World Trade Organization Ministerial Conference of 1998
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1. World Trade Organization – The World Trade Organization is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, as of June 2012, the future of the Doha Round remained uncertain, the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round, as a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate. The WTOs current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, a trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organizations history. Seven rounds of negotiations occurred under GATT, the first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement, because these plurilateral agreements were not accepted by the full GATT membership, they were often informally called codes. Several of these codes were amended in the Uruguay Round, only four remained plurilateral, but in 1997 WTO members agreed to terminate the bovine meat and dairy agreements, leaving only two. Well before GATTs 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy. In response to the problems identified in the 1982 Ministerial Declaration, the GATT still exists as the WTOs umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations. GATT1994 is not however the only legally binding agreement included via the Final Act at Marrakesh, the highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions, the Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. When agricultural export subsidies were agreed to be phased out and adoption of the European Unions Everything, the WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001. This was to be an effort to make globalization more inclusive and help the worlds poor, particularly by slashing barriers. The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to developing countries. Among the various functions of the WTO, these are regarded by analysts as the most important and it provides a forum for negotiations and for settling disputes. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and trainingWorld Trade Organization – The economists Harry White (left) and John Maynard Keynes at the Bretton Woods Conference. Both had been strong advocates of a central-controlled international trade environment and recommended the establishment of three institutions: the IMF (for fiscal and monetary issues); the World Bank (for financial and structural issues); and the ITO (for international economic cooperation).
2. Switzerland – Switzerland, officially the Swiss Confederation, is a federal republic in Europe. It consists of 26 cantons, and the city of Bern is the seat of the federal authorities. The country is situated in western-Central Europe, and is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is a country geographically divided between the Alps, the Swiss Plateau and the Jura, spanning an area of 41,285 km2. The establishment of the Old Swiss Confederacy dates to the medieval period, resulting from a series of military successes against Austria. Swiss independence from the Holy Roman Empire was formally recognized in the Peace of Westphalia in 1648. The country has a history of armed neutrality going back to the Reformation, it has not been in a state of war internationally since 1815, nevertheless, it pursues an active foreign policy and is frequently involved in peace-building processes around the world. In addition to being the birthplace of the Red Cross, Switzerland is home to international organisations. On the European level, it is a member of the European Free Trade Association. However, it participates in the Schengen Area and the European Single Market through bilateral treaties, spanning the intersection of Germanic and Romance Europe, Switzerland comprises four main linguistic and cultural regions, German, French, Italian and Romansh. Due to its diversity, Switzerland is known by a variety of native names, Schweiz, Suisse, Svizzera. On coins and stamps, Latin is used instead of the four living languages, Switzerland is one of the most developed countries in the world, with the highest nominal wealth per adult and the eighth-highest per capita gross domestic product according to the IMF. Zürich and Geneva have each been ranked among the top cities in the world in terms of quality of life, with the former ranked second globally, according to Mercer. The English name Switzerland is a compound containing Switzer, a term for the Swiss. The English adjective Swiss is a loan from French Suisse, also in use since the 16th century. The name Switzer is from the Alemannic Schwiizer, in origin an inhabitant of Schwyz and its associated territory, the Swiss began to adopt the name for themselves after the Swabian War of 1499, used alongside the term for Confederates, Eidgenossen, used since the 14th century. The data code for Switzerland, CH, is derived from Latin Confoederatio Helvetica. The toponym Schwyz itself was first attested in 972, as Old High German Suittes, ultimately related to swedan ‘to burn’Switzerland – Founded in 44 BC by Lucius Munatius Plancus, Augusta Raurica was the first Roman settlement on the Rhine and is now among the most important archaeological sites in Switzerland.
3. General Agreement on Tariffs and Trade – General Agreement on Tariffs and Trade was a multilateral agreement regulating international trade. According to its preamble, its purpose was the reduction of tariffs and other trade barriers. It was negotiated during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization, GATT was signed by 23 nations in Geneva on October 30,1947 and took effect on January 1,1948. It lasted until the signature by 123 nations in Marrakesh on April 14,1994 of the Uruguay Round Agreements, the original GATT text is still in effect under the WTO framework, subject to the modifications of GATT1994. GATT held a total of nine rounds, The second round took place in 1949 in Annecy,13 countries took part in the round. The main focus of the talks was more tariff reductions, around 5000 in total, the third round occurred in Torquay, England in 1951. Thirty-eight countries took part in the round,8,700 tariff concessions were made totaling the remaining amount of tariffs to ¾ of the tariffs which were in effect in 1948. The contemporaneous rejection by the U. S. of the Havana Charter signified the establishment of the GATT as a world body. The fourth round returned to Geneva in 1955 and lasted until May 1956, twenty-six countries took part in the round. $2.5 billion in tariffs were eliminated or reduced, the fifth round occurred once more in Geneva and lasted from 1960-1962. The talks were named after U. S. Treasury Secretary and former Under Secretary of State, Douglas Dillon, twenty-six countries took part in the round. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the creation of the European Economic Community, the sixth round of GATT multilateral trade negotiations, held from 1963 to 1967. It was named after U. S. President John F. Kennedy in recognition of his support for the reformulation of the United States trade agenda and this Act gave the President the widest-ever negotiating authority. Japans high economic growth rate portended the major role it would play later as an exporter, indeed, there was an influential American view that saw what became the Kennedy Round as the start of a transatlantic partnership that might ultimately lead to a transatlantic economic community. To an extent, this view was shared in Europe, an example of this was the French veto in January 1963, before the round had even started, on membership by the United Kingdom. Another was the crisis of 1965, which ended in the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the Chicken War, some participants in the Round had been concerned that the convening of UNCTAD, scheduled for 1964, would result in further complications, but its impact on the actual negotiations was minimal. The working hypothesis for the negotiations was a linear tariff cut of 50% with the smallest number of exceptionsGeneral Agreement on Tariffs and Trade – Terminology
4. Information Technology Agreement – Since 1997 a formal Committee under the WTO watches over the following of the Declaration and its Implementations. The aim of the treaty is to all taxes and tariffs on information technology products by signatories to zero. Ministerial Declaration on Trade in Information Technology Products, council for Trade in Goods – Implementation of the Ministerial Declaration on Trade in Information Technology Products. World Trade G/L/160 doc#97-1356, G/L/160/Add.1 doc#97-1935, G/L/160/Add.2 doc#97-3676,2 April 1997,5 May 1997,17 September 1997Information Technology Agreement – Information Technology Agreement parties
5. Economy of Afghanistan – The recent improvement is also due to dramatic improvements in agricultural production and the end of a four-year drought in most of the country. The government of Afghanistan claims that the country holds up to $3 trillion in untapped mineral deposits. However, due to the conflicts, it one of the least developed countries in the world. The nations GDP stands at about $34 billion with a rate of $19.85 billion. About 35% of its population is unemployed and 36% live below the poverty line, suffering from shortages of housing, clean drinking water. Afghanistan is one of the poorest countries in Eurasia, historically, there has been a lack of information and reliable statistics about Afghanistans economy. In the early modern period under the rule of kings Abdur Rahman Khan and Habibullah Khan and this slowed the long-term development of Afghanistan during that period. An emphasis was placed on the manufacture of weapons and other military materiel and this process was in the hands of a small number of western experts invited to Kabul by the Afghan kings. Otherwise, it was not possible for outsiders, particularly westerners, the country began facing severe economic hardships during the 1970s when neighboring Pakistan, under Zulfikar Ali Bhutto, began closing the Pakistan-Afghanistan border crossings. This move resulted in Afghanistan increasing political and economic ties with its northern neighbor, the 1979 Soviet invasion and ensuing civil war destroyed much of the countrys limited infrastructure, and disrupted normal patterns of economic activity. Eventually, Afghanistan went from an economy to a centrally planned economy up until 2002 when it was replaced by a free market economy. Gross domestic product has fallen substantially since the 1980s due to disruption of trade and transport as well as loss of labor, continuing internal strife severely hampered domestic efforts to rebuild the nation or provide ways for the international community to help. According to the International Monetary Fund, the Afghan economy grew 20% in the year ending in March 2004. The growth is attributed to international aid and to the end of droughts, an estimated $4.4 billion of aid entered the nation from 2002 to 2004. A GDP of $4 billion in fiscal year 2003 was recalculated by the IMF to $6.1 billion, mean graduate pay was $0.56 per man-hour in 2010. The Afghan economy has always been agricultural, despite the fact that only 12% of its land is arable. Agriculture production is constrained by an almost total dependence on erratic winter snows, as of 2007, the countrys fruit and nut exports were at $113 million per year, but according to an estimate could grow to more than $800 million per year in 10 years given sufficient investment. Afghanistan is known for producing some of the finest fruits and vegetables, especially pomegranates, apricots, grapes, melons, several provinces in the north of the country are famous for pistachio cultivation but the area currently lacks proper marketing and processing plantsEconomy of Afghanistan – Afghan Ministry of Finance in Kabul in 2002
6. Economy of Albania – The Economy of Albania has undergone a transition from its Communist past into an open-market economy since the early 1990s. As of 2014, exports seemed to be gaining momentum and had increased 300% from 2008, Albania has the second largest oil deposits in the Balkans and the largest onshore oil reserves in Europe. The collapse of communism in Albania came later and was more chaotic than in other Eastern European countries and was marked by an exodus of refugees to Italy. The country attempted to transition to autarky, but this eventually failed badly, attempts at reform began in earnest in early 1992 after real GDP fell by more than 50% from its peak in 1989. Albania currently suffers from high organised crime and corruption rates, key elements included price and exchange system liberalization, fiscal consolidation, monetary restraint, and a firm income policy. Most agriculture, state housing, and small industry were privatized and this trend continued with the privatization of transport, services, and small and medium-sized enterprises. In 1995, the government began privatizing large state enterprises, after reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade. This is a chart of Gross Domestic Product of Albania in US dollars based on Purchasing Power Parity from estimates by the International Monetary Fund, for purchasing power parity comparisons, the US dollar is exchanged at 49 leks. Mean wages were $3.83 per man-hour in 2009, Albania is an upper-middle income country by Western European standards, with GDP per capita greater than the several countries in the region. According to Eurostat, Albanias GDP per capita stood at 35 percent of the EU average in 2008, Unemployment rate of 17. 3% is considerably higher than many countries in Balkans, For Example, Serbia has an unemployment rate of 16. 6%. Results of Albanias efforts were initially encouraging, led by the agricultural sector, real GDP grew by an estimated 11% in 1993, 8% in 1994, and more than 8% in 1995, with most of this growth in the private sector. Annual inflation dropped from 25% in 1991 to single-digit numbers, the Albanian currency, the lek, stabilized. Albania became less dependent on food aid, the speed and vigour of private entrepreneurial response to Albanias opening and liberalizing was better than expected. Beginning in 1995, however, progress stalled, with negligible GDP growth in 1996, a weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 12%. Inflation approached 20% in 1996 and 50% in 1997, the lek initially lost up to half of its value during the 1997 crisis, before rebounding to its January 1998 level of 143 to the dollar. The new government, installed in July 1997, has taken measures to restore public order and to revive economic activity. Albania is currently undergoing an intensive macroeconomic restructuring regime with the International Monetary Fund, the need for reform is profound, encompassing all sectors of the economy. In 2000, the oldest commercial bank, Banka Kombetare Tregtare/BKT was privatized, in 2004, the largest commercial bank in Albania—then the Savings Bank of Albania—was privatised and sold to Raiffeisen Bank of Austria for US$124 millionEconomy of Albania – Albania Export Treemap, 2012
7. Economy of Algeria – In 2014, the Algerian economy expanded by 4%, up from 2. 8% in 2013. Growth was driven mainly by the oil and gas sector. In 2012, the Algerian economy grew by 2. 5%, excluding hydrocarbons, growth has been estimated at 5. 8%. Inflation is increasing and is estimated at 8. 9%, the oil and gas sector is the country’s main source of revenues, generated about 70% of total budget receipts. The economy is projected to grow by 3. 2% in 2013, the country’s external position remained comfortable in 2012, with a trade surplus of about USD27.18 billion. Oil and gas export earnings made up more than 97% of total exports, Algeria has enormous possibilities to boost its economic growth, including huge foreign-exchange reserves derived from oil and gas. A development strategy targeting stronger, sustained growth would create jobs, especially for young people. The total imports and exports on the eve of the French invasion did not exceed £175,000. By 1850, the figures had reached £5,000,000, in 1868, £12,000,000, in 1880, £17,000,000, from this point progress was slower and the figures varied considerably year by year. In 1905 the total value of the trade was £24,500,000. About five-sixths of the trade is with or via France, into which country several Algerian goods have been admitted duty-free since 1851, French goods, except sugar, have been admitted into Algeria without payment of duty since 1835. After the 1892 increase of the French minimum tariff which applied to Algeria for the first time, foreign trade greatly diminished. GDP per capita grew 40 percent in the Sixties reaching a growth of 538% in the Seventies But this proved unsustainable. Failure of timely reforms by successive governments caused the current GDP per capita to shrink by 28% in the Nineties and this is a chart of trend of gross domestic product of Algeria at market prices estimated by the International Monetary Fund with figures in millions of Algerian Dinars. For purchasing power parity comparisons, the US Dollar is exchanged at 70.01 Algerian Dinars only, average wages in 2007 hover around $18–22 per day. In March 2006, Russia agreed to erase $4.74 billion of Algerias Soviet-era debt during a visit by President Vladimir Putin to the country, Algerias economy has grown at about 4% annually since 1999. The countrys foreign debt has fallen from a high of $28 billion in 1999 to its current level of $5 billion, however, an ongoing drought, the after effects of the November 10,2001 floods and an uncertain oil market make prospects for 2002-03 more problematic. The government pledges to continue its efforts to diversify the economy by attracting foreign, President Bouteflika has announced sweeping economic reforms, which, if implemented, will significantly restructure the economyEconomy of Algeria – View of the oil port of Béjaïa.
