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Afghanistan
- Economy - overview:
Afghanistan's economy is recovering from decades of conflict. The
economy has improved significantly since the fall of the Taliban regime
in 2001 largely because of the infusion of international assistance, the
recovery of the agricultural sector, and service sector growth. Real GDP
growth probably exceeded 8% in 2006. Despite the progress of the past
few years, Afghanistan is extremely poor, landlocked, and highly
dependent on foreign aid, agriculture, and trade with neighboring
countries. Much of the population continues to suffer from shortages of
housing, clean water, electricity, medical care, and jobs. Criminality,
insecurity, and the Afghan Government's inability to extend rule of law
to all parts of the country pose challenges to future economic growth.
It will probably take the remainder of the decade and continuing donor
aid and attention to significantly raise Afghanistan's living standards
from its current status, among the lowest in the world. While the
international community remains committed to Afghanistan's development,
pledging over $24 billion at three donors' conferences since 2002, Kabul
will need to overcome a number of challenges. Expanding poppy
cultivation and a growing opium trade generate roughly $3 billion in
illicit economic activity and looms as one of Kabul's most serious
policy concerns. Other long-term challenges include: budget
sustainability, job creation, corruption, government capacity, and
rebuilding war torn infrastructure.
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Armenia
- Economy - overview:
Under the old Soviet central planning system, Armenia had developed a
modern industrial sector, supplying machine tools, textiles, and other
manufactured goods to sister republics in exchange for raw materials and
energy. Since the implosion of the USSR in December 1991, Armenia has
switched to small-scale agriculture away from the large agroindustrial
complexes of the Soviet era. The agricultural sector has long-term needs
for more investment and updated technology. The privatization of
industry has been at a slower pace, but has been given renewed emphasis
by the current administration. Armenia is a food importer, and its
mineral deposits (copper, gold, bauxite) are small. The ongoing conflict
with Azerbaijan over the ethnic Armenian-dominated region of
Nagorno-Karabakh and the breakup of the centrally directed economic
system of the former Soviet Union contributed to a severe economic
decline in the early 1990s. By 1994, however, the Armenian Government
had launched an ambitious IMF-sponsored economic liberalization program
that resulted in positive growth rates in 1995-2003. Armenia joined the
WTO in January 2003. Armenia also has managed to slash inflation,
stabilize the local currency (the dram), and privatize most small- and
medium-sized enterprises. 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 does not have sufficient generating capacity to
replace Metsamor, which is under international pressure to close. The
electricity distribution system was privatized in 2002. Armenia's severe
trade imbalance has been offset somewhat by international aid and
foreign direct investment. Economic ties with Russia remain close,
especially in the energy sector.
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Azerbaijan
- Economy - overview:
Azerbaijan's number one export is oil. Azerbaijan's oil production
declined through 1997 but has registered an increase every year since.
Negotiation of production-sharing arrangements (PSAs) with foreign
firms, which have thus far committed $60 billion to oilfield
development, should generate the funds needed to spur future industrial
development. Oil production under the first of these PSAs, with the
Azerbaijan International Operating Company, began in November 1997.
Azerbaijan shares all the formidable problems of the former Soviet
republics in making the transition from a command to a market economy,
but its considerable energy resources brighten its long-term prospects.
Baku has only recently begun making progress on economic reform, and old
economic ties and structures are slowly being replaced. An obstacle to
economic progress, including stepped up foreign investment in the
non-energy sector, is the continuing conflict with Armenia over the
Nagorno-Karabakh region. Trade with Russia and the other former Soviet
republics is declining in importance while trade is building with Turkey
and the nations of Europe. Long-term prospects will depend on world oil
prices, the location of new pipelines in the region, and Azerbaijan's
ability to manage its oil wealth.
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Facts
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Bahrain
- Economy - overview: In
Bahrain, petroleum production and refining account for about 60% of
export receipts, 60% of government revenues, and 30% of GDP. With its
highly developed communication and transport facilities, Bahrain is home
to numerous multinational firms with business in the Gulf. Bahrain is
dependent on Saudi Arabia for oil revenue granted as aid. A large share
of exports consists of petroleum products made from refining imported
crude. Construction proceeds on several major industrial projects.
Unemployment, especially among the young, and the depletion of oil and
underground water resources are major long-term economic problems.
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Bangladesh
- Economy - overview:
Despite sustained domestic and international efforts to improve economic
and demographic prospects, Bangladesh remains a poor, overpopulated, and
ill-governed nation. Although more than half of GDP is generated through
the service sector, nearly two-thirds of Bangladeshis are employed in
the agriculture sector, with rice as the single most important product.
Major impediments to growth include frequent cyclones and floods,
inefficient state-owned enterprises, inadequate port facilities, a
rapidly growing labor force that cannot be absorbed by agriculture,
delays in exploiting energy resources (natural gas), insufficient power
supplies, and slow implementation of economic reforms. Economic reform
is stalled in many instances by political infighting and corruption at
all levels of government. Progress also has been blocked by opposition
from the bureaucracy, public sector unions, and other vested interest
groups. The BNP government, led by Prime Minister Khaleda ZIA, has the
parliamentary strength to push through needed reforms, but the party's
level of political will to do so has been lacking.
