Afghanistan
Republic of Afghanistan
AFG
Afghani
0$Kabul$3450$6917$1500000$
1$Kandahar$3160$6579$191345$
&
Fundamentally, Afghanistan is an extremely poor, landlocked country, highly
dependent on farming (wheat especially) and livestock raising (sheep and
goats). Economic considerations have played second fiddle to political and
military upheavals during more than 13 years of war, including the nearly
10-year Soviet military occupation (which ended 15 February 1989). Over the
past decade, one-third of the population fled the country, with Pakistan
sheltering more than 3 million refugees and Iran about 1.3 million. Another
1 million probably moved into and around urban areas within Afghanistan.
Although reliable data are unavailable, gross domestic product is lower than
12 years ago because of the loss of labor and capital and the disruption of
trade and transport.
???#

Albania
Republika e Shqiperise
AL
Lek
0$Tirana$4131$1982$300000$
&
The Albanian economy, already providing the lowest standard of living in
Europe, contracted sharply in 1991, with most industries producing at only a
fraction of past levels and an unemployment rate estimated at 40%. For over
40 years, the Stalinist-type economy operated on the principle of central
planning and state ownership of the means of production. Fitful economic
reforms begun during 1991, including the liberalization of prices and trade,
the privatization of shops and transport, and land reform, were crippled by
widespread civil disorder. Following its overwhelming victory in the 22
March 1992 elections, the new Democratic government announced a program of
shock therapy to stabilize the economy and establish a market economy. In an
effort to expand international ties, Tirane has reestablished diplomatic
relations with the major republics of the former Soviet Union and the US and
has joined the IMF and the World Bank. The Albanians have also passed
legislation allowing foreign investment, but not foreign ownership of real
estate. Albania possesses considerable mineral resources and, until 1990,
was largely self-sufficient in food; however, the breakup of cooperative
farms in 1991 and general economic decline forced Albania to rely on foreign
aid to maintain adequate supplies. In 1992 the government tightened
budgetary controls leading to another drop in domestic output. The
agricultural sector is steadily gaining from the privatization process. Low
domestic output is supplemented by remittances from the 200,000 Albanians
working abroad.      
???#

Algeria
Al Jumhuriyah al Jaza'iriyah ad Dimuqratiyah ash Shabiyah 
DZ
Algerian Dinar
0$El-Djezaïr$3670$313$2500000$
1$Wahran$3569$-065$590818$
1$Qacentina$3642$669$438717$
1$Annaba$3683$776$310106$
1$Batna$3556$625$182375$
&
The oil and natural gas sector forms the backbone of the economy,
hydrocarbons accounting for nearly all export receipts, about 30% of
government revenues, and nearly 25% of GDP. In 1973-74 the sharp increase in
oil prices led to a booming economy and helped to finance an ambitious
program of industrialization. Plunging oil and gas prices, combined with the
mismanagement of Algeria's highly centralized economy, has brought the
nation to its most serious social and economic crisis since full
independence in 1988. The current government has put reform, including
privatization of some public sector companies and an overhaul of the banking
and financial system, on hold, but has continued efforts to admit private
enterprise to the hydrocarbon industry. 
???#

Andorra
Principat d'Andorra 
AND
French Franc
0$Andorra-La-Vella$4251$153$19000$
&
The mainstay of Andorra's economy is tourism. An estimated 13 million
tourists visit annually, attracted by Andorra's duty-free status and by its
summer and winter resorts. The banking sector, with its "tax haven" status,
also contributes significantly to the economy. Agricultural production is
limited by a scarcity of arable land, and most food has to be imported. The
principal livestock activity is sheep raising. Manufacturing consists mainly
of cigarettes, cigars, and furniture. Although it is a member of the EC
customs union, it is unclear what effect the European Single Market will
have on the advantages Andorra obtains from its duty-free status.   
???#

Angola
Republic de Angola 
?
New Kwanza (NKz)
0$Luanda$-883$1325$200000$
1$Lobito$-1233$1360$150000$
&
Subsistence agriculture provides the main livelihood for 80-90% of the
population, but accounts for less than 15% of GDP. Oil production is vital
to the economy, contributing about 60% to GDP. Bitter internal fighting
continues to severely affect the nonoil economy, and food needs to be
imported. For the long run, Angola has the advantage of rich natural
resources in addition to oil, notably gold, diamonds, and arable land. To
realize its economic potential Angola not only must secure domestic peace
but also must reform government policies that have led to distortions and
imbalances throughout the economy.   
???#

Anguilla
British Dependency of Anguilla
[GB]
East Caribbean Dollar
&
Anguilla has few natural resources, and the economy depends heavily on
lobster fishing, offshore banking, tourism, and remittances from emigrants.
In recent years the economy has benefited from a boom in tourism.
Development plans center around the improvement of the infrastructure,
particularly transport and tourist facilities, and also light industry.    
???#

Antigua and Barbuda
Antigua and Barbuda
AG
East Caribbean Dollar
0$St-John's$1709$-6184$10000$
&
The economy is primarily service oriented, with tourism the most important
determinant of economic performance. During the period 1987-90, real GDP
expanded at an annual average rate of about 6%. Tourism makes a direct
contribution to GDP of about 13% and also affects growth in other sectors -
particularly in construction, communications, and public utilities. Although
Antigua and Barbuda is one of the few areas in the Caribbean experiencing a
labor shortage in some sectors of the economy, it has been hurt in 1991-92
by a downturn in tourism caused by the Persian Gulf war and the US
recession.  
???#

Argentina
República Argentina
RA
Argentinian Peso (P)
0$Buenos Aires$-3449$-5858$7950000$
1$Cordoba$-3142$-6417$1116000$
1$Rosario$-3300$-6467$1096000$
1$Mendoza$-3283$-6886$728000$
1$La Plata$-3486$-5792$644000$
1$Tucuman$-2678$-6525$626000$
1$Mar Del Plata$-3802$-5758$523000$
1$Santa Fe$-3164$-6072$338000$
3$Aconcagua$-3265$-7000$6959$
&
Argentina is rich in natural resources and has a highly literate population,
an export-oriented agricultural sector, and a diversified industrial base.
Nevertheless, following decades of mismanagement and statist policies, the
economy in the late 1980s was plagued with huge external debts and recurring
bouts of hyperinflation. Elected in 1989, in the depths of recession,
President MENEM has implemented a comprehensive economic restructuring
program that shows signs of putting Argentina on a path of stable,
sustainable growth. Argentina's currency has traded at par with the US
dollar since April 1991, and inflation has fallen to its lowest level in 20
years. Argentines have responded to the relative price stability by
repatriating flight capital and investing in domestic industry. Much remains
to be done in the 1990s in dismantling the old statist barriers to growth
and in solidifying the recent economic gains.
???#

Armenia
Hayastani Hanrapetut'yun  
ARM
Dram
0$Erevan$4017$4433$1133$
&
Armenia under the old centrally planned Soviet system had built up textile,
machine-building, and other industries and had become a key supplier to
sister republics. In turn, Armenia had depended on supplies of raw materials
and energy from the other republics. Most of these supplies enter the
republic by rail through Azerbaijan (85%) and Georgia (15%). The economy has
been severely hurt by ethnic strife with Azerbaijan over control of the
Nagorno-Karabakh Autonomous Oblast, a mostly Armenian-populated enclave
within the national boundaries of Azerbaijan. In addition to outright
warfare, the strife has included interdiction of Armenian imports on the
Azerbaijani railroads and expensive airlifts of supplies to beleaguered
Armenians in Nagorno-Karabakh. An earthquake in December 1988 destroyed
about one-tenth of industrial capacity and housing, the repair of which has
not been possible because the supply of funds and real resources has been
disrupted by the reorganization and subsequent dismantling of the central
USSR administrative apparatus. Among facilities made unserviceable by the
earthquake are the Yerevan nuclear power plant, which had supplied 40% of
Armenia's needs for electric power and a plant that produced one-quarter of
the output of elevators in the former USSR. Armenia has some deposits of
nonferrous metal ores (bauxite, copper, zinc, and molybdenum) that are
largely unexploited. For the mid-term, Armenia's economic prospects seem
particularly bleak because of ethnic strife and the unusually high
dependence on outside areas, themselves in a chaotic state of
transformation. The dramatic drop in output in 1992 is attributable largely
to the cumulative impact of the blockade; of particular importance was the
shutting off in the summer of 1992 of rail and road links to Russia through
Georgia due to civil strife in the latter republic.
???#

Aruba
Aruba
[NL]
Aruba-Guilder (Afl.)
0$Oranjestad$1250$-6997$20000$
&
Tourism is the mainstay of the economy, although offshore banking and oil
refining and storage are also important. Hotel capacity expanded rapidly
between 1985 and 1989 and nearly doubled in 1990 alone. Unemployment has
steadily declined from about 20% in 1986 to about 3% in 1991. The reopening
of the local oil refinery, once a major source of employment and foreign
exchange earnings, promises to give the economy an additional boost.
???#

Ascension
Ascension (Dependecy of St. Helena)
[GB]
St. Helena Pound (SH£)
&
???#

Australia
Australia
AUS
Australian Dollar (A$)
0$Canberra$-3525$14914$303000$
1$Perth$-3195$11583$1161000$
1$Brisbane$-2742$15290$1273000$
1$Adelaïde$-3492$13853$1037000$
1$Sydney$-3388$15117$3633000$
1$Newcastle$-3292$15177$425000$
1$Melbourne$-3775$14497$3043000$
1$Hobart$-4283$14735$181200$
1$Darwin$-1247$13083$76000$
&
Australia has a prosperous Western-style capitalist economy, with a per
capita GDP comparable to levels in industrialized West European countries.
Rich in natural resources, Australia is a major exporter of agricultural
products, minerals, metals, and fossil fuels. Of the top 25 exports, 21 are
primary products, so that, as happened during 1983-84, a downturn in world
commodity prices can have a big impact on the economy. The government is
pushing for increased exports of manufactured goods, but competition in
international markets continues to be severe.
???#

Austria
Republik Österreich
A
Schilling (ASch)
0$Wien$4820$1636$1533000$
1$Graz$4707$1546$232000$
3$Gross Glockner$4708$1267$3797$
&
Austria boasts a prosperous and stable socialist market economy with a
sizable proportion of nationalized industry and extensive welfare benefits.
Thanks to an excellent raw material endowment, a technically skilled labor
force, and strong links to German industrial firms, Austria occupies
specialized niches in European industry and services (tourism, banking) and
produces almost enough food to feed itself with only 8% of the labor force
in agriculture. Increased export sales resulting from German unification,
continued to boost Austria's economy through 1991. However, Germany's
economic difficulties in 1992 slowed Austria's GDP growth to 2% from the 3%
of 1991. Austria's economy, moreover, is not expected to grow by more than
1% in 1993, and inflation is forecast to remain about 4%. Unemployment will
likely remain at current levels at least until 1994. Living standards in
Austria are comparable with the large industrial countries of Western
Europe. Problems for the l990s include an aging population, the high level
of subsidies, and the struggle to keep welfare benefits within budgetary
capabilities. The continued opening of Eastern European markets, however,
will increase demand for Austrian exports. Austria, a member of the European
Free Trade Association (EFTA), in 1992 ratified the European Economic Area
Treaty, which will extend European Community rules on the free movement of
people, goods, capital and services to the EFTA countries, and Austrians
plan to hold a national referendum within the next two years to vote on EC
membership.
???#

Azerbaijan
Azarbaijchan Respublikasy 
ASE
Manat
&
Azerbaijan is less developed industrially than either Armenia or Georgia,
the other Transcaucasian states. It resembles the Central Asian states in
its majority Muslim population, high structural unemployment, and low
standard of living. The economy's most prominent products are cotton, oil,
and gas. Production from the Caspian oil and gas field has been in decline
for several years. With foreign assistance, the oil industry might generate
the funds needed to spur industrial development. However, civil unrest,
marked by armed conflict in the Nagorno-Karabakh region between Muslim
Azeris and Christian Armenians, makes foreign investors wary. Azerbaijan
accounted for 1.5% to 2% of the capital stock and output of the former
Soviet Union. Azerbaijan shares all the formidable problems of the ex-Soviet
republics in making the transition from a command to a market economy, but
its considerable energy resources brighten its propects somewhat. Old
economic ties and structures have yet to be replaced. A particularly galling
constraint on economic revival is the Nagorno-Karabakh conflict, said to
consume 25% of Azerbaijan's economic resources.
???#

Bahamas|The Bahamas|Bahama Islands
The Commonwealth of the Bahamas
BS
Bahamian Dollar (B$)
0$Nassau$2508$-7733$171000
&
The Bahamas is a stable, middle-income, developing nation whose economy is
based primarily on tourism and offshore banking. Tourism alone provides
about 50% of GDP and directly or indirectly employs about 50,000 people or
40% of the local work force. The economy has slackened in recent years, as
the annual increase in the number of tourists slowed. Nonetheless, per
capita GDP is one of the highest in the region.
???#

Bahrain|Bahrein
Dawlat al Bahrayn
BRN
Bahrain Dinar (BD)
0$Manama$2617$5050$138000$
&
Petroleum production and processing account for about 80% of export
receipts, 60% of government revenues, and 31% of GDP. Economic conditions
have fluctuated with the changing fortunes of oil since 1985, for example,
during the Gulf crisis of 1990-91. Bahrain with its highly developed
communication and transport facilities is home to numerous multinational
firms with business in the Gulf. A large share of exports consists of
petroleum products made from imported crude.
???#

Bangladesh|Bangla-Desh|Bangla Desh
People's Republic of Bangladesh
BD
Taka (Tk.)
0$Dhaka$2372$9043$6105000$
1$Chittagong$2232$9192$2040000$
1$Khulna$2250$8957$877000$
1$Rajshah$2436$8865$517000$
&
Bangladesh is one of the world's poorest, most densely populated, and least
developed nations. Its economy is overwhelmingly agricultural. Major
impediments to growth include frequent cyclones and floods, government
interference with the economy, a rapidly growing labor force that cannot be
absorbed by agriculture, a low level of industrialization, failure to fully
exploit energy resources (natural gas), and inefficient and inadequate power
supplies. An excellent rice crop and expansion of the export garment
industry helped growth in FY91/92. Policy reforms intended to reduce
government regulation of private industry and promote public-sector
efficiency have been announced but are being implemented only slowly.
???#

Barbados
Barbados
BDS
Barbados Dollar (BDS$)
&
A per capita income of $7,000 gives Barbados one of the highest standards of
living of all the small island states of the eastern Caribbean.
Historically, the economy was based on the cultivation of sugarcane and
related activities. In recent years, however, the economy has diversified
into manufacturing and tourism. The tourist industry is now a major employer
of the labor force and a primary source of foreign exchange. The economy
slowed in 1990-91, however, and Bridgetown's declining hard currency
reserves and inability to finance its deficits have caused it to adopt an
austere economic reform program.
???#

Belarus|Belorussia|White Russia
Respublika Belarus
BEL
Russian Rouble
0$Minsk$5386$2750$1589000$
&
In many ways Belarus resembles the three Baltic states, for example, in its
industrial competence, its higher-than-average standard of living, and its
critical dependence on the other former Soviet states for fuels and raw
materials. Belarus ranks fourth in gross output among the former Soviet
republics, having produced 4% of the total GDP and employing 4% of the labor
force in the old USSR. Once a mainly agricultural area, it now supplies
important producer and consumer goods - sometimes as the sole producer - to
the other states. Belarus had a significant share of the machine-building
capacity of the former USSR. It is especially noted for production of
tractors, large trucks, machine tools, and automation equipment. The soil in
Belarus is not as fertile as the black earth of Ukraine, but by emphasizing
favorable crops and livestock (especially pigs and chickens), Belarus has
become a net exporter to the other former republics of meat, milk, eggs,
flour, and potatoes. Belarus produces only small amounts of oil and gas and
receives most of its fuel from Russia through the Druzhba oil pipeline and
the Northern Lights gas pipeline. These pipelines transit Belarus en route
to Eastern Europe. Belarus produces petrochemicals, plastics, synthetic
fibers (nearly 30% of former Soviet output), and fertilizer (20% of former
Soviet output). Raw material resources are limited to potash and peat
deposits. The peat (more than one-third of the total for the former Soviet
Union) is used in domestic heating, as boiler fuel for electric power
stations, and in the production of chemicals. The potash supports fertilizer
production. In 1992 GDP fell an estimated 13%, largely because the country
is highly dependent on the ailing Russian economy for raw materials and
parts.
???#