8. Economy of Angola – The Economy of Angola is one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. It is still recovering from 27 years of the war that plagued the country from its independence in 1975 to 2002. Despite extensive oil and gas resources, diamonds, hydroelectric potential, and rich land, Angola remains poor. Since 2002, when the 27-year civil war ended, the nation has worked to repair and improve ravaged infrastructure, the Portuguese explorer Diogo Cão reached the Angolan coast in 1484, after which Portugal began to found trading posts and forts along the shore. Paulo Dias de Novais founded Sāo Paulo de Loanda in 1575, são Felipe de Benguella followed in 1587. The principal early trade was in slaves, Portuguese merchants purchased the slaves from the local Imbangala and Mbundu peoples, notable slave hunters, and sold them to the sugarcane plantations in Brazil. Brazilian ships were frequent visitors to Luanda and Benguela and Angola functioned as a kind of colony of Brazil, with Brazilian Jesuits active in its religious, the Portuguese Empire was neglected during the period of the Iberian Union, which lasted from 1580 to 1640. The Dutch, bitter enemies of their masters in Spain. During Portugals separatist war against Spain, the Dutch occupied Luanda from 1640 to 1648, the Dutch used the territory to supply their own slaves to the sugarcane plantations of Northeastern Brazil, which they had also seized from Portugal. John Maurice, Prince of Nassau-Siegen, conquered the Portuguese possessions of Saint George del Mina, Saint Thomas, Portugal recovered the territory between 1648 and 1650. In the high plains, the Planalto, the most important native states were Bié and Bailundo, Portugal expanded into their territory, but did not control much of the interior prior to the late 19th century. The Portuguese started to develop townships, trading posts, logging camps, from 1764 onwards, there was a gradual change from a slave-based society to one based on production for domestic consumption and export. Following the independence of Brazil in 1822, the trade was formally abolished in 1836. However it did continue locally into the 20th century, in 1844, Angolas ports were opened to foreign shipping. The principal exports of the economy in the 19th century were rubber, beeswax. Maize, tobacco, dried meat and cassava flour also began to be locally produced, grains, sugar, and rum were also produced for local consumption. The principal imports were foodstuffs, cotton goods, hardware, legislation against foreign traders was implemented in the 1890s. The territorys prosperity, however, continued to depend on plantations worked by labor indentured from the interior, from the 1920s to the 1960s, strong economic growth, abundant natural resources and development of infrastructure, led to the arrival of even more Portuguese settlersEconomy of Angola – Luanda is the financial center of Angola
9. 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
10. 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.
11. 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
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 Bolivia – The economy of Bolivia is the 95th largest economy in the world in nominal terms and the 87th economy in terms of purchasing power parity. It is classified by the World Bank to be a middle income country. With a Human Development Index of 0.675, it is ranked 119th, the Bolivian economy has had a historic pattern of a single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification, political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy and high incidence of disease has kept the supply in flux. The mining industry, especially the extraction of gas and zinc. Inflation has plagued, and at times crippled, the Bolivian economy since the 1970s, at one time in 1985, Bolivia experienced an inflation rate of more than 20,000 percent. Fiscal and monetary reform reduced the rate to single digits by the 1990s. The most important structural changes in the Bolivian economy have involved the capitalization of numerous public sector enterprises, a major reform of the customs service in recent years has significantly improved transparency in this area. Parallel legislative reforms have locked into place market-oriented policies, especially in the hydrocarbon and telecommunication sectors, foreign investors are accorded national treatment, and foreign ownership of companies enjoys virtually no restrictions in Bolivia. The government has a sales agreement to sell 30 million cubic metres a day of natural gas to Brazil through 2019. The Brazil pipeline carried about 21 MMcmd in 2000, Bolivia has the second-largest natural gas reserves in South America, and its current domestic use and exports to Brazil account for just a small portion of its potential production. Natural gas exports to Argentina resumed in 2004 at four MMcmd, in April 2000, violent protests over plans to privatize the water utility in the city of Cochabamba led to nationwide disturbances. The government eventually cancelled the contract without compensation to the investors, the foreign investors in this project continue to pursue an investment dispute case against Bolivia for its actions. A similar situation occurred in 2005 in the cities of El Alto, protest and widespread opposition to exporting gas through Chile led to the resignation of President Sanchez de Lozada in October 2003. The government held a referendum in 2004 on plans to export natural gas. By May 2005, the law draft was being considered by the Senate. Bolivias 2016 gross domestic product referred to PPP totaled $78.35 billion and its standard of living, as measured in GDP in PPP per capita was US $7,191Economy of Bolivia – Economy of Bolivia
14. Economy of Botswana – Since independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999. Growth in private sector employment has averaged about 10% per annum over the first 30 years of independence, Botswana is also commended for the site of Africas longest and among the worlds longest economic booms. The relatively high quality of the countrys statistics means that these figures are likely to be quite accurate, the government has consistently maintained budget surpluses and has extensive foreign exchange reserves. Botswanas impressive economic record has been built on a foundation of diamond mining, prudent fiscal policies, international financial and technical assistance, and it is rated the least corrupt country in Africa, according to international corruption watchdog, Transparency International. By one estimate, it has the fourth highest gross income at purchasing power parity in Africa, giving it a standard of living around that of Mexico. Nevertheless, although Botswana is in ways a exemplar for countries in the region, its dependence on mining and high rate of HIV/AIDS infection. Trade unions represent a minority of workers in the Botswana economy, in general they are loosely organized in-house unions, although the Botswana Federation of Trade Unions is consolidating its role as the sole national trade union centre in the country. Agriculture still provides a livelihood for more than 80% of the population but supplies only about 50% of food needs, subsistence farming and cattle raising predominate. The sector is plagued by erratic rainfall and poor soils, Tourism is also important to the economy. Substantial mineral deposits were found in the 1970s and the sector grew from 25% of GDP in 1980 to 38% in 1998. Unemployment officially is 21% but unofficial estimates place it closer to 40%, the Orapa 2000 project doubled the capacity of the countrys main diamond mine from early 2000. This will be the force behind continued economic expansion. Economic growth slowed in 2005-2008, then turned negative in 2009 and this was due in part to a major recession in the industrial sector, which shrank by 30%, and contrasts with most other African nations who experienced continued growth through this period. Some of Botswanas budget deficits can be traced to relatively high military expenditures, some critics contend this is unnecessary, given the low likelihood of international conflict, but these troops are also used for multilateral operations and assistance efforts. One of the biggest problems is the level of economy diversification they have. In 2008, they depended largely on services, industry and agriculture strictly linked to the trade with South Africa, Botswana is part of the Southern African Customs Union with South Africa, Lesotho, Swaziland, and Namibia. The World Bank reports that in 2001, the SACU had a weighted average common external tariff rate of 3.6 percent, based on the revised trade factor methodology, Botswanas trade policy score is unchanged. The main export of Botswana is diamonds, Jwaneng, in Botswana, is the worlds largest and richest diamond mine thus the demand of diamonds from Botswana is fairly highEconomy of Botswana – Southern African Development Community headquarters in Gaborone
15. 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.
16. Economy of Colombia – Colombia is Latin Americas fourth largest and Middle Americas second largest economy measured by gross domestic product. Petroleum is Colombias main export, making over 45% of Colombias exports, manufacturing makes up nearly 12% of Colombias exports, and grows at a rate of over 10% a year. Colombia has the fastest growing technology industry in the world and has the longest fibre optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world outside Asia, Colombia over the last decade has experienced a historic economic boom. In 1990, Colombia was Latin Americas 5th Largest economy and had a GDP per capita of only US$1,500, by 2015 it became the 4th largest in Latin America, and the worlds 31st largest. As of 2015 the GDP per capita has increased to over US$14,000, poverty levels were as high as 65% in 1990, but decreased to under 24% by 2015. Colombia is Latin Americas 2nd-largest producer of electronics and appliances only behind Mexico. Colombia had the fastest growing economy in the western world in 2014. In the Hispanic world, Colombia is only behind Mexico in cultural exports and is already a leader in cosmetic. The number of tourists in Colombia grows by over 12% every year, Colombia is projected to have over 15 million tourists by 2023. However, Colombias consistently sound economic policies and aggressive promotion of trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of economic performance. Almost all sectors became open to foreign investment although agricultural products remained protected, still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted. Until 1997, Colombia had enjoyed a stable economy. The first five years of liberalization were characterized by economic growth rates of between 4% and 5%. The Ernesto Samper administration emphasized social welfare policies which targeted Colombias lower income population and these reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the administration was maintained. The economy slowed, and by 1998 GDP growth was only 0. 6%, in 1999, the country fell into its first recession since the Great DepressionEconomy of Colombia – Sunset over Bogotá
17. 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
18. Economy of El Salvador – Compared to other developing countries, El Salvador has experienced relatively low rates of GDP growth. Rates have not risen above the low single digits in two decades – part of broader environment of macroeconomic instability which the integration of the US dollar has done little to improve. One problem that the Salvadoran economy faces is the inequality in the distribution of income. In 2011, El Salvador had a Gini Coefficient of.485, the richest 10% of the population receives approximately 15 times the income of the poorest 40%. As of 3 November 2014, the IMF reports official reserve assets to be $3. 192B, securities are $2. 577B with total currency and deposits at $94. 9M. Securities with other central banks are $81. 10M. Securities with banks headquartered outside the reporting country $13. 80M, gold reserves reported at $271. 4M with volume in millions of fine Troy ounces at $200k. Other reserve assets are financial derivatives valued at $2. 7M and this way, the government has formally limited its possibility of implementing open market monetary policies to influence short term variables in the economy. Since 2004, the colón stopped circulating and is now never used in the country for any type of transaction, however some stores still have prices in both colons and U. S. dollars. In general, people were unhappy with the shift from the colón to the U. S. dollar, because wages are still the same, some economists claim this rise in prices would have been caused by inflation regardless even had the shift not been made. Some economists also contend that now, according to Greshams Law, some banks however claim that they still do some transactions en colones, keeping this change from being unconstitutional. Fiscal policy has been the biggest challenge for the Salvadoran government, the 1992 peace accords committed the government to heavy expenditures for transition programs and social services. The stability adjustment programs initiated by President Cristianis administration committed the government to the privatization of banks, the government lost the revenues from contributors and absorbed completely the costs of coverage of retired pensioners. This has been the source of fiscal imbalance. ARENA governments have financed this deficit with the emission of bonds, the emission of bonds and the approval of a loans need a qualified majority in the parliament. If the deficit is not financed through a loan it is enough with a majority to approve the budget. This would facilitate an otherwise long process in Salvadoran politics, despite such challenges to keep public finances in balance, El Salvador still has one of the lowest tax burdens in the American continent. Many specialists claim that it is impossible to advance significant development programs with such a public sectorEconomy of El Salvador – A cotton field, Usulután Department.
19. Economy of Fiji – Endowed with, mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies, though it remains a developing country with a large subsistence agriculture sector. Agriculture accounts for 18% of gross domestic product, although it employed some 70% of the workforce as of 2001, sugar exports and the growing tourist industry are the major sources of foreign exchange. Sugar cane processing makes up one-third of industrial activity, coconuts, ginger, and copra are also significant. The application was later revoked after exploratory reports indicated that Fijian oil reserves were severely overstated, accepted estimates now range between 500 -600 million barrels of Brent crude oil, with a total market value of approximately $4.7 billion over 20 years. Fiji has a population of 905,949 people, the countrys tallest building is the 14-story Reserve Bank of Fiji Building in Suva. Fiji is a member of the WTO, in September 2002, the government announced a 20-year development plan. Among other things, it aimed to give indigenous Fijians a greater stake in the economy, the plan envisages tax-relief to businesses owned or managed by ethnic Fijians, along with greater protection for indigenous land and fishery rights. A major aim of the Fijian government is to achieve self-sufficiency in rice production, cattle farming, fishing, and forestry are being encouraged to diversify the economy, the leading manufacturing industries involve the processing of primary products. On 14 April 2005, the Cabinet approved Prime Minister Laisenia Qarases proposal to develop a biofuels industry, under the plan, ethanol is to be developed as a complement to the sugar industry, with the hope of alleviating Fijis dependence on imported fossil fuel such as petrol. On 15 August, Qarase said that the United Nations Development Programme had granted assistance to Fiji to develop its biofuels project, energy could be produced from copra, forest, and agricultural products, as well as sugar. He touted the scheme as necessary for diversifying and strengthening the sugar industry for its own survival and he said that the government of India had loaned F$86 million for upgrading of Fijis sugar mills, which would be completed in time for the 2007-2008 crushing season. On 28 December 2005, John Teiwa of the Coconut Industry Development Authority announced that a 20-year plan for the industry would be launched in 2006. The government expected a profit of F$120 million from the venture. Trials for the generation of fuel from oil were also in progress. Tourism has expanded rapidly since the early 1980s and is the economic activity in the islands. More than 409,000 people visited Fiji in 1999, excluding cruise ship passengers, about a quarter came from Australia, with large contingents also coming from New Zealand, Japan, the United States and United Kingdom. Over 62,000 of the tourists were American, a number that had increased since the start of regularly scheduled non-stop air service from Los Angeles. Tourism earned more than $300 million in exchange for Fiji in 1998Economy of Fiji – Fiji Exports Treemap (2009)
20. Economy of Ghana – These have given Ghana one of the highest GDP per capita in West Africa. Owing to a GDP rebasement, in 2011 Ghana became the fastest growing economy in the world, the Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, Ghana embarked on a currency re-denomination exercise, from Cedi to the new currency, the Ghana Cedi in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis, Ghana embarked upon an aggressive media campaign to educate the public about what re-denomination entails. Value added tax is a consumption tax administered in Ghana, the tax regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime. In 1998, the rate of tax was 10% and amended in 2000 to 12. 5%, the top income tax and corporate tax rates are 25%. Other taxes included with value-added tax, are national health insurance levy, the overall tax burden amounts to 12. 1% of Ghanas total domestic income, and the budget of Ghana has fallen to the equivalent of 39. 8% of GDP. Ghana is Africa’s second-biggest gold producer and second-largest cocoa producer and it is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon, coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015. Ghanas industrial base is relatively advanced, Ghana began its automotive industry with the construction of a prototype robust SUV, named the SMATI Turtle 1, intended for use in the rough African terrain. It was designed and manufactured by the Artisans of Suame Magazine Industrial Development Organization, urban electric cars have been manufactured in Ghana since 2014. As of 2012 there were four companies in the textiles sector, Akosombo Textiles Limited, Tex Style Ghana Limited, Printex Ghana. Ghana National Petroleum Corporation and Ghana Oil Company deal with oil and gas exploration, exploitation. Ghanas telecommunications statistics indicated that as of 2013 there are 26,336,000 cell-phone lines in operation. The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the 3rd freest in Africa, Chapter 12 of the Constitution of Ghana guarantees freedom of the Ghanaian press and the independence of the mass media, and Chapter 2 prohibits censorship. Ghanaian press freedom was restored in 1992, Ghana was one of the first countries in Africa to achieve the connection to the World Wide Web. The financial services in Ghana have seen a lot of reforms in the past years, the Banking Act 2007 included the awarding of a general banking license to qualified banks, which allows only indigenous Ghana offshore banks to operate in country Ghana. It has therefore become possible for Ghanaian non-resident individuals or residents, the Stock Exchange of Ghana is one of the largest in Africa, with a market capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012Economy of Ghana – Economy of Ghana
21. 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.