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Facts
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Bhutan
- Economy - overview: The
economy, one of the world's smallest and least developed, is based on
agriculture and forestry, providing the main livelihood for more than
90% of the population. Agriculture consists largely of subsistence
farming and animal husbandry. Rugged mountains dominate the terrain and
make the building of roads and other infrastructure difficult and
expensive. The economy is closely aligned with India's through strong
trade and monetary links. The industrial sector is technologically
backward, with most production of the cottage industry type. Most
development projects, such as road construction, rely on Indian migrant
labor. Bhutan's hydropower potential and its attraction for tourists are
key resources. The Bhutanese Government has made some progress in
expanding the nation's productive base and improving social welfare.
Model education, social, and environment programs in Bhutan are underway
with support from multilateral development organizations. Each economic
program takes into account the government's desire to protect the
country's environment and cultural traditions. Detailed controls and
uncertain policies in areas like industrial licensing, trade, labor, and
finance continue to hamper foreign investment. Major hydroelectric
projects will lead expansion of GDP in 2002 by an estimated 6%.
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Facts
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Brunei
- Economy - overview: This
small, wealthy economy is a mixture of foreign and domestic
entrepreneurship, government regulation, welfare measures, and village
tradition. Crude oil and natural gas production account for nearly half
of GDP. Per capita GDP is far above most other Third World countries,
and substantial income from overseas investment supplements income from
domestic production. The government provides for all medical services
and subsidizes rice and housing. Brunei's leaders are concerned that
steadily increased integration in the world economy will undermine
internal social cohesion although it became a more prominent player by
serving as chairman for the 2000 APEC (Asian Pacific Economic
Cooperation) forum. Plans for the future include upgrading the labor
force, reducing unemployment, strengthening the banking and tourist
sectors, and, in general, further widening the economic base beyond oil
and gas.
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Facts
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Burma (Myanmar)
- Economy - overview: Burma
is a resource-rich country that suffers from abject rural poverty. The
military regime took steps in the early 1990s to liberalize the economy
after decades of failure under the "Burmese Way to Socialism",
but those efforts have since stalled. Burma has been unable to achieve
monetary or fiscal stability, resulting in an economy that suffers from
serious macroeconomic imbalances - including an official exchange rate
that overvalues the Burmese kyat by more than 100 times the market rate.
In addition, most overseas development assistance ceased after the junta
suppressed the democracy movement in 1988 and subsequently ignored the
results of the 1990 election. Burma is data poor, and official
statistics are often dated and inaccurate. Published estimates of
Burma's foreign trade are greatly understated because of the size of the
black market and border trade - often estimated to be one to two times
the official economy.
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Facts
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Cambodia
- Economy - overview:
Cambodia's economy slowed dramatically in 1997-98 due to the regional
economic crisis, civil violence, and political infighting. Foreign
investment and tourism fell off. In 1999, the first full year of peace
in 30 years, progress was made on economic reforms and growth resumed at
5%. GDP growth for 2000 had been projected to reach 5.5%, but the worst
flooding in 70 years severely damaged agricultural crops, and high oil
prices hurt industrial production, and growth for the year is estimated
at only 4%. In 2001, severe floods damaged an estimated 15% of the area
devoted to rice. Tourism now is Cambodia's fastest growing industry,
with arrivals up 34% in 2000 and up another 40% in 2001 before the
September 11 terrorist attacks in the US. The long-term development of
the economy after decades of war remains a daunting challenge. The
population lacks education and productive skills, particularly in the
poverty-ridden countryside, which suffers from an almost total lack of
basic infrastructure. Fear of renewed political instability and
corruption within the government discourage foreign investment and delay
foreign aid. On the brighter side, the government is addressing these
issues with assistance from bilateral and multilateral donors.
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Country
Facts
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Cambodia
Virtual Library
The Southeast Asia Republic of Cambodia is explored
within this library of links and information such as news, university
studies, government, politics, business, travel, tourism, maps,
heritage, history, publications and culture.
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China (see separate entries for Taiwan and Hong Kong)
For China's own People Going Global Information page Click Here:
China
- Georgia
- Economy - overview:
Georgia's main economic activities include the cultivation of
agricultural products such as citrus fruits, tea, hazelnuts, and grapes;
mining of manganese and copper; and output of a small industrial sector
producing alcoholic and nonalcoholic beverages, metals, machinery, and
chemicals. The country imports the bulk of its energy needs, including
natural gas and oil products. Its only sizable internal energy resource
is hydropower. Despite the severe damage the economy has suffered due to
civil strife, Georgia, with the help of the IMF and World Bank, has made
substantial economic gains since 1995, achieving positive GDP growth and
curtailing inflation. However, the Georgian government suffers from
limited resources due to a chronic failure to collect tax revenues.
Georgia also suffers from energy shortages; it privatized the T'bilisi
distribution network in 1998, but collection rates are low, making the
venture unprofitable. The country is pinning its hopes for long-term
growth on its role as a transit state for pipelines and trade. The start
of construction on the Baku-T'bilisi-Ceyhan oil pipeline and the
Baku-T'bilisi-Erzerum gas pipeline will bring much-needed investment and
job opportunities in 2003.
