World Trade Organization Ministerial Conference of 1998
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1. 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.
2. World Trade Organization accession and membership – The original member states of the World Trade Organization are the parties to the GATT after ratifying the Uruguay Round Agreements, and the European Communities. They obtained this status at the entry into force on 1 January 1995 or upon their date of ratification, all other members have joined the organization as a result of negotiation, and membership consists of a balance of rights and obligations. As is typical of WTO procedures, an offer of accession is only given once consensus is reached among interested parties. The process takes five years, on average, but it can take some countries almost a decade if the country is less than fully committed to the process. The shortest accession negotiation was that of Kyrgyzstan, lasting 2 years and 10 months, the longest were that of Russia, lasting 19 years and 2 months, Vanuatu, lasting 17 years and 1 month, and China, lasting 15 years and 5 months. As of 2007, WTO member states represented 96. 4% of global trade and 96. 7% of global GDP, iran, followed by Algeria, are the economies with the largest GDP and trade outside the WTO, using 2005 data. The process of accession can be broken down into four major stages, the government applying for membership has to describe all aspects of its trade and economic policies that have a bearing on WTO agreements. The application is submitted to the WTO in a memorandum which is examined by a working party open to all interested WTO Members, for large countries such as Russia, numerous countries participate in this process. For smaller countries, the Quadrilateral group of countries – consisting of the EU, the United States, Canada and Japan – and an applicants neighboring countries are typically most involved. The WP determines the terms and conditions of entry into the WTO for the applicant nation and these talks cover tariff rates and specific market access commitments, and other policies in goods and services. The new members commitments are to apply equally to all WTO members under normal non-discrimination rules, in other words, the talks determine the benefits other WTO members can expect when the new member joins. The talks can be complicated, it has been said that in some cases the negotiations are almost as large as an entire round of multilateral trade negotiations. When the bilateral talks conclude, the working party finalizes the terms of accession, sends an accession package, which includes a summary of all the WP meetings, the Protocol of Accession, and lists of the member-to-bes commitments to the General Council or Ministerial Conference. Once the General Council or Ministerial Conference approves of the terms of accession, the documents used in the accession process which are embargoed during the accession process are released once the nation becomes a member. As of July 2016, the WTO has 164 members, as of 2016, four of the successor states of the SFRY are WTO members, and the remaining two are observers negotiating membership. Four other states, China, Lebanon, Liberia, Syria, were parties to GATT, the remaining WTO members acceded after first becoming WTO observers and negotiating membership. China and Liberia have since acceded to the WTO, the 28 states of the European Union are dually represented, as the EU is a full member of the organization. Thus, Hong Kong became a GATT contracting party, by the now terminated sponsorship procedure of the United Kingdom, the WTO also has 22 observer states, that with the exception of the Holy See must start their accession negotiations within five years of becoming observersWorld Trade Organization accession and membership – Draft Working Party Report or Factual Summary adopted
3. Criticism of the World Trade Organization – The stated aim of the World Trade Organization is to ensure that trade flows as smoothly, predictably and freely as possible. However, it is important to note that the WTO does not claim to be a free market organization, according to the WTO, it is sometimes described as a free trade institution, but that is not entirely accurate. The system does allow tariffs and, in limited circumstances, other forms of protection, more accurately, it is a system of rules dedicated to open, fair and undistorted economic competition. The actions and methods of the World Trade Organization evoke strong antipathies, among other things, the WTO is accused of widening the social gap between rich and poor it claims to be fixing. UNCTAD estimates that the market distortions cost the developing countries $700 billion annually in lost export revenue, Khor argues that developing countries have not benefited from the WTO Agreements of the Uruguay Round and, therefore, the credibility of the WTO trade system could be eroded. Jagdish Bhagwati asserts, however, that there is greater tariff protection on manufacturers in the poor countries, other critics claim that the issues of labor and environment are steadfastly ignored. Steve Charnovitz, former Director of the Global Environment and Trade Study, on the other side, Khor responds that if environment and labor were to enter the WTO system it would be conceptually difficult to argue why other social and cultural issues should also not enter. He also argues that trade measures have become a vehicle for big corporations, scholars have identified GATT Article XX as a central exception provision that may be invoked by states to deploy policies that conflict with trade liberalization. Bhagwati is also critical towards rich-country lobbies seeking on imposing their unrelated agendas on trade agreements, according to Bhagwati, these lobbies and especially the rich charities have now turned to agitating about trade issues with much energy understanding. Therefore, both Bhagwati and Arvind Panagariya have criticized the introduction of TRIPs into the WTO framework, fearing that such non-trade agendas might overwhelm the organizations function, according to Panagariya, taken in isolation, TRIPs resulted in reduced welfare for developing countries and the world as a whole. For a discussion on the incorporation of labor rights into the WTO, results of green room discussions are presented to the rest of the WTO which may vote on the result. They have thus proposed the establishment of a small, informal steering committee that can be delegated responsibility for developing consensus on trade issues among the member countries. The Third World Network has called the WTO the most non-transparent of international organisations, because the vast majority of developing countries have very little real say in the WTO system. Dr Caroline Lucas recommended that such an assembly have a prominent role to play in the form of parliamentary scrutiny, and also in the wider efforts to reform the WTO processes. The lack of transparency is often seen as a problem for democracy, politicians can negotiate for regulations that would not be possible or accepted in a democratic process in their own nations. Some countries push for certain standards in international bodies and then bring those regulations home under the requirement of harmonization. This is often referred to as Policy Laundering, reforming WTO Decision Making, Lessons from Singapore and SeattleCriticism of the World Trade Organization – Protestors clashing with Hong Kong police in the Wan Chai waterfront area during the WTO Ministerial Conference of 2005.
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. Supachai Panitchpakdi – Supachai Panitchpakdi was Secretary-General of the UN Conference on Trade and Development from 1 September 2005 to 31 August 2013. Prior to this, he was the Director-General of the World Trade Organization from September 1,2002 to September 1,2005 and he was succeeded by Pascal Lamy. In 1986 Supachai Panitchpakdi was appointed as Thailands Deputy Minister of Finance, in 1992 he returned to politics and became Deputy Prime Minister until 1995, responsible for trade and economics. During the Asian financial crisis in November 1997 he returned to be Deputy Prime Minister, in September 1999 he was elected to become Director-General of the World Trade Organization, sharing the post with competitor Mike Moore when a decision could not be reached. Taking the second half of the term, he entered office on September 1,2002. In March 2005 he was appointed to become the Secretary-General of the UN Conference on Trade and Development following his term at the WTO and he was appointed for a second four-year term in September 2009. Keen to reform and revitalise the organisation, he has established a Panel of Eminent Persons to oversee the start of reform of UNCTAD. Supachai received his masters degree in Economics, Development Planning and his Ph. D. in Economic Planning, in 1973, he completed his doctoral dissertation under supervision of Professor Jan Tinbergen, the first Nobel laureate in economics. In the same year, he went to Cambridge University as a fellow to conduct research on development models. He published numerous books, including Educational Growth in Developing Countries, Globalization and Trade in the New Millennium and China, UNCTAD - Secretary-Generals Office UNCTAD - Secretary-Generals Biography UNDT judgment UNDT/2012/136 Biography at WTOSupachai Panitchpakdi – Supachai Panitchpakdi
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 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
8. Economy of Argentina – The economy of Argentina is a high-income economy, Latin Americas third largest, and the second largest in South America behind Brazil. The country benefits from natural resources, a highly literate population, an export-oriented agricultural sector. Early in the twentieth century Argentina had one of the highest per capita GDP levels in the world, today a high-income economy, Argentina maintains a relatively high quality of life and GDP per capita. Argentina is considered a market by the FTSE Global Equity Index. During its most vigorous period, from 1880 to 1905, this resulted in a 7. 5-fold growth in GDP. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period, growth then slowed considerably, such that by 1941 Argentinas real per capita GDP was roughly half that of the U. S. Even so, from 1890 to 1950 the countrys per capita income was similar to that of Western Europe, the Great Depression caused Argentine GDP to fall by a fourth between 1929 and 1932. Having recovered its lost ground by the late 1930s partly through import substitution, the populist administration of Juan Perón nationalized the Central Bank, railways, and other strategic industries and services from 1945 to 1955. The subsequent enactment of developmentalism after 1958, though partial, was followed by a promising fifteen years. Inflation first became a problem during this period, but though it did not become fully developed. The economy, however, declined during the dictatorship from 1976 to 1983. Over 400,000 companies of all went bankrupt by 1982. Attempting to remedy this situation, economist Domingo Cavallo pegged the peso to the U. S. dollar in 1991 and his team then embarked on a path of trade liberalization, deregulation, and privatization. Inflation dropped to single digits and GDP grew by one third in four years, Argentinas socio-economic situation has since been steadily improving. Expansionary policies and commodity exports triggered a rebound in GDP from 2003 onward and this trend has been largely maintained, creating over five million jobs and encouraging domestic consumption and fixed investment. Social programs were strengthened, and a number of important firms privatized during the 1990s were renationalized beginning in 2003 and these include the postal service, AySA, Pension funds, Aerolíneas Argentinas, the energy firm YPF, and the railways. The economy nearly doubled from 2002 to 2011, growing an average of 7. 1% annually, real wages rose by around 72% from their low point in 2003 to 2013. The global recession did affect the economy in 2009, with growth slowing to nearly zero, but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011Economy of Argentina – National Bank of Argentina
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 Barbados – Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances. After a painful re-adjustment process, the economy began to again in 1993. Growth rates have averaged between 3%–5% since then, the countrys three main economic drivers are, tourism, the international business sector, and foreign direct-investment. These are supported in part by Barbados operating as a service-driven economy, although it is often quoted that Barbados’ main produce is sugar there are only two working sugar factories remaining in the country. At the end of 2013 Barbados economy continued to exhibited signs of weakness, since the first settlement by the British in 1625, through history the economy of Barbados was primarily dependent on agriculture. It had been recorded that minus the marshes and gully regions, quickly Barbados was then divided into large estate-plantations and using indentured labour mainly from the British Isles for the cultivation of tobacco and cotton crops were first introduced. The island, facing a large amount of competition from the North American colonies, cultivation of sugar cane was quickly introduced by the exiled Jewish community which immigrated into Barbados from Dutch Brazil during the mid-17th century. For about the next 100 years Barbados remained the richest of all the European colonies in the Caribbean region due to sugar, the prosperity in the colony of Barbados remained regionally unmatched until sugar cane production caught up in geographically larger countries such as Jamaica and elsewhere. Despite being eclipsed by larger makers of sugar, Barbados continued to produce the well into the 20th century. With the emancipation of African slaves in the British Empire in 1811, thereafter many Bajans started to more emphasis on upward mobility. During the 1920s, politicians in Barbados started a push for more self-government along with Barbados seeking to more of the profits from economic growth within the country. Much of the profits were being repatriated by the British government to the United Kingdom, as the 1940s–1950s rolled around, Barbados moved towards developing political ties with neighbouring Caribbean islands. By 1958 the West Indies Federation was created by Britain for Barbados, the Federation was first led by the premier of Barbados, however the experiment ended by 1962. Later Barbados tried to negotiate several other unions with other islands, the island peacefully negotiated with Britain its own independence and became a sovereign nation at midnight on 30 November 1966. After the country independent of the United Kingdom on 30 November 1966 sugar cane still remained a chief money-maker for Barbados. The islands politicians tried to diversify the economy from just agriculture, during the 1950s–1960s visitors from both Canada and the United Kingdom started transforming tourism into a huge contributor for the Barbadian economy. As the 1970s progressed, global companies started to recognise Barbados for its educated population. In May 1972 Barbados formed its own Central Bank, breaking off from the East Caribbean Currency AuthorityEconomy of Barbados – Central Bank of Barbados
13. 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
14. 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
15. Economy of Brunei – Brunei is a country with a small, wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of oil and natural gas. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production, the government provides for all medical services and subsidizes food and housing. The government has shown progress in its policy of diversifying the economy away from oil. Growth in 1999 was estimated at 2. 5% due to oil prices in the second half. Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day and it also is the fourth-largest producer of liquefied natural gas in the world. This is a chart of trend of gross product of Brunei Darussalam at market prices estimated by the International Monetary Fund with figures in millions of Bruneian dollars. For purchasing power parity comparisons, the US dollar is exchanged at 1.52 Bruneian dollars only, mean wages were $25.38 per man-hour in 2009. The government regulates the immigration of foreign labor out of concern it might disrupt Bruneis society, work permits for foreigners are issued only for short periods and must be continually renewed. Despite these restrictions, foreigners make up a significant portion of the work force, the government reported a total work force of 122,800 in 1999, with an unemployment rate of 5. 5%. Oil and natural gas account for almost all exports, since only a few products other than petroleum are produced locally, a wide variety of items must be imported. Brunei statistics show Singapore as the largest point of origin of imports, however, this figure includes some transshipments, since most of Bruneis imports transit Singapore. Japan and Malaysia were the second-largest suppliers, as in many other countries, Japanese products dominate local markets for motor vehicles, construction equipment, electronic goods, and household appliances. The United States was the third-largest supplier of imports to Brunei in 1998, Bruneis substantial foreign reserves are managed by the Brunei Investment Agency, an arm of the Ministry of Finance. The Brunei Government actively encourages foreign investment. New enterprises that meet certain criteria can receive pioneer status, exempting profits from tax for up to 5 years. The normal corporate tax rate is 30%. There is no income tax or capital gains taxEconomy of Brunei – Bandar Seri Begawan Centre Economy of Brunei Darussalam