22. 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
23. Economy of Haiti – Haiti has a free market economy. Labor costs are lower than average for North America and its major trading partner is the United States. Over half of the worlds vetiver oil comes from Haiti, and bananas, cocoa, Haiti has also moved to expand to higher-end manufacturing, producing Android-based tablets and current sensors and transformers. Vulnerability to natural disasters, as well as poverty and limited access to education are among Haitis most serious disadvantages, Haiti suffers from a severe trade deficit, which it is working to address by moving into higher-end manufacturing and more value-added products in the agriculture sector. Remittances are the source of foreign exchange, equaling nearly 20% of GDP. Haitis economy was impacted by the 2010 Haiti earthquake which occurred on 12 January 2010. Before Haiti established its independence from French administration in 1804, Haiti ranked as the worlds richest and most productive colony, in 1838, France agreed to reduce the debt to 60 million francs to be paid over a period of 30 years. In 1883, Haiti made the payment to France. Since the demise of the Duvalier dictatorship in 1986, international economists have urged Haiti to reform, a council to guide the modernization program was established and a timetable was drawn up to modernize nine key parastatals. Although the state-owned flour-mill and cement plants have been transferred to private owners, the modernization of Haitis state-enterprises remains a controversial political issue in Haiti. Comparative social and economic indicators show Haiti falling behind other low-income developing countries since the 1980s, Haiti continues to suffer the consequences of the 1991 coup. The irresponsible economic and financial policies of de facto authorities greatly accelerated Haitis economic decline, following the coup, the United States adopted mandatory sanctions, and the OAS instituted voluntary sanctions aimed at restoring constitutional government. International sanctions culminated in the May 1994 United Nations embargo of all goods entering Haiti except humanitarian supplies, such as food, the assembly sector, heavily dependent on U. S. markets for its products, employed nearly 80,000 workers in the mid-1980s. During the embargo, employment fell from 33,000 workers in 1991 to 400 in October 1994, private, domestic and foreign investment has been slow to return to Haiti. Remittances from abroad have consistently constituted a significant source of support for many Haitian households. The Haitian Ministry of Economy and Finance designed the Haiti economic reforms of 1996 to rebuild the economy of Haiti after significant downturns suffered in the previous years, the primary reforms centered around the Emergency Economic Recovery Plan and were followed by budget reforms. Haitis real GDP growth turned negative in FY2001 after six years of growth, real GDP fell by 1. 1% in FY2001 and 0. 9% in FY2002. The IDB disbursed $35 million of a $50 million policy-based loan in July, the IDB, IMF, and World Bank also discussed new lending with the governmentEconomy of Haiti – Port-au-Prince, the financial centre of Haiti
24. Economy of Honduras – The economy of Honduras is based mostly on agriculture, which accounts for 14% of its gross domestic product in 2013. Leading export coffee accounted for 22% of total Honduran export revenues, bananas, formerly the countrys second-largest export until being virtually wiped out by 1998s Hurricane Mitch, recovered in 2000 to 57% of pre-Mitch levels. Cultivated shrimp is another important export sector, since the late 1970s, towns in the north began industrial production through maquiladoras, especially in San Pedro Sula and Puerto Cortés. Honduras has extensive forests, marine, and mineral resources, although widespread slash, the Honduran economy grew 4. 8% in 2000, recovering from the Mitch-induced recession of 1999. Inflation, as measured by the price index, was 10. 1% in 2000. The countrys international reserve position continued to be strong in 2000, remittances from Hondurans living abroad rose 28% to $410 million in 2000. The Lempira was devaluing for many years but stabilized at L19 to the US dollar in 2005, the Honduran people are among the poorest in Latin America, Gross national income per capita is $US1,649, the average for Central America is $US6,736. Honduras is the fourth poorest country in the Western Hemisphere, only Haiti, Nicaragua, utilizing alternative statistical measurements in addition to the Gross Domestic Product can provide greater context for the nations poverty. The country signed an Enhanced Structural Adjustment Facility -- later converted to a Poverty Reduction, Honduras continues to maintain stable macroeconomic policies. In July 2000, Honduras reached its decision point under the Heavily Indebted Poor Countries Initiative, lack of resources, lack of arable land, and a small domestic market continue to impede economic progress in Honduras. Most significantly, Honduras lacks abundant natural resources, only appears to be plentiful. Hondurass manufacturing sector has not yet developed beyond simple textile and agricultural processing industries, the small domestic market and competition from more industrially advanced countries in the region have inhibited more complex industrialization. After Honduras achieved independence from Spain in the early 19th century, during much of the 19th century, the Honduran economy languished, traditional cattle raising and subsistence agriculture produced no suitable major export. In the latter part of the century, economic activity quickened with the development of large-scale, the most important mines were located in the mountains near the capital of Tegucigalpa and were owned by the New York and Honduras Rosario Mining Company. Silver was the metal extracted, accounting for about 55% of exports in the 1880s. Mining income stimulated commercial and ancillary enterprises, built infrastructure, there were few other beneficial economic effects, however, because the mining industry was never well integrated into the rest of the Honduran economy. The foreign mining companies employed a work force, provided little or no government revenue. Hondurass international economic activity surged in the early 20th century, between 1913 and 1929, its agricultural exports rose from US$3 million to US$25 millionEconomy of Honduras – Tegucigalpa
25. Economy of Iceland – The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12. 3bn, with a population of 321,000, this is $38,000 per capita, based on purchasing power parity estimates. The financial crisis of 2007–2010 produced a decline in GDP and employment, Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries, geothermal power is the primary source of home and industrial energy in Iceland. In the 1990s Iceland undertook extensive free market reforms, which produced strong economic growth. As a result, Iceland was rated as having one of the worlds highest levels of freedom as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index and was one of the most egalitarian, from 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008. Iceland occupies an area of 103,000 square kilometers. It has a 4,790 kilometer coastline and a 200 nautical mile economic zone extending over 758,000 square kilometers of water. Approximately only 0. 7% of Icelands surface area is arable, since the terrain is mostly mountainous. Iceland has few mineral resources. In the past, deposits of sulphur have been mined, however, today most sulphur is obtained in the refining of oil. That plant has now closed for environmental reasons. The only natural resource conversion in Iceland is the manufacture of cement, concrete is widely used as building material, including for all types of residential housing. 9% of Icelands electricity being generated from renewables. By far the largest of the many Icelandic hydroelectric power stations is Kárahnjúkar Hydropower Plant in the north of Vatnajökull. Other stations include Búrfell, Hrauneyjarfoss, Sigalda, Blanda, recent geological research has improved the likelihood of Iceland having sizable off-shore oil reserves within its 200 mile economic zone in the seabed of the Jan Mayen area. Iceland is the worlds largest electricity producer per capita, the presence of abundant electrical power due to Icelands geothermal and hydroelectric energy sources has led to the growth of the manufacturing sectorEconomy of Iceland – Alcoa's aluminium plant in Reyðarfjörður, Iceland
26. 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
27. Economy of Jamaica – Jamaica has natural resources, primarily bauxite, and an ideal climate conducive to agriculture and also tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the industry shifted Jamaicas economy from sugar. By the 1970s, Jamaica had emerged as a leader in export of these minerals as foreign investment increased. Weakness in the sector, speculation, and lower levels of investment erode confidence in the productive sector. Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to competition, absence of North American Free Trade Agreement parity, drug contamination delaying deliveries. Strict adherence to the IMFs refinancing programme and preparations for the JLH has favourably affected Jamaicas credit rating, before independence, Jamaicas economy was largely focused on agriculture with the vast majority of the labour force engaged in the production of sugar, bananas, and tobacco. These products were exported to the United Kingdom, Canada. Jamaicas trade relationships expanded substantially from 1938 to 1946, with total imports almost doubling from ₤6,485,000 to ₤12,452,000, after 1962, the Jamaican government pushed for industrialization by trying to attract investments from foreign companies. Although the manufacturing and services sectors have grown in the half of the 20th century. The Jamaican economy suffered its fourth year of negative growth in 1999. All sectors excepting bauxite/alumina, energy, and tourism shrank in 1998 and 1999, in 2000, Jamaica experienced its first year of positive growth since 1995. Inflation fell from 25% in 1995 to single digits in 2000, through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. The Jamaican dollar has been slipping, despite intervention, resulting in an exchange rate of J$73.40 per US$1.00. Over the last 30 years, real per capita GDP increased at an average of just one percent per year, in addition, the International Finance Corporation and Multilateral Investment Guarantee Agency will continue to support private sector development. The reform program is beginning to bear fruit, Institutional reforms, despite some revival, economic growth is still low, the Jamaican Government is forecasting real gross domestic product growth of 1. Jamaica, which had seen its poverty rate drop almost 20 percent over two decades, saw it increase by eight percent in a few years, the unemployment rate in Jamaica is about 13. 2%, with youth unemployment more than twice the national rateEconomy of Jamaica – Downtown Kingston - Scotia Bank and the Bank of Jamaica
28. Economy of Japan – The economy of Japan is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity. And is the second largest developed economy. According to the International Monetary Fund, the countrys per capita GDP was at $37,519, Japan is a member of the G7. The Japanese economy is forecasted by the Quarterly Tankan survey of business sentiment conducted by the Bank of Japan, Nikkei 225 presents the monthly report of top Blue chip equities on Japan Exchange Group. Due to a currency exchange rate, Japans GDP as measured in dollars fluctuates widely. Accounting for these fluctuations through use of the Atlas method, Japan is estimated to have a GDP per capita of around $38,490, besides the Kantō region, the Kansai region is one of the leading industrial clusters and manufacturing centers for the Japanese economy. Japan is the worlds largest creditor nation Japan generally runs a trade surplus and has a considerable net international investment surplus. As of 2010, Japan possesses 13. 7% of the private financial assets at an estimated $13.5 trillion. As of 2015,54 of the Fortune Global 500 companies are based in Japan, Japan has the highest ratio of public debt to GDP of any developed nation. The Japanese economy faces considerable challenges posed by a declining population. Statistics showed a decline for the first time in 2015. By 1990, income per capita in Japan equalled or surpassed that in most countries in the West, however, in the second half of the 1980s, rising stock and real estate prices caused the economic bubble to the Japanese economy by Bank of Japan. The economic bubble came to an end as the Tokyo Stock Exchange crashed in 1990–92. Growth in Japan throughout the 1990s at 1. 5% was slower than growth in other developed economies. After another decade of low rate, the term became the Lost 20 Years. Nonetheless, GDP per capita growth from 2001 to 2010 has still managed to outpace Europe and his analysis indicates that Japan has converged on its steady-state growth rate. With this low rate, national debt of Japan is difficult for the government to manage due to its considerable social welfare spending related to an aging society. The scenario of Abandoned homes continues to spread from areas to urban areas in JapanEconomy of Japan – Financial center in Tokyo
29. Economy of Kenya – Kenyas economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is perceived as Eastern and central Africas hub for Financial. Major industries include, agriculture, forestry and fishing, mining and minerals, industrial manufacturing, energy, tourism, as of 2015 estimates, Kenya had a GDP of $69.977 billion making it the 72nd largest economy in the world. Per capita GDP was estimated at $1,587, the government of Kenya is generally investment friendly and has enacted several regulatory reforms to simplify both foreign and local investment, including the creation of an export processing zone. The export processing zone is expected to grow rapidly through input of foreign direct investment, an increasingly significant portion of Kenyas foreign inflows are remittances by non-resident Kenyans who work in the US, Middle East, Europe and Asia. Compared to its neighbours, Kenya has well-developed social and physical infrastructure, as of March 2014, economic prospects were positive with above 5% GDP growth expected, largely because of expansions in telecommunications, transport, construction and a recovery in agriculture. These improvements are supported by a pool of English-speaking professional workers. There is a level of computer literacy, especially among the youth. In 2017, Kenya ranked 92nd in the World Bank ease of doing business rating from 113rd in 2016, Gross domestic product grew at an annual average of 6. 6% from 1963 to 1973 and 7. 2% during the 1970s. Agricultural production grew by 4. 7% annually during the period, stimulated by redistributing estates, diffusing new crop strains. Between 1974 and 1990, however, Kenyas economic performance declined, with GDP growth averaging 4. 2% per year in the 1980s and 2. 2% a year in the 1990s. Kenyas inward-looking policy of import substitution and rising oil prices made Kenyas manufacturing sector uncompetitive, the government began a massive intrusion in the private sector. Lack of export incentives, tight controls, and foreign exchange controls made the domestic environment for investment even less attractive. From 1991 to 1993, Kenya had its worst economic performance since independence, Growth in GDP stagnated, and agricultural production shrank at an annual rate of 3. 9%. Inflation reached a record 100% in August 1993, and the budget deficit was over 10% of GDP. As a result of these problems, bilateral and multilateral donors suspended program aid to Kenya in 1991. Throughout these first three decades of independence, Kenyas parastatals, partly from a lack of expertise and endemic corruption, prominent Asian-Kenyan businesspeople include Manu Chandaria and Madatally Manji. In 1993, the Government of Kenya began a program of economic reformEconomy of Kenya – Nairobi is the financial centre of Kenya.