- Country
Facts
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Hong Kong
- Economy - overview:
Hong Kong has a bustling free market economy highly dependent on
international trade. Natural resources are limited, and food and raw
materials must be imported. Indeed, imports and exports, including
reexports, each exceed GDP in dollar value. Even before Hong Kong
reverted to Chinese administration on 1 July 1997 it had extensive trade
and investment ties with China. Per capita GDP compares with the level
in the four big economies of Western Europe. GDP growth averaged a
strong 5% in 1989-97. The widespread Asian economic difficulties in 1998
hit this trade-dependent economy quite hard, with GDP down 5%. The
economy, with growth of 10% in 2000, recovered rapidly from the Asian
financial crisis. The recent global downturn has badly hurt Hong Kong's
exports and GDP growth is estimated to be 0% in 2001. Private sector
analysts project 2002 GDP growth to be 1.8%.
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Regional
Facts
- Culture Shock!: Hong Kong
Book
by Betty Peh-Ti Wei, Elizabeth Li (Contributor)
Part of the useful series on culture shock, a good
introduction and a well presented series for a first impression of another
culture.
- Hong
Kong America Center
China
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India
For India's own People Going Global Information page Click Here:
India
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Indonesia
- Economy-overview: Indonesia,
a vast polyglot nation, faces severe economic development problems,
stemming from secessionist movements and the low level of security in
the regions, the lack of reliable legal recourse in contract disputes,
corruption, weaknesses in the banking system, and strained relations
with the IMF. Investor confidence will remain low and few new jobs will
be created under these circumstances. In November 2001, Indonesia agreed
with the IMF on a series of economic reforms in 2002, thus enabling
further IMF disbursements. Keys to future growth remain internal reform,
the build-up of the confidence of international donors and investors,
and a strong comeback in the global economy.
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Country
Facts
- Living in Indonesia
- A site for expats with useful links
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Iran
- Economy - overview: Iran's economy is marked by
a bloated, inefficient state sector, over reliance on the oil sector,
and statist policies that create major distortions throughout. Most
economic activity is controlled by the state. Private sector activity is
typically small-scale - workshops, farming, and services. President
Mahmud AHMADI-NEJAD has continued to follow the market reform plans of
former President RAFSANJANI, with limited progress. Relatively high oil
prices in recent years have enabled Iran to amass nearly $60 billion in
foreign exchange reserves, but have not eased economic hardships such as
high unemployment and inflation. The proportion of the economy devoted
to the development of weapons of mass destruction remains a contentious
issue with leading Western nations
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Political Review
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Facts
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Iraq
- Economy - overview: Iraq's economy is dominated
by the oil sector, which has traditionally provided about 95% of foreign
exchange earnings. Iraq's seizure of Kuwait in August 1990, subsequent
international economic sanctions, and damage from military action by an
international coalition beginning in January 1991 drastically reduced
economic activity. Although government policies supporting large
military and internal security forces and allocating resources to key
supporters of the regime hurt the economy, implementation of the UN's
oil-for-food program, which began in December 1996, helped improve
conditions for the average Iraqi citizen. Iraq was allowed to export
limited amounts of oil in exchange for food, medicine, and some
infrastructure spare parts. In December 1999, the UN Security Council
authorized Iraq to export under the program as much oil as required to
meet humanitarian needs. The military victory of the US-led coalition in
March-April 2003 resulted in the shutdown of much of the central
economic administrative structure. Although a comparatively small amount
of capital plant was damaged during the hostilities, looting, insurgent
attacks, and sabotage have undermined efforts to rebuild the economy.
Attacks on key economic facilities - especially oil pipelines and
infrastructure - have prevented Iraq from reaching projected export
volumes, but total government revenues have been higher than anticipated
due to high oil prices. Despite political uncertainty, Iraq is making
some progress in building the institutions needed to implement economic
policy and has concluded a debt reduction agreement with the Paris Club
and a Standby Arrangement with the IMF. Iraq's economic prospects will
depend on the government's ability to control inflation, to implement
structural reforms such as bank restructuring, and to develop the
private sector.
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Israel
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Economy—overview: Israel has a technologically advanced market economy with
substantial government participation. It depends on imports of crude
oil, grains, raw materials, and military equipment. Despite limited
natural resources, Israel has intensively developed its agricultural and
industrial sectors over the past 20 years. Israel is largely
self-sufficient in food production except for grains. Cut diamonds,
high-technology equipment, and agricultural products (fruits and
vegetables) are the leading exports. Israel usually posts sizable
current account deficits, which are covered by large transfer payments
from abroad and by foreign loans. Roughly half of the government's
external debt is owed to the US, which is its major source of economic
and military aid. The influx of Jewish immigrants from the former USSR
during the period 1989-99 coupled with the opening of new markets at the
end of the Cold War, energized Israel's economy, which grew rapidly in
the early 1990s. But growth began moderating in 1996 when the government
imposed tighter fiscal and monetary policies and the immigration bonus
petered out. Growth was a strong 6.4% in 2000. But the bitter
Israeli-Palestinian conflict, increasingly the declines in the
high-technology and tourist sectors, and fiscal austerity measures in
the face of growing inflation have led to declines in GDP in 2001 and
2002.