Belgium
Royaume de Belgique
B
Belgian Franc (Bfr)
0$Bruxelles$5085$435$960000$
1$Antwerpen$5122$442$465000$
1$Gent$5107$369$230000$
1$Charleroi$5040$444$206000$
1$Liège$5064$558$196000$
&
This small private enterprise economy has capitalized on its central
geographic location, highly developed transport network, and diversified
industrial and commercial base. Industry is concentrated mainly in the
populous Flemish area in the north, although the government is encouraging
reinvestment in the southern region of Walloon. With few natural resources
Belgium must import essential raw materials, making its economy closely
dependent on the state of world markets. Over 70% of trade is with other EC
countries. The economy grew at a strong 4% pace during the period 1988-90,
but economic growth slowed to a 1% pace in 1991-92. The economy is expected
to turn in another sluggish 1% performance in 1993. Belgium's public debt
remains high at 120% of GDP and the government is trying to control its
expenditures to bring the figure more into line with other industrialized
countries.
???#

Belize
Belize
BZ
Belize Dollar (Bz$)
0$Belmopan$1750$-8883$4350$
&
The economy is based primarily on agriculture, agro-based industry, and
merchandising, with tourism and construction assuming increasing importance.
Agriculture accounts for about 30% of GDP and provides 75% of export
earnings, while sugar, the chief crop, accounts for almost 40% of hard
currency earnings. The US, Belize's main trading partner, is assisting in
efforts to reduce dependency on sugar with an agricultural diversification
program.
???#

Benin|Dahomey
République Populaire du Bénin
RPB
CFA-Franc
0$Cotonou$633$242$650000$
&
Benin is one of the least developed countries in the world because of
limited natural resources and a poorly developed infrastructure. Agriculture
accounts for about 35% of GDP, employs about 60% of the labor force, and
generates a major share of foreign exchange earnings. The industrial sector
contributes only about 15% to GDP and employs 2% of the work force. Low
prices in recent years have kept down hard currency earnings from Benin's
major exports of agricultural products and crude oil.
???#

Bermuda Islands|Bermudas|Bermuda
Crown Colony of the Bermuda Islands
[GB]
Bermuda Dollar (BD$)
0$Hamilton$3231$-6475$2000$
&
Bermuda enjoys one of the highest per capita incomes in the world, having
successfully exploited its location by providing luxury tourist facilities
and financial services. The tourist industry attracts more than 90% of its
business from North America. The industrial sector is small, and agriculture
is severely limited by a lack of suitable land. About 80% of food needs are
imported.
???#

Bhutan
Kingdom of Bhutan
BHT
Ngultrum (NU)
0$Thimbu$2745$8955$48000$
&
The economy, one of the world's least developed, is based on agriculture and
forestry, which provide the main livelihood for 90% of the population and
account for about 50% of GDP. Rugged mountains dominate the terrain and make
the building of roads and other infrastructure difficult and expensive. The
economy is closely aligned with that of India through strong trade and
monetary links. The industrial sector is small and 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 its most important
natural resources; however, the government limits the number of tourists to
3,000/year to minimize foreign influence.
???#

Bolivia
República de Bolivia
BOL
Boliviano (Bs)
0$La Paz$-1650$-6815$1189000$
1$Sucre$-1908$-6825$146000$
1$Santa Cruz$-1775$-6323$876000$
1$Cochabamba$-1725$-6633$561000$
3$Sajama$-1815$-6887$6520$
&
With its long history of semifeudalistic social controls, dependence on
volatile prices for its mineral exports, and bouts of hyperinflation,
Bolivia has remained one of the poorest and least developed Latin American
countries. Since August 1989, President PAZ Zamora, despite his Marxist
origins, has maintained a moderate policy of repressing domestic terrorism,
containing inflation, and achieving annual GDP growth of 3 to 4%. For many
farmers, who constitute half of the country's work force, the main cash crop
is coca, which is sold for cocaine processing.
???#

Bosnia and Herzegovina|Bosnia and Hercegovina|Bosnia|Hercegovina|Herzegovina|Bosnia-Hercegovina|Bosnia-Herzegovina
Republika Bosna i Hercegovina
BOS
Bosnian-Hercegowinian Dinar
0$Sarajevo$4386$1843$300000$
&
Bosnia and Herzegovina ranked next to Macedonia as the poorest republic in
the old Yugoslav federation. Although agriculture has been almost all in
private hands, farms have been small and inefficient, and the republic
traditionally has been a net importer of food. Industry has been greatly
overstaffed, one reflection of the rigidities of Communist central planning
and management. Tito had pushed the development of military industries in
the republic with the result that Bosnia hosted a large share of
Yugoslavia's defense plants. As of March 1993, Bosnia and Herzegovina was
being torn apart by the continued bitter interethnic warfare that has caused
production to plummet, unemployment and inflation to soar, and human misery
to multiply. No reliable economic statistics for 1992 are available,
although output clearly fell below the already depressed 1991 level.
???#

Botswana
Republic of Botswana
RB
Pula (P)
0$Gaborone$-2475$2592$129000$
&
The economy has historically been based on cattle raising and crops.
Agriculture today provides a livelihood for more than 80% of the population,
but produces only about 50% of food needs. The driving force behind the
rapid economic growth of the 1970s and 1980s has been the mining industry.
This sector, mostly on the strength of diamonds, has gone from generating
25% of GDP in 1980 to 50% in 1991. No other sector has experienced such
growth, especially not agriculture, which is plagued by erratic rainfall and
poor soils. The unemployment rate remains a problem at 25%. Although diamond
production was down slightly in 1992, substantial gains in coal output and
manufacturing helped boost the economy
???#

Bouvet Island|Bouvet
Bouvet Island
[N]
?
&
???#

Brazil
Republica Federativa do Brasil
BR
Cruzeiro (Cr$)
0$Brasilia$-1578$-4792$1803000$
1$Manaus$-310$-6000$1089000$
1$Belem$-134$-4843$1190000$
1$Maceio$-962$-3572$527000$
1$Salvador de Bahia$-1257$-3850$2000000$
1$Fortaleza$-375$-3858$1763000$
1$Sâo Luis$-257$-4426$624000$
1$Joâo Pessoa$-710$-3495$440000$
1$Recife$-806$-3495$1352000$
1$Teresina$-515$-4277$533000$
1$Natal$-578$-3522$578000$
1$Aracaju$-1092$-3707$398000$
1$Belo Horizonte$-1992$-4393$2339000$
1$Rio de Janeiro$-2289$-4328$10217000$
1$Sâo Paulo$-2356$-4665$15280000$
1$Curitiba$-2542$-4925$600000$
1$Porto Allegre$-3006$-5117$1371000$
1$Goiânia$-1672$-4931$1038000$
1$Campo Grande$-2042$-5467$435000$
&
The economy, with large agrarian, mining, and manufacturing sectors, entered
the 1990s with declining real growth, runaway inflation, an unserviceable
foreign debt of $122 billion, and a lack of policy direction. In addition,
the economy remained highly regulated, inward-looking, and protected by
substantial trade and investment barriers. Ownership of major industrial and
mining facilities is divided among private interests - including several
multinationals - and the government. Most large agricultural holdings are
private, with the government channeling financing to this sector. Conflicts
between large landholders and landless peasants have produced intermittent
violence. The COLLOR government, which assumed office in March 1990,
launched an ambitious reform program that sought to modernize and
reinvigorate the economy by stabilizing prices, deregulating the economy,
and opening it to increased foreign competition. The government also
obtained an IMF standby loan in January 1992 and reached agreements with
commercial bankers on the repayment of interest arrears and on the reduction
of debt and debt service payments. Galloping inflation - the rate doubled in
1992 - continues to undermine economic stability. Itamar FRANCO, who assumed
the presidency following President COLLOR'S resignation in December 1992,
has promised to support the basic premises of COLLOR'S reform program but
has yet to define clearly his economic policies. Brazil's natural resources
remain a major, long-term economic strength.
???#

British Virgin Islands|The British Virgin Islands|Virgin Islands
The British Virgin Islands
[GB]
US Dollar
&
The economy, one of the most prosperous in the Caribbean area, is highly
dependent on the tourist industry, which generates about 21% of the national
income. In 1985 the government offered offshore registration to companies
wishing to incorporate in the islands, and, in consequence, incorporation
fees generated about $2 million in 1987. The economy slowed in 1991 because
of the poor performances of the tourist sector and tight commercial bank
credit. Livestock raising is the most significant agricultural activity. The
islands' crops, limited by poor soils, are unable to meet food requirements.
???#

Brunei Darussalam|Brunei|Brunai
Brunei Darussalam
BRU
Brunei Dollar (BR$)
0$Bandar$483$11500$60000$
&
The economy is a mixture of foreign and domestic entrepreneurship,
government regulation and welfare measures, and village tradition. It is
almost totally supported by exports of crude oil and natural gas, with
revenues from the petroleum sector accounting for more than 50% of GDP. Per
capita GDP of $8,800 is among the highest in the Third World, and
substantial income from overseas investment supplements domestic production.
The government provides for all medical services and subsidizes food and
housing.
???#

Bulgaria
Balgarija
BG
Lev (Lv)
0$Sofia$4267$2331$1107000$
1$Plovdiv$4214$2473$340000$
1$Varna$4322$2793$307000$
&
Growth in the lackluster Bulgarian economy fell to the 2% annual level in
the 1980s. By 1990, Sofia's foreign debt had skyrocketed to over $10 billion
- giving a debt-service ratio of more than 40% of hard currency earnings and
leading the regime to declare a moratorium on its hard currency payments.
The post-Communist government faces major problems of renovating an aging
industrial plant; keeping abreast of rapidly unfolding technological
developments; investing in additional energy capacity (the portion of
electric power from nuclear energy reached over one-third in 1990); and
motivating workers, in part by giving them a share in the earnings of their
enterprises. Political bickering in Sofia and the collapse of the DIMITROV
government in October 1992 have slowed the economic reform process. New
Prime Minister BEROV, however, has pledged to continue the reforms initiated
by the previous government. He has promised to continue cooperation with the
World Bank and IMF, advance negotiations on rescheduling commercial debt,
and push ahead with privatization. BEROV's government - whose main
parliamentary supporters are the former Communist Bulgarian Socialist Party
(BSP) - nonetheless appears likely to pursue more interventionist tactics in
overcoming the country's economic problems.
???#

Burkina Faso|Upper Volta
Democratic Republic of Burkina Faso
BF
CFA-Franc
0$Ouagadougou$1233$-167$590000$
1$Bobo-Dioulasso$1114$-422$300000$
&
One of the poorest countries in the world, Burkina has a high population
density, few natural resources, and relatively infertile soil. Economic
development is hindered by a poor communications network within a landlocked
country. Agriculture provides about 40% of GDP and is entirely of a
subsistence nature. Industry, dominated by unprofitable
government-controlled corporations, accounts for about 15% of GDP.
???#

Burundi|Urundi
Republika y'u Burundi
RU
Burundi Franc (F.Bu.)
0$Bujumbura$-327$2931$320000$
&
A landlocked, resource-poor country in an early stage of economic
development, Burundi is predominately agricultural with only a few basic
industries. Its economic health depends on the coffee crop, which accounts
for an average 90% of foreign exchange earnings each year. The ability to
pay for imports therefore continues to rest largely on the vagaries of the
climate and the international coffee market. As part of its economic reform
agenda, launched in February 1991 with IMF and World Bank support, Burundi
is trying to diversify its agricultural exports and attract foreign
investment in industry. Several state-owned coffee companies were privatized
via public auction in September 1991.
???#

Cambodia|Kampuchea
Cambodia
K
Riel
0$Phnom Penh$1156$10492$1500000$
&
Cambodia remains a desperately poor country whose economic recovery is held
hostage to continued political unrest and factional hostilities. The
country's immediate economic challenge is an acute financial crisis that is
undermining monetary stability and preventing disbursement of foreign
development assistance. Cambodia is still recovering from an abrupt shift in
1990 to free-market economic mechanisms and a cutoff in aid from former
Soviet bloc countries; these changes have severely impacted on public sector
revenues and performance. The country's infrastructure of roads, bridges,
and power plants has been severely degraded, now having only 40-50% of
prewar capacity. The economy remains essentially rural, with 90% of the
population living in the countryside and dependent mainly on subsistence
agriculture. Statistical data on the economy continue to be sparse and
unreliable.
???#

Cameroon
Republic of Cameroon
CAM
CFA-Franc
0$Yaoundé$385$1152$1000000$
1$Douala$405$969$1500000$
3$Cameroon$475$892$4097$
&
Because of its offshore oil resources, Cameroon has one of the highest
incomes per capita in tropical Africa. Still, it faces many of the serious
problems facing other underdeveloped countries, such as political
instability, a top-heavy civil service, and a generally unfavorable climate
for business enterprise. The development of the oil sector led rapid
economic growth between 1970 and 1985. Growth came to an abrupt halt in 1986
precipitated by steep declines in the prices of major exports: coffee,
cocoa, and petroleum. Export earnings were cut by almost one-third, and
inefficiencies in fiscal management were exposed. In 1990-92, with support
from the IMF and World Bank, the government has begun to introduce reforms
designed to spur business investment, increase efficiency in agriculture,
and recapitalize the nation's banks. Nationwide strikes organized by
opposition parties in 1991, however, undermined these efforts.
???#

Canada
Canada
CDN
Canadian dollar (Can$)
0$Ottawa$4545$-7570$313000$
1$Edmonton$5355$-11347$616000$
1$Calgary$5100$-11417$710000$
1$Vancouver$4922$-12310$1602000$
1$Winnipeg$4989$-9717$647000$
1$Halifax$4463$-6358$182000$
1$Toronto$4370$-7942$2275000$
1$Québec$4686$-7122$167000$
1$Montréal$4552$-7357$2921000$
&
As an affluent, high-tech industrial society, Canada today closely resembles
the US in per capita output, market-oriented economic system, and pattern of
production. Since World War II the impressive growth of the manufacturing,
mining, and service sectors has transformed the nation from a largely rural
economy into one primarily industrial and urban. In the 1980s, Canada
registered one of the highest rates of real growth among the OECD nations,
averaging about 3.2%. With its great natural resources, skilled labor force,
and modern capital plant, Canada has excellent economic prospects. However,
the continuing constitutional impasse between English- and French-speaking
areas has observers discussing a possible split in the confederation; foregn
investors have become edgy.
???#

Cape Verde
República de Cabo Verde
CV
Cape Verte Escudo
&
Cape Verde's low per capita GDP reflects a poor natural resource base, a
serious, long-term drought, and a high birthrate. The economy is service
oriented, with commerce, transport, and public services accounting for 60%
of GDP. Although nearly 70% of the population lives in rural areas,
agriculture's share of GDP is only 16%; the fishing sector accounts for 4%.
About 90% of food must be imported. The fishing potential, mostly lobster
and tuna, is not fully exploited. In 1988 fishing represented only 3.5% of
GDP. Cape Verde annually runs a high trade deficit, financed by remittances
from emigrants and foreign aid. Economic reforms launched by the new
democratic government in February 1991 are aimed at developing the private
sector and attracting foreign investment to diversify the economy.
???#