30. Economy of Kuwait – Kuwait is a small, petroleum-based economy. The Kuwaiti dinar is the unit of currency in the world. According to the World Bank, Kuwait is the fourth richest country in the world per capita, Kuwait is the second richest GCC country per capita. The Emir has promoted the idea that Kuwait should focus its energies, in terms of economic development, the historical preeminence of Kuwait in finance dates back to the founding of the National Bank of Kuwait in 1952. The bank was the first local publicly traded corporation in the Gulf, in the late 1970s and early 1980s, an alternative stock market, trading in shares of Gulf companies, emerged in Kuwait, the Souk Al-Manakh. At its peak, its market capitalization was the third highest in the world, behind only the U. S. and Japan, Kuwait has a large wealth-management industry that stands out in the region. Kuwaiti investment companies administer more assets than those of any other GCC country, the Kuwait Financial Centre, in a rough calculation, estimated that Kuwaiti firms accounted for over one-third of the total assets under management in the GCC. The relative strength of Kuwait in the financial industry extends to its stock market, for many years, the total valuation of all companies listed on the Kuwaiti exchange far exceeded the value of those on any other GCC bourse, except Saudi Arabia. In recent years, Kuwaiti investment companies have invested large percentages of their assets abroad, over the years aid was annually provided to Egypt, Syria, and Jordan, as well as the Palestine Liberation Organization. In 1974, the funds lending mandate was expanded to all developing countries in the world. In 1934, the Emir of Kuwait granted an oil concession to the Kuwait Oil Co. jointly owned by the Anglo-Persian Oil Company and Gulf Oil Corporation In 1976, the following year, Kuwait took over onshore production in the Divided Zone between Kuwait and Saudi Arabia. KOC produces jointly there with Texaco, Inc. which, by its 1984 purchase of Getty Oil Co. acquired the Saudi Arabian onshore concession in the Divided Zone. In the Offshore Divided Zone, the Arabian Oil Co. – 80% owned by Japanese interests and 10% each by the Kuwaiti, the original concession agreements will expire in January 2003, negotiations to replace the concession with a technical service agreement should be completed in 2002. The latter, purchased outright in 1982, gives KPC a worldwide presence in the petroleum industry. KPC also has purchased from Gulf Oil Co. refineries and associated stations in the Benelux nations and Scandinavia, as well as storage facilities. In 1987, KPC bought a 19% share in British Petroleum, KPC markets its products in Europe under the brand Q8 and is interested in the markets of the United States and Japan. Kuwait has about 94 billion barrels of oil reserves. Estimated capacity, before the war, was about 2.4 million barrels per day, during the Iraqi occupation, Kuwaits oil-producing capacity was reduced to practically nothingEconomy of Kuwait – Kuwait City
31. 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
32. 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
33. Economy of Macau – The economy of Macau has remained one of the most open in the world since its handover to China in 1999. Apparel exports and gambling-related tourism are mainstays of the economy, since Macau has little arable land and few natural resources, it depends on mainland China for most of its food, fresh water, and energy imports. Japan and Hong Kong are the suppliers of raw materials. Although Macau was hit hard by the 1997–98 Asian financial crisis, Macau is a full Member of the World Trade Organization. Public Security has greatly improved after handover to Peoples Republic of China, with the tax revenue from the profitable gambling industry, the Macau government is able to introduce the social welfare program of 15 years of free education to all Macau citizens. In 2015, Macaus economy saw a decrease due to the reduced spending by visitors from Mainland China. During the first three quarters of 2007, Macau registered year-on-year GDP increases of 31. 4%, the budget also returned to surplus after 2002 because of the surge in visitors from China and a hike in taxes on gambling profits, which generated about 70% of government revenue. The Hong Kong dollar is itself a reserve currency for the Macanese pataca, Macau was a barren fishing village with a population of about 400 before the Portuguese arrived in the 16th century, during the Age of Discovery. In 1535, the Portuguese traders obtained by bribing the right to anchor ships in Macau harbours, however, with the decline of Portugal as a world power in the 17th and 18th centuries, the trading routes were challenged by other powers such as the Dutch and the British. Fishing re-emerged as a dominant economic activity in Macau as it lost its position as a trading center. In the early 1920s, over 70% of Macaus 84,000 residents were engaged in fishing, meanwhile, some other businesses started to develop, such as matches, firecrackers, incense and fishing-boat building. But the most notable was the gambling business, gambling was first legalised in the 19th century in an attempt to generate revenues for the government. The first casino monopoly concession was granted to the Tai Xing Company in 1937, the company was, however, too conservative to fully exploit the economic potential of gambling. The STDM introduced western-style games and modernised the marine transport between Macau and Hong Kong, bringing millions of gamblers from Hong Kong every year, in the 1970s Macau also saw a rapid development in its manufacturing sector. With Macaus low-cost operating environment and its surplus quotas under the Multi Fiber Arrangement, many Hong Kong industrialists established textile and garment manufacturing bases in Macau. At its golden age in the 1980s, the sector accounted for about 40% of Macaus GDP, textiles. Due to the economic growth in recent years, the unemployment rate dropped from the record high 6. 8% in 2000 to 3. 1% in Qtr 3,2007. With the opening of several resorts and other major constructions underway, it is reported that many sectors, especially the construction sectorEconomy of Macau – Macau
34. Economy of Malaysia – Malaysia has a newly industrialised market economy, which is relatively open and state-oriented. The economy of Malaysia is the fourth largest in Southeast Asia, after the more populous Indonesia, Thailand and the Philippines. Malaysia is also the third richest in Southeast Asia by GDP per capita values, after the city-states of Singapore, Malaysias economy is one of the most competitive in the world, ranking 14th in the Ease of Doing Business Index for 2015. Malaysian economy is highly robust and diversified with export value of products in 2014 stood at 63.3 billion USD. Malaysia exports the second largest volume and value of oil products globally after Indonesia. Due to a reliance on oil exports for central government revenue. However government had step up measures to increase revenue by introducing the widely unpopular Government Service Tax at 6% rate to reduce deficits, as one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysias economy. At one time, it was the largest producer of tin, rubber, manufacturing has a large influence in the countrys economy, accounting for over 40% of the GDP. Malaysia is also the worlds largest Islamic banking and financial centre, in the 1970s, the predominantly mining and agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysias growth, high levels of investment played a significant role in this. With Japanese investment, heavy industries flourished and in a matter of years, Malaysia consistently achieved more than 7% GDP growth along with low inflation in the 1980s and the 1990s. In 1991, former Prime Minister of Malaysia, Mahathir bin Mohamad outlined his ideal, tan Sri Nor Mohamed, a government minister, said Malaysia could attain developed country status in 2018 if the countrys growth remains constant or increases. Malaysia experienced a boom and underwent rapid development during the late 20th century and has GDP per capita of US$11,062.043 in 2014. In 2009, the PPP GDP was US$383.6 billion, about half the 2014 amount, in 2014, the Household Income Survey undertaken by the government indicated that there were 7 million households in Malaysia, with an average of 4.3 members in each household. The average household income of Malaysia increased by 18% to RM5,900 a month, compared to RM5,000 in 2012. According to a HSBC report in 2012, Malaysia will become the worlds 21st largest economy by 2050, with a GDP of $1.2 trillion and a GDP per capita of $29,247. The report also says The electronic equipment, petroleum, and liquefied natural gas producer will see an increase in income per capita. Malaysian life expectancy, relatively high level of schooling, and above average fertility rate will help in its rapid expansion, viktor Shvets, the managing director in Credit Suisse, has said Malaysia has all the right ingredients to become a developed nationEconomy of Malaysia – Kuala Lumpur, financial centre of Malaysia.
35. 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
36. Economy of Mexico – The economy of Mexico is the 15th largest in the world in nominal terms and the 11th largest by purchasing power parity, according to the International Monetary Fund. Since the 1994 crisis, administrations have improved the countrys macroeconomic fundamentals, Mexico was not significantly influenced by the 2002 South American crisis, and maintained positive, although low, rates of growth after a brief period of stagnation in 2001. However, Mexico was one of the Latin American nations most affected by the 2008 recession with its Gross Domestic Product contracting by more than 6% in that year. The Mexican economy has had an unprecedented macroeconomic stability, which has reduced inflation, in spite of this, enormous gaps remain between the urban and the rural population, the northern and southern states, and the rich and the poor. Some of the issues include the upgrade of infrastructure, the modernization of the tax system and labor laws. The tax revenues, all together 19.6 percent of GDP in 2013, are the lowest among the 34 OECD countries, the economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. Recent administrations have expanded competition in ports, railroads, telecommunications, electricity generation, natural gas distribution and airports, with the aim of upgrading infrastructure. The most influential FTA is the North American Free Trade Agreement, which came into effect in 1994, in 2006, trade with Mexicos two northern partners accounted for almost 90% of its exports and 55% of its imports. Recently, the Congress of the Union approved important tax, pension and judicial reforms, Mexico had 15 companies in the Forbes Global 2000 list of the worlds largest companies in 2016. Mexicos labor force is 52.8 million as of the year 2015, the OECD and WTO both rank Mexican workers as the hardest-working in the world in terms of the amount of hours worked yearly, although profitability per man-hour remains low. Mexican president Porfirio Díaz brought unprecedented growth during the last quarter of the nineteenth century. This growth was accompanied by foreign investment and European immigration, the development of an efficient railroad network, annual economic growth between 1876 and 1910 averaged 3. 3%. The war itself left a harsh toll on the economy and population, the reconstruction of the country was to take place in the following decades. During this period the nation adopted the model of import substitution industrialization which protected and promoted the development of national industries. Mexico experienced a boom through which industries rapidly expanded their production. While population doubled from 1940 to 1970, GDP increased sixfold during the same period, growth while under the ISI model had reached its peak in the late 1960s. During the 1970s, the administrations of Echeverría and López Portillo, tried to include social development in their policies. In the period of 1981–1982 the international panorama changed abruptly, oil prices plunged, President de la Madrid was the first of a series of presidents that began to implement neoliberal reforms. 7%Economy of Mexico – Mexico City is the most important financial and economic centre in Mexico as well as Latin America.