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Country
Facts
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Japan
For Japan's own People Going Global Information page Click Here:
Japan
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Jordan
- Economy - overview: Jordan is a small Arab
country with inadequate supplies of water and other natural resources
such as oil. Debt, poverty, and unemployment are fundamental problems,
but King ABDALLAH since assuming the throne in 1999 has undertaken some
broad economic reforms in a long-term effort to improve living
standards. Amman in the past three years has worked closely with the IMF,
practiced careful monetary policy, and made significant headway with
privatization. The government also has liberalized the trade regime
sufficiently to secure Jordan's membership in the WTrO (2000), an
association agreement with the EU (2000), and a free trade accord with
US (2000). These measures have helped improve productivity and have put
Jordan on the foreign investment map. The substantial trade deficit is
covered by tourism receipts, worker remittances, and foreign assistance.
Ongoing challenges include fiscal adjustment to reduce the budget
deficit and broader investment incentives to promote job-creating
ventures.
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Kazakhstan
- Economy - overview: Kazakhstan, the largest of
the former Soviet republics in territory, excluding Russia, possesses
enormous fossil fuel reserves as well as plentiful supplies of other
minerals and metals. It also is a large agricultural - livestock and
grain - producer. Kazakhstan's industrial sector rests on the extraction
and processing of these natural resources and also on a growing
machine-building sector specializing in construction equipment,
tractors, agricultural machinery, and some defense items. The breakup of
the USSR in December 1991 and the collapse in demand for Kazakhstan's
traditional heavy industry products resulted in a short-term contraction
of the economy, with the steepest annual decline occurring in 1994. In
1995-97, the pace of the government program of economic reform and
privatization quickened, resulting in a substantial shifting of assets
into the private sector. Kazakhstan has enjoyed double-digit growth in
2000-01 thanks largely to its booming energy sector, but also to
economic reform, good harvests, and foreign investment. The opening of
the Caspian Consortium pipeline in 2001, from western Kazakhstan's
Tengiz oilfield to the Black Sea, substantially raises export capacity.
Astana has embarked upon an industrial policy designed to diversify the
economy away from overdependence on the oil sector by developing light
industry.
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Kuwait
- Economy - overview:
Kuwait is a small, rich, relatively open economy with proved crude oil
reserves of 94 billion barrels - 10% of world reserves. Petroleum
accounts for nearly half of GDP, 90% of export revenues, and 75% of
government income. Kuwait's climate limits agricultural development.
Consequently, with the exception of fish, it depends almost wholly on
food imports. About 75% of potable water must be distilled or imported.
Higher oil prices put the FY99/00 budget into a $2 billion surplus. The
FY00/01 budget covers only nine months because of a change in the fiscal
year. The budget for FY01/02 envisioned higher expenditures for
salaries, construction, and other general categories. Kuwait continues
its discussions with foreign oil companies to develop fields in the
northern part of the country.
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Kyrgyzstan
- Economy - overview:
Kyrgyzstan is a small, poor, mountainous country with a predominantly
agricultural economy. Cotton, wool, and meat are the main agricultural
products and exports. Industrial exports include gold, mercury, uranium,
and electricity. Kyrgyzstan has been one of the most progressive
countries of the former Soviet Union in carrying out market reforms.
With fits and starts, inflation has been lowered to an estimated 7% in
2001. Much of the government's stock in enterprises has been sold. Drops
in production had been severe since the breakup of the Soviet Union in
December 1991, but by mid-1995 production began to recover and exports
began to increase. Growth was held down to 2.1% in 1998 largely because
of the spillover from Russia's economic difficulties, but moved ahead to
3.6% in 1999, 5% in 2000, and 5% again in 2001. Despite these gains,
poverty indicators are no better in 2001 than in 1996. On the positive
side, the government and the international financial institutions have
embarked on a comprehensive medium-term poverty reduction and economic
growth strategy. In November 2001, with financing assurance from the
Paris Club, the IMF Board approved a three-year, $93 million Poverty
Reduction and Growth Facility.
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Facts
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Laos
- Economy - overview: The
government of Laos - one of the few remaining official Communist states
- began decentralizing control and encouraging private enterprise in
1986. The results, starting from an extremely low base, were striking -
growth averaged 7% in 1988-2001 except during the short-lived drop
caused by the Asian financial crisis beginning in 1997. Despite this
high growth rate, Laos remains a country with a primitive
infrastructure; it has no railroads, a rudimentary road system, and
limited external and internal telecommunications. Electricity is
available in only a few urban areas. Subsistence agriculture accounts
for half of GDP and provides 80% of total employment. The economy will
continue to benefit from aid from the IMF and other international
sources and from new foreign investment in food-processing and mining.