Cayman Islands
Crown Colony of the Cayman Islands
[GB]
Cayman Dollar (CI$)
&
The economy depends heavily on tourism (70% of GDP and 75% of export
earnings) and offshore financial services, with the tourist industry aimed
at the luxury market and catering mainly to visitors from North America.
About 90% of the islands' food and consumer goods needs must be imported.
The Caymanians enjoy one of the highest standards of living in the region.
???#

Central African Republic|Central Africa|CAR
République Centrafricaine
RCA
CFA-Franc
0$Bangui$439$1858$455000$
&
Subsistence agriculture, including forestry, is the backbone of the CAR
economy, with more than 70% of the population living in the countryside. In
1988 the agricultural sector generated about 40% of GDP. Agricultural
products accounted for about 60% of export earnings and the diamond industry
for 30%. Important constraints to economic development include the CAR's
landlocked position, a poor transportation system, and a weak human resource
base. Multilateral and bilateral development assistance, particularly from
France, plays a major role in providing capital for new investment.
???#

Chad
République du Tchad
TCH
CFA-Franc
0$N'Djamena$1217$1498$500000$
&
The climate, geographic location, and lack of infrastructure and natural
resources make Chad one of the most underdeveloped countries in the world.
Its economy is burdened by the ravages of civil war, conflict with Libya,
drought, and food shortages. In 1986 real GDP returned to its 1977 level,
with cotton, the major cash crop, accounting for 48% of exports. Over 80% of
the work force is employed in subsistence farming and fishing. Industry is
based almost entirely on the processing of agricultural products, including
cotton, sugarcane, and cattle. Chad is highly dependent on foreign aid, with
its economy in trouble and many regions suffering from shortages. Oil
companies are exploring areas north of Lake Chad and in the Doba basin in
the south. Good crop weather led to 8.4% growth in 1991.
???#

Chagos Islands|B.I.O.T.|BIOT
British Indian Ocean Territory (Chagos Islands)
[GB]
Pound Sterling
&
???#

Channel Islands|Jersey|Guernsey|Alderney|Sark
Crown Territory of the Channel Islands
[GB]
Pound Sterling
&
???#

Chile
República de Chile
RCH
Chilean Peso (P)
0$Santiago$-3350$-7067$4545000$
1$Concepción$-3683$-7305$314000$
1$Vinîa del Mar$-3300$-7158$316000$
1$Valparaiso$-3308$-7167$276000$
&
The government of President AYLWIN, which took power in 1990, retained the
economic policies of PINOCHET, although the share of spending for social
welfare has risen steadily. In 1991 growth in GDP recovered to 6% (led by
consumer spending) after only 2% growth in 1990. The pace accelerated in
1992 as the result of strong investment and export growth, and GDP rose
10.4%. Nonetheless, inflation fell further, to 12.7%, compared with 27.3% in
1990 and 18.7% in 1991. The buoyant economy spurred a 25% growth in imports,
and the trade surplus fell in 1992, although international reserves
increased. Inflationary pressures are not expected to ease much in 1993, and
economic growth is likely to approach 7%.
???#

China|People's Republic of China
Zhonghua Renmin Gongheguo
TJ
Renminbi ¥uan (Rmb)
0$Beijing$3992$11642$7000000$
1$Shanghaï$3125$12150$7830000$
1$Tianjin$3914$11720$5770000$
1$Shenyang$4180$12345$4540000$
1$Wuhan$3060$11428$3750000$
1$Guangzhou$2310$11327$3580000$
1$Chongqing$2965$10657$2980000$
1$Harbin$4575$12668$2830000$
1$Chengdu$4097$11789$2810000$
1$Xian$3425$10886$2760000$
1$Nanjing$3217$11883$2500000$
1$Lhassa$2968$9117$70000$
&
Beginning in late 1978 the Chinese leadership has been trying to move the
economy from the sluggish Soviet-style centrally planned economy to a more
productive and flexible economy with market elements, but still within the
framework of monolithic Communist control. To this end the authorities have
switched to a system of household responsibility in agriculture in place of
the old collectivization, increased the authority of local officials and
plant managers in industry, permitted a wide variety of small-scale
enterprise in services and light manufacturing, and opened the foreign
economic sector to increased trade and joint ventures. The most gratifying
result has been a strong spurt in production, particularly in agriculture in
the early 1980s. Industry also has posted major gains, especially in coastal
areas near Hong Kong and opposite Taiwan, where foreign investment and
modern production methods have helped spur production of both domestic and
export goods. Aggregate output has more than doubled since 1978. On the
darker side, the leadership has often experienced in its hybrid system the
worst results of socialism (bureaucracy, lassitude, corruption) and of
capitalism (windfall gains and stepped-up inflation). Beijing thus has
periodically backtracked, retightening central controls at intervals and
thereby lessening the credibility of the reform process. In 1991, and again
in 1992, output rose substantially, particularly in the favored coastal
areas. Popular resistance, changes in central policy, and loss of authority
by rural cadres have weakened China's population control program, which is
essential to the nation's long-term economic viability.
???#

Christmas Island
Christmas Island
[AUS]
Australian Dollar
&
Phosphate mining had been the only significant economic activity, but in
December 1987 the Australian Government closed the mine as no longer
economically viable. Plans have been under way to reopen the mine and also
to build a casino and hotel to develop tourism, with a possible opening date
during the first half of 1992.
???#

Clipperton|Clipperton Island
Clipperton (Part of the French Southern and Antarctic Territories)
[F]
?
&
The only economic activity is a tuna fishing station.
???#

Colombia
República de Colombia
CO
Colombian Peso (col$)
0$Bogota$457$-7400$4819000$
1$Medellin$625$-7558$1664000$
1$Cali$345$-7652$1637000$
1$Barranquilla$1100$-7483$1000000$
1$Cartagena$1042$-7555$531000$
&
Economic development has slowed gradually since 1986, but growth rates
remain high by Latin American standards. Conservative economic policies have
kept inflation and unemployment near 30% and 10%, respectively. The rapid
development of oil, coal, and other nontraditional industries in recent
years has helped to offset the decline in coffee prices - Colombia's major
export. The collapse of the International Coffee Agreement in the summer of
1989, a troublesome rural insurgency, energy rationing, and drug-related
violence have dampened growth. The level of violence, in Bogota in
particular, surged to higher levels in the first quarter of 1993, further
delaying the economic resurgence expected from government reforms. These
reforms center on fiscal restraint, trade and investment liberalization,
financial and labor reform, and privatization of state utilities and
commercial banks.
???#

Comores|The Comores|Comoro Archipelago
République Fédérale Islamique des Comores
?
Franc of the Comores
0$Moroni$-1206$4432$60000$
&
One of the world's poorest countries, Comoros is made up of several islands
that have poor transportation links, a young and rapidly increasing
population, and few natural resources. The low educational level of the
labor force contributes to a low level of economic activity, high
unemployment, and a heavy dependence on foreign grants and technical
assistance. Agriculture, including fishing, hunting, and forestry, is the
leading sector of the economy. It contributes 40% to GDP, employs 80% of the
labor force, and provides most of the exports. The country is not
self-sufficient in food production, and rice, the main staple, accounts for
90% of imports. During the period 1982-86 the industrial sector grew at an
annual average rate of 5.3%, but its contribution to GDP was only 5% in
1988. Despite major investment in the tourist industry, which accounts for
about 25% of GDP, growth has stagnated since 1983. A sluggish growth rate of
1.5% during 1985-90 has led to large budget deficits, declining incomes, and
balance-of-payments difficulties. Preliminary estimates for FY92 show a
moderate increase in the growth rate based on increased exports, tourism,
and government investment outlays.
???#

Congo
République Populaire du Congo
RPC
CFA-Franc
0$Brazzaville$-423$1523$600000$
&
Congo's economy is a mixture of village agriculture and handicrafts, a
beginning industrial sector based largely on oil, supporting services, and a
government characterized by budget problems and overstaffing. A reform
program, supported by the IMF and World Bank, ran into difficulties in
1990-91 because of problems in changing to a democratic political regime and
a heavy debt-servicing burden. Oil has supplanted forestry as the mainstay
of the economy, providing about two-thirds of government revenues and
exports. In the early 1980s rapidly rising oil revenues enabled Congo to
finance large-scale development projects with growth averaging 5% annually,
one of the highest rates in Africa. During the period 1987-91, however,
growth has slowed to an average of roughly 1.5% annually, only half the
population growth rate. The new government, responding to pressure from
businessmen and the electorate, has promised to reduce the bureaucracy and
government regulation but little has been accomplished as of early 1993.
???#

Cook Islands
Cook Islands
[NZ]
Cook Islands Dollar (CI$)
&
Agriculture provides the economic base. The major export earners are fruit,
copra, and clothing. Manufacturing activities are limited to a
fruit-processing plant and several clothing factories. Economic development
is hindered by the isolation of the islands from foreign markets and a lack
of natural resources and good transportation links. A large trade deficit is
annually made up for by remittances from emigrants and from foreign aid.
Current economic development plans call for exploiting the tourism potential
and expanding the fishing industry.
???#

Costa Rica
República de Costa Rica
CR
Costa Rican Colón (/C)
0$San José$998$-8407$893000$
&
In 1992 the economy grew at an estimated 5.4%, up from the 2.5% gain of 1991
and the gain of 1990. Increases in agricultural production (on the strength
of good coffee and banana crops) and in nontraditional exports are
responsible for much of the growth. In 1992 consumer prices rose by 17%,
below the 27% of 1991. The trade deficit of $100 million was substantially
below the 1991 deficit of $270 million. Unemployment is officially reported
at 4.0%, but much underemployment remains. External debt, on a per capita
basis, is among the world's highest.
???#

Ivory Coast|Cote d'Ivoire
République de Côte d'Ivoire
CI
CFA-Franc
0$Abidjan$543$-397$2500000$
1$Yamoussoukro$690$-550$110000$
1$Bouaké$767$-503$330000$
&
Côte d'Ivoire is among the world's largest producers and exporters of
coffee, cocoa beans, and palm-kernel oil. Consequently, the economy is
highly sensitive to fluctuations in international prices for coffee and
cocoa and to weather conditions. Despite attempts by the government to
diversify, the economy is still largely dependent on agriculture and related
industries. The agricultural sector accounts for over one-third of GDP and
about 80% of export earnings and employs about 85% of the labor force. A
collapse of world cocoa and coffee prices in 1986 threw the economy into a
recession, from which the country had not recovered by 1990. Continuing low
prices for commodity exports, an overvalued exchange rate, a bloated
public-sector wage bill, and a large foreign debt hindered economic recovery
in 1991. The government, which has sponsored various economic reform
programs, especially in agriculture, projected an increase of 1.6% in GNP in
1992.
???#

Croatia
Republika Hrvatska
HV
Croatian Dinar (CRD)
0$Zagreb$4380$1597$930000$
&
Before the dissolution of Yugoslavia, the republic of Croatia, after
Slovenia, was the most prosperous and industrialized area, with a per capita
output roughly comparable to that of Portugal and perhaps one-third above
the Yugoslav average. Croatian Serb Nationalists control approximately one
third of the Croatian territory, and one of the overriding determinants of
Croatia's long-term political and economic prospects will be the resolution
of this territorial dispute. Croatia faces monumental problems stemming
from: the legacy of longtime Communist mismanagement of the economy; large
foreign debt; damage during the fighting to bridges, factories, powerlines,
buildings, and houses; the large refugee population, both Croatian and
Bosnian; and the disruption of economic ties to Serbia and the other former
Yugoslav republics, as well as within its own territory. At the minimum,
extensive Western aid and investment, especially in the tourist and oil
industries, would seem necessary to salvage a desperate economic situation.
However, peace and political stability must come first. As of June 1993,
fighting continues among Croats, Serbs, and Muslims, and national boundaries
and final political arrangements are still in doubt.
???#

Crozet Islands
Crozet Islands (Part of the French Sourthern and Antarctic Territories)
[F]
French Franc
&
???#

Cuba
República de Cuba
C
Cuban Peso (cub$)
0$La Habana$2314$-8236$2096000$
1$Santiago de Cuba$2000$-7582$405000$
&
Since Castro's takeover of Cuba in 1959, the economy has been run in the
Soviet style of government ownership of substantially all the means of
production and government planning of all but the smallest details of
economic activity. Thus, Cuba, like the former Warsaw Pact nations, has
remained in the backwater of economic modernization. The economy contracted
by about one-third between 1989 and 1992 as it absorbed the loss of $4
billion of annual economic aid from the former Soviet Union and much smaller
amounts from Eastern Europe. The government implemented numerous energy
conservation measures and import substitution schemes to cope with a large
decline in imports. To reduce fuel consumption, Havana has cut back bus
service and imported approximately 1 million bicycles from China,
domesticated nearly 200,000 oxen to replace tractors, and halted a large
amount of industrial production. The government has prioritized domestic
food production and promoted herbal medicines since 1990 to compensate for
lower imports. Havana also has been shifting its trade away from the former
Soviet republics and Eastern Europe toward the industrialized countries of
Latin America and the OECD.
???#

Cyprus
Republic of Cyprus
CY
Cypriot Pound (C£)
0$Nicosie$3520$3336$120000$
&
The Greek Cypriot economy is small, diversified, and prosperous. Industry
contributes 16.5% to GDP and employs 29% of the labor force, while the
service sector contributes 62% to GDP and employs 57% of the labor force.
Rapid growth in exports of agricultural and manufactured products and in
tourism have played important roles in the average 6.8% rise in GDP between
1986 and 1990. This progress was temporarily checked in 1991, because of the
adverse effects of the Gulf War on tourism. Nevertheless in mid-1991, the
World Bank "graduated" Cyprus off its list of developing countries. In
contrast to the bright picture in the south, the Turkish Cypriot economy has
less than half the per capita GDP and suffered a series of reverses in 1991.
Crippled by the effects of the Gulf war, the collapse of the
fruit-to-electronics conglomerate, Polly Peck, Ltd., and a drought, the
Turkish area in late 1991 asked for a multibillion-dollar grant from Turkey
to help ease the burden of the economic crisis. In addition, the Turkish
government extended a $100 million loan in November 1992 to be used for
economic development projects in 1993. Turkey normally underwrites a
substantial portion of the Turkish Cypriot economy.
???#

Czechoslovakia|Czech Republic|Czechia
Ceska Republika
CR
Czech Koruna (Kc)
0$Praha$5008$1442$1214000$
1$Olomouc$4963$1720$110000$
&
The dissolution of Czechoslovakia into two independent nation states - the
Czech Republic and Slovakia - on 1 January 1993 has complicated the task of
moving toward a more open and decentralized economy. The old Czechoslovakia,
even though highly industrialized by East European standards, suffered from
an aging capital plant, lagging technology, and a deficiency in energy and
many raw materials. In January 1991, approximately one year after the end of
communist control of Eastern Europe, theCzech and Slovak Federal Republic
launched a sweeping program to convert its almost entirely state-owned and
controlled economy to a market system. In 1991-92 these measures resulted in
privatization of some medium- and small-scale economic activity and the
setting of more than 90% of prices by the market - but at a cost in
inflation, unemployment, and lower output. For Czechoslovakia as a whole
inflation in 1991 was roughly 50% and output fell 15%. In 1992, in the Czech
lands, inflation dropped to an estimated 12.5% and GDP was down a more
moderate 5%. For 1993 the government of the Czech Republic anticipates
inflation of 15-20% and a rise in unemployment to perhaps 12% as some
large-scale enterprises go into bankruptcy; GDP may drop as much as 3%,
mainly because of the disruption of trade links with Slovakia. Although the
governments of the Czech Republic and Slovakia had envisaged retaining the
koruna as a common currency, at least in the short term, the two countries
ended the currency union in February 1993.
???#