16. Economy of Burundi – Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The mainstay of the Burundian economy is agriculture, accounting for 54% of GDP in 1997, agriculture supports more than 70% of the labour force, the majority of whom are subsistence farmers. Large numbers of displaced persons have been unable to produce their own food and are largely dependent on international humanitarian assistance. Burundi is a net importer, with food accounting for 17% of imports in 1997. Little industry exists except the processing of agricultural exports, although potential wealth in petroleum, nickel, copper, and other natural resources is being explored, the uncertain security situation has prevented meaningful investor interest. Industrial development also is hampered by Burundis distance from the sea, lake Tanganyika remains an important trading point. The trade embargo, lifted in 1999, negatively impacted trade, since October 1993 the nation has suffered from massive ethnic-based violence which has resulted in the death of perhaps 250,000 people and the displacement of about 800,000 others. Foods, medicines, and electricity remain in short supply, Burundi is heavily dependent on bilateral and multilateral aid, with external debt totalling $1.247 billion in 1997. IMF structural adjustment programs in Burundi were suspended following the outbreak of the crisis in 1993, the World Bank has identified key areas for potential growth, including the productivity of traditional crops and the introduction of new exports, light manufactures, industrial mining, and services. Other serious problems include the role in the economy, the question of governmental transparency. To protest the 1996 coup by President Pierre Buyoya, neighbouring countries imposed an embargo on Burundi. Although the embargo was never ratified by the United Nations Security Council. Following the coup, the United States also suspended all but humanitarian aid to Burundi, the regional embargo was lifted on January 23,1999, based on progress by the government in advancing national reconciliation through the Burundi peace process. In 2014, the size for a farm was about one acre. FP added that The consequence is remarkable scarcity, In the 2013 Global Hunger Index, Burundi had the severest hunger, economy of Burundi at DMOZ Burundi latest trade data on ITC Trade MapEconomy of Burundi – Fisherman on Lake Tanganyika
17. Economy of Cambodia – The economy of Cambodia at present follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $13 billion in 2012, per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodias two largest industries are textiles and tourism, while agricultural activities remain the source of income for many Cambodians living in rural areas. The service sector is concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore, in 1995, with a GDP of $2.92 billion the government transformed the countrys economic system from a planned economy to its present market-driven system. Following those changes, growth was estimated at a value of 7% while inflation dropped from 26% in 1994 to only 6% in 1995, imports increased due to the influx of foreign aid, and exports, particularly from the countrys garment industry, also increased. After four years of improving performance, Cambodias economy slowed in 1997-98 due to the regional economic crisis, civil unrest. Foreign investments declined during this period, also, in 1998 the main harvest was hit by drought. But in 1999, the first full year of peace in 30 years, progress was made on economic reforms. Currently, Cambodias foreign policy focuses on establishing friendly borders with its neighbors, nonetheless, Cambodia continues to attract investors because of its low wages, plentiful labor, proximity to Asian raw materials, and favorable tax treatment. In line with the reformation, private property rights were introduced and state-owned enterprises were privatized. Cambodia also focused on integrating itself into regional and international economic blocs, such as the Association of South East Asian Nations and the World Trade Organization respectively. These policies triggered a growth in the economy, with its national GDP growing at an average of 6. 1% before a period of domestic unrest and regional economic instability in 1997. However, conditions improved and since 1999, the Cambodian economy has continued to grow at a pace of approximately 6-8% per annum. In 2007, Cambodias gross domestic product grew by an estimated 18. 6%, Garment exports rose by almost 8%, while tourist arrivals increased by nearly 35%. With exports decreasing, the 2007 GDP growth was largely by consumption. Foreign direct investment inflows reached US$600 million, slightly more than what the country received in official aid, domestic investment, driven largely by the private sector, accounted for 23.4 percent of GDP. Export growth, especially to the US, began to slow in late 2007 accompanied by stiffer competition from Vietnam, US companies were the fifth largest investors in Cambodia, with more than $1.2 billion in investments over the period 1997-2007Economy of Cambodia – Aerial view of Phnom Penh
18. Economy of Cameroon – For a quarter of a century following independence, Cameroon was one of the most prosperous countries in Africa. Real per capita GDP fell by more than 60% from 1986 to 1994, the current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa. This is a chart of trend of gross product of Cameroon at market prices estimated by the International Monetary Fund with figures in millions of Central African CFA Francs. The government embarked upon a series of reform programs supported by the World Bank. Many of these measures have been painful, the government slashed civil service salaries by 65% in 1993, the CFA franc — the common currency of Cameroon and 13 other African states — was devalued by 50% in January 1994. The government failed to meet the conditions of the first four IMF programs, as of March 1998, Cameroons fifth IMF program — a 3-year enhanced structural adjustment program approved in August 1997 — is on track. Cameroon has rescheduled its Paris Club debt at favorable terms, GDP has grown by about 5% a year beginning in 1995. There is cautious optimism that Cameroon is emerging from its period of economic hardship. France is Cameroons main trading partner and source of private investment, Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector, inflation has been brought back under control. Cameroon aims at becoming emerging by 2035, cameroon’s financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs, as of 2006, bank loans to SMEs hardly reached 15 percent of total outstanding loans. Less than 5 percent of Cameroonians have access to a bank account, while the microfinance sector is consequently becoming increasingly important, its development is hampered by a loose regulatory and supervisory framework for microfinance institutions. The banking sector is concentrated and dominated by foreign commercial banks. 6 out of the 11 largest commercial banks are foreign-owned, while foreign banks generally display good solvency ratios, small domestic banks are in a much weaker position. Their capitalization is well below the average of banks in the CEMAC region and their profits are close to 2 percent, Cameroon Transport in Cameroon Economy of Cameroon at DMOZ Cameroon latest trade data on ITC Trade Map World Bank Summary Trade Statistics CameroonEconomy of Cameroon – Douala, the economic capital of Cameroon
19. Economy of Chile – Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean. In 2006, Chile became the country with the highest nominal GDP per capita in Latin America, in May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20. 2% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. Chile has a human development index of 0.661, compared to 0.662,0.680 and 0.542 for neighboring Uruguay, Argentina and Brazil. In 2008, only 2. 7% of the population lived on less than US $2 a day. The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, the privatized national pension system has encouraged domestic investment and contributed to an estimated total domestic savings rate of approximately 21% of GDP. After Spanish arrival in the 15th century Chilean economy came to revolve around autarchy estates called fundos, during early colonial times there were gold exports to Perú from placer deposits which soon depleted. Trade restrictions and monopolies established by the Spanish crown are credited for having held back development for much of the colonial times. As effect of these restrictions the country incorporated very few new crops, other sectors that were held back by restrictions were the wine and mining industries. The Bourbon reforms in the 18th century eased many monopolies and trade restrictions, in the 1830s Chile consolidated under the ideas of Diego Portales as a stable state open to foreign trade. Foreign investment in Chile grew over the 19th century, after the War of the Pacific the Chilean treasury grew by 900%. The League of Nations labeled Chile the country hardest hit by the Great Depression because 80% of government revenue came from exports of copper and nitrates, after the Great Depression Chilean economic policies changed toward import substitution industrialization and the Production Development Corporation was established. Under the influence of the Chicago Boys the Pinochet regime made of Chile a leading country in establishing neoliberal policies and these policies allowed large corporations to consolidate their power over the Chilean economy, leading to increases in unemployment and real wages whilst failing to achieve long-term economic growth. Income inequality, which had fallen during the presidency of socialist Salvador Allende, the crisis of 1982 caused the appointment of Hernán Büchi as minister of finance and a sharp revision of economic policy. Chiles economy has recovered and has seen growth rates of 5–7% over the past several years. The economy remained sluggish until 2003, when it began to show signs of recovery. The Chilean economy finished 2004 with growth of 6. 0%, real GDP growth reached 5. 7% in 2005 before falling back to 4. 0% in 2006. GDP expanded by 5. 1% in 2007, during 2012, the largest sectors by GDP were mining, business services, personal services, manufacturing and wholesale and retail tradeEconomy of Chile – The Santiago neighborhood nicknamed " Sanhattan "
20. Economy of Gabon – Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s, the oil sector now accounts for 50% of GDP and 80% of exports. In 2012 there were six active oil rigs in Gabon, public expenditures from the years of significant oil revenues have not been spent well. Overspending on the Trans-Gabon Railway, the oil collapse of the 1980s. Gabon has earned a reputation with the Paris Club and the International Monetary Fund for management of its debt. IMF missions have criticized the government for overspending on off-budget items, over-borrowing from the Central Bank, gabons oil revenues have given it a per capita GDP of more than $10,000, unusually high for the region. On the other hand, an income distribution and poor social indicators are evident. The economy is dependent on extraction of abundant primary materials. After oil, timber and manganese mining are the major sectors. Gabon continues to face fluctuating prices for its oil, timber, manganese, foreign and Gabonese observers have consistently lamented the lack of transformation of primary materials in the Gabonese economy. The small processing and service sectors are dominated by just a few prominent local investors. In 1992, Gabon failed to settle arrears on its debt, leading to a cancellation of rescheduling agreements with official. Devaluation of its CFA franc by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%, the IMF provided a one-year standby arrangement in 1994–1995 and a three-year Extended Fund Facility at near-commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline, France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. The rebound of oil prices in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains, animal husbandry is limited by the presence of the tsetse fly, though tsetse-resistant cattle have recently been imported from Senegal to a cattle project. In 2005 there were an estimated 212,000 hogs,195,000 sheep,90,000 goats,35,000 head of cattle, and 3.1 million chickens. In an effort to reduce Gabon’s reliance on imports, the government set aside 200,000 hectares in Gabon’s unpopulated Savannah region for three ranches at Ngounie, Nyanga, and Lekabi. Currently, however, frozen imports are the most important source of beef, poultry production satisfies about one-half of Gabon’s consumption demandEconomy of Gabon – Libreville is the capital and financial center of Gabon
21. Economy of the Gambia – The Gambia has no important mineral or other natural resources, and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood, small-scale manufacturing activity features the processing of peanuts, fish, and animal hides. Short-run economic progress remains highly dependent on aid, and on responsible government economic management as forwarded by International Monetary Fund technical help. Current GDP per capita of the Gambia registered a growth of 23. 3% in the 1970s. Economic growth slowed by 8. 30% in the 1980s and a further 5. 20% in the 1990s, the Gambia has benefited from a rebound in tourism after its decline in response to the militarys takeover in July 1994. This is a chart of trend of gross product of Gambia at market prices estimated by the International Monetary Fund with figures in millions of Dalasi. For purchasing power parity comparisons, the US dollar is exchanged at 4.35 Dalasi only, average wages in 2007 hover around $1–2 per day. Agriculture accounts for 23% of gross product and employs 75% of the labor force. Within agriculture, peanut production accounts for 5. 3% of GDP, other crops 8. 3%, livestock 4. 4%, fishing 1. 8%, industry accounts for 12% of GDP. Manufacturing accounts for 6% of GDP, the limited amount of manufacturing is primarily agriculturally based. Other manufacturing activities include soap, soft drinks, and clothing, services account for 19% of GDP. Tourism in Gambia has three major strands, there is the traditional sun seeking holiday making use of the hot climate and wonderful beaches. The Gambia is also usually the first African destination for many European birders, in view of its easily accessed, there are also a significant number of African Americans tracing their roots in this country, from which so many Africans were taken during the slave trade. The tourist season is the dry season, during the Northern Hemisphere winter, in FY1999, the UK and other EU countries were the Gambias major domestic export markets, accounting for 86% of all exports. This was followed by Asia at 14% of exports, and the African at 8% of exports, the Gambia re-exports 11% of its exports going to and 14. 6% of its imports coming from the United States. Agriculture - products, peanuts, pearl millet, sorghum, rice, maize, cassava, palm kernels, cattle, sheep, goats, forest, exports, $132 million commodities, peanuts and peanut products, fish, cotton lint, palm kernels. Partners, Benelux 78%, Japan, United Kingdom, Hong Kong, France, Spain Imports, $201 million commodities, foodstuffs, manufactures, fuel, machinery, the Good Tourist in the Gambia, Travelguide for Conscious Tourists. Translated from Swedish by Rolli Fölsch, economy of the Gambia at DMOZ The Gambia latest trade data on ITC Trade Map Company formation GambiaEconomy of the Gambia – Bird-watching tourists in the Gambia