37. Economy of Mongolia – Economic activity in Mongolia has traditionally been based on agriculture and livestock. Mongolia also has mineral deposits, copper, coal, molybdenum, tin, tungsten. Soviet assistance, at its height one-third of Gross domestic product, disappeared almost overnight in 1990–91, Mongolia was driven into deep recession. Reform has been back by the ex-communist MPRP opposition and by the political instability brought about through four successive governments under the DUC. Economic growth picked up in 1997–99 after stalling in 1996 due to a series of disasters and increases in world prices of copper. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis, in August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization in 1997, the international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining, however, because much of this growth is export-based, Mongolia is suffering from the global slowdown in mining caused by decreased growth in China. Prior to 1991, 80% of Mongolias trade was with the former Soviet Union, Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants. The former Soviet Union served as the market for Mongolian industry. In the 1980s, Mongolias industrial sector became increasingly important, by 1989, it accounted for an estimated 34% of material products, compared to 18% from agriculture. However, minerals, animals, and animal-derived products still constitute a large proportion of the countrys exports, principal imports included machinery, petroleum, cloth, and building materials. In the late 1980s, the government began to improve links with non-communist Asia and the West, as of 1 January 1991, Mongolia and the former Soviet Union agreed to conduct bilateral trade in hard currency at world prices. Despite its external trade difficulties, Mongolia has continued to press ahead with reform, privatization of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. Privatization of large state enterprises has begun, tax reforms also have begun, and the barter and official exchange rates were unified in late 1991. Between 1990 and 1993, Mongolia suffered triple-digit inflation, rising unemployment, shortages of basic goods, during that period, economic output contracted by one-third. As market reforms and private enterprise took hold, economic growth began again in 1994–95, GDP grew by about 6% in 1995, thanks to largely to a boom in copper prices. Average real economic growth leveled off to about 3. 5% in 1996–99 due to the Asian financial crisis, the 1998 Russian financial crisis, Mongolias gross domestic product growth fell from 3. 2% in 1999 to 1. 3% in 2000Economy of Mongolia – Ulaanbaatar
38. 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
39. 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
40. Economy of Niger – The economy of Niger is based largely upon internal markets, subsistence agriculture, and the export of raw commodities, foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently ranked on the bottom of the Human development index, with a relatively low GDP. Economic activity centres on agriculture, animal husbandry, re-export trade. The 50% devaluation of the West African CFA franc in January 1994 boosted exports of livestock, cowpeas, onions, exports of cattle to neighboring Nigeria, as well as Groundnuts and their oil remain the primary non-mineral exports. The government relies on bilateral and multilateral aid – which was suspended briefly following coups détat in 1996 and 1999 – for operating expenses, short-term prospects depend on continued World Bank and IMF debt relief and extended aid. The post 1999 government has broadly adhered to privatisation and market deregulation plans instituted by these funders, Niger is the poorest country in the world. This is a chart of trend of gross product of Niger at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. Mean wages were $0.37 per man-hour in 2008, Nigers economy is based largely on subsistence crops, livestock, and some of the worlds largest uranium deposits. Drought cycles, desertification, a 3. 4% population growth rate, traditional subsistence farming, herding, small trading, and informal markets dominate an economy that generates few formal sector jobs. Between 1988 and 1995 28% to 30% of the economy of Niger was in the unregulated Informal sector, including small and even large scale rural and urban production, transport. Current GDP per capita of Niger grew 10% in the 1960s, but this proved unsustainable and it consequently shrank by 27% in the 1980s and a further 48% in the 1990s. Much of this GDP is explained through the exploitation of uranium at Arlit in the far north of the country, ore is partially processed on site by foreign mining corporations and transported by truck to Benin. Fluctuation of GDP can be mapped to changes in international uranium price, as well as price negations with the mining company. Price rises in the mid-1970s were followed by a collapse in the market price through much of the 1980s and 1990s, thus the GDP per capita has little direct impact on the average Nigerien, although uranium funds much government operation. The 2006 Human Development Index ranked Niger sixth from worst in the world, Nigers agricultural and livestock sectors are the mainstay of all but 18% of the population. Fourteen percent of Nigers GDP is generated by livestock production, said to support 29% of the population, the 15% of Nigers land that is arable is found mainly along its southern border with Nigeria. Rainfall varies and when insufficient, Niger has difficulty feeding its population and must rely on grain purchases, although the rains in 2000 were not good, those in 2001 were plentiful and well distributed. Pearl millet, sorghum, and cassava are Nigers principal rain-fed subsistence crops, irrigated rice for internal consumption, while expensive, has, since the devaluation of the CFA franc, sold for below the price of imported rice, encouraging additional productionEconomy of Niger – Petit Marché in Niamey
41. 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
42. 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)
43. 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
44. Economy of Panama – The economy of Panama is a fully dollarized free market economy with a history of low inflation. It is based mainly on the industry, heavily weighted toward banking, commerce. The hand-over of the canal and military installations by the United States has given rise to new construction projects, Panamas economy is based primarily on a well-developed services sector that accounts for nearly 80% of its GDP. Services include the Panama Canal, banking, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health, the countrys industry includes, manufacturing of aircraft spare parts, cements, drinks, adhesives, and textiles. Also the leading exports for Panama are bananas, shrimp, sugar, coffee, and clothing. Nominal GDP per capita in Panama was 11,691 in 2002,13,099 in 2004,14,004 in 2005,15,141.9 in 2006, as reported by Office of Statistics and Census, Government of Panama. Growth from 2002 to 2006 was especially strong in the transport and communications sector, real GDP rose 7. 5%,6. 9%,8. 1%. GDP growth in 2008 was 9. 2%, reflecting a slowing of the robust growth of 11. 5% seen in 2007. Although growth slowed to 2. 4% in the first half of 2009, due to the economic downturn. Growth has been fueled by the sector, transportation, port and Panama Canal-related activities. As a result of growth, government deficit as a percentage of GDP dropped to 43% in 2009. A recent United Nations report highlighted progress in poverty reduction from 2001 to 2007—overall poverty fell from 37% to 29%, however, Panama still has the second-most unequal income distribution in Latin America. Since the early 16th century, Panamanians have relied on the countrys comparative advantage—its geography, exploitation of this advantage began soon after the Spanish arrived, when the conquistadors used Panama to transport gold and silver from Peru to Spain. Ports on each coast and a trail between them handled much of Spains colonial trade from which the inhabitants of the cities prospered. This was the beginning of the countrys dependence on world commerce for prosperity. Agriculture received little attention until the twentieth century, and by the 1980s had—for much of the population—barely developed beyond indigenous Indian techniques, Industry developed slowly because the flow of goods from Europe and later from North America created a disincentive for local production. Panama has been affected by the nature of international trade. The economy stagnated in the 18th century as colonial exchange via the isthmus declined, in the mid-19th century, Panamas economy boomed as a result of increased cargo and passengers associated with the California gold rushEconomy of Panama – Panama City is the capital and financial center of Panama
45. Economy of Paraguay – Paraguay has a market economy highly dependent on agriculture products. In recent years, the economy has grown as a result of increased agricultural exports, Paraguay has the economic advantages of a young population and vast hydroelectric power but has few mineral resources, and political instability has undercut some of the economic advantages present. Paraguay is a country that changed rapidly in the 1970s and 1980s as a result of hydroelectric development, agricultural colonization, construction. Paraguay was the most agricultural economy of South America, and that influenced the performance of virtually every other sector of the economy. The over dependence on agricultural economy and low tax collections deteriorated the already wide gap wealth distribution, the extreme poverty increased from 16% to 20% during 2001 to 2012, even the economy growth. By 2013, it has a development index of 0.669 which is even lower than Bolivia. The Paraguayan economic miracle of the 1970s came to a halt in 1982 because of the completion of construction at Itaipú, lower commodity prices for cotton and soybeans, the economy recovered in 1984 and 1985, stagnated in 1986, and continued to expand in 1987 and 1988. Despite its rapid growth, the Paraguayan economy became dependent on soybeans and cotton for exports. These two crops, however, remained subject to price fluctuations and local weather conditions, both of which varied considerably. Economic growth in the post-World War II period occurred in the context of political stability characterized by authoritarian rule, government economic policies deviated little from 1954 to the late 1980s, consistently favoring a strong private-enterprise economy with a large role for foreign investment. Unlike most Latin American economies, in Paraguay import tariffs were low, fiscal deficits manageable. These trends faltered in the 1980s as the government took an active part in industry, deficits rose. Throughout the post-World War II era, Paraguay had no income tax. Despite the sustained growth that marked the postwar period, the distribution of economic benefits was highly inequitable. Although GDP expanded rapidly in the 1970s, most economists estimated that income distribution worsened during the decade, government spending on social services was particularly lacking. Nonetheless, land tenure was not generally the social problem it was in many developing countries. Although Paraguay faced significant obstacles to economic development, it displayed extraordinary potential. Paraguay contained little oil and no precious metals or sea coasts, but the country was self-sufficient in many areas and was endowed with land, dense forestsEconomy of Paraguay – Asunción is the capital and largest city of Paraguay
46. Economy of Peru – Peru is classified as upper middle income by the World Bank and is the 39th largest in the world by total GDP. Peru is one of the worlds fastest-growing economies with a 2012 GDP growth rate of 6. 3% and it currently has a high human development index of 0.741 and per capita GDP above $12,000 by PPP. Poverty has decreased dramatically in the past decade, from nearly 60% in 2004 to 25. 8% in 2012, Peru is an emerging, social market economy characterized by a high level of foreign trade. Trade and industry are centralized in Lima but agricultural exports have led to development in all the regions, Peruvian economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Although exports have provided substantial revenue, self-sustained growth and an egalitarian distribution of income have proven elusive. Services account for 43% of Peruvian gross domestic product, followed by manufacturing, extractive industries, the unemployment rate has fallen steadily in recent years, and as of 2012 stands at 3. 6%. The Tahuantinsuyo or known around the world as The Inca Empire was the largest empire in pre-Columbian America, the administrative, political and military center of the empire was located in Cusco in modern-day Peru. The Inca civilization arose from the highlands of Peru sometime in the early 13th century, the official language of the empire was Quechua, although hundreds of local languages and dialects of Quechua were spoken. The Inca Empire, was organized in dominions with a stratified society and it was also supported by an economy based on the collective property of the land. The economy was agricultural, though it reached some animal husbandry. The primary goal of the Incan economy was substinence, with a based on reciprocity. The colonial-era sources are not entirely clear or in agreement about the nature of the structure of the Inca government, however, its basic structure can be spoken of broadly, even if the exact duties and functions of government positions cannot be told. At the top of the chain of administration sat the Sapa Inca, next to the Sapa Inca in terms of power may have been the Willaq Umu, literally the priest who recounts, who was the High Priest of the Sun. However, it has noted that beneath the Sapa Inca also sat the Inkap rantin. This weighting of representation balanced the hanan and hurin divisions of the empire, while there was a great deal of variation in the form that Inca bureaucracy and government took at the provincial level, the basic form of organization was decimal. In this system of organization, taxpayers—male heads of household of a certain age range—were organized into corvée labor units that formed the muscle of the state as part of mita service. Each level of jurisdiction above one hundred tax-payers was headed by a kuraka, while those heading smaller units were kamayuq, the Spaniards made Lima the capital of Spanish South America, or the Viceroy of Peru. Textiles, minerals, and sugars from the colonies were exported back to Europe, after the war of succession of 1700, Spain began to lose its monopoly over colonial tradeEconomy of Peru – Financial centre of Lima
47. Economy of the Philippines – The Economy of the Philippines is the 36th largest in the world, according to 2016 International Monetary Fund statistics, and is the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is also one of the emerging markets, the Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. In 2016, GDP by Purchasing power parity was estimated to be at $811.726 billion, primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the Japan, China, United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, the Philippines has been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asias fastest growing economies, the Philippine economy is projected to be the 16th biggest in the world by 2050. The economic history of the Philippine Islands had been traced back to the pre-colonial times, the country which was then composed of different kingdoms and thalassocracies oversaw the large number of merchants coming to the islands for trade. Indian, Arab, Chinese and Japanese merchants were welcomed by these kingdoms, the merchants traded for goods such as gold, rice, pots and other products. The barter system was implemented at that time and the people enjoyed a life filled with imported goods which reflected their fashion. These pots were known as Ruson-tsukuri in Japanese, and were considered among the best storage vessels used for the purpose of keeping tea leaves, hence, Ruson-Tsukuri pots became sought after in Northeast Asia. Each Philippine kiln had its own branding symbol, marked on the bottom of the Ruson-tsukuri by a single baybayin letter. The people also were great agriculturists and the islands especifically Luzon has great abundance of rice, fowls, wine as well as numbers of carabaos, deer, wild boar. In addition, there were great quantities of cotton and colored clothes, wax, honey. The Wangdom of Pangasinan often exported deer-skins to Japan and Okinawa, the Nation of Ma-i produced beeswax, cotton, true pearls, tortoise shell, medicinal betel nuts and yuta cloth in their trade with East Asia. The Kingdom of Tondo was also an entrepot for the distribution of Chinese goods across the archipelago, the Kingdom of Maynila a vassal-state of the Sultanate of Brunei also became an entrepot, but between Borneo and the Philippines. The Visayas islands which is home to the Kedatuan of Madja-as, the Kedatuan of Dapitan, leyte was said to produce two rice crops a year, and Pedro Chirino commented on the great rice and cotton harvests that were sufficient to feed and clothe the people. In Mindanao, the Rajahnate of Butuan specialized in the mining of gold, the Sultanate of Maguindanao was known for the raising and harvesting of cinnamon. The Sultanate of Lanao had an industry by lake Lanao. The kingdoms of ancient Philippines were active in tradeEconomy of the Philippines – Makati, the financial capital of the Philippines
48. Economy of Russia – Russia has an upper-middle income mixed economy with state ownership in strategic areas of the economy. Market reforms in the 1990s privatized much of Russian industry and agriculture, with exceptions to this privatization occurring in the energy. Russias vast geography is an important determinant of its economic activity, the World Bank estimates the total value of Russias natural resources at $75 trillion US dollars. Russia relies on energy revenues to drive most of its growth, Russia has an abundance of oil, natural gas and precious metals, which make up a major share of Russias exports. As of 2012 the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues, the value of Russian arms exports totalled $15.7 billion in 2013—second only to the US. Top military exports from Russia include combat aircraft, air systems, ships. In 2015, the Russian economy was the sixth largest in the world by PPP, between 2000 and 2012 Russias energy exports fueled a rapid growth in living standards, with real disposable income rising by 160%. In dollar-denominated terms this amounted to a more than increase in disposable incomes since 2000. In the same period, unemployment and poverty more than halved and this growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies. However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all assets held by Russian households. Poor governance means that Russia also has the second-largest volume of illicit money outflows, since 2008 Forbes has repeatedly named Moscow the billionaire capital of the world. The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, the 2014 Russian military intervention in Ukraine, and the subsequent capital flight. While in 2014 GDP growth remained positive at 0. 6%, however, the World Bank and the IMF estimated that Russias economy will begin to recover by 2017. In January 2016, the US company Bloomberg rated Russias economy as the 12th most innovative in the world, up from 14th in January 2015, former finance minister Alexei Kudrin has said that Russia needs to reduce geopolitical tensions to improve its economic conditions. By the 1970s the Soviet Union entered the Era of Stagnation, the complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners in Moscow became overwhelming, from 1975 to 1985, corruption and data fiddling became common practice among bureaucracy to report satisfied targets and quotas thus entrenching the crisis. Since 1986 Mikhail Gorbachev attempted to address economic problems by moving towards a market-oriented socialist economy, gorbachevs policies had failed to rejuvenate the Soviet economy, though. Instead, Perestroika set off a process of political and economic disintegration, following the collapse of the Soviet Union, Russia had undergone a radical transformation, moving from a centrally planned economy to a globally integrated market economyEconomy of Russia – Moscow International Business Center