Denmark
Kongeriget Danmark
DK
Danish Krone (Dkr)
0$Copenhaven$5568$1257$1339000$
1$Aarhus$5614$1018$267000$
&
This modern economy features high-tech agriculture, up-to-date small-scale
and corporate industry, extensive government welfare measures, comfortable
living standards, and high dependence on foreign trade. Denmark's new
center-left coalition government will concentrate on reducing the persistent
high unemployment rate and the budget deficit as well as following the
previous government's policies of maintaining low inflation and a current
account surplus. In the face of recent international market pressure on the
Danish krone, the coalition has also vowed to maintain a stable currency.
The coalition hopes to lower marginal income taxes while maintaining overall
tax revenues; boost industrial competitiveness through labor market and tax
reforms and increased research and development funds; and improve welfare
services for the neediest while cutting paperwork and delays. Prime Minister
RASMUSSEN's reforms will focus on adapting Denmark to EC's economic and
monetary union (EMU) criteria by 1999, although Copenhagen won from the EC
the right to opt out of the EMU if a national referendum rejects it. Denmark
is, in fact, one of the few EC countries likely to fit into the EMU on time.
Denmark is weathering the current worldwide slump better than many West
European countries. As the EC's single market (formally established on 1
January 1993) gets underway, Danish economic growth is expected to pickup to
around 2% in 1993. Expected Danish approval of the Maastricht treaty on EC
political and economic union in May 1993 would almost certainly reverse the
drop in investment, further boosting growth. The current account surplus
remains strong as limitations on wage increases and low inflation - expected
to be around 1% in 1993 - improve export competitiveness. Although
unemployment is high, it remains stable compared to most European countries.
???#

Djibouti
Republic of Djibouti
?
Djiboutian Franc (FD)
0$Djibouti$1160$4315$250000$
&
The economy is based on service activities connected with the country's
strategic location and status as a free trade zone in northeast Africa.
Djibouti provides services as both a transit port for the region and an
international transshipment and refueling center. It has few natural
resources and little industry. The nation is, therefore, heavily dependent
on foreign assistance to help support its balance of payments and to finance
development projects. An unemployment rate of over 30% continues to be a
major problem. Per capita consumption dropped an estimated 35% over the last
five years because of recession and a high population growth rate (including
immigrants and refugees).
???#

Dominica
Commonwealth Dominica
WD
East Caribbean Dollar
&
The economy is dependent on agriculture and thus is highly vulnerable to
climatic conditions. Agriculture accounts for about 30% of GDP and employs
40% of the labor force. Principal products include bananas, citrus, mangoes,
root crops, and coconuts. In 1991, GDP grew by 2.1%. The tourist industry
remains undeveloped because of a rugged coastline and the lack of an
international airport.
???#

Dominican Republic
República Dominicana
DOM
Dominican Peso (dom$)
0$Santo Domingo$1857$-6990$1410000$
&
The economy is largely dependent on trade; imported components average 60%
of the value of goods consumed in the domestic market. Rapid growth of free
trade zones has established a significant expansion of manufacturing for
export, especially wearing apparel. Over the past decade, tourism has also
increased in importance and is a major earner of foreign exchange and a
source of new jobs. Agriculture remains a key sector of the economy. The
principal commercial crop is sugarcane, followed by coffee, cotton, cocoa,
and tobacco. Domestic industry is based on the processing of agricultural
products, oil refining, minerals, and chemicals. Unemployment is officially
reported at about 30%, but there is considerable underemployment.
???#

Easter Island
Easter Island
[RCH]
?
&
???#

Ecuador
República del Ecuador
EC
Sucre (S/.)
0$Quito$-025$-7850$1281000$
1$Guayaquil$-223$-7996$1764000$
3$Chimborazo$-127$-7880$6310$
&
Ecuador has substantial oil resources and rich agricultural areas. Growth
has been uneven because of natural disasters, fluctuations in global oil
prices, and government policies designed to curb inflation. Banana exports,
second only to oil, have suffered as a result of EC import quotas and banana
blight. The new President Sixto DURAN-BALLEN, has a much more favorable
attitude toward foreign investment than did his predecessor. Ecuador has
implemented trade agreements with Colombia, Peru, Bolivia, and Venezuela and
has applied for GATT membership. At the end of 1991, Ecuador received a
standby IMF loan of $105 million, which will permit the country to proceed
with the rescheduling of Paris Club debt. In September 1992, the government
launched a new, macroeconomic program that gives more play to market forces;
as of March 1993, the program seemed to be paying off.
???#

Egypt
Jumhuriyat Misr al-Arabiyah
ET
Egyptian Pound (E£)
0$Cairo$3002$3122$9790000$
1$Alexandrie$3100$3000$2926000$
1$Guizeh$3000$3117$3725000$
1$Suez$2999$3255$327000$
&
Egypt has one of the largest public sectors of all the Third World
economies, most industrial plants being owned by the government.
Overregulation holds back technical modernization and foreign investment.
Even so, the economy grew rapidly during the late 1970s and early 1980s, but
in 1986 the collapse of world oil prices and an increasingly heavy burden of
debt servicing led Egypt to begin negotiations with the IMF for
balance-of-payments support. Egypt's first IMF standby arrangement concluded
in mid-1987 was suspended in early 1988 because of the government's failure
to adopt promised reforms. Egypt signed a follow-on program with the IMF and
also negotiated a structural adjustment loan with the World Bank in 1991. In
1991-92 the government made solid progress on administrative reforms such as
liberalizing exchange and interest rates but resisted implementing major
structural reforms like streamlining the public sector. As a result, the
economy has not gained momentum and unemployment has become a growing
problem. In 1992-93 tourism has plunged 20% or so because of sporadic
attacks by Islamic extremists on tourist groups. President MUBARAK has cited
population growth as the main cause of the country's economic troubles. The
addition of about 1.4 million people a year to the already huge population
of 60 million exerts enormous pressure on the 5% of the land area available
for agriculture.
???#

El Salvador
República de El Salvador
ES
El Salvador Colón (/C)
0$San Salvador$1367$-8917$1179000$
1$Santa Ana$1398$-8957$239000$
&
The agricultural sector accounts for 24% of GDP, employs about 40% of the
labor force, and contributes about 66% to total exports. Coffee is the major
commercial crop, accounting for 45% of export earnings. The manufacturing
sector, based largely on food and beverage processing, accounts for 18% of
GDP and 15% of employment. Economic losses because of guerrilla sabotage
total more than $2 billion since 1979. The costs of maintaining a large
military seriously constrain the government's efforts to provide essential
social services. Nevertheless, growth in national output during the period
1990-92 exceeded growth in population for the first time since 1987.
???#

Equatorial Guinea
República de Guinea Ecuatorial
?
CFA-Franc
0$Malabo$375$883$30000$
&
The economy, devastated during the regime of former President Macias NGUEMA,
is based on agriculture, forestry, and fishing, which account for about half
of GDP and nearly all exports. Subsistence agriculture predominates, with
cocoa, coffee, and wood products providing income, foreign exchange, and
government revenues. There is little industry. Commerce accounts for about
8% of GDP and the construction, public works, and service sectors for about
38%. Undeveloped natural resources include titanium, iron ore, manganese,
uranium, and alluvial gold. Oil exploration, taking place under concessions
offered to US, French, and Spanish firms, has been moderately successful.
Increased production from recently discovered natural gas deposits will
provide a greater share of exports by 1995.
???#

Eritrea
Eritrea
?
Birr
&
With independence from Ethiopia on 27 April 1993, Eritrea faces the bitter
economic problems of a small, desperately poor African country. Most of the
population will continue to depend on subsistence farming. Domestic output
is substantially augmented by worker remittances from abroad. Government
revenues come from custom duties and income and sales taxes. Eritrea has
inherited the entire coastline of Ethiopia and has long-term prospects for
revenues from the devlopment of offshore oil, offshore fishing and tourist
development. For the time being, Ethiopia will be largely dependent on
Eritrean ports for its foreign trade.
???#

Estonia
Eesti Vabariik
EW
Estonian Krone (Ekr)
0$Tallinn$5937$2480$497000$
&
As of June 1993 Estonia ranks first among the 15 former Soviet republics in
moving from its obsolete command economy to a modern market economy. Yet
serious problems remain. In contrast to the estimated 30% drop in output in
1992, GDP should grow by a small percent in 1993. Of key importance has been
the introduction of the kroon in August 1993 and the subsequent reductions
in inflation to 1%-2% per month. Starting in July 1991, under a new law on
private ownership, small enterprises, such as retail shops and restaurants,
were sold to private owners. The auctioning of large-scale enterprises is
progressing with the proceeds being held in escrow until the prior ownership
(that is, Estonian or the Commonwealth of Independent States) can be
established. Estonia ranks first in per capita consumption among the former
Soviet republics. Agriculture is well developed, especially meat production,
and provides a surplus for export. Only about one-fifth of the work force is
in agriculture. The major share of the work force engages in manufacturing
both capital and consumer goods based on raw materials and intermediate
products from the other former Soviet republics. These manufactures are of
high quality by ex-Soviet standards and are exported to the other republics.
Estonia's mineral resources are limited to major deposits of shale oil (60%
of the old Soviet total) and phosphorites (400 million tons). Estonia has a
large, relatively modern port and produces more than half of its own energy
needs at highly polluting shale oil power plants. It has advantages in the
transition, not having suffered so long under the Soviet yoke and having
better chances of developing profitable ties to the Nordic and West European
countries. Like Latvia, but unlike Lithuania, the large portion of ethnic
Russians (30%) in the population poses still another difficulty in the
transition to an independent market economy.
???#

Ethiopia
Democratic People's Republic of Ethiopia
ETH
Birr (Br)
0$Addis-Abeba$903$3870$1500000$
3$Elgon$113$3455$4321$
&
With the independence of Eritrea on 27 April 1993, Ethiopia continues to
face difficult economic problems as one of the poorest and least developed
countries in Africa. (The accompanying analysis and figures predate the
independence of Eritrea.) Its economy is based on subsistence agriculture,
which accounts for about 45% of GDP, 90% of exports, and 80% of total
employment; coffee generates 60% of export earnings. The manufacturing
sector is heavily dependent on inputs from the agricultural sector. Over 90%
of large-scale industry, but less than 10% of agriculture, is state run; the
government is considering selling off a portion of state-owned plants.
Favorable agricultural weather largely explains the 4.5% growth in output in
FY89, whereas drought and deteriorating internal security conditions
prevented growth in FY90. In 1991 the lack of law and order, particularly in
the south, interfered with economic development and growth. In 1992, because
of some easing of civil strife and aid from the outside world, the economy
substantially improved.
???#

Falkland Islands|Islas Malvinas
Crown Colony of the Falkland Islands
[GB]
Falkland Pound (Fl£)
0$Stanley$-5175$-5793$1650$
&
The economy is based on sheep farming, which directly or indirectly employs
most of the work force. A few dairy herds are kept to meet domestic
consumption of milk and milk products, and crops grown are primarily those
for providing winter fodder. Exports feature shipments of high-grade wool to
the UK and the sale of postage stamps and coins. Rich stocks of fish in the
surrounding waters are not presently exploited by the islanders. So far,
efforts to establish a domestic fishing industry have been unsuccessful. In
1987 the government began selling fishing licenses to foreign trawlers
operating within the Falklands exclusive fishing zone. These license fees
amount to more than $40 million per year and are a primary source of income
for the government. To encourage tourism, the Falkland Islands Development
Corporation has built three lodges for visitors attracted by the abundant
wildlife and trout fishing.
???#

Faroe Islands|Föroyar|FærØrne
Autonomous Country of Föroyar
[DK]
Föroyarian Krone
0$Thórshavn$6200$-700$16000$
&
The Faroese, who have long enjoyed the affluent living standards of the
Danes and other Scandinavians, now must cope with the decline of the
all-important fishing industry and one of the world's heaviest per capita
external debts of nearly $30,000. When the nations of the world extended
their fishing zones to 200 nautical miles in the early 1970s, the Faroese no
longer could continue their traditional long-distance fishing and
subsequently depleted their own nearby fishing areas. The government's tight
controls on fish stocks and its austerity measures have caused a recession,
and subsidy cuts will force nationalization in the fishing industry, which
has already been plagued with bankruptcies. Copenhagen has threatened to
withhold its annual subsidy of $130 million - roughly one-third of the
islands' budget revenues - unless the Faroese make significant efforts to
balance their budget. To this extent the Faroe government is expected to
continue its tough policies, including introducing a 20% VAT in 1993, and
has agreed to an IMF economic-political stabilization plan. In addition to
its annual subsidy, the Danish government has bailed out the second largest
Faroe bank to the tune of $140 million since October 1992.
???#

Fiji
Republic of Fiji
FJI
Fiji Dollar (F$)
0$Suva$-1814$17842$80000$
&
Fiji's economy is primarily agricultural, with a large subsistence sector.
Sugar exports are a major source of foreign exchange, and sugar processing
accounts for one-third of industrial output. Industry, including sugar
milling, contributes 13% to GDP. Fiji traditionally had earned considerable
sums of hard currency from the 250,000 tourists who visited each year. In
1987, however, after two military coups, the economy went into decline. GDP
dropped by 7.8% in 1987 and by another 2.5% in 1988; political uncertainty
created a drop in tourism, and the worst drought of the century caused sugar
production to fall sharply. In contrast, sugar and tourism turned in strong
performances in 1989, and the economy rebounded vigorously. In 1990 the
economy received a setback from cyclone Sina, which cut sugar output by an
estimated 21%. Sugar exports recovered in 1991-92.
???#

Finland
Suomen Tasavalta
SF
Fin. markka (Fmk)
0$Helsinki$6025$2505$1020000$
&
Finland has a highly industrialized, largely free market economy, with per
capita output two-thirds of the US figure. Its key economic sector is
manufacturing - principally the wood, metals, and engineering industries.
Trade is important, with the export of goods representing about 30% of GDP.
Except for timber and several minerals, Finland depends on imports of raw
materials, energy, and some components for manufactured goods. Because of
the climate, agricultural development is limited to maintaining
self-sufficiency in basic products. The economy, which experienced an
average of 4.9% annual growth between 1987 and 1989, sank into deep
recession in 1991 as growth contracted by 6.5%. The recession - which
continued in 1992 with growth contracting by 3.5% - has been caused by
economic overheating, depressed foreign markets, and the dismantling of the
barter system between Finland and the former Soviet Union under which Soviet
oil and gas had been exchanged for Finnish manufactured goods. The Finnish
Government has proposed efforts to increase industrial competitiveness and
efficiency by an increase in exports to Western markets, cuts in public
expenditures, partial privatization of state enterprises, and changes in
monetary policy. In June 1991 Helsinki had tied the markka to the EC's
European Currency Unit (ECU) to promote stability. Ongoing speculation
resulting from a lack of confidence in the government's policies forced
Helsinki to devalue the markka by about 12% in November 1991 and to
indefinitely break the link in September 1992. By boosting the
competitiveness of Finnish exports, these measures presumably have kept the
economic downturn from being even more severe. Unemployment probably will
remain a serious problem during the next few years - monthly figures in
early 1993 are approaching 20% - with the majority of Finnish firms facing a
weak domestic market and the troubled German and Swedish export markets.
Declining revenues, increased transfer payments, and extensive funding to
bail out the banking system are expected to push the central government's
budget deficit to nearly 13% in 1993. Helsinki continues to harmonize its
economic policies with those of the EC during Finland's current EC
membership bid.
???#