22. Economy of Georgia (country) – The economy of Georgia is an emerging free market. Georgia continued its progress since, moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014. In 2007, the World Bank named Georgia the Worlds number one economic reformer, Georgias economy is supported by a relatively free and transparent atmosphere in the country. With a mixed news media environment, Georgia is also the country in its immediate neighborhood where the press is not deemed unfree. Since 2014, Georgia is part of the European Unions Free Trade Area, with the EU continuing to be the countrys largest trading partner, accounting for over a quarter of Georgias total trade turnover. Following the EU trade pact,2015 was marked by further increase in bilateral trade, before the 20th century Georgia had a largely agrarian economy. Like many post-Soviet countries, Georgia went through a period of economic decline during the 1990s, with high inflation and large budget-deficits. In 1996 Georgias budget deficit rose to as much as 6. 2%, during that period international financial institutions played a critical role in Georgias budgetary calculations. Multilateral and bilateral grants and loans totaled 116.4 million lari in 1997, a law and a decree establishing the legal basis and procedures for state property privatization reduced the number of companies controlled by the state. The United States began assisting Georgia in the process of reform soon after the country gained independence from Soviet Union, gradually, the focus shifted from humanitarian to technical and institution-building programs. Provision of legal and technical advisors was complemented by training opportunities for parliamentarians, law enforcement officials, over the last few years Georgian economy has been one of the fastest in the FSU. Since 2003s Rose Revolution, the new Government of Georgia implemented broad and comprehensive reforms, economic reforms were addressed to liberalization of the economy and provision of sustainable economic growth, based on the private sector development. Establishment of a business environment led to significant inflow of Foreign Direct Investment in the country. In 2013, Georgia ranked in the top ten countries internationally in the Emerging Market Energy Security Growth Prosperity Index, the index identifies emerging nations that have strong growth potential based on energy reserves and GDP. In overall, during 2004-2007 the economy of Georgia expanded by 35%, due to reforms and liberalization of economy policy Georgia shows exceptional resilience to external shocks – the war with Russia in 2008 and global financial crisis. Despite this, in 2008 Georgia economy grew by 2. 3%, after a slight slowdown of economy in 2009 country recovered shortly with 6. 3% GDP real growth 2010. In 2011 GDP real growth reached 7. 0%, unemployment rate for 2010 constituted 16. 3% and it was decreased from 16. 9% in 2009. In 2013 the annual rate in Georgia equaled 2. 4%Economy of Georgia (country) – TBC Bank in Tbilisi
23. 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
24. Economy of Grenada – Grenada has a largely tourism-based, small, open economy. Over the past two decades, the economy has shifted from one of agriculture-dominant into that of services-dominant, with tourism serving as the foreign currency earning sector. The countrys principal export crops are the nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export. Economic growth picked up in the late 1990s following slow growth, despite an expansionary fiscal policy, the public debt remained moderate at around 50 percent of GDP as deficits were financed partly by privatization receipts. Since 2001, economic growth declined caused by adverse shocks such as a slowdown in the global economy, to deal with the shocks, fiscal policy became more expansionary while privatization receipts declined. As a result, public debt increased sharply to near 110 percent of GDP in 2003, the country is still facing the difficult task of reconstruction and recovery, while public debt is unsustainable and the government faces large financing gaps. In the years ahead, reinvigorating growth will be a high priority, the economy of Grenada was brought to a near standstill in September 2004 by Hurricane Ivan, which damaged or destroyed 90 percent of the countrys buildings, including some tourist facilities. In July 2005 Hurricane Emily struck Grenada again as the country was recovering from the impact of Hurricane Ivan. Besides the negative impacts to the industry, the two devastating hurricanes destroyed or significantly damaged a large percentage of Grenada’s tree crops, which may take years to recover. As a result, the deficit rose to 8.5 percent of GDP in 2001 from 3.2 percent in 2000. The fiscal situation remained shaky in 2002 with the widening to 19.2 percent of GDP due to dampened output from Tropical Storm Lili. As the economic began to recover in 2003, the government began to take steps for fiscal consolidation, but progress in fiscal consolidation was impeded in 2004 as the government policy changed abruptly to post-hurricane relief. Meanwhile, government revenues decreased as a result of the impact of the hurricanes on the economy, as a result, public debt has increased sharply to over 100 percent of GDP since 2002, it remained as high as near 130 percent of GDP in 2004. Grenada is a member of the Eastern Caribbean Central Bank, which manages monetary policy, inflation has remained low and stable within the framework of the currency board arrangement, with inflation averaging at two percent over the past 15 years. Grenadas current account balance has remained in large due to its heavy dependence on import of most consumer goods. The current account deficits are financed by inflows of foreign investment, official grants and loans. Grenada’s economy is vulnerable to external shocks considering its high dependence on tourism, exports and it is also prone to other adverse shocks such as natural disastersEconomy of Grenada – St. George's
25. Economy of Guinea – Guinea also has considerable potential for growth in the agricultural and fishing sectors. Land, water, and climatic conditions provide opportunities for large-scale irrigated farming, remittances from Guineans living and working abroad and coffee exports account for the rest of Guineas foreign exchange. Guinea was part of the franc zone countries that included most of the former French Colonies, after Independence, these countries did not become completely economical free. France decided against monetary autonomy hence they could not use a convertible currency. The state intervention of the new governments was characterized by stops of quotas on imports,1980, the franc-zone countries had on average a lower inflation and a higher economic growth compared to the Anglophone counterparts, who could use their own currencies. But regarding the time after c.1980 and the liberalism, characterized by Structural Adjustments. The government has eliminated restrictions on agricultural enterprise and foreign trade, liquidated many parastatals, increased spending on education, the government also has made major strides in restructuring the public finances. The IMF and the World Bank are heavily involved in the development of Guineas economy, as are many bilateral donor nations, although Guineas external debt burden remains high, the country is now current on external debt payments. Current GDP per capita of Guinea shrank by 16% in the 1990s, the government revised the private investment code in 1998 to stimulate economic activity in the spirit of a free enterprise. The code does not discriminate between foreigners and nationals and provides for repatriation of profits, foreign investments outside Conakry are entitled to especially favorable conditions. A national investment commission has been formed to review all investment proposals, the United States and Guinea have signed an investment guarantee agreement that offers political risk insurance to American investors through OPIC. Guinea plans to inaugurate a court system to allow for the quick resolution of commercial disputes. Mean wages were $0.45 per man-hour in 2009, bauxite mining and alumina production provide about 80% of Guineas foreign exchange. Several U. S. companies are active in this sector, diamonds and gold also are mined and exported on a large scale, providing additional foreign exchange. Concession agreements have been signed for future exploitation of Guineas extensive iron ore deposits, lately, with the increase of alumina demand from the booming economy of China, there is a renew interest in Guinea riches. This comes with a project from Canadian start-up Global Alumina trying to come with a 2 billion dollar alumina plant in the same region. As of April 2005, the National Assembly of Guinea has not ratified Globals project, revenue from bauxite mining is expected to fall significantly in 2010 due mainly to the world economic situation. Guinea also has potential for growth in the agricultural and fishing sectorsEconomy of Guinea – A proportional representation of Guinea's exports.
26. Economy of Guyana – With a per capita gross domestic product of only $4,700 in 2006, Guyana is one of the poorest countries in the Western Hemisphere. This is evident from the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few miles of one another, the economy made dramatic progress after President Hoytes 1989 economic recovery program. As a result of the ERP, Guyanas GDP increased six percent in 1991 following 15 years of decline, growth was consistently above six percent until 1995, when it dipped to 5.1 percent. The government reported that the economy grew at a rate of 7.9 percent in 1996,6.2 percent in 1997, the 1999 growth rate was three percent. The unofficial growth rate in 2005 was 0.5 percent, Guyana remains the poorest country in South America. The telephone company and assets in the timber, rice, international corporations were hired to manage the huge state sugar company, GuySuCo, and the largest state bauxite mine. An American company was allowed to open a mine. However, efforts to privatise the two state-owned bauxite mining companies, Berbice Mining Company and Linden Mining Company have so far been unsuccessful, most price controls were removed, the laws affecting mining and oil exploration were improved, and an investment policy receptive to foreign investment was announced. Tax reforms designed to promote exports and agricultural production in the sector were enacted. Agriculture and mining are Guyanas most important economic activities, with sugar, bauxite, rice, however, the rice sector experienced a decline in 2000, with export earnings down 27 percent through the third quarter 2000. Ocean shrimp exports, which were impacted by a one-month import ban to the United States in 1999. Shrimp exports rebounded in 2000, representing 11 percent of earnings through the third quarter 2000. Other exports include timber, diamonds, garments, rum, the value of these other exports is increasing. Since 1986, Guyana has received its entire wheat supply from the United States on concessional terms under a PL480 Food for Peace programme and it is now supplied on a grant basis. The Guyanese currency generated by the sale of the wheat is used for purposes agreed upon by the U. S. as with many developing countries, Guyana is heavily indebted. Reduction of the debt burden has been one of the present administrations top priorities, in 1999, through the Paris Club Lyons terms and the Heavily Indebted Poor Countries initiative Guyana managed to negotiate $256 million in debt forgiveness. In qualifying for HIPC assistance, for the first time, Guyana became eligible for a reduction of its multilateral debt. About half of Guyanas debt is owed to the multilateral development banks and 20% to its neighbour Trinidad and Tobago, almost all debt to the U. S. government has been forgivenEconomy of Guyana – Guyana Export Treemap
27. 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
28. Economy of India – The economy of India is the seventh-largest in the world measured by nominal GDP and the third-largest by purchasing power parity. The country is classified as an industrialised country, and one of the G-20 major economies. Indias economy became the worlds fastest growing economy in the last quarter of 2014. The Indian economy has the potential to become the worlds 3rd-largest economy by the next decade, and the outlook for short-term growth is also good as according to the IMF, the Indian economy is the bright spot in the global landscape. India also topped the World Banks growth outlook for 2015-16 for the first time with the economy having grown 7. 6% in 2015-16, growth is expected to decline slightly to 7. 1% in the 2016-17 fiscal year. India has one of the fastest growing sectors in the world with annual growth rate of above 9% since 2001. India has become an exporter of IT services, BPO services. It is also the part of the economy. The IT industry continues to be the largest private employer in India. India ranks second worldwide in farm output, the Industry sector has held a constant share of its economic contribution. The Indian auto mobile industry is one of the largest in the world with a production of 21.48 million vehicles in FY 2013-14. India has $600 billion worth of retail market in 2015 and one of worlds fastest growing E-Commerce markets, India is also home to worlds third largest billionaires pool with 111 billionaires in 2016 and the fourth largest number of ultra-high-net-worth households that have more than US$100 million. The combination of protectionist, import-substitution, Fabian socialism, social democratic-inspired policies governed India for sometime after the end of British occupation, the economy was then characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country towards a market-based economy, by 2008, India had established itself as one of the worlds faster-growing economies. Growth significantly slowed to 7. 0% in 2008–09, but subsequently recovered to 7. 4% in 2009–10, Indias current account deficit surged to 4. 1% of GDP during Q2 FY11 against 3. 2% the previous quarter. The unemployment rate for 2012–13, according to Government of Indias Labour Bureau, was 4. 7% nationwide, by UPS method, Indias consumer price inflation ranged between 8.9 and 12% over the 2009-2013 period. Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD, over time, traders organised themselves into associations which received state patronage. Other scholars suggest trading from India to West Asia and Eastern Europe was active between 14th and 18th century, during this period, Indian traders had settled in Surakhani, a suburb of greater Baku, AzerbaijanEconomy of India – Mumbai, Maharashtra is considered the financial capital of India
29. Economy of Indonesia – Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. The country is also a member of G-20 major economies and classified as an industrialised country. It is the sixteenth largest economy in the world by nominal GDP and is the eighth largest in terms of GDP, since 1999 the economy has recovered and growth has accelerated to over 4–6% in recent years. In 2012 Indonesia replaced India as the second-fastest-growing G-20 economy, behind China, in the 1960s, the economy deteriorated drastically as a result of political instability. They had a young and inexperienced government, which resulted in severe poverty, high levels of regulation and a dependence on declining oil prices, growth slowed to an average of 4. 5% per annum between 1981 and 1988. GDP per capita grew 545% from 1970 to 1980 as a result of the increase in oil export revenues from 1973 to 1979. High levels of growth from 1987 to 1997 masked a number of structural weaknesses in Indonesias economy. As a result, the system was very weak, and there was no effective way to enforce contracts, collect debts. Banking practices were unsophisticated, with collateral-based lending the norm and widespread violation of prudential regulations. Non-tariff barriers, rent-seeking by state-owned enterprises, domestic subsidies, barriers to domestic trade, the Asian financial crisis that began to affect Indonesia in mid-1997 became an economic and political crisis. Indonesias initial response was to float the rupiah, raise key domestic interest rates, the rupiah remained weak, however, and President Soeharto was forced to resign in May 1998. In August 1998, Indonesia and the IMF agreed on an Extended Fund Facility under President B. J Habibie that included significant structural reform targets, President Abdurrahman Wahid took office in October 1999, and Indonesia and the IMF signed another EFF in January 2000. The new program also has a range of economic, structural reform, the effects of the financial and economic crisis were severe. By November 1997, rapid currency depreciation had seen public debt reach US$60 bn, in 1998, real GDP contracted by 13. 1%. The economy reached its low point in mid-1999 and real GDP growth for the year was 0. 8%, inflation reached 72% in 1998 but slowed to 2% in 1999. The rupiah, which had been in the Rp 2, 600/USD1 range at the start of August 1997 fell to 11, 000/USD1 by January 1998, with spot rates around 15,000 for brief periods during the first half of 1998. It returned to 8, 000/USD1 range at the end of 1998 and has traded in the Rp 8, 000–10, 000/USD1 range ever since, with fluctuations that are relatively predictable. However, the rupiah began devaluing past 11,000 in 2013 and is as of November 2016 around 13,000 USD, in late 2004 Indonesia faced a mini-crisis due to international oil prices rises and importsEconomy of Indonesia – Jakarta, financial capital of Indonesia.