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 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
51. Economy of Saudi Arabia – Saudi Arabia has an oil-based economy with strong government control over major economic activities. The Saudi economy is the largest in the Arab world, Saudi Arabia possesses 18% of the worlds proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, most workers, particularly in the private sector, are foreigners. Saudi oil reserves are the second largest in the world, and Saudi Arabia is the leading oil exporter. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels, Petroleum in Saudi Arabia is not only plentiful but under pressure and close to the earths surface. This makes it far cheaper and thus far more profitable to extract petroleum in Saudi Arabia than in other places. The petroleum sector accounts for roughly 92. 5% of Saudi budget revenues, 97% of export earnings, another 40% of GDP comes from the private sector. An estimated 7.5 million foreigners work legally in Saudi Arabia, playing a role in the Saudi economy, for example, in the oil. The government has encouraged private sector growth for years to lessen the kingdoms dependence on oil. In recent decades the government has begun to permit private sector and foreign investor participation in such as power generation and telecom. During much of the 2000s, high oil prices enabled the government to post budget surpluses, boost spending on job training and education, infrastructure development, and government salaries. More than 95% of all Saudi oil is produced on behalf of the Saudi Government by the parastatal giant Saudi Aramco, at every level in every sphere of activity, Saudis maneuver through life manipulating individual privileges, favors, obligations, and connections. The gross domestic product of Saudi Arabia fluctuates dramatically according to the price of oil, Market prices estimated by the International Monetary Fund and other sources, with figures in millions of Saudi Arabian Riyals. For purchasing power parity comparisons, the U. S. dollar is exchanged at 3.75 Saudi Arabian Riyals only, mean wages were $14.74 per man-hour in 2009. Population from FAO aqaustat, UN World Population Prospects, The 2010 Revision As of August 2009 it was reported that Saudi Arabia is the strongest Arab economy, Saudi Arabia was a subsistence economy until the 1930s. During the 1973 oil crisis Saudi began to rapidly and peaked around 1980. In the mid 1980s the oil dropped from a high of US$40 per barrel to around US$5. From 2002 to mid-2008 oil prices recovered, allowing the government to post budget surpluses, Saudi Arabia was an economy based on subsistence agriculture by a population that was largely nomadic and very poor until the discovery of oil in the 1930sEconomy of Saudi Arabia – Riyadh with the Kingdom Centre in the background
52. Economy of Seychelles – The economy of Seychelles is based on fishing, tourism, the processing of coconuts and vanilla, coir rope, boat building, printing, furniture and beverages. Agricultural products include cinnamon, sweet potatoes, cassava, bananas, poultry, the public sector, comprising the government and state-owned enterprises, dominates the economy in terms of employment and gross revenue, employing two-thirds of the labor force. Government consumption absorbs over one-third of the GDP, the French originally settled the Seychelles in 1770, setting up plantations which relied heavily on slave labour to produce cotton, sugar, rice, and maize. The British took control of the Seychelles during the Napoleonic Wars without removing the French upper class, in the 1960s, about 33% of the working population worked at plantations, and 20% worked in the public or government sector. Plantations were the industry of the Seychelles until 1971, when the international airport opened. Overnight, tourism became an industry, basically dividing the economy into plantations. The tourism sector paid better, and the economy could only expand so far. The plantation sector of the economy declined in prominence, and tourism, in the 1960s, about 33% of the working population worked at plantations, but by 2006 it was less than 3%. While the tourism and industrial fishing industries were on a roll in the late 1990s, cinnamon barks and copra—traditional export crops—dwindled to negligible amounts by 1991. There were no exports of copra in 1996,318 tons of bark was exported in 1996. The Indian Ocean Tracking Station on Mahé, was closed in August 1996 after the Seychelles government attempted to raise the rent to more than $10,000,000 per year. Since Seychelles independence in 1976, per capita output has expanded to seven times the old near-subsistence level. Growth has been led by the tourist sector, which employs about 30% of the force and provides more than 70% of hard currency earnings. In recent years the government has encouraged investment in order to upgrade hotels. Seychelles is also a command economy, at the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, small-scale manufacturing and most recently the offshore sector. The vulnerability of the tourist sector was illustrated by the drop in 1991-92 due largely to the Gulf War. Although the industry has rebounded, the government recognizes the continuing need for upgrading the sector in the face of international competition. Other issues facing the government are the curbing of the budget deficit, despite attempts to improve its agricultural base and emphasize locally manufactured products and indigenous materials, Seychelles imports 90% of the food it consumesEconomy of Seychelles – Aircraft at Seychelles International Airport.
53. 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.
54. 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
55. Economy of Taiwan – The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index for specific strengths. Most large government-owned banks and industrial firms have been privatized, with the technocracy-centered economic planning under martial law until 1987, real growth in GDP has averaged about 8% during the past three decades. Exports have grown faster and since World War II, have provided the primary impetus for industrialization. Inflation and unemployment are low, the surplus is substantial. Agriculture contributes 3% to GDP, down from 35% in 1952, traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries. Economy of Taiwan is a partner in the Global Value Chains of Electronics Industry. Institute for Information Industry with its international recognitions is responsible for the development of IT industry, Industrial Technology Research Institute with its global partners is the advanced research center for applied technology for the economy of Taiwan. Directorate-General of Budget, Accounting and Statistics and Ministry of Economic Affairs release major economic indicators of the economy of Taiwan, Taiwan Stock Exchange is the host to the listed companies of local industries in Taiwan with weighted financial exposures to the FTSE Taiwan Index and MSCI Taiwan Index. International Trade is officially assisted by Taiwan External Trade Development Council, Taiwanese investors and businesses have become major investors in mainland China, Vietnam, Thailand, Indonesia, the Philippines, and Malaysia. Other two major banks in Taiwan are Bank of Taiwan and Mega International Commercial Bank, unlike the neighboring Japan and South Korea, small and medium-sized businesses make up a significant proportion of the businesses in Taiwan. Taiwan is characterized as one of the Newly industrialized economy in the wake of the Ten Major Construction Projects since 1970s, since 1990s, the economy of Taiwan has adopted economic liberalization with the successive regulatory reforms. The economy of Taiwan has the worlds highest modern convenience store concentration density, the Indirect tax system of the economy of Taiwan comprises Gross Business Receipts Tax and Value-added tax. The economy of Taiwan is ranked 15th overall in the Global Top 20 Top Destination Cities by International Overnight Visitors by the MasterCard 2014 Global Destination Cities Index, Taiwan is a member of the Asian Development Bank, the World Trade Organization, and the Asia-Pacific Economic Cooperation. Taiwan is also an observer at the Organisation for Economic Co-operation and Development under the name of Chinese Taipei, Taiwan signed Economic Cooperation Framework Agreement with Peoples Republic of China on 29 June 2010. Taiwan also signed free trade pact with Singapore and New Zealand, Taiwan is seeking to join the Trans-Pacific Partnership no later than 2020 if economic requirements are met. The economy of Taiwan also applied for the membership in the Asian Infrastructure Investment Bank in 2015, Taiwans top five trade partners in 2010 are China, Japan, USA, the European Union, and Hong Kong. The World Trade Organization has also reviewed Chinese Taipeis economic outlook in 2010, the international industrial forecast of semiconductor manufacturing, which is the flagship industry of the economy of Taiwan, that faces immense competition ahead with its American counterparts. Taiwan has transformed itself from a recipient of U. S. aid in the 1950s and early 1960s to an aid donor and major foreign investor, with investments primarily centered in AsiaEconomy of Taiwan – Taipei skyline.
56. Economy of Tanzania – The United Republic of Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa. The country is dependent on agriculture for employment, accounting for about half of the employed workforce. An estimated 34 percent of Tanzanians currently live in poverty, the economy has been transitioning from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, following the rebasing of the economy in 2014, the GDP increased by a third to $41.33 billion. Significant measures have taken to liberalize the Tanzanian economy along market lines. Current GDP per capita of Tanzania grew more than 40 percent between 1998 and 2007, the PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996-1999. Tanzania also embarked on a restructuring of state-owned enterprises. The program has so far divested 335 out of some 425 parastatal entities, overall, real economic growth has averaged about 4 percent a year, much better than the previous 20 years, but not enough to improve the lives of average Tanzanians. Also, the economy remains overwhelmingly donor-dependent, moreover, Tanzania has an external debt of $7.9 billion. The servicing of this debt absorbs about 40 percent of government expenditures. Tanzania has qualified for relief under the enhanced Heavily Indebted Poor Countries initiative. Debts worth over $6 billion were canceled following implementation of the Paris Club 7 Agreement, height measure studies for Tanzania show that welfare increased through the years of colonization, with an decline during the 1930s. This is due to epidemics in that period of time and this is a chart of trend of gross domestic product of Tanzania at market prices estimated by the International Monetary Fund with figures in millions of Tanzanian Shillings. See Mean wages were $0.52 per man-hour in 2009,16.4 percent of the land is arable, with 2.4 percent of the land planted with permanent crops. This strong dependence on agriculture, makes Tanzanias economy highly vulnerable to weather shocks, industry and construction is a major and growing component of the Tanzanian economy, contributing 22.2 percent of GDP in 2013. This component includes mining and quarrying, manufacturing, electricity and natural gas, water supply, mining contributed 3.3 percent of GDP in 2013. The vast majority of the countrys export revenue comes from gold. It also exports sizable quantities of gemstones, including diamonds and tanzanite, all of Tanzanias coal production, which totalled 106,000 short tons in 2012, is used domesticallyEconomy of Tanzania – BOT Twin Towers in Dar es Salaam
57. Economy of Thailand – Thailand is a newly industrialized country. Its economy is heavily export-dependent, with accounting for more than two-thirds of its gross domestic product. In 2012, according to the Office of the National Economic and Social Development Board, the Thai economy grew by 6.5 percent, with a headline inflation rate of 3.02 percent and an account surplus of 0.7 percent of the countrys GDP. In 2013, the Thai economy is expected to grow in the range of 3. 8–4.3 percent, during the first half of 2013, the Thai economy grew by 4.1 percent. After seasonal adjustment, however, Thailands GDP contracted by 1.7 percent and 0.3 percent in the first, the industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailands agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, the construction and mining sector adds 4.3 percent to the countrys gross domestic product. Other service sectors account for 24.9 percent of the countrys GDP, telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness. Thailand is the second-largest economy in Southeast Asia, after Indonesia and its per capita GDP in 2012, however, ranks in the middle of Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. On 19 July 2013 Thailand held US$171.2 billion in international reserves, Thailand ranks second in Southeast Asia in external trade volume, after Singapore. The nation is recognized by the World Bank as one of the development success stories in social. Thailands unemployment rate is low, reported as 0.9 percent for the first quarter of 2014 and this is due to a large proportion of population working in subsistence agriculture or on other vulnerable employment. Thai household debt in 4Q2015 amounted to 11 trillion baht,81.5 percent of GDP, the Kingdom of Thailands FY2017 budget is 2,733,000 million baht. Thailand, formerly known as Siam, opened to foreign contact in the pre-industrial era, the rise of Ayutthaya during the 14th century was connected to renewed Chinese commercial activity, and the kingdom became one of the most prosperous trade centers in Asia. When the capital of the moved to Bangkok during the 19th century. Chinese merchants came to trade, some settled in the country, a number of Chinese merchants and migrants became high dignitaries in the court. From the mid-19th century onward, European merchants were increasingly active, the Bowring Treaty, signed in 1855, guaranteed the privileges of British traders. The Harris Treaty of 1856, which updated the Roberts Treaty of 1833, the domestic market developed slowly, with serfdom a possible cause of domestic stagnation. Most of the population in Siam was in the service of court officials, while their wivesEconomy of Thailand – Bangkok is the commercial hub of Thailand
58. Economy of Togo – The economy of Togo is refers to the economic activity of Togo. Subsistence agriculture is the economic activity in Togo, the majority of the population depends on subsistence agriculture. Food and cash crop production employs the majority of the labor force, coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001, production rebounded to 168,000 metric tons in 2002, despite insufficient rainfall in some areas, the Togolese Government has achieved its goal of self-sufficiency in food crops — maize, cassava, yams, sorghum, pearl millet, and groundnut. Small and medium-sized farms produce most of the crop, the average farm size is one to three hectares. In the industrial sector, phosphates are Togos most important commodity, from a high point of 2.7 million tons in 1997, production dropped to approximately 1.1 million tons in 2002. The fall in production is partly the result of the depletion of easily accessible deposits, the formerly state-run company appears to have benefited from private management, which took over in 2001. Togo also has limestone and marble deposits. However, following declines in prices for commodities, its economy became burdened with fiscal imbalances, heavy borrowing. Under these programs, the Togolese Government introduced a series of austerity measures and major restructuring goals for the state enterprise and these reforms were aimed at eliminating most state monopolies, simplifying taxes and customs duties, curtailing public employment, and privatizing major state enterprises. Togo made good progress under the financial institutions programs in the late 1980s. With a new, elected government in place, Togo negotiated new 3-year programs with the World Bank, Togo returned to the Paris Club in 1995 and received Naples terms, the clubs most concessionary rates. With the economic downturn associated with Togos political problems, scheduled external debt obligations for 1994 were greater than 100% of projected government revenues. By 2001, Togo was embarked on an IMF Staff Monitored Program designed to restore stability and financial discipline. New IMF, World Bank and Africa Development Bank lending must await the willingness of Togos traditional donors – the European Union, principally, as of the fall 2002, Togo was $15 million in arrears to the World Bank and owed $3 million to the ADB. Togo is one of 16 members of the Economic Community of West African States, the ECOWAS development fund is based in Lomé. Togo also is a member of the West African Economic and Monetary Union, the West African Development Bank, which is associated with UEMOA, is based in Lomé. Togo long served as a banking center, but that position has been eroded by the political instabilityEconomy of Togo – Phosphate mining in Togo
59. 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
60. 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
61. Economy of Turkey – The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is among the developed countries according to the CIA World Factbook. Turkey has the worlds 18th-largest nominal GDP, and 17th-largest GDP by PPP, Turkey has the worlds 18th-largest nominal GDP, and 17th-largest GDP by PPP. The country is a member of the OECD and the G-20 major economies. Since December 31,1995, Turkey is also a part of the EU Customs Union, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, the CIA classifies Turkey as a developed country. The World Bank classifies Turkey as an upper-middle income country in terms of the countrys per capita GDP in 2007, mean graduate pay was $10.02 per man-hour in 2010. Turkeys labour force participation rate of 56. 1% is by far the lowest of the OECD states which have a rate of 74%. According to a survey by Forbes magazine, Istanbul, Turkeys financial capital, had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow, New York City, Hong Kong and London. As a result, the production of consumer goods increased by 7. 2%. The Turkish Stock Market and credit rating agencies have responded positively, according to The Economist, share prices in Turkey nearly doubled over the course of 2009. On 8 January 2010, International credit rating agency Moodys upgraded Turkeys rating one notch, according to Daniel Dombey of the Financial Times, a bit over five years ago, the European Union accounted for much more than half of all Turkey’s exports. Now the figure is heading down toward not much more than a third”, erdem Başçı, Turkey’s central bank governor, predicts that Iraq will eventually become Turkey’s largest export market. The Turkish government is involved in helping to facilitate private sector expansion in emerging markets. The AKP government is seeking to improve economic and political relations with the autonomous Kurdish Regional Government in northern Iraq. In 2013 Turkey had a current account deficit and high external financing need. In 2016 the Turkish Lira lost 20% of its value against the dollar, Turkish economic growth slowed down to 2. 5% in that year. In September 2016, Moodys cut Turkeys sovereign debt to junk status, Turkey has been self-sufficient in food production since the 1980sEconomy of Turkey – Levent business district in Istanbul
62. 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.