France
République Française
F
French Franc (FF, FFr)
0$Paris$4883$233$9318000$
1$Lyon$4577$483$1262000$
1$Marseille$4330$536$1230000$
1$Lille$5064$305$959000$
1$Bordeaux$4486$-050$696000$
1$Toulouse$4362$145$650000$
1$Nice$4370$723$516000$
1$Nantes$4720$-156$496000$
1$Toulon$4310$593$437000$
1$Grenoble$4519$569$404000$
1$Strasbourg$4858$775$388000$
1$Rouen$4944$107$380000$
1$Valenciennes$5033$357$338000$
1$Nancy$4869$619$329000$
1$Lens$5043$283$323000$
1$Saint-Etienne$4545$440$313000$
1$Tours$4742$067$282000$
1$Béthune$5050$264$261000$
1$Clermont-Ferrand$4578$308$254000$
1$Le Havre$4951$011$254000$
1$Rennes$4812$-168$205000$
1$Montpellier$4362$387$195000$
1$Metz$4914$617$193000$
1$Reims$4925$400$183610$
1$Brest$4840$-448$172000$
1$Dijon$4733$500$151000$
1$Limoges$4583$125$147000$
1$Amiens$4990$227$135000$
1$Caen$4917$-037$122794$
1$Versailles$4880$0213$95240$
1$Saint-Priest-En-Jarez$4548$438$6500$
3$Mont Blanc$4586$679$4807$
3$Monte Cinto$4238$893$2710$
&
One of the world's most developed economies, France has substantial
agricultural resources and a highly diversified modern industrial sector.
Large tracts of fertile land, the application of modern technology, and
subsidies have combined to make it the leading agricultural producer in
Western Europe. France is largely self-sufficient in agricultural products
and is a major exporter of wheat and dairy products. The industrial sector
generates about one-quarter of GDP, and the growing services sector has
become crucial to the economy. The French economy is entering its fourth
consecutive year of sluggish growth after a strong expansion in the late
1980s. Growth averaged only 1.3% in 1990-92 and is expected to drop to
between zero and -0.5% in 1993. The government budget deficit rose to 3.2%
of GDP in 1992 and is expected to be far larger than planned in the 1993
budget. Paris remains committed to maintaining the franc-deutsch mark
parity, which has kept French interest rates high despite France's low
inflation. Although the pace of economic integration within the European
Community has slowed down, integration presumably will remain a major force
shaping the fortunes of the various economic sectors.
???#

French Guiana|Guiana
Département de Guyane
[F]
French Franc
0$Cayenne$493$-5233$55000$
&
The economy is tied closely to that of France through subsidies and imports.
Besides the French space center at Kourou, fishing and forestry are the most
important economic activities, with exports of fish and fish products
(mostly shrimp) accounting for more than 60% of total revenue in 1987. The
large reserves of tropical hardwoods, not fully exploited, support an
expanding sawmill industry that provides sawn logs for export. Cultivation
of crops - rice, cassava, bananas, and sugarcane - is limited to the coastal
area, where the population is largely concentrated. French Guiana is heavily
dependent on imports of food and energy. Unemployment is a serious problem,
particularly among younger workers.
???#

French Polynesia|Polynesia|Tahiti
Territoire de la Polynésie Française
[F]
CFP-Franc
0$Papeete$-1753$-14957$95000$
&
Since 1962, when France stationed military personnel in the region, French
Polynesia has changed from a subsistence economy to one in which a high
proportion of the work force is either employed by the military or supports
the tourist industry. Tourism accounts for about 20% of GDP and is a primary
source of hard currency earnings.
???#

Gabon
République Gabonaise
G
CFA-Franc
0$Libreville$050$942$300000$
&
The economy, dependent on timber and manganese until the early 1970s, is now
dominated by the oil sector. In 1981-85, oil accounted for about 45% of GDP,
80% of export earnings, and 65% of government revenues on average. The high
oil prices of the early 1980s contributed to a substantial increase in per
capita national income, stimulated domestic demand, reinforced migration
from rural to urban areas, and raised the level of real wages to among the
highest in Sub-Saharan Africa. The subsequent slide of Gabon's economy,
which began with falling oil prices in 1985, was reversed in 1989-90, but
debt servicing obligations continue to limit prospects for further domestic
development. Real growth in 1991-92 was weak because of a combination of an
overstaffed bureaucracy, a large budget deficit, and the continued
underdevelopment of the whole economy outside the petroleum sector.
???#

Gambia
Republic of Gambia
WAG
Dalasi (D)
0$Banjul$1347$-1667$50000$
&
The Gambia has no important mineral or other natural resources and has a
limited agricultural base. It is one of the world's poorest countries with a
per capita income of about $325. About 75% of the population is engaged in
crop production and livestock raising, which contribute 30% to GDP.
Small-scale manufacturing activity - processing peanuts, fish, and hides -
accounts for less than 10% of GDP. Tourism is a growing industry. The Gambia
imports one-third of its food, all fuel, and most manufactured goods.
Exports are concentrated on peanut products (about 75% of total value).
???#

Georgia
Sakartvelo Respublika
SAK
Russian Rouble
0$Tbilissi$4172$4481$1500000$
&
Among the former Soviet republics, Georgia has been noted for its Black Sea
tourist industry, its large output of citrus fruits and tea, and an
industrial sector that accounted, however, for less than 2% of the USSR's
output. Another salient characteristic of the economy has been a flourishing
private sector (compared with the other republics). About 25% of the labor
force is employed in agriculture. Mineral resources consist of manganese and
copper, and, to a lesser extent, molybdenum, arsenic, tungsten, and mercury.
Except for very small quantities of domestic oil, gas, and coal, fuel must
be imported from neighboring republics. Oil and its products have been
delivered by pipeline from Azerbaijan to the port of Batumi for export and
local refining. Gas has been supplied in pipelines from Krasnodar and
Stavropol'. The dismantling of central economic controls has been delayed by
political factionalism, marked by bitter armed struggles. In early 1993 the
Georgian economy was operating at well less than half capacity due to
disruptions in fuel supplies and vital transportation links as a result of
conflicts in Abkhazia and South Ossetia, antigovernment activity in Western
Georgia, and Azerbaijani pressure against Georgian assistance for Armenia.
To restore economic viability, Georgia must establish domestic peace and
must maintain economic ties to the other former Soviet republics while
developing new links to the West.
???#
 
Germany
Bundesrepublik Deutschland
D
Deutsche Mark (DM)
0$Berlin$5253$1340$3410000$
1$Hamburg$5353$998$1626000$
1$München$4815$1158$1207000$
1$Köln$5093$697$946000$
1$Frankfurt$5011$866$635000$
1$Essen$5147$698$624000$
1$Dortmund$5153$747$594000$
1$Düsseldorf$5125$677$570000$
1$Stuttgart$4877$917$571000$
1$Bremen$5307$878$544000$
1$Duisburg$5144$669$532000$
1$Leipzig$5133$1233$530000$
1$Hannover$5239$972$506000$
1$Dresde$5103$1375$501000$
1$Nürnberg$4943$1108$486000$
1$Bochum$5147$719$393000$
1$Wüppertal$5125$715$378000$
1$Bielefeld$5203$852$315000$
1$Mannheim$4947$848$306000$
1$Chemnitz$5083$1292$302000$
1$Magdeburg$5215$1161$290000$
1$Bonn$5072$710$283000$
1$Gelsenkirchen$5150$708$288000$
1$Karlsruhe$4905$839$267000$
1$Rostock$5410$1215$254000$
1$Wiesbaden$5011$828$254000$
1$Brunswick$5228$1047$254000$
1$Kiel$5433$1014$241000$
1$Aachen$5078$607$234000$
&
With the collapse of communism in Eastern Europe in 1989, prospects seemed
bright for a fairly rapid incorporation of East Germany into the highly
successful West German economy. The Federal Republic, however, continues to
experience difficulties in integrating and modernizing eastern Germany, and
the tremendous costs of unification have sunk western Germany deeper into
recession. The western German economy grew by less than 1% in 1992 as the
Bundesbank set high interest rates to offset the inflationary effects of
large government deficits and high wage settlements. Eastern Germany grew by
6.8% in 1992 but this was from a shrunken base. Despite government transfers
to the east amounting to nearly $110 billion annually, a self-sustaining
economy in the region is still some years away. The bright spots are eastern
Germany's construction, transportation, telecommunications, and service
sectors, which have experienced strong growth. Western Germany has an
advanced market economy and is a world leader in exports. It has a highly
urbanized and skilled population that enjoys excellent living standards,
abundant leisure time, and comprehensive social welfare benefits. Western
Germany is relatively poor in natural resources, coal being the most
important mineral. Western Germany's world-class companies manufacture
technologically advanced goods. The region's economy is mature: services and
manufacturing account for the dominant share of economic activity, and raw
materials and semimanufactured goods constitute a large portion of imports.
In recent years, manufacturing has accounted for about 31% of GDP, with
other sectors contributing lesser amounts. Gross fixed investment in 1992
accounted for about 21.5% of GDP. GDP in the western region is now $20,000
per capita, or 85% of US per capita GDP. Eastern Germany's economy appears
to be changing from one anchored on manufacturing into a more
service-oriented economy. The German government, however, is intent on
maintaining a manufacturing base in the east and is considering a policy for
subsidizing industrial cores in the region. Eastern Germany's share of
all-German GDP is only 7% and eastern productivity is just 30% that of the
west even though eastern wages are at roughly 70% of western levels. The
privatization agency for eastern Germany, Treuhand, has privatized more than
four-fifths of the almost 12,000 firms under its control and will likely
wind down operations in 1994. Private investment in the region continues to
be lackluster, resulting primarily from the deepening recession in western
Germany and excessively high eastern wages. Eastern Germany has one of the
world's largest reserves of low-grade lignite coal but little else in the
way of mineral resources. The quality of statistics from eastern Germany is
improving, yet many gaps remain; the federal government began producing
all-German data for select economic statistics at the start of 1992. The
most challenging economic problem is promoting eastern Germany's economic
reconstruction - specifically, finding the right mix of fiscal, monetary,
regulatory, and tax policies that will spur investment in eastern Germany -
without destabilizing western Germany's economy or damaging relations with
West European partners. The government hopes a "solidarity pact" among labor
unions, business, state governments, and the SPD opposition will provide the
right mix of wage restraints, investment incentives, and spending cuts to
stimulate eastern recovery. Finally, the homogeneity of the German economic
culture has been changed by the admission of large numbers of immigrants.
???#

Ghana
Republic of Ghana
GH
Cedi (/C)
0$Accra$558$-010$1500000$
1$Kumasi$675$-158$500000$
&
Supported by substantial international assistance, Ghana has been
implementing a steady economic rebuilding program since 1983, including
moves toward privatization and relaxation of government controls. Heavily
dependent on cocoa, gold, and timber exports, economic growth so far has not
spread substantially to other areas of the economy. The costs of sending
peacekeeping forces to Liberia and preparing for the transition to a
democratic government have boosted government expenditures and undercut
structural adjustment reforms. Ghana opened a stock exchange in 1990.
Meanwhile, declining world commodity prices for Ghana's exports has placed
the government under severe financial pressure.
???#

Gibraltar
Colony of Gibraltar
[GB]
Gibraltar Pound (Gib£)
&
The economy depends heavily on British defense expenditures, revenue from
tourists, fees for services to shipping, and revenues from banking and
finance activities. Because more than 70% of the economy is in the public
sector, changes in government spending have a major impact on the level of
employment. Construction workers are particularly affected when government
expenditures are cut.
???#

United Kingdom|UK|England|Great Britain|Britain
United Kingdom of Great Britain and Northern Ireland
GB
Pound Sterling (£)
0$London$5150$-017$6794000$
1$Birmingham$5250$-192$992000$
1$Leeds$5383$-158$712000$
1$Sheffield$5339$-147$525000$
1$Liverpool$5342$-292$468000$
1$Bradford$5347$-175$462000$
1$Manchester$5350$-225$446000$
1$Bristol$5143$-260$375000$
1$Wakefield$5368$-150$319000$
1$Coventry$5242$-152$310000$
1$Dudley$5250$-208$306000$
1$Edimburg$5593$-318$434000$
1$Glasgow$5586$-423$689000$
1$Belfast$5458$-593$303000$
&
The UK is one of the world's great trading powers and financial centers, and
its economy ranks among the four largest in Europe. The economy is
essentially capitalistic; over the past thirteen years the ruling Tories
have greatly reduced public ownership and contained the growth of social
welfare programs. Agriculture is intensive, highly mechanized, and efficient
by European standards, producing about 60% of food needs with only 1% of the
labor force. The UK has large coal, natural gas, and oil reserves, and
primary energy production accounts for 12% of GDP, one of the highest shares
of any industrial nation. Services, particularly banking, insurance, and
business services, account by far for the largest proportion of GDP while
industry continues to decline in importance, now employing only 25% of the
work force and generating 21% of GDP. The economy is emerging out of its
3-year recession with only weak recovery expected in 1993. Unemployment is
hovering around 10% of the labor force. The government in 1992 adopted a
pro-growth strategy, cutting interest rates sharply and removing the pound
from the European exchange rate mechanism. Excess industrial capacity
probably will moderate inflation which for the first time in a decade is
below the EC average. The major economic policy question for Britain in the
1990s is the terms on which it participates in the financial and economic
integration of Europe.
???#

Greece
Elliniki Dhimokratia
GR
Drachme (Dr)
0$Athenai$3797$2377$3096000$
1$Thessalonika$4064$2300$977000$
1$Iráklion$3533$2514$263000$
1$Lárissa$3964$2242$269000$
&
Greece has a mixed capitalist economy with the basic entrepreneurial system
overlaid in 1981-89 by a socialist system that enlarged the public sector
from 55% of GDP in 1981 to about 70% when Prime Minister MITSOTAKIS took
office. Tourism continues as a major source of foreign exchange, and
agriculture is self-sufficient except for meat, dairy products, and animal
feedstuffs. Since 1986, real GDP growth has averaged only 1.6% a year,
compared with the Europen Community average of 3%. The MITSOTAKIS government
has made little progress during its two and one-half years in power in
coming to grips with Greece's main economic problems: an inflation rate
still four times the EC average, a large public sector deficit, and a
fragile current account position. In early 1991, the government secured a
three-year, $2.5 billion assistance package from the EC under the strictest
terms yet imposed on a member country, as the EC finally ran out of patience
with Greece's failure to put its financial affairs in order. On the advice
of the EC Commission, Greece delayed applying for the second installment
until 1993 because of the failure of the government to meet the 1992
targets. Although MITSOTAKIS faced down the unions in mid-1992 in a dispute
over privatization plans, social security reform, and tax and price
increases, and his new economics czar, Stephanos MANOS, is a respected
economist committed to renovating the ailing economy. However, a national
elections due by May 1994 will probably prompt MITSOTAKIS to backtrack on
economic reform. In 1993, the GDP growth rate likely will remain low; the
inflation rate probably will continue to fall, while remaining the highest
in the EC.
???#

Greenland
Greenland
[DK]
Danish Krone
0$Godthäb$6417$-5167$15000$
&
Greenland's economic situation at present is difficult and unemployment
increases. Prospects for economic growth in the immediate future are not
bright. The Home Rule Government's economic restraint measures introduced in
the late 1980s have assisted in shifting red figures into a balance in the
public budget. Foreign trade produced a surplus in 1989 and 1990, but has
now returned to a deficit. Following the closing of the Black Angel lead and
zinc mine in 1989, Greenland today is fully dependent on fishing and fish
processing, this sector accounting for 95% of exports. Prospects for
fisheries are not bright, as the important shrimp catches will at best
stabilize and cod catches have dropped. Resumption of mining and hydrocarbon
activities is not around the corner, thus leaving only tourism with some
potential for the near future. The public sector in Greenland, i.e. the HRG
and its commercial entities and the municipalities, plays a dominant role in
Greenland accounting for about two thirds of total employment. About half
the government's revenues come from grants from the Danish Government.
???#