30. Economy of Israel – The economy of Israel is technologically advanced by global standards. The major economic sectors include high-technology and industrial manufacturing, the Israeli diamond industry is one of the centers for diamond cutting and polishing. Its central high technology hub Silicon Wadi is considered second in only to its Californian counterpart. Numerous Israeli companies have been acquired by global corporations for their reliable, each entrepreneur has each praised Israels economy and invested heavily across numerous Israeli industries beyond their traditional business activities and investments back in their home nations. Israel is also a major tourist destination, with 3.54 million foreign tourists visiting it in 2013, in September 2010, Israel was invited to join the OECD. The British Mandate that came into effect in 1923 aimed at restricting land purchases of previously Arab-owned land by Jewish immigrants, for this reason the Jewish population was initially more urban and had a higher share in industrial occupations than did the Arab majority. The first survey of the Dead Sea in 1911, by the Russian Jewish engineer Moshe Novomeysky, led to the establishment of Palestine Potash Ltd. in 1930, in 1923, Pinhas Rutenberg was granted an exclusive concession for the production and distribution of electric power. He founded the Palestine Electric Company, later the Israel Electric Corporation, in 1937, there were 86 spinning and weaving factories in the country, employing a workforce of 1,500. Capital and technical expertise were supplied by Jewish professionals from Europe, the Ata textile plant in Kiryat Ata, which went on to become an icon of the Israeli textile industry, was established in 1934. The industry underwent rapid development during World War II, when supplies from Europe were cut off while local manufacturers were commissioned for army needs, by 1943, the number of factories had grown to 250, with a workforce of 5,630, and output increased tenfold. From 1924, trade fairs were held in Tel Aviv, the Levant Fair was inaugurated in 1932. After statehood, Israel faced an economic crisis. As well as having to recover from the effects of the 1948 Arab–Israeli War, it also had to absorb hundreds of thousands of Jewish refugees from Europe. Israel was financially overwhelmed and faced an economic crisis, which led to a policy of austerity from 1949 to 1959. Unemployment was high, and foreign reserves were scarce. Over the next 14 years, West Germany paid Israel 3 billion marks, the reparations became a decisive part of Israels income, comprising as high as 87. 5% of Israels income in 1956. In 1950, the Israeli government launched Israel Bonds for American and Canadian Jews to buy, in 1951, the final results of the bonds program exceeded $52 million. Additionally, many American Jews made private donations to Israel, which in 1956 were thought to amount to $100 million a year, in 1957, bond sales amounted to 35% of Israels special development budgetEconomy of Israel – The Diamond Exchange District in Ramat Gan
31. Economy of 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
32. Economy of Jordan – Jordans GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, and rose 36% in the 1990s. Jordan is classified as an emerging market, after king Abdullah IIs accession to the throne in 1999, liberal economic policies were introduced that resulted in a boom that continued through 2009. Jordan has a banking sector that attracts investors due to conservative bank policies that enabled the country to weather the global financial crisis of 2009. Jordans economy has been growing at a rate of 7% after King Abdullah IIs accession to throne in 1999. As of 2015, Jordan boasts a GDP worth $37.6 USD bn, Jordan has FTAs with the United States, Canada, Singapore, Malaysia, the European Union, Tunisia, Algeria, Libya, Turkey and Syria. More FTAs are planned with Iraq, the Palestinian Authority, the GCC, Lebanon, the main obstacles to Jordans economy are scarce water supplies, complete reliance on oil imports for energy, and regional instability. Just over 10% of its land is arable and the supply is limited. Rainfall is low and highly variable, and much of Jordans available ground water is not renewable, Jordans economic resource base centers on phosphates, potash, and their fertilizer derivatives, tourism, overseas remittances, and foreign aid. These are its principal sources of hard currency earnings, lacking coal reserves, hydroelectric power, large tracts of forest or commercially viable oil deposits, Jordan relies on natural gas for 10% of its domestic energy needs. Jordan used to depend on Iraq for oil until the American-led 2003 invasion of Iraq, rapid privatization of previously state-controlled industries and liberalization of the economy is spurring growth in urban centers like Amman and Aqaba. Jordan has six special economic zones that attract large-scale investment, Aqaba, Mafraq, Maan, Ajloun, the Dead Sea, Jordan also has a plethora of industrial zones producing goods in the textile, aerospace, defense, ICT, pharmaceutical, and cosmetic sectors. In the last few years Jordans economic growth has slowed, averaging around 2%.4 million Syrian refugees, all of this has contributed for the swelling of Jordans public debt, which reached 95% of its GDP in 2016. The regional situation has made Jordan increasingly reliant on foreign aid, according to the World Bank, Syrian refugees have cost Jordan more than $2.5 billion a year, amounting to 6% of the GDP and 25% of the governments annual revenue. Foreign aid covers only a part of these costs, 63% of the total costs is covered by Jordan. This is a chart of trend of gross product of Jordan at market prices by the International Monetary Fund with figures in millions of Jordanian Dinars. For purchasing power parity comparisons, the Jordanian Dinar is exchanged per US dollar at 0.359, Jordans population is 6,342,948 and mean wages were $4.19 per man-hour in 2009. Jordan is classified by the World Bank as a middle income country. Jordan ranked as having the 35th best infrastructure in the world, the Kingdom scored higher than many of its peers in the Persian Gulf and Europe like Kuwait, IsraelEconomy of Jordan – 1 Jordanian Dinar
33. Economy of Kyrgyzstan – Kyrgyzstan is a mountainous country with a dominant agricultural sector. Cotton, tobacco, wool, and meat are the agricultural products, although only tobacco. According to Healy Consultants, the economy relies heavily on the strength of industrial exports, with reserves of gold, mercury, uranium. The economy also relies heavily on remittances from foreign workers, following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. Kyrgyzstan was the first Commonwealth of Independent States country to be accepted into the World Trade Organization, much of the governments stock in enterprises has been sold. Kyrgyzstans economic performance has been hindered by corruption, low foreign investment. Despite political corruption and regional instability, Kyrgyzstan is ranked 70th on the ease of doing business index and this is a chart of trend of gross domestic product of Kyrgyzstan at market prices estimated by the International Monetary Fund and EconStats with figures in millions of Kyrgyz Soms. For purchasing power parity comparisons, the US Dollar is exchanged at 9.40 Soms only, current GDP per capita of Kyrgyzstan shrank by 54% in the 1990s. Mean wages were $0.85 per man-hour in 2009 and this rate represented underemployment when compared to effective market pay, in the first half of 2012, Kyrgyz economy shrank by 5. 8%. This downturn was largely due to decline in production at the Kumtor mine. The budget deficit in mid-2012 was 23-billion soms and accounted for 7% of GDP while the target was to reduce it to 6%. On October 2012, International reserves and Foreign Currency Liquidity of Kyrgyzstan National Bank have reached US $1.96 bln,8. 6% of which is in gold. In 2012, to diversify the assets of Kyrgyzstan, the basket of currencies has been expanded by means of the Chinese yuan, in 2012,1 billion soms are to be spent for the purchase of gold. Gold proportion in international reserves has already grown to 8. 6%, the National Bank plans to increase it to 12-15% in future. Agriculture remains a part of Kyrgyzstan’s economy and a refuge for workers displaced from industry. Subsistence farming has increased in the early 2000s, after sharp reductions in the early 1990s, by the early 2000s agricultural production was approaching 1991 levels. Grain production in the valleys and livestock grazing on upland pastures occupy the largest share of the agricultural workforce. Farmers are shifting to grain and away from cotton and tobacco, other important products are dairy products, hay, animal feed, potatoes, vegetables, and sugar beetsEconomy of Kyrgyzstan – Osh Bazaar selling foods in Bishkek
34. Economy of Madagascar – The economy of Madagascar is a market economy and is supported by Madagascars well-established agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as crops such as vanilla. Madagascars wealth of natural resources supports its sizable mining industry, additionally, Madagascars status as a developing nation exempts Malagasy exports from customs protocol in some areas, notably the United States and European Union. These exemptions have supported the growth of the Malagasy textile industry, foreign investments have resumed following the resumption of elections in early 2014. Agriculture, including fishing and forestry, is Madagascars largest industry, in 2011, agricultural products—especially cloves, vanilla, cacao, sugar, pepper, and coffee—accounted for Madagascars top twelve exports by value. Madagascar produces the second largest vanilla harvest in the world and Malagasy vanilla accounts for about a quarter of the global vanilla market. A small but growing part of the economy is based on mining of ilmenite, with investments emerging in recent years, particularly near Tulear, mining corporation Rio Tinto Group started production at its Fort Dauphin mine in January 2009, following several years of preparation. Gemstone mining is also an important part of Madagascars economy, several major projects are underway in the mining and oil and gas sectors that, if successful, will give a significant boost. In the mining sector, these include the development of coal at Sakoa, the Ambatovy nickel mine is a huge operation and has cost USD $4.76 million to date and is due to start production in 2011. In oil, Madagascar Oil is developing the massive onshore heavy oil field at Tsimiroro, following the 2002 political crisis, the government attempted to set a new course and build confidence, in coordination with international financial institutions and donors. Madagascar developed a plan in collaboration with the private sector and donors. Donor countries demonstrated their confidence in the new government by pledging $1 billion in assistance over five years, Business Council was formed as a collaboration between the United States Agency for International Development and Malagasian artisan producers in Madagascar in 2002. The U. S. -Madagascar Business Council was formed in the United States in May 2003, president Ravalomanana rose to prominence through his agro-foods TIKO company, and is known for attempting to apply many of the lessons learned in the world of business to running the government. Prior to Ravalomananas resignation, concerns had arisen about the conflict of interest between his policies and the activities of his firms, most notable among them the preferential treatment for rice imports initiated by the government in late 2004 when responding to a production shortfall in the country. Madagascar’s appeal to investors stems from its competitive, trainable work force, more than 200 investors, particularly garment manufacturers, were organized under the country’s export processing zone system since it was established in 1989. The absence of quota limits on textile imports to the European market under the Lome Convention helped stimulate this growth, Growth in output in 1992–97 averaged less than the growth rate of the population. Growth has been back by a decline in world coffee demand. During a period of growth from 1997 to 2001, poverty levels remained stubbornly highEconomy of Madagascar – Rice paddies in Madagascar
35. Economy of Malawi – The economy of Malawi is predominantly agricultural, with about 90% of the population living in rural areas. The landlocked country in south central Africa ranks among the worlds least developed countries, in 2013, agriculture accounted for 27% of GDP and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, Malawi was ranked the 118th-safest investment destination in the world in the March 2011 Euromoney Country Risk rankings. In 2013, agriculture accounted for 27% of GDP, over 80% of the labour force, Malawis most important export crop is tobacco, which accounted for half of export revenue in 2012. In 2000, the country was the tenth-largest producer in the world, Malawis dependence on tobacco is growing, with the product jumping from 53% to 70% of export revenues between 2007 and 2008. The country also relies heavily on tea, sugarcane and coffee, tea was first introduced in 1878. Most of it is grown in Mulanje and Thyolo, other crops include cotton, corn, potatoes, sorghum, cattle and goats. Tobacco and sugar processing are notable secondary industries, traditionally Malawi has been self-sufficient in its staple food, maize, and during the 1980s it exported substantial quantities to its drought-stricken neighbors. Nearly 90% of the population engages in subsistence farming, smallholder farmers produce a variety of crops, including maize, beans, rice, cassava, tobacco, and groundnuts. Financial wealth is concentrated in the hands of a small elite. Malawis manufacturing industries are situated around the city of Blantyre, Lake Malawi and Lake Chilwa provide most of the fish for the region. For many Malawians, fish is the most important source of proteins, dried fish is not only consumed locally, but also exported to neighboring countries. Most fishing is done on small scale by hand, however, Maldeco Fisheries owns several commercial fishing boats and operates fish farms in the southern part of Lake Malawi. Malawi has few mineral resources. A South-African Australian consortium exploits uranium at a mine near Karonga, coal is being extracted in Mzimba District. Malawis economic reliance on the export of agricultural commodities renders it vulnerable to external shocks such as declining terms of trade. High transport costs, which can comprise over 30% of its total import bill, constitute a serious impediment to economic development, Malawi must import all its fuel products. The following are Malawis top 20 agricultural production values and volumes for 2009, key, F, FAO estimate, Im, FAO data based on imputation methodology, P, Provisional official data In 2013, Malawis manufacturing sector contributed 10. 7% of GDPEconomy of Malawi – Lilongwe market.
36. 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.
37. 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
38. 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.