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Lebanon
- Economy - overview: The
1975-91 civil war seriously damaged Lebanon's economic infrastructure,
cut national output by half, and all but ended Lebanon's position as a
Middle Eastern entrepot and banking hub. Peace enabled the central
government to restore control in Beirut, begin collecting taxes, and
regain access to key port and government facilities. Economic recovery
was helped by a financially sound banking system and resilient small-
and medium-scale manufacturers. Family remittances, banking services,
manufactured and farm exports, and international aid provided the main
sources of foreign exchange. Lebanon's economy made impressive gains
since the launch in 1993 of "Horizon 2000," the government's
$20 billion reconstruction program. Real GDP grew 8% in 1994, 7% in
1995, 4% in 1996 and in 1997 but slowed to 2% in 1998, -1% in 1999, and
-0.5% in 2000. Growth recovered slightly in 2001 to 1%. During the 1990s
annual inflation fell to almost 0% from more than 100%. Lebanon has
rebuilt much of its war-torn physical and financial infrastructure. The
government nonetheless faces serious challenges in the economic arena.
It has funded reconstruction by borrowing heavily - mostly from domestic
banks. In order to reduce the ballooning national debt, the re-installed
HARIRI government began an economic austerity program to reign in
government expenditures, increase revenue collection, and privatize
state enterprises. The Hariri government met with international donors
at the Paris II conference in November 2002 to seek bilateral assistance
in order to restructure its higher interest rate bearing domestic debt
obligations at lower rates. While privatization of state-owned
enterprises had not occurred by the end of 2002, the government had
successfullly avoided a currency devaluation and debt default in 2002.
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Malaysia
- Economy - overview:
Malaysia, a middle income country, transformed itself from 1971 through
the late 1990s from a producer of raw materials into an emerging
multi-sector economy. Growth is almost exclusively driven by exports -
particularly of electronics - and, as a result Malaysia was hard hit by
the global economic downturn and the slump in the Information Technology
(IT) sector in 2001. GDP in 2001 grew only 0.3% due to an estimated 11%
contraction in exports, but a substantial fiscal stimulus package has
mitigated the worst of the recession and the economy is expected to grow
by 2% to 3% in 2002 as the world economy rebounds. Kuala Lumpur's
healthy foreign exchange reserves and relatively small external debt
make it unlikely that Malaysia will experience a crisis similar to the
crisis of 1997, but the economy remains vulnerable to a more protracted
downturn in the US and Japan, top export destinations and key sources of
foreign investment.
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Maldives
- Economy - overview: Tourism, Maldives largest
industry, accounts for 20% of GDP and more than 60% of the Maldives'
foreign exchange receipts. Over 90% of government tax revenue comes from
import duties and tourism-related taxes. Almost 400,000 tourists visited
the islands in 1998. Fishing is a second leading sector. The Maldivian
Government began an economic reform program in 1989 initially by lifting
import quotas and opening some exports to the private sector.
Subsequently, it has liberalized regulations to allow more foreign
investment. Agriculture and manufacturing continue to play a minor role
in the economy, constrained by the limited availability of cultivable
land and the shortage of domestic labor. Most staple foods must be
imported. Industry, which consists mainly of garment production, boat
building, and handicrafts, accounts for about 18% of GDP. Maldivian
authorities worry about the impact of erosion and possible global
warming on their low-lying country; 80% of the area is one meter or less
above sea level.
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Mongolia
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Economy—overview: Economic activity traditionally has been based on
agriculture and breeding of livestock. Mongolia also has extensive mineral
deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a
large part of industrial production. Soviet assistance, at its height
one-third of GDP, disappeared almost overnight in 1990-91, at the time of the
dismantlement of the USSR. Mongolia was driven into deep recession, prolonged
by the Mongolian People's Revolutionary Party's (MPRP) reluctance to undertake
serious economic reform. The Democratic Coalition (DC) government has embraced
free-market economics, easing price controls, liberalizing domestic and
international trade, and attempting to restructure the banking system and the
energy sector. Major domestic privatization programs were undertaken, as well
as the fostering of foreign investment through international tender of the oil
distribution company, a leading cashmere company, and banks. Reform was held
back by the ex-Communist MPRP opposition and by the political instability
brought about through four successive governments under the DC. Economic
growth picked up in 1997-99 after stalling in 1996 due to a series of natural
disasters and declines in world prices of copper and cashmere. In August and
September 1999, the economy suffered from a temporary Russian ban on exports
of oil and oil products, and Mongolia remains vulnerable in this sector.
Mongolia joined the World Trade Organization (WTrO) in 1997. The international
donor community pledged over $300 million per year at the last Consultative
Group Meeting, held in Ulaanbaatar in June 1999. The MPRP government, elected
in July 2000, is anxious to improve the investment climate; it must also deal
with a heavy burden of external debt. Falling prices for Mongolia's mainly
primary sector exports, widespread opposition to privatization, and adverse
effects of weather on agriculture in early 2000 and 2001 restrained real GDP
growth in 2000-01
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Facts
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Nepal
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Economy—overview: Nepal is among the poorest and least developed
countries in the world with nearly half of its population living below the
poverty line. Agriculture is the mainstay of the economy, providing a
livelihood for over 80% of the population and accounting for 41% of GDP.
Industrial activity mainly involves the processing of agricultural produce
including jute, sugarcane, tobacco, and grain. Textile and carpet production,
accounteing for about 80% of foreign exchange earnings in recent years,
contracted significantly in 2001 due to the overall slowdown in the world
economy and pressures by Maoist insurgents on factory owners and workers.