Grenada
State of Grenada
WG
East Caribbean Dollar
&
The economy is essentially agricultural and centers on the traditional
production of spices and tropical plants. Agriculture accounts for about 16%
of GDP and 80% of exports and employs 24% of the labor force. Tourism is the
leading foreign exchange earner, followed by agricultural exports.
Manufacturing remains relatively undeveloped, but is expected to grow, given
a more favorable private investment climate since 1983. The economy achieved
an impressive average annual growth rate of 5.5% in 1986-91 but stalled in
1992. Unemployment remains high at about 25%.
???#

Guadeloupe
Département de la Guadeloupe
[F]
French Franc
0$Basse-Terre$1600$6172$30000$
&
The economy depends on agriculture, tourism, light industry, and services.
It is also dependent upon France for large subsidies and imports. Tourism is
a key industry, with most tourists from the US. In addition, an increasingly
large number of cruise ships visit the islands. The traditionally important
sugarcane crop is slowly being replaced by other crops, such as bananas
(which now supply about 50% of export earnings), eggplant, and flowers.
Other vegetables and root crops are cultivated for local consumption,
although Guadeloupe is still dependent on imported food, which comes mainly
from France. Light industry consists mostly of sugar and rum production.
Most manufactured goods and fuel are imported. Unemployment is especially
high among the young.
???#

Guam
Guam
[USA]
US Dollar
&
The economy depends mainly on US military spending and on revenues from
tourism. Over the past 20 years the tourist industry has grown rapidly,
creating a construction boom for new hotels and the expansion of older ones.
Visitors numbered about 900,000 in 1992. About 60% of the labor force works
for the private sector and the rest for government. Most food and industrial
goods are imported, with about 75% from the US.
???#

Guantanamo Bay|Guantánamo Bay
Guantanamo Bay (Tenancy of the United States)
[USA]
US Dollar
&
???#

Guatemala
República de Guatemala
GCA
Quetzal (Q)
0$Guatemala$1464$-9052$1095000$
&
The economy is based on family and corporate agriculture, which accounts for
26% of GDP, employs about 60% of the labor force, and supplies two-thirds of
exports. Manufacturing, predominantly in private hands, accounts for about
18% of GDP and 12% of the labor force. In both 1990 and 1991, the economy
grew by 3%, the fourth and fifth consecutive years of mild growth. In 1992
growth picked up to 4% as government policies favoring competition and
foreign trade and investment took stronger hold.
???#

Guinea
République de Guinée
RG
Guinea Franc (F.G.)
0$Conakry$948$-1382$1100000$
&
Although possessing many natural resources and considerable potential for
agricultural development, Guinea is one of the poorest countries in the
world. The agricultural sector contributes about 40% to GDP and employs more
than 80% of the work force, while industry accounts for 27% of GDP. Guinea
possesses over 25% of the world's bauxite reserves; exports of bauxite and
alumina accounted for about 70% of total exports in 1989.
???#

Guinea-Bissau
República de Guine-Bissau
?
Guinea Peso (PG)
0$Bissau$1175$-1575$200000$
&
Guinea-Bissau ranks among the poorest countries in the world, with a per
capita GDP of roughly $200. Agriculture and fishing are the main economic
activities. Cashew nuts, peanuts, and palm kernels are the primary exports.
Exploitation of known mineral deposits is unlikely at present because of a
weak infrastructure and the high cost of development. The government's
four-year plan (1988-91) targeted agricultural development as the top
priority.
???#

Guyana|Guiana
Cooperative Republic of Guyana
GUY
Guyana Dollar (G$)
0$Georgetown$683$-5819$180000$
&
Guyana is one of the world's poorest countries with a per capita income less
than one-fifth the South American average. After growing on average at less
than 1% a year in 1986-87, GDP dropped by 5% a year in 1988-90. The decline
resulted from bad weather, labor trouble in the cane fields, and flooding
and equipment problems in the bauxite industry. Consumer prices rose about
100% in 1989 and 75% in 1990, and the current account deficit widened
substantially as sugar and bauxite exports fell. Moreover, electric power
has been in short supply and constitutes a major barrier to future gains in
national output. The government, in association with international financial
agencies, seeks to reduce its payment arrears and to raise new funds. The
government's stabilization program - aimed at establishing realistic
exchange rates, reasonable price stability, and a resumption of growth -
requires considerable public administrative abilities and continued patience
by consumers during a long incubation period. Buoyed by a recovery in mining
and agriculture, the economy posted 6% growth in 1991 and 7% growth in 1992,
according to official figures. A large volume of illegal and quasi-legal
economic activity is not captured in estimates of the country's total
output.
???#

Haiti|Haïti
République d'Haïti
RH
Gourde (Gde.)
0$Port-au-Prince$1855$-7233$1500000$
&
About 75% of the population live in abject poverty. Agriculture is mainly
small-scale subsistence farming and employs nearly three-fourths of the work
force. The majority of the population does not have ready access to safe
drinking water, adequate medical care, or sufficient food. Few social
assistance programs exist, and the lack of employment opportunities remains
one of the most critical problems facing the economy, along with soil
erosion and political instability. Trade sanctions applied by the
Organization of American States in response to the September 1991 coup
against President ARISTIDE have further damaged the economy.
???#

Honduras
República de Honduras
HCA
Lempira (L)
0$Tegucigalpa$1408$-8723$700000$
&
Honduras is one of the poorest countries in the Western Hemisphere.
Agriculture, the most important sector of the economy, accounts for more
than 25% of GDP, employs 62% of the labor force, and produces two-thirds of
exports. Productivity remains low. Industry, still in its early stages,
employs nearly 9% of the labor force, accounts for 15% of GDP, and generates
20% of exports. The service sectors, including public administration,
account for 50% of GDP and employ nearly 20% of the labor force. Basic
problems facing the economy include rapid population growth, high
unemployment, a lack of basic services, a large and inefficient public
sector, and the dependence of the export sector mostly on coffee and
bananas, which are subject to sharp price fluctuations. A far-reaching
reform program initiated by President CALLEJAS in 1990 is beginning to take
hold.
???#

Hong Kong
Crown Colony of Hong Kong
[GB]
Hong Kong Dollar (HK$)
0$2228$11422$2100000$
&
Hong Kong has a bustling free market economy with few tariffs or nontariff
barriers. Natural resources are limited, and food and raw materials must be
imported. Manufacturing accounts for about 18% of GDP, employs 28% of the
labor force, and exports about 90% of its output. Real GDP growth averaged a
remarkable 8% in 1987-88, slowed to 3.0% in 1989-90, and picked up to 4.2%
in 1991 and 5.9% in 1992. Unemployment, which has been declining since the
mid-1980s, is now about 2%. A shortage of labor continues to put upward
pressure on prices and the cost of living. Short-term prospects remain
bright so long as major trading partners continue to be reasonably
prosperous.
???#

Hungary
Magyar Koztarsasag
H
Forint (Ft)
0$Budapest$4748$1908$2000000$
1$Debrecen$4756$2169$216000$
&
Hungary is in the midst of a difficult transition from a command to a market
economy. Agriculture is an important sector, providing sizable export
earnings and meeting domestic food needs. Industry accounts for about 40% of
GDP and 30% of employment. Hungary claims that less than 25% of foreign
trade is now with former CEMA countries, while about 70% is with OECD
members. Hungary's economic reform programs during the Communist era gave it
a head start in creating a market economy and attracting foreign investment.
In 1991, Hungary received 60% of all foreign investment in Eastern Europe,
and in 1992 received the largest single share. The growing private sector
accounts for about one-third of national output according to unofficial
estimates. Privatization of state enterprises is progressing, although
excessive red tape, bureaucratic oversight, and uncertainties about pricing
have slowed the process. Escalating unemployment and high rates of inflation
may impede efforts to speed up privatization and budget reform, while
Hungary's heavy foreign debt will make the government reluctant to introduce
full convertibility of the forint before 1994 and to rein in inflation. The
government is projecting an end to the 5-year recession in 1993, and GDP is
forecast to grow 0%-3%.
???#

Iceland
Lyoveldio Island
IS
Icelandic Krone (ikr)
0$Reykjavík$6417$-2194$115000$
&
Iceland's Scandinavian-type economy is basically capitalistic, but with an
extensive welfare system, relatively low unemployment, and comparatively
even distribution of income. The economy is heavily dependent on the fishing
industry, which provides nearly 75% of export earnings and employs 12% of
the workforce. In the absence of other natural resources - except energy -
Iceland's economy is vulnerable to changing world fish prices. Iceland's
economy has been in recession since 1988. The recession deepened in 1992 due
to severe cutbacks in fishing quotas and falling world prices for the
country's main exports: fish and fish products, aluminum, and ferrosilicon.
Real GDP declined 3.3% in 1992 and is forecast to contract another 1.5% in
1993. The center-right government's economic goals include reducing the
budget and current account deficits, limiting foreign borrowing, containing
inflation, revising agricultural and fishing policies, diversifying the
economy, and privatizing state-owned industries. The recession has led to a
wave of bankruptcies and mergers throughout the economy, as well as the
highest unemployment of the post-World War II period. The national
unemployment rate reached 5% in early 1993, with some parts of the country
experiencing unemployment in the 9-10% range. Inflation, previously a
serious problem, declined from double digit rates in the 1980s to only 3.7%
in 1992.
???#

India|Bharat
Republic of India
IND
Rupee (Rs)
0$New Delhi$2880$7733$294000$
1$Delhi$2864$7728$8375000$
1$Calcutta$2260$8840$10916000$
1$Bombay$1892$7283$12571000$
1$Madras$1308$8030$5361000$
1$Bangalore$1298$7767$4086000$
1$Hyderabad$1717$7848$3297000$
1$Ahmadabad$2300$7267$3297000$
1$Kanpur$2643$8039$2410000$
1$Nagpur$2114$7917$1661000$
1$Jaipur$2690$7583$1514000$
1$Agra$2228$7797$955000$
1$Varanasi$2533$8300$1026000$
1$Indore$2269$7589$1086000$
1$Madurai$989$7811$1093000$
1$Jabalpur$2315$7997$887000$
1$Allahabad$2542$8197$802000$
3$K2$3590$7650$8611$
&
India's economy is a mixture of traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude
of support services. Faster economic growth in the 1980s permitted a
significant increase in real per capita private consumption. A large share
of the population, perhaps as much as 40%, remains too poor to afford an
adequate diet. Financial strains in 1990 and 1991 prompted government
austerity measures that slowed industrial growth but permitted India to meet
its international payment obligations without rescheduling its debt. Policy
reforms since 1991 have extended earlier economic liberalization and greatly
reduced government controls on production, trade, and investment.
???#

Indonesia
Republik Indonesia
RI
Rupiah (Rp)
0$Jakarta$-615$10682$7829000$
1$Surabaya$-725$11275$2345000$
1$Medan$358$9865$2110000$
1$Bandung$-660$10781$1613000$
1$Semarang$-697$11048$1269000$
1$Palembang$-298$10475$903000$
1$Ujung Pandang$-515$11948$888000$
3$Kinabalu$605$11653$4175$
&
Indonesia is a mixed economy with many socialist institutions and central
planning but with a recent emphasis on deregulation and private enterprise.
Indonesia has extensive natural wealth, yet, with a large and rapidly
increasing population, it remains a poor country. Real GDP growth in 1985-92
averaged about 6%, quite impressive, but not sufficient to both slash
underemployment and absorb the 2.3 million workers annually entering the
labor force. Agriculture, including forestry and fishing, is an important
sector, accounting for almost 20% of GDP and over 50% of the labor force.
The staple crop is rice. Once the world's largest rice importer, Indonesia
is now nearly self-sufficient. Plantation crops - rubber and palm oil - and
textiles and plywood are being encouraged for both export and job
generation. Industrial output now accounts for almost 40% of GDP and is
based on a supply of diverse natural resources, including crude oil, natural
gas, timber, metals, and coal. Of these, the oil sector dominates the
external economy, generating more than 20% of the government's revenues and
40% of export earnings in 1989. However, the economy's growth is highly
dependent on the continuing expansion of nonoil exports. Japan remains
Indonesia's most important customer and supplier of aid. Rapid growth in the
money supply in 1989-90 prompted Jakarta to implement a tight monetary
policy in 1991, forcing the private sector to go to foreign banks for
investment financing. Real interest rates remained above 10% and off-shore
commercial debt grew. The growth in off-shore debt prompted Jakarta to limit
foreign borrowing beginning in late 1991. Despite the continued problems in
moving toward a more open financial system and the persistence of a fairly
tight credit situation, GDP growth in 1992 is estimated to have stayed at
6%.
???#

Iran|Persia
Jomhuri-ye Eslami-ye Iran
IR
Riyal (lR)
0$Teheran$3567$5143$12000000$
1$Mashad$3627$5957$1466000$
1$Ispahan$3268$5168$1000000$
1$Tabriz$3811$4633$994000$
1$Chirâz$2969$5250$848000$
1$Ahvâz$3133$4867$589000$
1$Qum$3465$5094$550000$
&
Iran's economy is a mixture of central planning, state ownership of oil and
other large enterprises, village agriculture, and small-scale private
trading and service ventures. After a decade of economic decline, Iran's
real GDP grew by 10% in FY90 and 6% in FY91, according to Iranian Government
statistics. An oil windfall in 1990 combined with a substantial increase in
imports contributed to Iran's recent economic growth. Iran has also begun
implementing a number of economic reforms to reduce government intervention
(including subsidies) and has allocated substantial resources to development
projects in the hope of stimulating the economy. Lower oil revenues in 1991
- oil accounts for more than 90% of export revenues - together with a surge
in imports greatly weakened Iran's international financial position. By
mid-1992 Iran was unable to meet its obligations to foreign creditors.
Subsequently the government has tried to boost oil exports, curb imports
(especially of consumer goods), and renegotiate terms of its foreign debts.
???#

Iraq
Al Jumhuriyah al Iraqiyah
IRQ
Iraqi Dinar (ID)
0$Bagdad$3333$4450$3844000$
1$Basra$3050$4783$616000$
1$Mossoul$3635$4314$571000$
1$Kirkûk$3650$4435$500000$
&
The Ba'thist regime engages in extensive central planning and management of
industrial production and foreign trade while leaving some small-scale
industry and services and most agriculture to private enterprise. The
economy has been dominated by the oil sector, which has traditionally
provided about 95% of foreign exchange earnings. In the 1980s, financial
problems caused by massive expenditures in the eight-year war with Iran and
damage to oil export facilities by Iran, led the government to implement
austerity measures and to borrow heavily and later reschedule foreign debt
payments. After the end of hostilities in 1988, oil exports gradually
increased with the construction of new pipelines and restoration of damaged
facilities. Agricultural development remained hampered by labor shortages,
salinization, and dislocations caused by previous land reform and
collectivization programs. The industrial sector, although accorded high
priority by the government, also was under financial constraints. Iraq's
seizure of Kuwait in August 1990, subsequent international economic
embargoes, and military action by an international coalition beginning in
January 1991 drastically changed the economic picture. Industrial and
transportation facilities suffered severe damage and have been only
partially restored. Oil exports remain at less than 10% of the previous
level. Shortages of spare parts continue. Living standards deteriorated even
further in 1992 and early 1993; consumer prices at least tripled in 1992.
The UN-sponsored economic embargo has reduced exports and imports and has
contributed to the sharp rise in prices. The government's policies of
supporting large military and internal security forces and of allocating
resources to key supporters of the regime have exacerbated shortages. In
brief, per capita output in early 1993 is far below the 1989-90 level, but
no reliable estimate is available.
???#