39. Economy of Moldova – Moldova is a former Soviet republic in Eastern Europe. It is landlocked, bordered by Ukraine on the east and Romania to the west, the Republic of Moldova remains Europes poorest nation with per capita incomes on par with Nicaragua and Ghana and half that of Albania. On January 2,1992, Moldova introduced a market economy, liberalising prices, in 1993, a national currency, the Moldovan leu, was introduced to replace the Soviet ruble. The economic fortunes of Moldova began to change in 2001, since then the country has seen an annual growth of between 5% and 10%. Remittances from Moldovans abroad account for a quarter of Moldovas GDP, however, Ion Marandici claims the high level of remittances did not lead to development. Moldovas proximity to the Black Sea gives it a mild and sunny climate, the fertile soil supports wheat, corn, barley, tobacco, sugar beet, and soybeans. Beef and dairy cattle are raised, and beekeeping is widespread, Moldovas best-known product comes from its extensive and well-developed vineyards concentrated in the central and southern regions. In addition to wine, Moldova produces liqueur and sparkling wine. It is also known for its seeds, walnuts, apples. This makes the ideal for agriculture and food processing, which accounts for about 40% of the countrys GDP. Moldova has experienced difficulties, like many other former Soviet republics. The Russian ruble devaluation of 1998 had an effect on Moldovas economy. Moldova has made progress in economic reform since independence, the government has liberalized most prices and has phased out subsidies on most basic consumer goods. A program begun in March 1993 has privatized 80% of all housing units and nearly 2,000 small, medium, and large enterprises. Other successes include the privatization of all of Moldovas agricultural land from state to private ownership, as a result of an American assistance program, Pamînt. A stock market opened in June 1995, inflation was brought down from over 105% in 1994 to 11% in 1997. Though inflation spiked again after Russia’s 1998 currency devaluation, Moldova made great strides in bringing it under control,18. 4% in 2000,6. 3% in 2001, and 4. 4% in 2002. In 2003 inflation escalated again – due mainly to a rise in agricultural prices – reaching 15. 7%Economy of Moldova – 100 Moldovan Lei Banknote
40. 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
41. 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
42. Economy of Namibia – The Namibian economy has a modern market sector, which produces most of the countrys wealth, and a traditional subsistence sector. Namibia is a middle income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution. It leads the list of countries by income inequality with a Gini coefficient of 70.7 and 74.3, to facilitate this goal, the government has actively courted donor assistance and foreign investment. The liberal Foreign Investment Act of 1990 provides guarantees against nationalisation, freedom to remit capital and profits, currency convertibility, Namibia also is addressing the sensitive issue of agrarian land reform in a pragmatic manner. However, Government runs and owns a number of such as Air Namibia, Transnamib. The countrys sophisticated formal economy is based on industry and farming. However, Namibias economy is dependent on the earnings generated from primary commodity exports in a few vital sectors, including minerals, especially diamonds, livestock. Furthermore, the Namibian economy remains integrated with the economy of South Africa, Namibia also is a member of the International Monetary Fund and the World Bank, and has acceded to the European Unions Lomé Convention. Given its small domestic market but favourable location and a transport and communications base. In addition to its membership in the Southern African Development Community, Namibia presently belongs to the Southern African Customs Union with South Africa, Botswana, Lesotho, within SACU, no tariffs exist on goods produced in and moving among the member countries. Namibia is a net receiver of SACU revenues, they are estimated to contribute 13.9 billion NAD in 2012, the Namibian economy is closely linked to South Africa with the Namibian dollar pegged to the South African rand. In September 1993, Namibia introduced its own currency, the Namibia Dollar, ninety percent of Namibias imports originate in South Africa, and many Namibian exports are destined for the South African market or transit that country. Namibias exports consist mainly of diamonds and other minerals, fish products, beef and meat products, karakul sheep pelts, in recent years, Namibia has accounted for about 5% of total SACU exports, and a slightly higher percentage of imports. Namibia is seeking to diversify its trading relationships away from its dependence on South African goods. In the short term, Namibia is likely to see growth in the manufacturing industry as a result of AGOA. Namibia is heavily dependent on the extraction and processing of minerals for export, taxes and royalties from mining account for 25% of its revenue. The bulk of the revenue is created by mining, which made up 7. 2% of the 9. 5% that mining contributes to Namibias GDP in 2011. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds, experts say that the prices are expected to rise in the next 3 years because of an increase in nuclear activities from both Japan and ChinaEconomy of Namibia – Welcoming sign of the Burgsdorf -farm in Hardap.
43. Economy of Nepal – An isolated, agrarian society until the mid-20th century, Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The biggest challenges faced by the country in achieving economic development are the frequent changes in political leadership as well as corruption. Nepal has used a series of plans in an attempt to make progress in economic development. It completed its ninth economic development plan in 2002, its currency has been made convertible, Foreign aid to Nepal accounts for more than half of the development budget. Government priorities over the years have been the development of transportation and communication facilities, agriculture, since 1975, improved government administration and rural development efforts have been emphasised. Agriculture remains Nepals principal economic activity, employing about 65% of the population, only about 20% of the total area is cultivable, another 40. 7% is forested, most of the rest is mountainous. Rice and wheat are the food crops. The lowland Terai region produces a surplus, part of which supplies the food-deficient hill areas. GDP is heavily dependent on remittances of foreign workers, subsequently, economic development in social services and infrastructure in Nepal has not made dramatic progress. A countrywide primary education system is under development, and Tribhuvan University has several campuses, please see Education in Nepal for further details. Although eradication efforts continue, malaria had been controlled in the fertile, kathmandu is linked to India and nearby hill regions by road and an expanding highway network. The capital was almost out of fuel and transport of supplies caused by a general strike in southern Nepal on 17 February 2008. Major towns are connected to the capital by telephone and domestic air services, the export-oriented carpet and garment industries have grown rapidly in recent years and together now account for approximately 70% of merchandise exports. The Cost of Living Index in Nepal is comparatively lower than many countries, the quality of life has declined to much less desirous value in recent years. Nepal was ranked 54th worst of 81 ranked countries on the Global Hunger Index in 2011, Nepals current score of 19.5 is better than in 2010 and much improved than its score of 27.5 in 1990. Huge numbers of Small Foreign Investments come to Nepal via the Non Resident Nepali, Nepal has huge capacity of Hydroelectricity due to which huge number of foreign companies are in line but the political instability has stopped the process at the same time its growing on its own. Nepal entered into agreement for avoidance of taxation with 10 countries since 1987. Similarly, it has Investment protection agreement with 5 countries since 1983, in 2014, Nepal restricted the Foreign aid by setting minimum limit for foreign grants, soft and commercial loans from its development partnersEconomy of Nepal – Nepal Rastra Bank in Kathmandu
44. Economy of New Zealand – The economy of New Zealand is the 53rd-largest national economy in the world measured by nominal gross domestic product and 69th-largest in the world measured by purchasing power parity. It is one of the most globalised economies and depends greatly on trade, mainly with Australia, the European Union. The Closer Economic Relations agreement with Australia means that New Zealands economy is closely aligned with the Australian economy, New Zealands diverse market economy has a sizable service sector, accounting for 63% of all GDP activity in 2013. Large scale manufacturing industries include aluminum production, food processing, metal fabrication, wood, mining, manufacturing, electricity, gas, water, and waste services accounted for 16. 5% of GDP in 2013. The primary sector continues to dominate New Zealands exports, despite accounting for 6. 5% of GDP in 2013, the major capital market is the New Zealand Exchange, known as the NZX. As of November 2014, NZX had a total of 258 listed securities with a market capitalisation of $94.1 billion. The currency is the New Zealand dollar, informally known as the Kiwi dollar, the New Zealand dollar is the 10th most traded currency in the world. However, the positive outlook includes some challenges. New Zealand income levels, which used to be above those of other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms. As a result, the number of New Zealanders living in poverty has grown, New Zealand has also had persistent current account deficits since the early 70s, peaking at -7. 8% of GDP in 2006 but falling to -2. 6% of GDP in FY2014. Despite this, public debt stands at 38. 4% of GDP, however, between 1984 and 2006, net foreign debt increased 11-fold, to NZ$182 billion. By March 2014 net foreign debt had dropped back to NZ$141.6 billion, despite New Zealands persistent current account deficits, the balance on external goods and services has generally been positive. In FY2014, export receipts exceeded imports by NZ$3.9 billion, there has been an investment income imbalance or net outflow for debt-servicing of external loans. In FY2014, New Zealands investment income from the rest of the world was NZ$7 billion, versus outgoings of NZ$16.3 billion, a deficit of NZ$9.3 billion. The proportion of the current account deficit that is attributable to the investment income imbalance grew from one third in 1997 to roughly 70% in 2008, taxation in New Zealand is collected at a national level by the Inland Revenue Department on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods, local property taxes are managed and collected by local authorities. Some goods and services carry a tax, referred to as an excise or a duty such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service, there is no social security tax or land tax in New ZealandEconomy of New Zealand – Auckland's Central Business District at night, a major hub of economic activity.
45. Economy of Nicaragua – Nicaraguas economy is focused primarily on the agricultural sector. It is the least developed country in Central America, and the second poorest in the Americas by nominal GDP, in recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has increased dramatically, although it has also been subject to the global recession. Nicaraguas economy continues to post growth, with indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaraguas inflation rate hovered at 19. 82%, in 2009 and 2010, the country posted lower inflation rates,3. 68% and 5. 45%, respectively. Remittances are a source of income, equivalent to 15% of the countrys GDP, which originate primarily from Costa Rica, the United States. Approximately one million Nicaraguans contribute to the sector of the economy. In early 2004, Nicaragua secured some $4.5 billion in debt reduction under the International Monetary Fund. In April 2006, the US-Central America Free Trade Agreement went into effect, expanding opportunities for Nicaraguas agricultural. Textiles and apparel account for nearly 60% of Nicaraguas exports, in October 2007, the IMF approved an additional poverty reduction and growth facility program in support of the governments economic plans. Nicaraguas economy was devastated in the 1980s by the Contra War, at the same time, the US staged an economic blockade from 1985 onward. Following the civil war, Nicaragua began free market reforms, privatizing more than 350 state companies and commencing a general trend of economic growth. Inflation has been reduced from a high of 33, 603% during the years of the Sandinista period to more normal levels. Growth was slow in 2001 due to a combination of factors, but even with the recessions, growth has averaged 3. 4% between 2001 and 2011. Nicaragua suffers from persistent trade and budget deficits and a high debt-service burden, one of the key engines of economic growth has been production for export. In 2007, exports topped $1 billion US dollars for the first time in Nicaraguan history, Nicaragua is primarily an agricultural country, but construction, mining, fisheries, and general commerce also have been expanding during the last few years. Foreign private capital inflows topped $300 million in 1999 but, due to economic and political uncertainty, in the last 12 years, tourism has grown 394%, the rapid growth has led it to become Nicaraguas second largest source of foreign capital. Less than three years ago, the nation’s tourism budget was U. S. $400,000, today, Nicaraguas economy has also produced a construction boom, the majority of which is in and around Managua. Nicaragua faces a number of challenges in stimulating economic growthEconomy of Nicaragua – Managua
46. Economy of 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
47. 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
48. Economy of Pakistan – The economy of Pakistan is the 24th largest in the world in terms of purchasing power parity, and 43th largest in terms of nominal gross domestic product. Pakistan has a population of over 190 million, giving it a nominal GDP per capita of $1,429, however, Pakistans undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a country and is one of the Next Eleven. However, after decades of war and social instability, as of 2013, serious deficiencies in basic services such as railway transportation, the economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals, the economy has suffered in the past from internal political disputes, a fast-growing population, mixed levels of foreign investment. Pakistan is currently undergoing a process of liberalization, including privatization of all government corporations, aimed to attract foreign investment. In 2014, foreign currency reserves crossed $18.4 billion which has led to stable outlook on the long-term rating by Standard & Poors, according to the World Bank, poverty in Pakistan fell from 64. 3% in 2002 to 29. 5% in 2014. Pakistans fiscal position continues to improve as the budget deficit has fallen from 6. 4% in 2013 to 4. 3% in 2016, the countrys improving Macroeconomic position has led to Moodys upgrading Pakistans debt outlook to stable. Pakistan was a poor and predominantly agricultural country when it gained independence in 1947. Pakistans average economic growth rate in the first five decades has been higher than the rate of the world economy during the same period. Average annual real GDP growth rates were 6. 8% in the 1960s,4. 8% in the 1970s, average annual growth fell to 4. 6% in the 1990s with significantly lower growth in the second half of that decade. This is a chart of trend of gross product of Pakistan at market prices estimated by the International Monetary Fund with figures in millions of Pakistani Rupees. See also Historically, Pakistans overall economic output has grown every year since a 1951 recession, despite this record of sustained growth, Pakistans economy had, until a few years ago, been characterised as unstable and highly vulnerable to external and internal shocks. The World Bank and International Finance Corporations flagship report Ease of Doing Business Index 2015 ranked Pakistan 138 among 189 countries around the globe, the top five countries were Singapore, New Zealand, the United States, Hong Kong and United Kingdom. Many Western companies refuse to do business with Pakistan and cite problems of courrption, lack of resources, today the Nominal GDP of Pakistan is 270.96 billion USD which is better than its last decades performance due to high growth rate. AMC said that during the period January–July this year, Indian 100 point index was 6. 67% while Karachi Stock Exchange had achieved 100 point index of 17 percent. In the first four years of the twenty-first century, Pakistans KSE100 Index was the stock market index in the world as declared by the international magazine Business Week. The stock market capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005 by the World Bank, as a result, the corporate sector of Pakistan has declined dramatically in recent timesEconomy of Pakistan – A view of I. I. Chundrigar Road, the financial district of Karachi in Pakistan
49. 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
50. Economy of Papua New Guinea – PNGs GDP growth is driven by the extraction industries and real GDP growth per capita has averaged 4% since mid-2000. The country has made significant progress investing proceeds from oil and gas in infrastructure building and this is well supported by its strategic location as a Pacifics gateway to Asia as well as its comparatively huge landmass and demographic profile. Despite this poverty it is endowed with natural resources, but exploitation has been hampered by the rugged terrain. Agriculture provides a livelihood for the bulk of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings, budgetary support from Australia and development aid under World Bank auspices have helped sustain the economy. In 1995, Port Moresby reached an agreement with the International Monetary Fund and World Bank on an adjustment program. The coffee crop was slashed by up to 50% in 1997, despite problems with drought, the year 1998 saw a small recovery in GDP. Growth increased to 3. 6% in 1999 and may be higher in 2000. The economy generally can be separated into subsistence and market sectors, although the distinction is blurred by smallholder cash cropping of coffee, cocoa, about 75% of the countrys population relies primarily on the subsistence economy. The minerals, timber, and fish sectors are dominated by foreign investors, manufacturing is limited, and the formal labour sector consequently also is limited. In 1999, mineral production accounted for 26. 3% of gross domestic product, government revenues and foreign exchange earning minerals. Copper and gold mines are currently in production at Porgera, Ok Tedi, Misima, Lihir, Simberi, New nickel, copper and gold projects have been identified and are awaiting a rise in commodity prices to begin development. At early 2011, there are confirmation that Mount Suckling project has found at least two new large highly prospective porphyry bodies at Araboro Creek and Ioleu Creek, a consortium led by Chevron is producing and exporting oil from the Southern Highlands Province of Papua New Guinea. In 2001, it expects to begin the commercialization of the countrys estimated 640 km³ of natural gas reserves through the construction of a gas pipeline from Papua New Guinea to Queensland, Papua New Guinea produces and exports agricultural, timber, and fish products. Agriculture currently accounts for 25% of GDP and supports more than 80% of the population, cash crops ranked by value are coffee, oil, cocoa, copra, tea, rubber, and sugar. The timber industry was not active in 1998, due to low world prices, about 40% of the country is covered with timber rich trees, and a domestic woodworking industry has been slow to develop. Fish exports are confined primarily to shrimp, although fishing boats of other nations catch tuna in Papua New Guinea waters under license, Papua New Guinea is the largest yam market in Asia. In general, the Papua New Guinea economy is dependent on imports for manufactured goodsEconomy of Papua New Guinea – Port Moresby
51. 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
52. 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
53. Economy of Qatar – Proved oil reserves of 15 billion barrels should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world, Qatars proved reserves of natural gas exceed 7000 km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of gas are becoming increasingly important. Long-term goals include the development of petroleum and the diversification of the economy. Qatar is now the richest country in the world, current GDP per capita registered a world record-breaking peak growth of 1, 156% in the 70s. This became quickly unsustainable and Qatars current GDP per capita contracted 53% in the 80s, but rising global oil demand helped current GDP per capita to expand 94% in the 90s. Diversification is still an issue for this over-exposed economy. Mean wages were $59.99 per man-hour in 2009, the exploration of oil and gas fields began in 1939. In 1973, oil production and revenues increased dramatically, moving Qatar out of the ranks of the worlds poorest countries, Qatars economy was in a downturn from 1982 to 1989. OPEC quotas on oil production, the lower price for oil. In turn, the Qatari governments spending plans had to be cut to lower income. The resulting recessionary local business climate caused many firms to lay off expatriate staff, with the economy recovering in the 1990s, expatriate populations, particularly from Egypt and South Asia, have grown again. Oil production will not long remain at levels of 500,000 barrels per day. However, large gas reserves have been located off Qatars northeast coast. There have been also some oil fields or some large gas fields containing larger amounts of oil. For example, the state owned Qatar Petroleum found 2 offshore oil fields in the 1960s, back then production was too expensive. However, technological development led to production over 30 years later, oil and gas condensate will also be produced in the gas fields. The gas condensate can be refined to usual oil products in specialised refineries, the costs are a bit higher but it is normal today for companies to use the gas condensate tooEconomy of Qatar – Doha, financial centre of Qatar.