Security concerns in the wake of Maoist activity, the June massacre of many
members of the royal family, and the September 11 terrorist attacks in the US
led to a decrease in tourism, another key source of foreign exchange.
Agricultural production is growing by about 5% on average as compared with
annual population growth of 2.3%. Since May 1991, the government has been
moving forward with economic reforms, particularly those that encourage trade
and foreign investment, e.g., by reducing business licenses and registration
requirements to simplify investment procedures. The government has also been
cutting expenditures by reducing subsidies, privatizing state industries, and
laying off civil servants. More recently, however, political instability -
five different governments over the past few years - has hampered Kathmandu's
ability to forge consensus to implement key economic reforms. Nepal has
considerable scope for accelerating economic growth by exploiting its
potential in hydropower and tourism, areas of recent foreign investment
interest. Prospects for foreign trade or investment in other sectors will
remain poor, however, because of the small size of the economy, its
technological backwardness, its remoteness, its landlocked geographic
location, and its susceptibility to natural disaster. The international
community's role of funding more than 60% of Nepal's development budget and
more than 28% of total budgetary expenditures will likely continue as a major
ingredient of growth.
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Facts
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North
Korea
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Economy—overview:
North Korea, one of the world's most centrally planned
and isolated economies, faces desperate economic conditions. Industrial
capital stock is nearly beyond repair as a result of years of
underinvestment and spare parts shortages. Industrial and power output
have declined in parallel. Despite a good harvest in 2001, the nation
faces its ninth year of food shortages because of a lack of arable land;
collective farming; weather-related problems, including major drought in
2000; and chronic shortages of fertilizer and fuel. Massive
international food aid deliveries have allowed the regime to escape mass
starvation since 1995-96, but the population remains vulnerable to
prolonged malnutrition and deteriorating living conditions. Large-scale
military spending eats up resources needed for investment and civilian
consumption. Recently, the regime has placed emphasis on earning hard
currency, developing information technology, addressing power shortages,
and attracting foreign aid, but in no way at the expense of
relinquishing central control over key national assets or undergoing
widespread market-oriented reforms. In 2002, heightened political
tensions with key donor countries and general donor fatigue have held
down the flow of desperately needed food aid and threaten fuel aid as
well.
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Facts
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Oman
- Economy - overview:
Oman's economic performance improved significantly in 2000 due largely
to the upturn in oil prices. The government is moving ahead with
privatization of its utilities, the development of a body of commercial
law to facilitate foreign investment, and increased budgetary outlays.
Oman continues to liberalize its markets and joined the World Trade
Organization (WTrO) in November 2000. GDP growth improved in 2001
despite the global slowdown.
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Country
Facts
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Pakistan
- Economy - overview:
Pakistan, an impoverished and underdeveloped country, suffers from
internal political disputes, lack of foreign investment, and a costly
confrontation with neighboring India. Pakistan's economic prospects,
marred by poor human development indicators, low levels of foreign
investment, and reliance on international creditors for hard currency
inflows, were nonetheless on an upswing through most of 2001. The
MUSHARRAF government made significant inroads in macroeconomic reform -
it completed an IMF short-term loan program for the first time and
improved its standing with international creditors by increasing revenue
collection and restraining the fiscal deficit in the 2001/02 budget.
While Pakistan has capitalized on its international standing after the
11 September terrorist attacks on the US by garnering substantial
assistance from abroad - including $1.3 billion in IMF Poverty Reduction
and Growth Facility aid and $12.5 billion in Paris Club debt
rescheduling - long-term prospects remain uncertain. GDP growth will
continue to hinge on crop performance; dependence on foreign oil leaves
the import bill vulnerable to fluctuating oil prices; and foreign and
domestic investors remain wary of committing to projects in Pakistan.
Pakistani trade levels - already in decline due to the global economic
downturn - worsened in the aftermath of the September 11 attacks.
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Facts
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Philippines
- Economy - overview: In
1998 the Philippine economy - a mixture of agriculture, light industry,
and supporting services - deteriorated as a result of spillover from the
Asian financial crisis and poor weather conditions. Growth fell to 0.6%
in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 4% in
2000. The government has promised to continue its economic reforms to
help the Philippines match the pace of development in the newly
industrialized countries of East Asia. The strategy includes improving
infrastructure, overhauling the tax system to bolster government
revenues, furthering deregulation and privatization of the economy, and
increasing trade integration with the region. Prospects for 2002 depend
heavily on the economic performance of two major trading partners, the
US and Japan.
-
Country Fact
- Culture
- Passport2Manila
- A very useful new website for
expatriates moving to or residing in Manila, covering
all aspects of expat life from pre-move decisions through repatriation.
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Qatar
- Economy - overview: Oil
accounts for more than 30% of GDP, roughly 80% of export earnings, and
58% of government revenues. Proved oil reserves of 3.7 billion barrels
should ensure continued output at current levels for 23 years. Oil has
given Qatar a per capita GDP comparable to that of the leading West
European industrial countries. Qatar's proved reserves of natural gas
exceed 7 trillion cubic meters, more than 5% of the world total, third
largest in the world. Production and export of natural gas are becoming
increasingly important. Long-term goals feature the development of
offshore natural gas reserves. In 2000, Qatar posted its highest ever
trade surplus of $7 billion, due mainly to high oil prices and increased
natural gas exports, and managed to maintain the surplus in 2001.