Ireland|Eire|Éire
Irish Republic (Eire)
IRL
Irish Pound (IR£)
0$Dublin$5333$-630$478000$
&
The economy is small and trade dependent. Agriculture, once the most
important sector, is now dwarfed by industry, which accounts for 37% of GDP,
about 80% of exports, and employs 28% of the labor force. Since 1987, real
GDP growth, led by exports, has averaged 4% annually. Over the same period,
inflation has fallen sharply and chronic trade deficits have been
transformed into annual surpluses. Unemployment, at 22.7% remains a serious
problem, however, and job creation is the main focus of government policy.
To ease unemployment, Dublin aggressively courts foreign investors and
recently created a new industrial development agency to aid small indigenous
firms. Government assistance is constrained by Dublin's continuing deficit
reduction measures. After five years of fiscal restraint, total government
debt still exceeds GDP. Growth probably will moderate in 1993 as the heavily
indebted and trade-dependent economy is highly sensitive to changes in
exchange rates and world interest rates. Exports to the UK, Ireland's major
export market, probably will be hurt by the recent appreciation of the Irish
currency against sterling - for the first time since 1979 the value of the
Irish pound exceeds that of its British counterpart.
???#

Islas Desaventuradas
Islas Desaventuradas
[RCH]
?
&
???#

Israel
State of Israel
IL
New Shekel (NIS)
0$Jerusalem$3178$3522$557000$
1$Tel-Aviv-Jaffa$3207$3481$400000$
1$Haïfa$3277$3500$250000$
&
Israel has a 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.
Industry employs about 20% of Israeli workers, agriculture 5%, and services
most of the rest. Diamonds, high-technology equipment, and agricultural
products (fruits and vegetables) are leading exports. Israel usually posts
balance-of-payments deficits, which are covered by large transfer payments
from abroad and by foreign loans. Roughly half of the government's $17
billion external debt is owed to the United States, which is its major
source of economic and military aid. To earn needed foreign exchange, Israel
has been targeting high-technology niches in international markets, such as
medical scanning equipment. The influx of Jewish immigrants from the former
USSR, which topped 400,000 during the period 1990-92, has increased
unemployment, intensified housing problems, and widened the government
budget deficit. At the same time, a considerable number of the immigrants
bring to the economy valuable scientific and professional expertise.
???#

Italy
Repubblica Italiana
I
Italian Lira (L, Lit)
0$Roma$4190$1250$2693000$
1$Milano$4547$917$1371000$
1$Napoli$4083$1425$1054000$
1$Torino$4505$767$961000$
1$Palermo$3814$1286$697000$
1$Genoa$4440$893$675000$
1$Bologna$4450$1133$404000$
1$Firenze$4378$1125$402000$
1$Catana$3752$1507$330000$
1$Bari$4110$1686$353000$
1$Venezia$4545$1233$308000$
1$Messina$3822$1555$274000$
1$Verone$4545$1100$258000$
&
Since World War II the economy has changed from one based on agriculture
into a ranking industrial economy, with approximately the same total and per
capita output as France and the UK. The country is still divided into a
developed industrial north, dominated by private companies, and an
undeveloped agricultural south, dominated by large public enterprises.
Services account for 48% of GDP, industry 35%, agriculture 4%, and public
administration 13%. Most raw materials needed by industry and over 75% of
energy requirements must be imported. After growing at an annual average
rate of 3% in 1983-90, growth slowed to about 1% in 1991 and 1992. In the
second half of 1992, Rome became unsettled by the prospect of not qualifying
to participate in EC plans for economic and monetary union later in the
decade; thus it finally began to address its huge fiscal imbalances. Thanks
to the determination of Prime Minister AMATO, the government adopted a
fairly stringent budget for 1993, abandoned its highly inflationary wage
indexation system, and started to scale back its extremely generous social
welfare programs, including pension and health care benefits. Monetary
officials, who were forced to withdraw the lira from the European monetary
system in September 1992 when it came under extreme pressure in currency
markets, remain committed to bringing the currency back into the grid as
soon as conditions warrant. For the 1990s, Italy faces the problems of
refurbishing a tottering communications system, curbing pollution in major
industrial centers, and adjusting to the new competitive forces accompanying
the ongoing economic integration of the European Community.
???#

Jamaica
Republic of Jamaica
JA
Jamaica Dollar (J$)
0$Kingston$1797$-7681$800000$
&
The economy is based on sugar, bauxite, and tourism. In 1985 it suffered a
setback with the closure of some facilities in the bauxite and alumina
industry, a major source of hard currency earnings. Since 1986 an economic
recovery has been under way. In 1987 conditions began to improve for the
bauxite and alumina industry because of increases in world metal prices. The
recovery has also been supported by growth in the manufacturing and tourism
sectors. In September 1988, Hurricane Gilbert inflicted severe damage on
crops and the electric power system, a sharp but temporary setback to the
economy. By October 1989 the economic recovery from the hurricane was
largely complete, and real growth was up about 3% for 1989. In 1991,
however, growth dropped to 0.2% as a result of the US recession, lower world
bauxite prices, and monetary instability. In 1992, growth was 1.5%,
supported by a recovery in tourism and stabilization of the Jamaican dollar
in the second half of 1992.
???#

Jan Mayen|Jan Mayen Island
Jan Mayen
[N]
?
&
Jan Mayen is a volcanic island with no exploitable natural resources.
Economic activity is limited to providing services for employees of Norway's
radio and meteorological stations located on the island.
???#

Japan
Japan
J
Yen (¥)
0$Tokyo$3567$13975$24000000$
1$Yokohama$3530$13967$3200000$
1$Osaka$3467$13550$3200000$
1$Nagoya$3514$13689$2100000$
1$Sapporo$4308$14135$1660000$
1$Kobe$3467$13519$1450000$
1$Kyoto$3500$13575$1400000$
1$Fukukoa$3365$13035$1190000$
1$Kawasaki$3558$13869$1150000$
1$Hiroshima$3450$13250$1060000$
1$Kita-Kyushu$3250$13167$1020000$
1$Sendai$3183$13028$900000$
1$Chiba$3550$14011$820000$
3$Fuji$3538$13870$3776$
&
Government-industry cooperation, a strong work ethic, and a comparatively
small defense allocation have helped Japan advance with extraordinary
rapidity, notably in high-technology fields. Industry, the most important
sector of the economy, is heavily dependent on imported raw materials and
fuels. Self-sufficient in rice, Japan must import about 50% of its
requirements of other grain and fodder crops. Japan maintains one of the
world's largest fishing fleets and accounts for nearly 15% of the global
catch. Overall economic growth has been spectacular: a 10% average in the
1960s, a 5% average in the 1970s and 1980s. Economic growth slowed markedly
in 1992 largely because of contractionary domestic policies intended to
wring speculative excesses from the stock and real estate markets. At the
same time, the stronger yen and slower global growth are containing export
growth. Unemployment and inflation remain low at 2%. Japan continues to run
a huge trade surplus - $107 billion in 1992, up nearly 40% from the year
earlier - which supports extensive investment in foreign assets. The
crowding of its habitable land area and the aging of its population are two
major long-run problems.
???#

Jordan
Hachemitic Kingdom of Jordan
JOR
Jordan Dinar (JD.)
0$Amman$3200$3586$2000000$
1$Zarqa$3208$3607$600000$
&
Jordan benefited from increased Arab aid during the oil boom of the late
1970s and early 1980s, when its annual GNP growth averaged more than 10%. In
the remainder of the 1980s, however, reductions in both Arab aid and worker
remittances slowed economic growth to an average of roughly 2% per year.
Imports - mainly oil, capital goods, consumer durables, and food - have been
outstripping exports, with the difference covered by aid, remittances, and
borrowing. In mid-1989, the Jordanian Government began debt-rescheduling
negotiations and agreed to implement an IMF program designed to gradually
reduce the budget deficit and implement badly needed structural reforms. The
Persian Gulf crisis that began in August 1990, however, aggravated Jordan's
already serious economic problems, forcing the government to shelve the IMF
program, stop most debt payments, and suspend rescheduling negotiations. Aid
from Gulf Arab states and worker remittances have plunged, and refugees have
flooded the country, straining government resources. Economic recovery is
unlikely without substantial foreign aid, debt relief, and economic reform.
???#

Juan-Fernández Islands|Juan-Fernandez Islands
Juan-Fernández Islands
[RCH]
Chilean Peso|Peso
&
???#

Kazakhstan|Kazakstan
Republic of Kazakhstan
KAS
Tanga
0$Alma-Ata$4333$7683$1100000$
&
The second-largest in area of the 15 former Soviet republics, Kazakhstan has
vast oil, coal, and agricultural resources. Kazakhstan is highly dependent
on trade with Russia, exchanging its natural resources for finished consumer
and industrial goods. Kazakhstan now finds itself with serious pollution
problems, backward technology, and little experience in foreign markets. The
government in 1992 continued to push privatization of the economy and freed
many prices. Output in 1992 dropped because of problems common to the
ex-Soviet Central Asian republics, especially the cumulative effects of the
disruption of old supply channels and the slow process of creating new
economic institutions. Kazakhstan lacks the funds, technology, and
managerial skills for a quick recovery of output. US firms have been
enlisted to increase oil output but face formidable obstacles; for example,
oil can now reach Western markets only through pipelines that run across
independent former Soviet republics. Finally, the end of monolithic
Communist control has brought ethnic grievances into the open. The 6 million
Russians in the republic, formerly the favored class, now face the hostility
of a society dominated by Muslims. Ethnic rivalry will be just one of the
formidable obstacles to the prioritization of national objectives and the
creation of a productive, technologically advancing society.
???#

Kenya
Republic of Kenya
EAK
Kenya Shilling (K.Sh.)
0$Nairobi$-128$3680$2000000$
1$Mombasa$-407$3967$600000$
1$Kisumi$-005$3490$201000$
3$Kenya$-017$3730$5195$
&
Kenya's 3.6% annual population growth rate - one of the highest in the world
- presents a serious problem for the country's economy. In the meantime, GDP
growth in the near term has kept slightly ahead of population - annually
averaging 4.9% in the 1986-90 period. Undependable weather conditions and a
shortage of arable land hamper long-term growth in agriculture, the leading
economic sector. In 1991, deficient rainfall, stagnant export volume, and
sagging export prices held economic growth below the all-important
population growth figure, and in 1992 output fell.
???#

Kerguelen|Kerguelen Island
Kerguelen (Part of the French Sourthern and Antarctic Territories)
[F]
?
&
???#

Kirghizia
Republic of Kirghizia
KIS
Russian Rouble
0$Biskek$4283$7458$600000$
&
Kyrgyzstan's small economy (less than 1% of the total for the former Soviet
Union) is oriented toward agriculture, producing mainly livestock such as
goats and sheep, as well as cotton, grain, and tobacco. Industry,
concentrated around Bishkek, produces small quantities of electric motors,
livestock feeding equipment, washing machines, furniture, cement, paper, and
bricks. Mineral extraction is small, the most important minerals being coal,
rare earth metals and gold. Kyrgyzstan is a net importer of many types of
food and fuel but is a net exporter of electricity. In 1992, the Kirghiz
leadership made progress on reform, primarily by privatizing business,
granting life-long tenure to farmers, and freeing most prices. Nonetheless,
in 1992 overall industrial and livestock output declined because of acute
fuel shortages and a widespread lack of spare parts.
???#

Kiribati
Republic of Kiribati
?
Australian Dollar/Kiribati (A$/K)
&
The country has few national resources. Commercially viable phosphate
deposits were exhausted at the time of independence in 1979. Copra and fish
now represent the bulk of production and exports. The economy has fluctuated
widely in recent years. Real GDP declined about 8% in 1987, as the fish
catch fell sharply to only one-fourth the level of 1986 and copra production
was hampered by repeated rains. Output rebounded strongly in 1988, with real
GDP growing by 17%. The upturn in economic growth came from an increase in
copra production and a good fish catch. Following the strong surge in output
in 1988, GNP increased 1% in both 1989 and 1990.
???#

Kokos Islands|Keeling Islands
Territory of the Kokos Islands
[AUS]
Australian Dollar
&
???#

Korea (North)|North Korea|DPR Korea
Choson-minjujuui-inmin-konghwaguk
?
Won
0$Pyongyang$3902$12575$2000000$
&
More than 90% of this command economy is socialized; agricultural land is
collectivized; and state-owned industry produces 95% of manufactured goods.
State control of economic affairs is unusually tight even for a Communist
country because of the small size and homogeneity of the society and the
strict rule of KIM Il-song and his son, KIM Chong-il. Economic growth during
the period 1984-88 averaged 2-3%, but output declined by 3-5% annually
during 1989-92 because of systemic problems and disruptions in
socialist-style economic relations with the former USSR and China. In 1992,
output dropped sharply, by perhaps 10-15%, as the economy felt the
cumulative effect of the reduction in outside support. The leadership
insisted in maintaining its high level of military outlays from a shrinking
economic pie. Moreover, a serious drawdown in inventories and critical
shortages in the energy sector have led to increasing interruptions in
industrial production. Abundant mineral resources and hydropower have formed
the basis of industrial development since WWII. Output of the extractive
industries includes coal, iron ore, magnesite, graphite, copper, zinc, lead,
and precious metals. Manufacturing is centered on heavy industry, including
military industry, with light industry lagging far behind. Despite the use
of improved seed varieties, expansion of irrigation, and the heavy use of
fertilizers, North Korea has not yet become self-sufficient in food
production. Five consecutive years of poor harvests, coupled with
distribution problems, have led to chronic food shortages. North Korea
remains far behind South Korea in economic development and living standards.
???#

Korea (South)|South Korea
Taehan-min'guk
ROK
Won (W)
0$Seoul$3755$12697$15300000$
1$Pusan$3508$12900$3800000$
1$Taegu$3583$12860$2200000$
1$Inchon$3753$12675$1800000$
1$Kwangju$3515$12692$1100000$
1$Taejon$3633$12743$1000000$
&
The driving force behind the economy's dynamic growth has been the planned
development of an export-oriented economy in a vigorously entrepreneurial
society. Real GNP increased more than 10% annually between 1986 and 1991.
This growth ultimately led to an overheated situation characterized by a
tight labor market, strong inflationary pressures, and a rapidly rising
current account deficit. As a result, in 1992, focusing attention on slowing
the growth rate of inflation and reducing the deficit is leading to a
slow-down in growth. The economy remains the envy of the great majority of
the world's peoples.
???#

Kuwait
Dawlat al Kuwayt
KWT
Kuwaiti Dinar (KD.)
0$Kuwait$2933$4800$1500000$
&
Kuwait is a small and relatively open economy with proven crude oil reserves
of about 94 billion barrels - 10% of world reserves. Kuwait is rebuilding
its war-ravaged petroleum sector and the increase in crude oil production to
nearly 2.0 million barrels per day by the end of 1992 led to an enormous
increase in GDP for the year. The government ran a cumulative fiscal deficit
of approximately $70 billion over its last two fiscal years, reducing its
foreign asset position and increasing its public debt to roughly $40
billion. Petroleum accounts for nearly half of GDP and over 90% of export
and government revenue.
???#

Laos
Sathalanalat Paxathipatai Paxaxon Lao
LAO
Kip (K)
0$Vientiane$1798$10264$700000$
&
One of the world's poorest nations, Laos has had a Communist centrally
planned economy with government ownership and control of productive
enterprises of any size. In recent years, however, the government has been
decentralizing control and encouraging private enterprise. Laos is a
landlocked country with a primitive infrastructure; that is, it has no
railroads, a rudimentary road system, limited external and internal
telecommunications, and electricity available in only a limited area.
Subsistence agriculture is the main occupation, accounting for over 60% of
GDP and providing about 85-90% of total employment. The predominant crop is
rice. For the foreseeable future the economy will continue to depend for its
survival on foreign aid from the IMF and other international sources; aid
from the former USSR and Eastern Europe has been cut sharply.
???#