54. 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.
55. Economy of Saint Kitts and Nevis – The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane, decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles, the government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to fund social programs. In late September 1998, Hurricane Georges caused approximately $445 million in damages, the economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but hurricanes in 1998 and 1999 contributed to a sharp slowdown. Real economic growth was 0. 75% in 2002 after a decline of 4. 3% in 2001, the economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline. The construction sector recorded a 4. 51% decline, manufacturing and hotels and restaurants also recorded significant declines of 4.01 and 9. 89% respectively, consumer prices have risen marginally over the past few years. The inflation rate was 3%-4% for most of the 1990s, St. Kitts and Nevis is a member of the Eastern Caribbean Currency Union The Eastern Caribbean Central Bank issues a common currency for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries, there is an extensive parallel economy denominated in US$, which is the de facto currency for many business transactions. St. Kitts is a member of the Eastern Caribbean Telecommunications authority, see CIA factbook for latest data Of the islands total land area, about 39% is devoted to crops. The principal agricultural product of St. Kitts is sugarcane, peanuts are now the second crop, on Nevis, sea island cotton and coconuts are the major commodities. Sweet potatoes, onions, tomatoes, cabbages, carrots, in 2001, agricultural products accounted for about 18. 5% of total imports by value and 11. 2% of exports, the government has embarked on a program to substitute for food imports. Sugar estate lands were nationalized in 1975, and the factory was purchased by the government the following year.9 million was utilized to provide financial stability. Sugar production in 1999 was estimated at 197,000 tons, in July 2005, sugar production ceased. Pasture areas are small, covering some 2. 7% of the islands, pangola and Bermuda grasses provide the bulk of the fodder. Estimates of livestock in 2001 were sheep,14,000, goats,14,400, cattle,4,300 head, fishing is a traditional occupation that has not expanded to any great extent, the catch in 2000 was 257 tons. Some exports are made to the Netherlands Antilles and Puerto Rico, fish is caught by traditional methods such as beach-seining, pot and trap fishing & hand-lining. The catch is not enough to satisfy demand for fish. Large quantities of dried, salted and smoked fish, as well as frozen are imported from Canada, both islands have small stands of virgin tropical forest, with palms, poincianas, and palmettosEconomy of Saint Kitts and Nevis – Economy of Saint Kitts and Nevis
56. Economy of Saint Lucia – Saint Lucia is one of the Windward Islands, a group of islands located off the southeast coast of North America. The islands banana output was heavily impacted in 2007 by the passage of Hurricane Dean, in addition to banana production for export, a variety of crops are produced on the island for domestic consumption. The islands tourism industry declined by 6. 7% during 2007, the level of island households living at or below the poverty level increased from 18.7 to 21.4 percent from 1995 to 2005. Another 16.2 percent of the population are vulnerable to economic shocks that could easily push them below the poverty line. One rural district had 44.9 percent of households living below the poverty line, in order to broaden the islands economic base, the government added small computer-driven information technology and financial services as development objectives. Foreign investors also have been attracted by the improvements as well as by the educated and skilled work force. The largest investment is in a storage and transshipment terminal built by Hess Oil. The Caribbean Development Bank funded an expansion project. Until the events of 11 September 2001, the sector had made significant gains, experiencing a boom despite some untimely. Stay-over visitors and cruise arrivals declined in 2001 and several hotels declared bankruptcy, the development of the tourism sector remains a priority, and the government is committed to providing a favourable investment environment. Incentives are available for building and upgrading tourism facilities, St. Lucias economy depends primarily on revenue from tourism and banana production, with some contribution from small-scale manufacturing. All sectors of the economy have benefited from improvements in roads, communications, water supply, sewerage. These improvements, combined with a political environment and educated work force, have attracted foreign investors in several different sectors. Although St. Lucia enjoys a steady flow of investment in tourism, in addition, the Caribbean Development Bank funded an extensive airport expansion project. The country is encouraging farmers to plant crops such as cocoa, mangoes, tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St. Lucias GDP. The hotel and restaurant industry grew by 6. 3% during 2005, stay-over arrivals increased by 6. 5%, and the United States remained the most important market, accounting for 35. 4% of these arrivals. Redeployment of cruise ships, remedial berth construction, and high costs prevented higher growth rates. However, several investors have planned new tourism projects for the island, including a large hotel, the global recession has caused a reduction in tourist revenue and foreign investment, significantly slowing growth ratesEconomy of Saint Lucia – A proportional representation of St. Lucia's exports.
57. 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
58. Economy of Senegal – Predominantly rural, and with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall, the former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region. Senegal also has one of the best developed tourist industries in Africa, Senegal depends heavily on foreign assistance, which in 2000 represented about 32% of overall government spending—including both current expenditures and capital investments—or CFA270.8 billion. Senegal is a member of the World Trade Organization, the GDP per capita of Senegal shrank by 1. 30% in the 60s. However, it registered a growth of 158% in the 70s. However, this proved unsustainable and the economy shrank by 40% in the 90s. In January 1994, Senegal undertook an economic reform program at the behest of the international donor community. This reform began with a 50% devaluation of Senegals currency, the CFA franc, government price controls and subsidies have been steadily dismantled as another economic reform. This currency devaluation had severe consequences, because most essential goods were imported. Overnight, the price of such as milk, rice, fertilizer. As a result, Senegal suffered an exodus, with many of the most educated people. After an economic contraction of 2. 1% in 1993, Senegal made an important turnaround, thanks to the reform program, annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union, Senegal is working toward greater regional integration with a unified external tariff, Senegal still relies heavily upon outside donor assistance, however. The fishing sector has replaced the groundnut sector as Senegals export leader and its export earnings reached U. S. $239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese tuna is rapidly losing the French market to more efficient Asian competitors, phosphate production, the second major foreign exchange earner, has been steady at about U. S. $95 million. Exports of peanut products reached U. S. $79 million in 2000, receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million, senegal’s new Agency for the Promotion of Investment plays a pivotal role in the government’s foreign investment program. Its objective is to increase the investment rate from its current level of 20. 6% to 30%, currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchangeEconomy of Senegal – Dakar, Senegal's place de l'Indépendance: a center of government, banking and trade. In the background is the commercial port and the tourist destination, Gorée island.
59. 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.
60. Economy of Singapore – Singapore has a highly developed trade-oriented market economy. The economy of Singapore is a major Foreign Direct Investment outflow financier in the world, Singapore has also benefited from the inward flow of FDI from global investors and institutions due to its highly attractive investment climate and a stable political environment. Moreover, water is scarce in Singapore therefore water is defined as a resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited land, meaning that Singapore has to rely on the agrotechnology park for agricultural production and consumption. Human resources is another issue for the health of the Singaporean economy. The economy of Singapore ranks 2nd overall in the Scientific American Biotechnology ranking in 2014, Singapore also has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, the Port of Singapore is the second-busiest in the world by cargo tonnage. Singapores government promotes high levels of savings and investment through policies such as the Central Provident Fund, Singapores savings rates have remained among the highest in the world since the 1970s. Most companies in Singapore are registered as private limited-liability companies, a private limited company in Singapore is a separate legal entity, and shareholders are not liable for the companys debts beyond the amount of share capital they have contributed. To attract foreign talents, Singaporean government issues Employment Pass under three categories viz, the Ministry of Manpower oversees the matter related to immigration of workers. These measures aim to boost Singapores productivity, so that Singapore remains competitive, upon independence from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty. 70 percent of Singapores households lived in overcrowded conditions. Unemployment averaged 14 percent, GDP per capita was US$516, in response, the Singapore government established the Economic Development Board to spearhead an investment drive, and make Singapore an attractive destination for foreign investment. FDI inflows increased greatly over the decades, and by 2001 foreign companies accounted for 75% of manufactured output. Meanwhile, Singapores savings and investment rates rose among the highest levels in the world, while household consumption, as a result of this investment drive, Singapores capital stock increased 33 times by 1992, and achieved a tenfold increase in the capital-labor ratio. Living standards steadily rose, with families moving from a lower-income status to middle-income security with increased household incomes. During a National Day Rally speech in 1987, Lee Kuan-Yew claimed that 80% of Singaporeans could now be considered to be members of the middle-class. However, much unlike the policies of Greece and the rest of EuropeEconomy of Singapore – Skyline of Singapore's CBD
61. Economy of Suriname – Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings. The backbone of the economy of Suriname is the export of aluminium oxide, in 1999, the aluminium smelter at Paranam was closed and mining at Onverdacht ceased, however, alumina exports accounted for 72% of Surinames estimated export earnings of US$496.6 million in 2001. Surinames bauxite deposits have been among the worlds richest, inexpensive power costs are Surinames big advantage in the energy-intensive alumina and aluminium business. In the 1960s, the Aluminum Company of America built the US$150-million Afobaka Dam for the production of hydroelectric energy and this created the Brokopondo Reservoir a 1,560 km² lake, one of the largest artificial lakes in the world. The construction of railway was financially funded by the Dutch governments independence/severance payments after November 25,1975. After completion of railway and associated facilities, for political and economical reasons it was never actually used and was left to be overgrown by the jungle. Also plans to construct a dam in the Kabalebo River were developed, in 1984, SURALCO, a subsidiary of Alcoa, formed a joint venture with the Royal Dutch Shell-owned Billiton Company, which did not process the bauxite it mined in Suriname. Under this agreement, both companies share risks and profits, the major mining sites at Moengo and Lelydorp are maturing, and it is now estimated that their reserves will be depleted by 2006. Other proven reserves exist in the east, west, and north of the country sufficient to last until 2045, however, distance and topography make their immediate development costly. The government and the companies are looking into ways to develop the new mines. The preeminence of bauxite and ALCOAs continued presence in Suriname is a key element in the U. S. -Suriname economic relationship, there is one large scale gold mine operating in Suriname. This is the Rosebel Gold Mine, development of a second large scale mine called the Merian Gold Project was approved by the government of Suriname on June 7,2013. This mining project would be a partnership of Newmont Mining Corporation and Alcoa World Alumina, Merian is about 60 kilometres south of the town of Moengo on the Marowijne River. The government estimates there are another 20,000 small scale operators, only 115 of these were registered by the government in 2009. The government calls these people porknokkers, because of unemployment in Suriname, some local people turn to small, illegal gold mining as their source of incomes. Gold mining has caused damages in the country. Establishment of Ordening Goudsector Commission for the Ordering of the Gold Mining Sector was established by the government in 2010, ban on mercury use in small-scale mining Suriname doesn’t produce chemical mercury and only allows mercury imports with a license. Since the nineties these licenses weren’t issued anymore, moreover, all licenses are used for mercury imports for medical use or researchEconomy of Suriname – Hardwood logs transported down river, 1955
62. 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
63. Economy of Tunisia – Tunisia is in the process of economic reform and liberalization after decades of heavy state direction and participation in the economy. Prudent economic and fiscal planning have resulted in moderate but sustained growth for over a decade, Tunisias economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015-2016, Tunisia ranks in 92nd place, based on HDI latest report, Tunisia ranks 96th globally and 5th in Africa. The year 2015 was marked by terrorist attacks in Tunisia which are likely to impact economic growth, especially in tourism, GDP per capita soared by more than 380% in the seventies. Tunisias economic reform program was lauded as a model by international financial institutions, the government liberalized prices, reduced tariffs, lowered debt-service-to-exports and debt-to-GDP ratios, and extended the average maturity of its $10 billion foreign debt. Structural adjustment brought additional lending from the World Bank and other Western creditors, in 1990, Tunisia acceded to the General Agreement on Tariffs and Trade and is a member of the World Trade Organization. In 1996 Tunisia entered into an Association Agreement with the European Union which removed tariff, the government totally or partially privatized around 160 state-owned enterprises after the privatization program was launched in 1987. Although the program is supported by the GATT, the government had to move carefully to avoid mass firings, unemployment continued to plague Tunisias economy and was aggravated by a rapidly growing work force. An estimated 55% of the population is under the age of 25, officially,15. 2% of the Tunisian work force is unemployed. In 2011, after the Arab Spring, the economy slumped, however, unemployment is still one of the major issues with 15. 2% of the labor force unemployed as of the first quarter of 2014. Tunisia’s political transition gained new momentum in early 2014, with the resolution of a deadlock, the adoption of a new Constitution. The national dialogue platform, brokered by key civil society organizations and this consensus will allow for further reform in the economy and public sector. In 2015, the Bardo National Museum attack led to the collapse of the third largest sector of Tunisias economy, Tunisian tourist workers in Tunis have said that tourism is dead, it is completely dead expressing the severe drop in tourism after the attack. In 1992, Tunisia re-entered the private capital market for the first time in 6 years. In January 2003 Standard & Poors affirmed its investment grade ratings for Tunisia. The World Economic Forum 2002-03 ranked Tunisia 34th in the Global Competitiveness Index Ratings, in April 2002, Tunisias first US dollar-denominated sovereign bond issue since 1997 raised $458 million, with maturity in 2012. The Bourse de Tunis is under the control of the state-run Financial Market Council, the government offers substantial tax incentives to encourage companies to join the exchange, and expansion is occurring. The Tunisian government adopted a unified investment code in 1993 to attract foreign capital, more than 1,600 export-oriented joint venture firms operate in Tunisia to take advantage of relatively low labor costs and preferential access to nearby European marketsEconomy of Tunisia – Tunis