63. 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
64. 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
65. 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).
66. Economy of Belgium – The modern, private enterprise economy of Belgium has capitalised on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the populous Flanders in the north, around Brussels, Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Except for its coal, which is no longer economical to exploit, despite the heavy industrial component, services account for 74. 9% of GDP, while agriculture accounts for only 1% of GDP. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade, Belgiums trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. About three-quarters of its trade is with other EU countries, together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states. Belgiums public debt is about 105% of GDP, the government succeeded in balancing its budget during the 2000–2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002, Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium suffered negative growth and increased unemployment, stemming from the banking crisis. This disparity began to fade during the interwar period, foreign investment contributed significantly to Belgian economic growth in the 1960s. In particular, U. S. firms played a role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s. In the 1980s and 1990s, the center of the country continued to shift northwards to Flanders with investments by multinationals. Economic growth rose from 2% in 1984 to a peak of 4% in 1989, in May 1990, the government linked the Belgian franc to the Deutsche Mark, primarily through closely tracking German interest rates. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the growth rate. In 1992–93, the Belgian economy suffered the worst recession since World War II, on 1 May 1998, Belgium became a first-tier member of the European Monetary Union. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002, Belgian per capita GDP ranks among the worlds highest. In 2008, the per capita income was $37,500, the federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. GDP growth in 2009 was negative at −1. 5%, about 80% of Belgiums trade is with fellow EU member statesEconomy of Belgium – Brussels, Belgium
67. 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
68. 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
69. Economy of Denmark – Denmark is the 39th largest national economy in the world measured by nominal gross domestic product and 60th largest in the world measured by purchasing power parity. Denmark has an economy based on services and manufacturing. It relies heavily on human resources, but not exclusively, as there are a few significant and valuable natural resources available, including mature oil, cooperatives form a large part of some sectors, be it in housing, agriculture or retail. Foundations play a role as owners of private sector companies. Denmark has one of the worlds lowest levels of income inequality, as of January 2015 the unemployment rate is at 6. 2%, which is below the Euro Area average of 11. 2%. As of 28 February 2014 Denmark is among the countries with the highest credit ratings, Denmarks main exports are, industrial production/manufactured goods 73. 3%, agricultural products and others for consumption 18. 7%. Denmark is a net exporter of food and energy and has since the 1990s had a balance of payments surplus, the total value of service and merchandise exports in 2013 amounted to 54% of GDP, and imports in 2013 amounted to 49% of GDP. Notable among the exports are container shipping. Taking assets into account as well net debt of the government was 11 percent. The public sector as a whole had net assets of 108 billion kroner in 2008, within the European Union, Denmark advocates a liberal trade policy. The employers right to hire and fire their employees whenever they find it necessary is recognised, there is no legally-stipulated minimum wage set by the government, the minimum of wages is determined by negotiations between the organisations of employers and employees. Denmark is a net exporter of food, the coalition also committed itself to maintaining a stable currency. - has risen from 25. 5% of GDP during the government to 26% today and is projected to be at 26. 5% in 2015 if current policies continue. Denmark chose not to join the 11 other European Union members who launched the euro on 1 January 1999, as a consequence, the trade balance showed a surplus in 1987, and the balance-of-payments in 1990. They have remained in surplus since, except for the balance of payments in 1998, Denmark has a broad-reaching welfare system, which ensures that all Danes receive tax-funded health care. Expenses to medicine is only partially funded and some non-vital medical treatments are not funded at all, Denmark has an unemployment insurance system called the A-kasse. This system requires a membership of a state recognized unemployment fund. Most of these funds are managed by trade unions, and a percentage of their expenses are financed through the state tax-systemEconomy of Denmark – Copenhagen
70. Economy of Estonia – Estonia is a member of the European Union and of the eurozone and, according to the IMF, an advanced economy. Products such as butter, milk and cheese were widely known on the western European markets, the main markets were Germany and the United Kingdom, and only 3% of all commerce was with the neighbouring USSR. The USSRs annexation of Estonia in 1940 and the ensuing Nazi, post-war Sovietization of life continued with the integration of Estonias economy and industry into the USSRs centrally planned structure. Before the war, Estonia and Finland had a similar standard of living. By 1987, capitalist Finlands GDP per capita reached 14,370 USD, after Estonia moved away from Communism in the late 1980s and became an independent capitalist economy in 1991, it emerged as a pioneer of the global economy. In 1994, it one of the first countries in the world to adopt a flat tax. Between 2005 and 2008, the income tax rate was reduced from 26% to 21% in several steps. Estonia received more foreign investment per capita in the half of the 1990s than any other country in Central. The country has been catching up with the EU-15, its GDP per capita having grown from 34. 8% of the EU-15 average in 1996 to 65% in 2007. It is already rated a high-income country by the World Bank, because of its economic performance after the Soviet breakup, Estonia has been termed one of the Baltic Tigers. In 2008, Estonia was ranked 12th of 162 countries in the Index of Economic Freedom 2008, the same year, the country was on bottom of Europe by labour market freedom, but the government is drafting improvements. Estonia is 21st on the Ease of Doing Business Index 2013 by the World Bank Group, the Government of Estonia decided that the country should adopt the euro as its official currency, and finalized the design of Estonian euro coins in late 2004. The switchover to the euro took place on 1 January 2011, later than planned, Estonia had the EUs worst year for unemployment, which rose from 3. 9% in May 2008 to 15. 6% in May 2009. Nevertheless, long-term prospects for the Estonian economy remain among the most promising in Europe, according to the same projections, by 2050, Estonia could become the most productive country in the EU, after Luxembourg, and thus join the top five most productive nations in the world. Until the early 13th century, the territory that is now known as Estonia was independent, the economy was largely an agricultural one, but Estonia being a country with a long coastline, there were also many maritime activities. Autonomous development was brought to an end by the Northern Crusades undertaken by the King of Denmark, the German Livonian, the Estonian world was transformed by military conquest. The war against the invaders lasted from 1208–1227, the last Estonian county to fall was the island of Saaremaa in 1261. Thereafter, through many centuries until WWI, Estonian agriculture consisted of peasants working large feudal-type estates held by ethnic German landlordsEconomy of Estonia – Tornimäe business area in Tallinn
71. Economy of France – France has the worlds sixth-largest economy by nominal figures and the tenth largest economy by PPP figures. It has the third-largest economy in Europe with Germany in 1st, the OECD is headquartered in Paris, the nations financial capital. The chemical industry is a key sector for France, helping to develop other manufacturing activities, Frances tourism industry is a major component of the economy, as France is the most visited destination in the world. Sophia Antipolis is the technology hub for the economy of France. According to the IMF, in 2013, France was the worlds 20th country by GDP per capita with $44,099 per inhabitant, in 2013, France was listed on the United Nationss Human Development Index with 0.884 and 25th on the Corruption Perceptions Index. Frances economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, with 31 of the 500 biggest companies of the world in 2015, France ranks 4th in the Fortune Global 500, behind the USA, China and Japan. Several French corporations rank amongst the largest in their industries such as AXA in insurance, luxury and consumer good are particularly relevant, with LOreal being the worlds largest cosmetic company while LVMH and PPR are the worlds two largest luxury product companies. France embarked on an ambitious and very successful programme of modernization under state coordination, the 1981 election of president François Mitterrand saw a short-lived increase in governmental control of the economy, nationalising many industries and private banks. This form of increased dirigisme, was criticised as early as 1982, by 1983, the government decided to renounce dirigisme and start an era of rigueur or corporatization. As a result, the government largely retreated from economic intervention, dirigisme has now essentially receded, the French economy grew and changed under government direction and planning much more than in other European countries. Labour conditions and wages are highly regulated, the government continues to own shares in corporations in a range of sectors, including banking, energy production and distribution, automobiles, transportation, and telecommunications. These differ from such as the US or UK where most of these companies have been privatized. In April and May 2012, France held an election in which the winner François Hollande had opposed austerity measures. French government bond interest rates fell 30% to record lows, less than 50 basis points above German government bond rates, the French government has run a budget deficit each year since the early 1970s. In mid-2012, French government debt levels reached €1,833 billion and this debt level was the equivalent of 91% of French GDP. In 2012 France was downgraded by ratings agencies Moodys, Standard&Poors, in December 2014 Frances credit rating was further downgraded by Fitch to the AA credit rating. Research and development spending is high in France at 2. 26% of GDP. Nuclear waste is stored on site at reprocessing facilities, due to its heavy investment in nuclear power, France is the smallest emitter of carbon dioxide among the seven most industrialized countries in the worldEconomy of France – La Défense is a major business district in Europe
72. 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.
