A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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%.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
    • 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.
  • 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
  • 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%.
    • 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
  • India
         For India's own People Going Global Information page Click Here: India
  • 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.
    • Country Facts
    • Living in Indonesia - A site for expats with useful links
  • 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
    • Political Review
    • Country Facts
  • 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.
    • Country Facts
  • Israel
    • 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.
    • Country Facts
  • Japan
         For Japan's own People Going Global Information page Click Here: Japan
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • Mongolia
    • 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
    • Country Facts
  • Nepal
    • 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.
    • Country Facts
  • North Korea
    • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • 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.
  • 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.
    • Country Facts
  • 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.
    • Country Facts
  • Singapore
     For Singapore's own People Going Global Information page Click Here: Singapore
  • South Korea
    For South Korea's own People Going Global Information page Click Here:     South Korea
  • 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.
    • Country Facts
  • 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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  • 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.
    • Country Facts
    • Taiwan Daily News online ROC's first daily newspaper online
  • 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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  • Thailand
     For Thailand's own People Going Global Information page Click Here: Thailand
  • 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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  • 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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  • 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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  • 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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  • 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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