64. 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
65. Economy of Uganda – Endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed. The economy of Uganda has great potential, and it appeared poised for rapid economic growth, the national energy needs have historically been more than domestic energy generation, though large petroleum reserves have been found in the west. After the turmoil of the Amin period, the country began a program of recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the outbreak of civil strife led to a setback in economic performance. Since assuming power in early 1986, Musevenis government has taken important steps toward economic rehabilitation, the countrys infrastructure—notably its transport and communications systems which were destroyed by war and neglect—is being rebuilt. These so-called Structural Adjustment Programs greatly improved the shape of the Ugandan economy, since 1995, Uganda has experienced rapid economic growth, but it is not clear to what extent this positive development can be attributed to Structural Adjustment. Uganda is a member of the World Trade Organization, Uganda began issuing its own currency in 1966 through the Bank of Uganda. Agricultural products supply nearly all of Ugandas foreign exchange earnings, with coffee alone accounting for about 27% of the exports in 2002. Exports of apparel, hides, skins, vanilla, vegetables, fruits, cut flowers, and fish are growing, and cotton, tea, most industry is related to agriculture. Uganda has about 30,000 kilometres of roads, with approximately 2,800 kilometres paved, the country has about 1,350 kilometres of rail lines. A railroad originating at Mombasa on the Indian Ocean connects with Tororo, where it branches westward to Jinja, Kampala, and Kasese and northward to Mbale, Soroti, Lira, Gulu, the only railway line still operating, however, is the one to Kampala. An international airport is at Entebbe on the shore of Lake Victoria, the Uganda Communications Commission regulates communications, primarily delivered through an enabled private sector. In late 2012, the government of Uganda was taken to court over value added tax that it placed on goods and services purchased by Tullow Oil, a foreign oil company operating in the country. There is also a possibility that the country could be sanctioned by the World Bank if found in breach of trade, the Ugandan government insists that Tullow cannot claim taxes on supplies as recoverable costs before oil production starts. Tullow Oil is being represented in the case by Kampala Associated Advocates, whose founder is Elly Kurahanga. In June 2015, the Ugandan government and Tullow Oil settled a dispute regarding the amount of certain capital gains taxes that the company owed to the government. The government claimed that the company owed US$435 million, the claim, however, was settled for US $250 million. The Tullow Oil refinery that cost $1.5 billion has been put on due to governmental complicationsEconomy of Uganda – Downtown Kampala
66. Economy of Uruguay – The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. Real GDP fell in four years by nearly 20%, with 2002 the worst year, the unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage, Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08, the 2008-09 global financial crisis put a brake on Uruguays vigorous growth, which decelerated to 2. 9% in 2009. Nevertheless, the managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment. Uruguay has a partially dollarized economy, as of August 2008 almost 60% of bank loans use United States dollars, but most transactions use the Uruguayan peso. Throughout Uruguays history, their strongest exporting industries have been beef, in the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan. At the same time with timber refining being kept within the country, forestry has become an industry in the recent years. Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics and these investments laid the way for most of the substantial exports of plastic-based products which has taken an important role in Uruguays economy. In 2013, travel and tourism accounted for 9. 4% of the countrys GDP and their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguays major attraction is the interior, particularly located in the region around Punta del Este, cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Beef exports in 2006 amounted to around 37% of Uruguayan exports, wool is a traditional product exported mainly to America, followed by the UK and India. Conaprole, National Cooperative of Milk Producers is the main exporter of products in Latin America. The area of the dedicated to the dairy food is located mainly in the south west. Fine varieties are produced in the lowlands in the east of the close to Merin lake on the Uruguay-Brazil border. The national company Saman claims to be the main exporter in Latin America, countries it exports to include Brazil, Iran, Peru, South Africa, Chile, Senegal, Argentina, Paraguay, Bolivia, Ecuador, USA, Canada and China. International cruises call at Montevideo from October to March every year, also, Uruguay hosts many year-round international conferences. Uruguays well-educated workforce and lower-than-international wages have put Uruguay on the IT map, a product named GeneXus, originally created in Uruguay by a company called ArTech, is noteworthyEconomy of Uruguay – Member states
67. Economy of Venezuela – The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the countrys GDP, Venezuela is the sixth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a growth that attracted many immigrants. Other notable manufacturing includes electronics and automobiles, as well as beverages, agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least one-fourth of Venezuelas land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, the country is not self-sufficient in most areas of agriculture. In spite of strained relations between the two countries, the United States has been Venezuelas most important trading partner, U. S. exports to Venezuela have included machinery, agricultural products, medical instruments, and cars. Venezuela is one of the top four suppliers of oil to the United States. About 500 U. S. companies are represented in Venezuela.4 million barrels per day,500,000 of which go to the United States of America. In 2015, Venezuela had over 100% inflation – the highest in the world, the rate increased to nearly 500% by the end of 2016 with Venezuela spiraling into hyperinflation while the population poverty rate was between 76% to 80% according to independent sources. When oil was discovered at the Maracaibo strike in 1922, Venezuelas dictator, Juan Vicente Gómez, but oil history was made in 1943 when Standard Oil of New Jersey accepted a new agreement in Venezuela based on the 50-50 principle, a landmark event. Terms even more favorable to Venezuela were negotiated in 1945, after a coup brought to power a government that included Juan Pablo Pérez Alfonso. From the 1950s to the early 1980s buoyed by high oil prices, the continuous growth during that period attracted many immigrants. In 1958 a new government again included Pérez Alfonso, who devised a plan for the oil cartel that would become OPEC. During Pérez Jimenez dictatorship from 1952 to 1958, Venezuela enjoyed remarkably high GDP growth, nevertheless, he managed to balance Venezuelas public budget and initiate an unsuccessful agrarian reform. Literacy and welfare programs benefited tremendously from these conditions, because of the oil wealth, Venezuelan workers enjoyed the highest wages in Latin America. This situation was reversed when oil prices collapsed during the 1980s, by the mid-1990s under President Rafael Caldera, Venezuela saw annual inflation rates of 50-60% from 1993 to 1997 with an exceptional peak in 1996 at 99. 88%. The number of living in poverty rose from 36% in 1984 to 66% in 1995 with the country suffering a severe banking crisis. In 1998, the crisis had grown even worseEconomy of Venezuela – Caracas
68. Economy of Vietnam – Vietnams socialist-oriented market economy is a developing planned economy and market economy. Over that period, the economy has experienced rapid growth, in the twenty-first century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises, Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In a similar fashion to other Communist countries after the end of the Cold War the planned economy of Vietnam lost the momentum for productivity and sustainable growth. In the current period the economy of Vietnam relies largely on foreign investment to attract the capital from overseas to support its continual economic rigorousness. In 2013, the nominal GDP reached US$170.565 billion, Vietnam has been named among the Next Eleven and CIVETS countries. Despite economic achievement following Doi Moi, there exist issues that many analysts. Civilization in Vietnam had been built on agriculture, the feudal dynasties always considered agriculture as the main economic base, and their economic thoughts have been predicated on physiocracy. Land ownership was regulated, and such works as dykes were constructed in the Red River Delta to facilitate wet rice cultivation. In peaceful times, soldiers were sent home to do farm work, furthermore, the court prohibited slaughtering water buffalo and cattle and held many agriculture-related ceremonies. Handicrafts and art were valued, but commerce was deprecated, from the 16th century, Confucianism was losing its influence on Vietnamese society and a monetary economy began to develop. Early commercial ports, such as Hội An, were constrained and this policy of closure led to a degree of stagnation in the Vietnamese economy, and contributed to Vietnam becoming a French colony. Until the French colonization in the century, Vietnams economy had been mostly agrarian. Though the plan exaggerated regional divisions, the development of exports — coal from the North, rice from the South —, the separation distorted the basic Vietnamese economy by overly stressing regional economic differences. In the South, while irrigated rice remained the principal crop, the French introduced plantation agriculture with products such as tea, cotton. The colonial government also developed some extractive industries, such as the mining of coal, iron, a shipbuilding industry was begun in Hanoi, railroads, roads, power stations, and hydraulics works were constructed. In the South, agricultural development concentrated on rice cultivation, and, nationally, rice, domestic and foreign trade were centered around the Saigon-Cholon area. Industry in the South consisted mostly of food-processing plants and factories producing consumer goods, when the North and South were divided politically in 1954, they also adopted different economic ideologies, communism in the North and capitalism in the SouthEconomy of Vietnam – Ho Chi Minh City is the financial center of Vietnam
69. 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
70. Economy of Austria – Austria is one of the 14 richest countries in the world in terms of GDP per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austrias largest industry firms were nationalised, in recent years, however, labour movements are particularly strong in Austria and have large influence on labour politics. Next to a developed industry, international tourism is the most important part of the national economy. Germany has historically been the main trading partner of Austria, making it vulnerable to changes in the German economy. However, since Austria became a state of the European Union it has gained closer ties to other European Union economies. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austrias access to the single European market, growth in GDP accelerated in recent years and reached 3. 3% in 2006. In 2004 Austria was the fourth richest country within the European Union, having a GDP per capita of approximately €27,666, with Luxembourg, Ireland, and Netherlands leading the list. Vienna was ranked the fifth richest NUTS-2 region within Europe with GDP reaching €38,632 per capita, just behind Inner London, Luxembourg, Brussels-Capital Region, growth has been steady in recent years 2002–2006 varying between 1 and 3. 3%. Ever since the end of the World War II, Austria has achieved sustained economic growth. In the soaring 1950s, the efforts for Austria lead to an average annual growth rate of more than 5% in real terms. Following moderate real GDP growth of 1. 7%, 2% and 1. 2%, respectively, in 1995,1996, and 1997, Austria became a member of the EU on 1 January 1995. Membership brought economic benefits and challenges and has drawn an influx of foreign investors attracted by Austrias access to the single European market, Austria also has made progress in generally increasing its international competitiveness. As a member of the economic and monetary union of the European Union, Austrias economy is closely integrated with other EU member countries, on 1 January 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced, replacing those of the Austrian schilling. In Austria, Euros appear as 1999, however all Austrian euro coins introduced in 2002 have this year on it, eight different designs, one per face value, were selected for the Austrian coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, before adopting the Euro in 2002 Austria had maintained use of the Austrian schilling which was first established in December 1924. The Schilling was abolished in the wake of the Anschluss in 1938 and has been reintroduced after the end of the World War II in November 1945, Austria has one of the richest collection of collectors coins in the Eurozone, with face value ranging from 10 to 100 euro. These coins are a legacy of an old practice of minting of silverEconomy of Austria – Danube City, Vienna
71. 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