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Country
Facts
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Saudi Arabia
- Economy - overview: This
is an oil-based economy with strong government controls over major
economic activities. Saudi Arabia has the largest reserves of petroleum
in the world (26% of the proved reserves), ranks as the largest exporter
of petroleum, and plays a leading role in OPEC. The petroleum sector
accounts for roughly 75% of budget revenues, 45% of GDP, and 90% of
export earnings. About 25% of GDP comes from the private sector. Roughly
4 million foreign workers play an important role in the Saudi economy,
for example, in the oil and service sectors. Riyadh expects to have a
budget deficit in 2002, in part because of increased spending for
education and other social programs. The government in 1999 announced
plans to begin privatizing the electricity companies, which follows the
ongoing privatization of the telecommunications company. The government
is expected to continue calling for private sector growth to lessen the
kingdom's dependence on oil and increase employment opportunities for
the swelling Saudi population. Shortages of water and rapid population
growth will constrain government efforts to increase self-sufficiency in
agricultural products.
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Country
Facts
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Singapore
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Singapore
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South Korea
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South Korea
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Sri Lanka
- Economy - overview: In
1977, Colombo abandoned statist economic policies and its import
substitution trade policy for market-oriented policies and
export-oriented trade. Sri Lanka's most dynamic sectors now are food
processing, textiles and apparel, food and beverages,
telecommunications, and insurance and banking. By 1996 plantation crops
made up only 20% of exports (compared with 93% in 1970), while textiles
and garments accounted for 63%. GDP grew at an average annual rate of
5.5% throughout the 1990s until a drought and a deteriorating security
situation lowered growth to 3.8% in 1996. The economy rebounded in
1997-2000 with average growth of 5.3%. But 2001 saw the first
contraction in the country's history, due to a combination of power
shortages, severe budgetary problems, the global slowdown, and
continuing civil strife.
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Country
Facts
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Syria
- Economy - overview:
Syria's predominantly statist economy has been growing slower than its
2.5% annual population growth rate, causing a persistent decline in per
capita GDP. President Bashar AL-ASAD has made little progress on the
economic front after one year in office, but does appear willing to
permit a gradual strengthening of the private sector. His most obvious
accomplishment to this end was the recent passage of legislation
allowing private banks to operate in Syria, although a private banking
sector will take years and further government cooperation to develop.
ASAD's recent cabinet reshuffle may improve his chances of implementing
further growth-oriented policies, although external factors such as the
international war on terrorism, the Israeli-Palestinian conflict, and
downturn in oil prices could weaken the foreign investment and
government revenues Syria needs to flourish. A long-run economic
constraint is the pressure on water supplies caused by rapid population
growth, industrial expansion, and increased water pollution.
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Country
Facts
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Taiwan
- Economy - overview: Taiwan
has a dynamic capitalist economy with gradually decreasing guidance of
investment and foreign trade by government authorities. In keeping with
this trend, some large government-owned banks and industrial firms are
being privatized. Real growth in GDP has averaged about 8% during the
past three decades. Exports have grown even faster and have provided the
primary impetus for industrialization. Inflation and unemployment are
low; the trade surplus is substantial; and foreign reserves are the
world's third largest. Agriculture contributes 3% to GDP, down from 35%
in 1952. Traditional labor-intensive industries are steadily being moved
off-shore and replaced with more capital- and technology-intensive
industries. Taiwan has become a major investor in China, Thailand,
Indonesia, the Philippines, Malaysia, and Vietnam. The tightening of
labor markets has led to an influx of foreign workers, both legal and
illegal. Because of its conservative financial approach and its
entrepreneurial strengths, Taiwan suffered little compared with many of
its neighbors from the Asian financial crisis in 1998-99. Growth in 2000
should pick up a bit from 1999, backed by expansion in domestic
consumption, exports, and private investment.
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Country
Facts
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Taiwan Daily News online
ROC's first daily newspaper online
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Tajikistan
- Economy - overview:
Tajikistan has the lowest per capita GDP among the 15 former Soviet
republics. Cotton is the most important crop. Mineral resources, varied
but limited in amount, include silver, gold, uranium, and tungsten.
Industry consists only of a large aluminum plant, hydropower facilities,
and small obsolete factories mostly in light industry and food
processing. The civil war (1992-97) severely damaged the already weak
economic infrastructure and caused a sharp decline in industrial and
agricultural production. Even though 80% of its people continue to live
in abject poverty, Tajikistan has experienced strong economic growth
since 1997. Continued privatization of medium and large state-owned
enterprises will further increase productivity. Tajikistan's economic
situation, however, remains fragile due to uneven implementation of
structural reforms, weak governance, and the external debt burden.
Servicing of the debt, owed principally to Russia and Uzbekistan, could
require as much as 50% of government revenues in 2002, thus limiting the
nation's ability to meet pressing development needs.