73. Economy of Greece – The economy of Greece is the 46th largest in the world with a nominal gross domestic product of $194.851 billion per annum. It is also the 54th largest in the world by purchasing power parity, as of 2015, Greece is the fifteenth-largest economy in the 28-member European Union. Greece is ranked 38th and 45th in the world at $17,988 and $26,391 for nominal GDP per capita, Greece is a developed country with an economy based on the service and industrial sectors. The agricultural sector contributed 3. 9% of national output in 2015. Important Greek industries include tourism and shipping, with 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013, the increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry. The country is a significant agricultural producer within the EU, Greece has the largest economy in the Balkans and is as an important regional investor. The Greek telecommunications company OTE has become an investor in former Yugoslavia. The country joined what is now the European Union in 1981, in 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro. Greece is a member of the International Monetary Fund and of the World Trade Organization, World War II devastated the countrys economy, but the high levels of economic growth that followed from 1950 to 1980 have been called the Greek economic miracle. From 2000 Greece saw high levels of GDP growth above the Eurozone average, in 2011, the countrys public debt reached €356 billion. After negotiating the biggest debt restructuring in history with the private sector, Greece achieved a real GDP growth rate of 0. 4% in 2014 after 6 years of economic decline, but contracted by 0. 3% in 2015 and by 0. 05% in 2016. The evolution of the Greek economy during the 19th century has been little researched, industrial activity, was evident, mainly in Ermoupolis and Piraeus. Nonetheless, Greece faced economic hardships and defaulted on its loans in 1826,1843,1860 and 1893. Other studies support the view on the general trends in the economy. The per capita income of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, the countrys post-World War II development has largely been connected with the Greek economic miracle. During that period, Greece saw growth rates second only to those of Japan and it is indicative that between 1960 and 1973 the Greek economy grew by an average of 7. 7%, in contrast to 4. 7% for the EU15 and 4. 9% for the OECD. Also during that period, exports grew by an annual rate of 12. 6%Economy of Greece – Greek agriculture, shipping and tourism
74. Economy of the Republic of Ireland – The economy of Ireland is a modern knowledge economy, focusing on services and high-tech industries and dependent on trade, industry and investment. In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27 at 5th in the OECD-28 rankings as of 2008. In terms of GNP per capita, a measure of national income, Ireland ranks only slightly above the OECD average, despite significant growth in recent years. GDP is significantly greater than GNP due to the repatriation of profits, a 2005 study by The Economist found Ireland to have the best quality of life in the world. The 1995 to 2007 period of high economic growth, with a record of posting the highest growth rates in Europe. One of the keys to this growth was a low corporation tax. The Irish financial crisis affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. The hard economic climate was reported in April 2010, even to have led to a resumed emigration, the economic challenges continued, however, as the prolonged European sovereign-debt crisis caused a new Irish recession starting in Q32012, which was still ongoing as of Q22013. In May 2013 the European Commissions economic forecast for Ireland predicted its growth rates would return to a positive 1. 1% in 2013 and 2. 2% in 2014, the Irish economy grew by 4. 8% in 2014 and an unexpected 26. 3% in 2015. From the 1920s Ireland had high trade barriers such as tariffs, particularly during the Economic War with Britain in the 1930s. During the 1950s,400,000 people emigrated from Ireland and it became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation, in the 1970s, the population increased by 15% and national income increased at an annual rate of about 4%. Employment increased by around 1% per year, but the sector amounted to a large part of that. Public sector employment was a third of the workforce by 1980. Budget deficits and public debt increased, leading to the crisis in the 1980s, during the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their income, unemployment had risen to 20%, annual overseas emigration reached over 1% of population. In 1987 Fianna Fáil reduced public spending, cut taxes, ryanair used Irelands deregulated aviation market and helped European regulators to see benefits of competition in transport markets. Intel invested in 1989 and was followed by a number of companies such as MicrosoftEconomy of the Republic of Ireland – Dublin City Centre
75. 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
76. Economy of Luxembourg – The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Luxembourgers enjoy the second highest per capita gross domestic product in the world, Luxembourg is seen as a diversified industrialized nation, contrasting the oil boom in Qatar, the major monetary source of the southwest Asian state. Although Luxembourg in tourist literature is called the Green Heart of Europe, its pastoral land coexists with a highly industrialized. Luxembourgs economy is similar to Germanys. Luxembourg enjoys a degree of economic prosperity very rare among industrialized democracies, in 2009, a budget deficit of 5% resulted from government measures to stimulate the economy, especially the banking sector, as a result of the world economic crisis. This was however reduced to 1. 4% in 2010, in 2013 the GDP was $60.54 billion of which services, including the financial sector, produced 86%. The financial sector comprised 36% of GDP, industry comprised 13. 3%, banking is the largest sector in the Luxembourg economy. The country has specialised in the fund administration business. As Luxembourgs domestic market is small, the countrys financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg and these factors have contributed to a Corruption Perceptions Index of 8.3 and a DAW Index ranking of 10 in 2012, the latter the highest in Europe. Germany accounts for the grouping of banks, with Scandinavian, Japanese. Total assets exceeded €929 billion at the end of 2008, more than 9,000 holding companies are established in Luxembourg. The European Investment Bank—the financial institution of the European Union—is also located there and this concern has led Luxembourg to modify its tax legislation to avoid conflict with the tax authorities of European Union Members. For example, the tax exempt 1929 Holding Company was outlawed 31 December 2010. A key event in the history of Luxembourg was the 1876 introduction of English metallurgy. The refining process led to the development of the industry in Luxembourg. The iron and steel industry, located along the French border, is an important sector of the economy, Steel accounts for 29% of all exports,1. 8% of GDP, 22% of industrial employment, and 3. 9% of the work force. The restructuring of the industry and increasing government ownership in Arbed began as early as 1974 and its productivity is among the highest in the worldEconomy of Luxembourg – Economy of Luxembourg
77. 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
78. Economy of the Netherlands – According to the World Bank and the International Monetary Fund, the Netherlands was the 18th largest economy of the world in 2012, while the country has only about 17 million inhabitants. GDP per capita is roughly $48,860 which makes it one of richest nations in the world, between 1996 and 2000 annual economic growth averaged over 4%, well above the European average. Growth slowed considerably in 2001-05 as part of the economic slowdown. 2006 and 2007 however showed economic growth of 3. 4% and 3. 9%, the Dutch economy was hit considerably by the ongoing global financial crisis and the ensuing European debt crisis. The Netherlands has discovered huge natural gas resources since 1959, the sale of natural gas generated enormous revenues for the Netherlands for decades, adding hundreds of billions of euros to the governments budget. However, the consequences of the countrys huge energy wealth impacted the competitiveness of other sectors of the economy. The Netherlands have a prosperous and open economy, which depends heavily on foreign trade, industrial activity is predominantly in food processing, chemicals, petroleum refining, hightech, financial services, creative sector and electrical machinery. A highly mechanised agricultural sector employs no more than 2% of the force but provides large surpluses for the food-processing industry. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002, the stern financial policy has been abandoned in 2009 because of the current credit crises. The relatively large banking sector was partly nationalised and bailed out through government interventions, the unemployment rate dropped to 5. 0% in the summer of 2011, but increased with a sharp rate since then to 7. 3% in May 2013 and 6. 8% in 2015. The state budget deficit is about 2. 2% in 2015 well below the norm of 3. 0% in the EU, historically, the Dutch introduced and invented the stock market by the merchandise trading through Dutch East India Company. The Netherlands is a member of the European Union, the OECD. After declaring its independence from the empire of Philip II of Spain in 1581, in 1670 the Dutch merchant marine totalled 568,000 tons of shipping—about half the European total. The main reasons for this were the dominance of the Amsterdam Entrepot in European trade, unique was that the V. O. C. was the first multinational, while its shares were traded at one of the first stock markets in the world, in Amsterdam. Affluence facilitated what is known as the Dutch Golden Age and this economic boom abruptly came to an end by a combination of political-military upheavals and adverse economic developments around 1670. Still the Netherlands kept a level of prosperity, due to trade. Towards the 1800s, the Netherlands did not industrialize as rapidly as other counties in Europe. One explanation for this is that the Netherlands were struggling to come to terms with having lost their dominant economical and political position in the world, griffiths argues that government policies made possible a unified Dutch national economy in the 19th centuryEconomy of the Netherlands – Zuidas in Amsterdam
79. Economy of Poland – The economy of Poland is the sixth largest economy in the European Union, and the largest among the former Eastern Bloc members of the European Union. Since 1990 Poland has pursued a policy of liberalization and its economy was the only one in the EU to avoid a recession through the 2008-2009 economic downturn. Before the late-2000s recession, its economy grew at a rate of over 6. 0%. Poland is ranked 20th worldwide in terms of GDP and classified as high-income economy by World Bank, the largest component of its economy is the service sector, followed by industry and agriculture. With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$198.2 billion worth of goods around the globe in 2015, up by 5. 4% since 2011, the top Poland exports include machinery, electronic equipment, vehicles, furniture, and plastics. According to the Central Statistical Office of Poland, in 2010 the Polish economic growth rate was 3. 9%, in 2014 its economy grew by 3. 3% and in 2015 by 3. 6%. Although in 2016 economic growth slowed, government stimulus measures combined with a tighter labour market in late 2016 kick-started new growth. Poland has seen the largest increase in GDP per capita both among the former Soviet-bloc countries, and compared to the EU-15 and it has had uninterrupted economic growth since 1992, even after the 2007 financial crisis. This article discusses the economy of the current Poland, post-1989, the agricultural sector remains handicapped by structural problems, surplus labor, inefficient small farms, and a lack of investment. Restructuring and privatization of sensitive sectors, has also been slow, recent reforms in health care, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with focus on inflation, are priorities for the Polish government, since the global recession of 2009, Polands GDP continued to grow. In 2009, at the point of the crisis, the GDP for the European Union as a whole dropped by 4. 5% while Polish GDP increased by 1. 6%. As of November 2013, the size of EUs economy remains below the pre-crisis level, the major reasons for its success appear to be a large internal market and a business friendly political climate. Another factor which allowed the Polish economy to avoid the crisis was its low level of public debt, at about 50% of GDP. Strict financial regulation also helped to keep household and corporate debt low, an additional reason for its success lay in the fact that Poland is outside the Euro zone. The depreciation of the currency, the złoty, increased international competitiveness, however, the economic fluctuations of the business cycle did affect Polands unemployment rate, which by early 2013 reached almost 11%. This level was still below European average and has begun falling subsequently, as of February 2014, Polands unemployment rate stood at 7% according to EurostatEconomy of Poland – Warsaw
80. Economy of Portugal – Portugal ranked 38th in the WEFs Global Competitiveness Report for 2015-2016. Portugals ranking continuously fell from 2005 to 2013, but recovered from the 51st position in 2013 to the 36th in 2014, Portugal has the highest emigration rate as a proportion of population in the European Union. More than two million Portuguese people now live outside the country, historically portugal would rank as the nation with the highest unemployment rate in both Europe and EU given their large emigration rates as labor outflows contribute to the weight of unemployment. Other regional groups that are significant trade partners of Portugal are the NAFTA, the PALOP, the Maghreb, the Portuguese currency is the euro and the country has been a part of the Eurozone since its inception. The Portuguese Economy has been steady, expanding continuously since the quarter of 2014. The economy growth has been accompanied by a fall in the unemployment rate. The Government budget deficit has also reduced from the 11. 2% of GDP in 2010 to 4. 8% in 2014. The Portuguese educational system has been in gradual modernization and relative expansion since the 1960s, achieving recognition for its world-standard practices, the country, with a transcontinental empire with plenty of natural resources and vast unexploited areas, was among the most powerful nations in the world. After a short period of economic divergence before 1914, the Portuguese economy recovered slightly until 1950, Portuguese economic growth in the period 1960–1973 created an opportunity for real integration with the developed economies of Western Europe. Through emigration, trade, tourism and foreign investment, individuals and firms changed their patterns of production and consumption, simultaneously, the increasing complexity of a growing economy raised new technical and organizational challenges, stimulating the formation of modern professional and management teams. The economy of Portugal and its overseas territories on the eve of the Carnation Revolution was growing well above the European average, the Estado Novo regime economic policy encouraged and created conditions for the formation of large business conglomerates. These Portuguese conglomerates had a model with similarities to South Korean chaebols. Among the seven magnificent were the conglomerates founded and held by the families Champalimaud, Mello, Amorim, the CUF group was the largest and most diversified of the Portuguese conglomerates. At one point, it became the largest industrial group in the Iberian Peninsula, besides that, the overseas territories were also displaying impressive economic growth and development rates from the 1920s onwards. Labour unions were not allowed and a minimum wage policy was not enforced, marcelo Caetano moved on to foster economic growth and some social improvements, such as the awarding of a monthly pension to rural workers who had never had the chance to pay social security. Heavy industry came to an abrupt halt, all sectors of the economy from manufacturing, mining, chemical, defence, finance, agriculture and fishing went into free fall. Portugal found itself overnight going from the country in Western Europe with the highest growth rate to the lowest – in fact it experienced several years of negative growth, after the Carnation Revolutions turmoil of 1974, the Portuguese economic basis changed deeply. The Portuguese economy had changed significantly by 1973 prior to the leftist military coup, in 1975, the year of maximum revolutionary turmoil, Portugals per capita GDP declined to 52.3 percent of the EC-12 averageEconomy of Portugal – Parque das Nações (Lisbon)
81. 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
82. Economy of Slovenia – Nominal GDP in 2015 was 38.570 mio EUR, nominal GDP per capita in 2015 was 18.693 EUR. The highest GDP/pc was in central Slovenia, where capital city Ljubljana is located, which is part of western Slovenia statistical region, which has higher GDP/pc than eastern Slovenia. It was the first new member of the European Union to adopt the euro as a currency in January 2007 and it has been a member of the Organisation for Economic Co-operation, Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad. On the other hand, the level of direct investment is one of the lowest but is rising steadily in last years. Slovenian economy has been hurt by the European economic crisis. After 2013 is GDP/pc rising again, almost two thirds of the working population are employed in services. Although it comprised only about one-eleventh of Yugoslavias total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and it thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West. Since that time it has vigorously pursued diversification of its trade with the West and integration into Western, Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism, the euro was introduced at the beginning of 2007 and circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI, as well as in the Central European Initiative, the Royaumont Process, in the late 2000s economic crisis, the Slovenian economy suffered a severe setback. In 2009 the Slovenian GDP per capita shrunk by −7. 9%, after a slow recovery from the 2009 recession thanks to exports, the economy of Slovenia again slid into recession in the last quarter of 2011. This has been attributed to the fall in consumption and the slowdown in growth of exports. Slovenia mainly exports to countries of the eurozone, in addition the construction industry was severely hit in 2010 and 2011. The GDP growth in 2015 was 2, 3%, in first half of 20162, 5% and in 2nd quarter of 20162 and it means that GDP growth is accelerating in 2016. Slovenias trade is orientated towards other EU countries, mainly Germany, Austria, Italy and this is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets. Slovenias economy is dependent on foreign trade. Trade equals about 120% of GDP, about two-thirds of Slovenias trade is with other EU members. This high level of openness makes it sensitive to economic conditions in its main trading partnersEconomy of Slovenia – Ljubljana
83. 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
84. 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
85. 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
86. International trade – International trade is the exchange of capital, goods, and services across international borders or territories. It is the exchange of goods and services among nations of the world, in most countries, such trade represents a significant share of gross domestic product. While international trade has existed throughout history, its economic, social, trading globally gives consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found on the market, food, clothes, spare parts, oil, jewellery, wine, stocks, currencies. Services are also traded, tourism, banking, consulting and transportation, a product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a current account in the balance of payments. Industrialization, advanced technology, including transportation, globalization, multinational corporations, increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods, the main difference is that international trade is typically more costly than domestic trade. Another difference between domestic and international trade is that factors of such as capital and labor are typically more mobile within a country than across countries. Thus international trade is restricted to trade in goods and services. Trade in goods and services can serve as a substitute for trade in factors of production, instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor, International trade is also a branch of economics, which, together with international finance, forms the larger branch called international economics. The history of international trade chronicles notable events that have affected the trade between various economies, there are several models which seek to explain the factors behind international trade, the welfare consequences of trade and the pattern of trade. </ref></ref>==Largest countries by total international trade== Source, International Trade Centre President George W. Bush observed World Trade Week on May 18,2001, mcKenzie, Lionel W. Specialization and Efficiency in World Production. A Ricardo-Sraffa Paradigm Comparing the Gains from Trade in Inputs and Finished Goods, the definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition and coverage. Metadata providing information on definitions and methods are published along with the data. Ptas. mcgill. ca Historical documents on international trade available on FRASERInternational trade