak in 2007, increasing by 11. 1%, and still growing slightly in 2008. Similar to the other Baltic States, the Lithuanian economy suffered a recession in 2009. GDP growth has resumed in 2010, albeit at a slower pace than before the crisis, GDP per capita in Lithuania is 70% above the worlds average of $10,500. The history of Lithuania can be divided into seven major periods, all the periods have some interesting and important facts that affected the economic situation of the country in those times. Lithuanian tribes maintained close contacts with the Roman Empire. Amber was the main good provided to the Roman Empire from Baltic Sea coast, consolidation of the Lithuanian lands began in the late 12th century. Andreas Stirland crowned Mindaugas, the first pan-Lithuanian ruler, as the Catholic King of Lithuania in 1253, the Grand Duchy was open to everyone. Grand Duke Gediminas issued letters to the Hanseatic league, offering access to his domains for men of every order and profession from nobles. Economic immigrants improved the level of handicrafts, in 1569 the Polish–Lithuanian Commonwealth formed through the union of the Kingdom of Poland and the Grand Duchy of Lithuania. The economy of the Commonwealth was dominated by feudal agriculture based on the exploitation of the agricultural workforce, poland-Lithuania played a significant role in supplying 16th-century Western Europe with exports of three sorts of goods, grain, cattle and fur. These three articles amounted to nearly 90% of the exports to western markets by overland and maritime trade. The Commonwealth was famous for Europes first and the second modern codified national constitution. Economic and commercial reforms, previously shunned as unimportant by the Szlachta, were introduced, following the partitions of the Polish-Lithuanian Commonwealth in 1772,1793 and 1795, the Russian Empire controlled the majority of Lithuania. The reform amounted to the liquidation of serf dependence previously suffered by peasants, on 16 February 1918, the Council of Lithuania passed a resolution for the re-establishment of the Independent State of Lithuania. Soon, many reforms for sustainable economic growth were implementedEconomy of Lithuania – Gediminas Avenue in autumn
79. Economy of Malta – Malta is a highly industrialised, service based economy. It is classified as an economy by the International Monetary Fund and is considered a high income country by the World Bank. It is a member of the European Union and of the eurozone, the economy is dependent on foreign trade, manufacturing, tourism and financial services. In 2014, over 1.7 million tourists visited the island, Maltas GDP per capita, adjusted by purchasing power parity, stands at $29,200 and ranks in 15th place in the list of EU countries in terms of purchasing power standard. In the 2013 calendar year, Malta recorded a deficit of 2. 7%, which is within the limits for eurozone countries imposed by the Maastricht criteria. At 5. 9%, Malta has the sixth lowest unemployment rate in the EU, Malta is the 15th most democratic country in the world according to the Economist Intelligence Units Democracy Index. During the Napoleonic Wars, Maltas economy prospered and became the point of a major trading system. In 1808, two-thirds of the cargo consigned from Malta went to Levant, later, one-half of the cargo was usually destined for Trieste. Cargo consisted of largely British and colonial-manufactured goods, Maltas economy became prosperous from this trade and many artisans, such as weavers, found new jobs in the port industry. In 1820, during the Battle of Navarino, which place in Greece. In 1839, the Peninsular and Oriental Steam Navigation Company and East India Companies used Malta as a port on their Egypt. In 1869, the opening of the Suez Canal benefited Maltas economy greatly as there was a increase in the shipping which entered in the port. The economy had entered a special phase, the Mediterranean Sea became the world highway of trade and a number of ships called at Malta for coal and various supplies on their way to the Indian Ocean and the Far East. From 1871 to 1881, about 8,000 workers found jobs in the Malta docks, by 1882, Malta reached the height of its prosperity. However, the boom did not last long, by the end of the 19th century, the economy began declining and by the 1940s, Maltas economy was in serious crisis. This was primarily due to the invention of large ships which had become oil-fired, the British Government had to extend the dockyard. At the end of World War II, Maltas strategic importance had reached a low point, modern air warfare technology and the invention of the atomic bomb had changed the importance of the military base. The British lost control of the Suez Canal and withdrew from the dockyard, transforming it for commercial shipbuildingEconomy of Malta – Valletta, Malta
80. 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
81. 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
82. 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
83. 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
84. 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