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Country
Facts
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Thailand
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Thailand
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Turkmenistan
- Economy - overview:
Turkmenistan is largely desert country with intensive agriculture in
irrigated oases and huge gas (fifth largest reserves in the world) and
oil resources. One-half of its irrigated land is planted in cotton,
making it the world's tenth largest producer. Until the end of 1993,
Turkmenistan had experienced less economic disruption than other former
Soviet states because its economy received a boost from higher prices
for oil and gas and a sharp increase in hard currency earnings. In 1994,
Russia's refusal to export Turkmen gas to hard currency markets and
mounting debts of its major customers in the former USSR for gas
deliveries contributed to a sharp fall in industrial production and
caused the budget to shift from a surplus to a slight deficit. With an
authoritarian ex-Communist regime in power and a tribally based social
structure, Turkmenistan has taken a cautious approach to economic
reform, hoping to use gas and cotton sales to sustain its inefficient
economy. Privatization goals remain limited. In 1998-2001, Turkmenistan
has suffered from the continued lack of adequate export routes for
natural gas and from obligations on extensive short-term external debt.
At the same time, however, total exports have risen sharply because of
higher international oil and gas prices. Prospects in the near future
are discouraging because of widespread internal poverty, the burden of
foreign debt, and the unwillingness of the government to adopt
market-oriented reforms. However, Turkmenistan's cooperation with the
international community in transporting humanitarian aid to Afghanistan
may foreshadow a change in the atmosphere for foreign investment, aid,
and technological support. Turkmenistan's economic statistics are state
secrets, and GDP and other figures are subject to wide margins of error.
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Country
Facts
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United Arab Emirates
- Economy - overview: The
UAE has an open economy with a high per capita income and a sizable
annual trade surplus. Its wealth is based on oil and gas output (about
33% of GDP), and the fortunes of the economy fluctuate with the prices
of those commodities. Since 1973, the UAE has undergone a profound
transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. At
present levels of production, oil and gas reserves should last for more
than 100 years. The government has increased spending on job creation
and infrastructure expansion and is opening up its utilities to greater
private sector involvement.
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Country
Facts
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Uzbekistan
- Economy - overview:
Uzbekistan is a dry, landlocked country of which 11% consists of
intensely cultivated, irrigated river valleys. More than 60% of its
population lives in densely populated rural communities. Uzbekistan is
now the world's second largest cotton exporter, a large producer of gold
and oil, and a regionally significant producer of chemicals and
machinery. Following independence in December 1991, the government
sought to prop up its Soviet-style command economy with subsidies and
tight controls on production and prices. The state continues to be a
dominating influence in the economy and has so far failed to bring about
much-needed structural changes. The IMF suspended Uzbekistan's $185
million standby arrangement in late 1996 because of governmental steps
that made impossible fulfillment of Fund conditions. Uzbekistan has
responded to the negative external conditions generated by the Asian and
Russian financial crises by emphasizing import substitute
industrialization and by tightening export and currency controls within
its already largely closed economy. Economic policies that have repelled
foreign investment are a major factor in the economy's stagnation. A
growing debt burden, persistent inflation, and a poor business climate
led to disappointing growth in 2001. However, in December 2001 the
government voiced a renewed interest in economic reform, seeking advice
from the IMF and other financial institutions.
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Country
Facts
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Vietnam
- Economy - overview:
Vietnam is a poor, densely populated country that has had to recover
from the ravages of war, the loss of financial support from the old
Soviet Bloc, and the rigidities of a centrally planned economy.
Substantial progress was achieved from 1986 to 1996 in moving forward
from an extremely low starting point - growth averaged around 9% per
year from 1993 to 1997. The 1997 Asian financial crisis highlighted the
problems in the Vietnamese economy but, rather than prompting reform,
reaffirmed the government's belief that shifting to a market oriented
economy leads to disaster. GDP growth of 8.5% in 1997 fell to 6% in 1998
and 5% in 1999. Growth then rose to 6.8% in 2000 and dropped back to
4.7% in 2001 against the background of global recession. These numbers
mask some major difficulties in economic performance. Many domestic
industries, including coal, cement, steel, and paper, have reported
large stockpiles of inventory and tough competition from more efficient
foreign producers. Meanwhile, Vietnamese authorities have moved slowly
in implementing the structural reforms needed to revitalize the economy
and produce more competitive, export-driven industries. The US-Vietnam
Bilateral Trade Agreement entered into force near the end of 2001 and is
expected to significantly increase Vietnam's exports to the US. The US
is assisting Vietnam with implementing the legal and structural reforms
called for in the agreement.
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Country
Facts
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Yemen
- Economy - overview:
Yemen, one of the poorest countries in the Arab world, reported strong
growth in the mid-1990s with the onset of oil production, but has been
harmed by periodic declines in oil prices. Yemen has embarked on an IMF-supported
structural adjustment program designed to modernize and streamline the
economy, which has led to substantial foreign debt relief and
restructuring. Aided by higher oil prices in 1999-2000, Yemen worked to
maintain tight control over spending and implement additional components
of the IMF program. A high population growth rate and internal political
dissension complicate the government's task.
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Country
Facts
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