72. Economy of Bulgaria – The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised upper-middle-income country according to the World Bank and it has experienced rapid economic growth in recent years reaching estimated gross domestic product of $143.1 billion, GDP per capita of $20,116, and an average monthly gross salary of 1,012 leva. Since 2001, Bulgaria has managed to attract considerable amounts of Foreign Direct Investment. During the Great Recession, Bulgaria marked a decline in its economy of 5. 5% in 2009, however, the growth continued to be weak in the following years, allowing the pre-crisis level of GDP to be reached in 2014. The currency of the country is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro, the lev is the strongest and most stable currency in Eastern Europe. The strongest sectors are energy, mining, metallurgy, machine building, agriculture, primary industrial exports are clothing, iron and steel, machinery and refined fuels. Low productivity and competitiveness on the European and world markets alike due to inadequate R&D funding however still remain a significant obstacle for foreign investment, during the 1930s, the Bulgarian economy was described as an economy militarily bound to Germany. In the early 1940s, as Germany began to lose the Second World War, as a whole, the period between the 1880s and 1945 was marked by strong industrialization. During the Socialism era, Bulgarian economy continued to be industrialized, although free market trade substantially decreased, the partys ascent to power in 1944 had marked the beginning of economic change towards planned economy. During that time, Bulgaria followed the Soviet model of economic development more closely than any member of the Eastern Bloc. At the same time, the focus of Bulgarian international trade shifted from Central Europe to Eastern Europe and these new policies resulted in impressive initial rates of economic development. Bulgarian economy closely resembled that of the Soviet Union, throughout the postwar period, economic progress was also substantially assisted by a level of internal political stability unseen in other Eastern European countries during the same period. That represented a change on the Bulgarian political scene as political turbulence was common before BCPs ascent to power, nonetheless, beginning in the early 1960s, low capital and labour productivity, as well as expensive material inputs, plagued the Bulgarian economy. With disappointing rates of growth came a high degree of economic experimentation and this experimentation took place within the socialist economic framework, although never approaching a market-based economy. In the late 1980s, continuing poor economic performance intensified economic hardship, by that time, the misdirection and irrationality of BCP economic policies had become quite clear. Bulgarias economy contracted dramatically after 1987 when Comecon, with which the Bulgarian economy had integrated closely, on 10 November 1989, at the November plenum of BCP, Todor Zhivkov was dismissed from his long-held party leader and head of state positions. The communist regime gave way to democratic elections and government, unlike the communist parties in most other Eastern European states, the BCP retained power by winning the first free national elections in June 1990. That was made possible by changes in party leadership, programme, reduction of its power base and it regained pre-1989 levels by June 2004Economy of Bulgaria – Business Park Sofia
73. Economy of Croatia – The economy of Croatia is a service-based economy with the tertiary sector accounting for 70% of total gross domestic product. After the collapse of socialism, Croatia went through a process of transition to an economy in the 1990s. Croatia joined the World Trade Organization in 2000, NATO in 2009, Croatian economy was badly affected by the financial crisis which, together with slow progress of economic reforms, resulted in six years of recession and a cumulative decline in GDP of 12, 5%. Croatia formally emerged from the recession with 3 continuous quarters of GDP growth in Q42014, Q12015, predictions are that GDP will continue to grow in 2017. The industrial sector with exports of over €1 billion annually is dominated by shipbuilding which accounts for over 10% of exported goods, food processing and chemical industry also account for significant portions of industrial output and exports. Industrial sector represents 27% of Croatia’s total economic output while agriculture represents 6%, industrial sector is responsible for 25% of Croatias GDP, with agriculture, forestry and fishing accounting for the remaining 5% of Croatian GDP. With over 14 million tourists annually, tourism revenue in excess of €8 billion. Croatia is ranked among the top 20 most popular tourist destinations in the world, Trade plays a major role in Croatian economic output. In 2007 Croatias exports were valued at USD12.84 billion, according to Healy Consultants, trade in Croatia is bolstered by its low trade-weighted average tariff of just 1. 2%. Croatias currency is the Kuna, which was implemented in 1994 and has remained stable since, during the 19th century the Kingdom of Croatia had a high ratio of population working in agriculture. Many industrial branches developed in time, like forestry and wood industry. Shipbuilding in Croatia played a role in the 1850s Austrian Empire. Sisak and Vukovar were the centres of river-shipbuilding, Slavonia was also mostly an agricultural land and it was known for its silk production. Agriculture and the breeding of cattle were the most profitable occupations of the inhabitants and it produced corn of all kinds, hemp, flax, tobacco, and great quantities of liquorice. The first steps towards industrialization began in the 1830s and in the decades the construction of big industrial enterprises took place. During the 2nd half of the 19th and early 20th century there was an upsurge of industry in Croatia, strengthened by the construction of railways, however, the industrial production was still lower than agricultural production. Industrialization was faster in inner Croatia than in regions, while Dalmatia remained one of the poorest provinces of Austria-Hungary. The slow rate of modernization and rural overpopulation caused extensive emigration, according to estimates, roughly 400,000 Croats emigrated from Austria-Hungary between 1880 and 1914Economy of Croatia – Sectors of the Croatian economy
74. 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
75. 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
76. Economy of Finland – Finland has a highly industrialised, mixed economy with a per capita output equal to that of other western economies such as France, Germany, Sweden or the United Kingdom. The largest sector of the economy is services at 72.7 percent, with respect to foreign trade, the key economic sector is manufacturing. The largest industries are electronics, machinery, vehicles and other engineered metal products, forest industry, Finland has timber and several mineral and freshwater resources. Forestry, paper factories, and the sector are politically sensitive to rural residents. The Greater Helsinki area generates around a third of GDP, in a 2004 OECD comparison, high-technology manufacturing in Finland ranked second largest after Ireland. Knowledge-intensive services have also ranked the smallest and slow-growth sectors – especially agriculture, overall short-term outlook was good and GDP growth has been above many EU peers. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark, Finland is highly integrated in the global economy, and international trade is a third of GDP. The European Union makes 60 percent of the total trade, the largest trade flows are with Germany, Russia, Sweden, the United Kingdom, the United States, Netherlands and China. Trade policy is managed by the European Union, where Finland has traditionally been among the free trade supporters, except for agriculture. Finland is the only Nordic country to have joined the Eurozone, Denmark and Sweden have retained their traditional currencies, whereas Iceland and Norway are not members of the EU at all. But as a poor country, it was vulnerable to shocks to the economy such as the great famine of 1867-1868. Until the 1930s, the Finnish economy was agrarian and, as late as in the 1950s. While nationalization committees were set up in France and the United Kingdom, after failed experiments with protectionism, Finland eased restrictions and concluded a free trade agreement with the European Community in 1973, making its markets more competitive. Local education markets expanded and an number of Finns also went abroad to study in the United States or Western Europe. There was a common, but pragmatic-minded, credit and investment cooperation by state and corporations. Savings rate hovered among the worlds highest, at around 8% until the 80s, in the beginning of the 1970s, Finlands GDP per capita reached the level of Japan and the UK. Finlands economic development shared many aspects with export-led Asian countries, the official policy of neutrality enabled Finland to trade both with Western and Comecon markets. Significant bilateral trade was conducted with the Soviet Union, but this did not grow into a dependence, like other Nordic countries, Finland has liberalized its system of economic regulation since late 1980sEconomy of Finland – Helsinki, Finland
77. 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
78. 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
79. Economy of Hungary – The Hungarian economy is the 57th-largest economy in the world with $265.037 billion annual output, and ranks 49th in the world in terms of GDP per capita measured by purchasing power parity. Hungary is a market economy with a heavy emphasis on foreign trade. The country had more than $100 billion of exports in 2015, with a trade surplus of $9.003 billion, of which 79% went to the EU. Hungarys productive capacity is more than 80% privately owned, with 39. 1% overall taxation, on the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%. As of 2015, the key trading partners of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland, major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism. Hungary is the largest electronics producer in Central and Eastern Europe, electronics manufacturing and research are among the main drivers of innovation and economic growth in the country. In the past 20 years Hungary has also grown into a center for mobile technology, information security. The unemployment rate was 4. 3% in January 2017, down from 11% during the crisis of 2007–08. Hungary is part of the European single market which represents more than 508 million consumers, several domestic commercial policies are determined by agreements among European Union members and by EU legislation. Large Hungarian companies are included in the BUX, the Hungarian stock market index listed on Budapest Stock Exchange, well-known companies include the Fortune Global 500 firms MOL Group, the OTP Bank, Gedeon Richter Plc. Magyar Telekom, CIG Pannonia, FHB Bank, Zwack Unicum, besides these, Hungary has large number of specialised small and medium enterprises, for example many automotive industry suppliers and technology start ups, among others. Budapest is the financial and business capital of Hungary. 4%, on the national level, Budapest is the primary city of Hungary for business, accounting for 39% of the national income. The city had a gross metropolitan product of more than $100 billion in 2015, Budapest is also among the Top100 GDP performing cities in the world, as measured by PricewaterhouseCoopers. In a global city competitiveness ranking by EIU, Budapest is ranked above Tel Aviv, Lisbon, Moscow and Johannesburg, the Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%. In the age of feudalism the key factor was land. The new economic and social orders created private ownership of land, there are three forms of existence, the royal, ecclesiastical and secular private estate. The royal estate of the dynasty had evolved from the tribal lands. The origin of the private holdings dates back to the conquest tribal common estatesEconomy of Hungary
80. Economy of the Republic of Ireland – The economy of Ireland is a modern knowledge economy, focusing on services and high-tech industries and dependent on trade, industry and investment. In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27 at 5th in the OECD-28 rankings as of 2008. In terms of GNP per capita, a measure of national income, Ireland ranks only slightly above the OECD average, despite significant growth in recent years. GDP is significantly greater than GNP due to the repatriation of profits, a 2005 study by The Economist found Ireland to have the best quality of life in the world. The 1995 to 2007 period of high economic growth, with a record of posting the highest growth rates in Europe. One of the keys to this growth was a low corporation tax. The Irish financial crisis affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. The hard economic climate was reported in April 2010, even to have led to a resumed emigration, the economic challenges continued, however, as the prolonged European sovereign-debt crisis caused a new Irish recession starting in Q32012, which was still ongoing as of Q22013. In May 2013 the European Commissions economic forecast for Ireland predicted its growth rates would return to a positive 1. 1% in 2013 and 2. 2% in 2014, the Irish economy grew by 4. 8% in 2014 and an unexpected 26. 3% in 2015. From the 1920s Ireland had high trade barriers such as tariffs, particularly during the Economic War with Britain in the 1930s. During the 1950s,400,000 people emigrated from Ireland and it became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation, in the 1970s, the population increased by 15% and national income increased at an annual rate of about 4%. Employment increased by around 1% per year, but the sector amounted to a large part of that. Public sector employment was a third of the workforce by 1980. Budget deficits and public debt increased, leading to the crisis in the 1980s, during the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their income, unemployment had risen to 20%, annual overseas emigration reached over 1% of population. In 1987 Fianna Fáil reduced public spending, cut taxes, ryanair used Irelands deregulated aviation market and helped European regulators to see benefits of competition in transport markets. Intel invested in 1989 and was followed by a number of companies such as MicrosoftEconomy of the Republic of Ireland – Dublin City Centre
81. Economy of 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
82. Economy of Lithuania – Lithuania is a member of the European Union and the largest economy among the three Baltic states. Lithuania belongs to the group of high human development countries. Lithuania was the first country to independence from Soviet Union in 1990 and rapidly moved from centrally planned to a market economy. It enjoyed high growth rates after joining the European Union along with the other Baltic states, GDP growth reached its peak in 2007, increasing by 11. 1%, and still growing slightly in 2008. Similar to the other Baltic States, the Lithuanian economy suffered a recession in 2009. GDP growth has resumed in 2010, albeit at a slower pace than before the crisis, GDP per capita in Lithuania is 70% above the worlds average of $10,500. The history of Lithuania can be divided into seven major periods, all the periods have some interesting and important facts that affected the economic situation of the country in those times. Lithuanian tribes maintained close contacts with the Roman Empire. Amber was the main good provided to the Roman Empire from Baltic Sea coast, consolidation of the Lithuanian lands began in the late 12th century. Andreas Stirland crowned Mindaugas, the first pan-Lithuanian ruler, as the Catholic King of Lithuania in 1253, the Grand Duchy was open to everyone. Grand Duke Gediminas issued letters to the Hanseatic league, offering access to his domains for men of every order and profession from nobles. Economic immigrants improved the level of handicrafts, in 1569 the Polish–Lithuanian Commonwealth formed through the union of the Kingdom of Poland and the Grand Duchy of Lithuania. The economy of the Commonwealth was dominated by feudal agriculture based on the exploitation of the agricultural workforce, poland-Lithuania played a significant role in supplying 16th-century Western Europe with exports of three sorts of goods, grain, cattle and fur. These three articles amounted to nearly 90% of the exports to western markets by overland and maritime trade. The Commonwealth was famous for Europes first and the second modern codified national constitution. Economic and commercial reforms, previously shunned as unimportant by the Szlachta, were introduced, following the partitions of the Polish-Lithuanian Commonwealth in 1772,1793 and 1795, the Russian Empire controlled the majority of Lithuania. The reform amounted to the liquidation of serf dependence previously suffered by peasants, on 16 February 1918, the Council of Lithuania passed a resolution for the re-establishment of the Independent State of Lithuania. Soon, many reforms for sustainable economic growth were implementedEconomy of Lithuania – Gediminas Avenue in autumn
83. 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
84. 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
85. 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
86. 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
87. 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