Latvia
Latvijas Republika
LR
Lat
0$Riga$5689$2414$930000$
&
Latvia is in the process of reforming the centrally planned economy
inherited from the former USSR into a market economy. Prices have been
freed, and privatization of shops and farms has begun. Latvia lacks natural
resources, aside from its arable land and small forests. Its most valuable
economic asset is its work force, which is better educated and disciplined
than in most of the former Soviet republics. Industrial production is highly
diversified, with products ranging from agricultural machinery to consumer
electronics. One conspicuous vulnerability: Latvia produces only 10% of its
electric power needs. Latvia in the near term must retain key commercial
ties to Russia, Belarus, and Ukraine while moving in the long run toward
joint ventures with technological support from, and trade ties to the West.
Because of the efficiency of its mostly individual farms, Latvians enjoy a
diet that is higher in meat, vegetables, and dairy products and lower in
grain and potatoes than diets in the 12 non-Baltic republics of the former
USSR. Good relations with Russia are threatened by animosity between ethnic
Russians (34% of the population) and native Latvians. The cumulative
difficulties in replacing old sources of supply and old markets, together
with the phasing out of the Russian ruble as the medium of exchange, help
account for the sharp 30% drop in GDP in 1992.
???#

Lebanon
Al Jumhuriyah al Lubnaniyah
RL
Lebanese Pound (L£)
0$Beyrouth$3389$3552$1100000$
1$Tripoli$3445$3583$240000$
&
Since 1975 civil war has 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. Following October
1990, however, a tentative peace has enabled the central government to begin
restoring control in Beirut, collect taxes, and regain access to key port
and government facilities. The battered economy has also been propped up by
a financially sound banking system and resilient small- and medium-scale
manufacturers. Family remittances, banking transactions, manufactured and
farm exports, the narcotics trade, and international emergency aid are main
sources of foreign exchange. In the relatively settled year of 1991,
industrial production, agricultural output, and exports showed substantial
gains. The further rebuilding of the war-ravaged country was delayed in 1992
because of an upturn in political wrangling. Hope for restoring economic
momentum in 1993 rests with the new, business-oriented Prime Minister
HARIRI.
???#

Lesotho
Kingdom of Lesotho
LS
Loti (M)
0$Maseru$-2932$2748$240000$
&
Small, landlocked, and mountainous, Lesotho has no important natural
resources other than water. Its economy is based on agriculture, light
manufacturing, and remittances from laborers employed in South Africa ($439
million in 1991). The great majority of households gain their livelihoods
from subsistence farming and migrant labor. Manufacturing depends largely on
farm products to support the milling, canning, leather, and jute industries;
other industries include textile, clothing, and construction (in particular,
a major water improvement project which will permit the sale of water to
South Africa). Industry's share of GDP rose from 6% in 1982 to 15% in 1989.
Political and economic instability in South Africa raises uncertainty for
Lesotho's economy, especially with respect to migrant worker remittances -
recently the equivalent of nearly three-fourths of domestic output.
???#

Liberia
Republic of Liberia
LB
Liberian Dollar (Lib$)
0$Monrovia$630$-1078$600000$
&
Civil war since 1990 has destroyed much of Liberia's economy, especially the
infrastructure in and around Monrovia. Businessmen have fled the country,
taking capital and expertise with them. Many will not return. Richly endowed
with water, mineral resources, forests, and a climate favorable to
agriculture, Liberia had been a producer and exporter of basic products,
while local manufacturing, mainly foreign owned, had been small in scope.
Political instability threatens prospects for economic reconstruction and
repatriation of some 750,000 Liberian refugees who have fled to neighboring
countries. The political impasse between the interim government and rebel
leader Charles Taylor has prevented restoration of normal economic life,
including the re-establishment of a strong central government with effective
economic development programs.
???#

Libya
Al Jumahiriyah al Arabiyah al Libiyah ash Shabiyah al Ishirakiyah
LAR
Libyan Dinar (LD.)
0$Tripoli$3289$1319$1200000$
1$Benghazi$3218$2005$750000$
1$Misurata$3217$1505$360000$
&
The socialist-oriented economy depends primarily upon revenues from the oil
sector, which contributes practically all export earnings and about
one-third of GDP. In 1990 per capita GDP was the highest in Africa at
$5,410, but GDP growth rates have slowed and fluctuate sharply in response
to changes in the world oil market. Import restrictions and inefficient
resource allocations have led to shortages of basic goods and foodstuffs,
although the reopening of the Libyan-Tunisian border in April 1988 and the
Libyan-Egyptian border in December 1989 have eased shortages. Austerity
budgets and a lack of trained technicians have undermined the government's
ability to implement a number of planned infrastructure development
projects. Windfall revenues from the hike in world oil prices in late 1990
improved the foreign payments position and resulted in a current account
surplus for the first time in five years. The nonoil manufacturing and
construction sectors, which account for about 20% of GDP, have expanded from
processing mostly agricultural products to include petrochemicals, iron,
steel, and aluminum. Although agriculture accounts for only 5% of GDP, it
employs about 20% of the labor force. Climatic conditions and poor soils
severely limit farm output, and Libya imports about 75% of its food
requirements.
???#

Liechtenstein
Furstentum Liechtenstein
FL
Swiss Franc
0$Vaduz$4714$952$6000$
&
The prosperous economy is based primarily on small-scale light industry and
tourism. Industry accounts for 53% of total employment, the service sector
45% (mostly based on tourism), and agriculture and forestry 2%. The sale of
postage stamps to collectors is estimated at $10 million annually. Low
business taxes (the maximum tax rate is 20%) and easy incorporation rules
have induced about 25,000 holding or so-called letter box companies to
establish nominal offices in Liechtenstein. Such companies, incorporated
solely for tax purposes, provide 30% of state revenues. The economy is tied
closely to Switzerland's economy in a customs union, and incomes and living
standards parallel those of the more prosperous Swiss groups.
???#

Lithuania
Lietuvos Respublika
LT
Litas
0$Vilnius$5464$2533$592000$
&
Lithuania is striving to become an independent privatized economy. Although
it was substantially above average in living standards and technology in the
old USSR, Lithuania historically lagged behind Latvia and Estonia in
economic development. The country has no important natural resources aside
from its arable land and strategic location. Industry depends entirely on
imported materials that have come from the republics of the former USSR.
Lithuania benefits from its ice-free port at Klaipeda on the Baltic Sea and
its rail and highway hub at Vilnius, which provides land communication
between Eastern Europe and Russia, Latvia, Estonia, and Belarus. Industry
produces a small assortment of high-quality products, ranging from complex
machine tools to sophisticated consumer electronics. Because of nuclear
power, Lithuania is presently self-sufficient in electricity, exporting its
surplus to Latvia and Belarus; the nuclear facilities inherited from the
USSR, however, have come under world scrutiny as seriously deficient in
safety standards. Agriculture is efficient compared with most of the former
Soviet Union. Lithuania held first place in per capita consumption of meat,
second place for eggs and potatoes, and fourth place for milk and dairy
products. Grain must be imported to support the meat and dairy industries.
Lithuania is pressing ahead with plans to privatize at least 60% of
state-owned property (industry, agriculture, and housing), having already
sold almost all housing and many small enterprises using a voucher system.
Other government priorities include encouraging foreign investment by
protecting the property rights of foreign firms and redirecting foreign
trade away from Eastern markets to the more competitive Western markets. For
the moment, Lithuania will remain highly dependent on Russia for energy, raw
materials, grains, and markets for its products. In 1992, output plummeted
by 30% because of cumulative problems with inputs and with markets, problems
that were accentuated by the phasing out of the Russian ruble as the medium
of exchange.
???#

Luxembourg|Luxemburg
Grand-Duché de Luxembourg
L
Luxemburg Franc (LF)
0$Luxembourg$4961$615$81000$
&
The stable economy features moderate growth, low inflation, and negligible
unemployment. Agriculture is based on small but highly productive
family-owned farms. The industrial sector, until recently dominated by
steel, has become increasingly more diversified, particularly toward
high-technology firms. During the past decade, growth in the financial
sector has more than compensated for the decline in steel. Services,
especially banking, account for a growing proportion of the economy.
Luxembourg participates in an economic union with Belgium on trade and most
financial matters and is also closely connected economically to the
Netherlands.
???#

Macedonia
Republic of Macedonia
MAK
Macedonian Dinar
0$Skopje$4202$2147$550000$
&
Macedonia, although the poorest among the six republics of a dissolved
Yugoslav federation, can meet basic food and energy needs through its own
agricultural and coal resources. It will, however, move down toward a bare
subsistence level of life unless economic ties are reforged or enlarged with
its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The
economy depends on outside sources for all of its oil and gas and its modern
machinery and parts. Continued political turmoil, both internally and in the
region as a whole, prevents any swift readjustments of trade patterns and
economic programs. Inflation in early 1992 was out of control, the result of
fracturing trade links, the decline in economic activity, and general
uncertainties about the future status of the country; prices rose 38% in
March 1992 alone. In August 1992, Greece, angry at the use of "Macedonia" as
the republic's name, imposed a partial blockade for several months. This
blockade, combined with the effects of the UN sanctions on Serbia and
Montenegro, cost the economy approximately $1 billion in 1992 according to
official figures. Macedonia's geographical isolation, technological
backwardness, and potential political instability place it far down the list
of countries of interest to Western investors. Resolution of the dispute
with Greece and an internal commitment to economic reform would help to
encourage foreign investment over the long run. In the immediate future, the
worst scenario for the economy would be the spread of fighting across its
borders.
???#

Macao
Macao
[P]
Pataca (Pat.)
&
The economy is based largely on tourism (including gambling) and textile and
fireworks manufacturing. Efforts to diversify have spawned other small
industries - toys, artificial flowers, and electronics. The tourist sector
has accounted for roughly 25% of GDP, and the clothing industry has provided
about two-thirds of export earnings; the gambling industry represented well
over 40% of GDP in 1992. Macau depends on China for most of its food, fresh
water, and energy imports. Japan and Hong Kong are the main suppliers of raw
materials and capital goods.
???#

Madagascar
République de Madagascar
RM
Madagascar Franc (FMG)
0$Antananarivo$-1886$4750$802000$
1$Toamasina$-1817$4942$145000$
&
Madagascar is one of the poorest countries in the world. Agriculture,
including fishing and forestry, is the mainstay of the economy, accounting
for over 30% of GDP and contributing to more than 70% of total export
earnings. Industry is largely confined to the processing of agricultural
products and textile manufacturing; in 1991 it accounted for only 13% of
GDP. In 1986 the government introduced a five-year development plan that
stressed self-sufficiency in food (mainly rice) by 1990, increased
production for exports, and reduced energy imports. After mid-1991, however,
output dropped sharply because of protracted antigovernment strikes and
demonstrations for political reform.
???#

Malawi
Republic of Malawi
MW
Malawi Kwacha (MK)
0$Lilongwe$-1397$3382$234000$
&
Landlocked Malawi ranks among the world's least developed countries. The
economy is predominately agricultural, with about 90% of the population
living in rural areas. Agriculture accounts for 40% of GDP and 90% of export
revenues. After two years of weak performance, economic growth improved
significantly in 1988-91 as a result of good weather and a broadly based
economic adjustment effort by the government. Drought cut overall output
sharply in 1992. The economy depends on substantial inflows of economic
assistance from the IMF, the World Bank, and individual donor nations.
???#

Malaysia
Commonwealth Malaysia
MAL
Malaysian Ringgit (M$)
0$Kuala Lumpur$315$10168$1287000$
&
The Malaysian economy, a mixture of private enterprise and a soundly managed
public sector, has posted a remarkable record of 8%-9% average growth in
1987-92. This growth has resulted in a substantial reduction in poverty and
a marked rise in real wages. Despite sluggish growth in the major world
economies in 1992, demand for Malaysian goods remained strong and foreign
investors continued to commit large sums in the economy. The government is
aware of the inflationary potential of this rapid development and is closely
monitoring fiscal and monetary policies.
???#

Maldives
Republic of the Maldives
?
Rufiyaa (Rf)
0$Male$325$7300$60000$
&
The economy is based on fishing, tourism, and shipping. Agriculture is
limited to the production of a few subsistence crops that provide only 10%
of food requirements. Fishing is the largest industry, employing 25% of the
work force and accounting for over 60% of exports; it is also an important
source of government revenue. During the 1980s tourism became one of the
most important and highest growth sectors of the economy. In 1988 industry
accounted for about 5% of GDP. Real GDP is officially estimated to have
increased by about 10% annually during the period 1974-90.
???#

Mali
République du Mali
RMM
CFA-Franc
0$Bamako$1257$-792$950000$
&
Mali is among the poorest countries in the world, with about 70% of its land
area desert or semidesert. Economic activity is largely confined to the
riverine area irrigated by the Niger. About 10% of the population live as
nomads and some 80% of the labor force is engaged in agriculture and
fishing. Industrial activity is concentrated on processing farm commodities.
In consultation with international lending agencies, the government has
adopted a structural adjustment program for 1992-95, aiming at GDP annual
growth of 4.6%, inflation of no more than 2.5% on average, and a substantial
reduction in the external current account deficit.
???#

Malta
Republic of Malta
M
Maltesian Lira (Lm)
0$Valetta$3590$1452$12000$
&
Significant resources are limestone, a favorable geographic location, and a
productive labor force. Malta produces only about 20% of its food needs, has
limited freshwater supplies, and has no domestic energy sources.
Consequently, the economy is highly dependent on foreign trade and services.
Manufacturing and tourism are the largest contributors to the economy.
Manufacturing accounts for about 27% of GDP, with the electronics and
textile industries major contributors and the state-owned Malta drydocks
employing about 4,300 people. In 1991, about 900,000 tourists visited the
island. Per capita GDP at $7,600 places Malta in the middle-income range of
the world's nations.
???#

Man|Isle of Man
Crown Territory of the Isle of Man
[GB]
Pound Sterling
&
Offshore banking, manufacturing, and tourism are key sectors of the economy.
The government's policy of offering incentives to high-technology companies
and financial institutions to locate on the island has paid off in expanding
employment opportunities in high-income industries. As a result, agriculture
and fishing, once the mainstays of the economy, have declined in their
shares of GNP. Banking now contributes over 20% to GNP and manufacturing
about 15%. Trade is mostly with the UK. The Isle of Man enjoys free access
to European Community markets.
???#

Marshall Islands
Republic of the Marshall Islands
?
US Dollar
&
Agriculture and tourism are the mainstays of the economy. Agricultural
production is concentrated on small farms, and the most important commercial
crops are coconuts, tomatoes, melons, and breadfruit. A few cattle ranches
supply the domestic meat market. Small-scale industry is limited to
handicrafts, fish processing, and copra. The tourist industry is the primary
source of foreign exchange and employs about 10% of the labor force. The
islands have few natural resources, and imports far exceed exports. In 1987
the US Government provided grants of $40 million out of the Marshallese
budget of $55 million.
???#

Martinique
Département de la Martinique
[F]
French Franc
0$Fort de France$1460$-6103$150000$
&
The economy is based on sugarcane, bananas, tourism, and light industry.
Agriculture accounts for about 10% of GDP and the small industrial sector
for 10%. Sugar production has declined, with most of the sugarcane now used
for the production of rum. Banana exports are increasing, going mostly to
France. The bulk of meat, vegetable, and grain requirements must be
imported, contributing to a chronic trade deficit that requires large annual
transfers of aid from France. Tourism has become more important than
agricultural exports as a source of foreign exchange. The majority of the
work force is employed in the service sector and in administration. Banana
workers launched protests late in 1992 because of falling banana prices and
fears of greater competition in the European market from other producers.
???#

Mauritania|Mauretania
Al Jumhuriyah al Islamiyah al Muritaniyah
RIM
Ouguiya (UM)
0$Nouakchott$1815$-1597$387802$
&
A majority of the population still depends on agriculture and livestock for
a livelihood, even though most of the nomads and many subsistence farmers
were forced into the cities by recurrent droughts in the 1970s and 1980s.
Mauritania has extensive deposits of iron ore, which account for almost 50%
of total exports. The decline in world demand for this ore, however, has led
to cutbacks in production. The nation's coastal waters are among the richest
fishing areas in the world, but overexploitation by foreigners threatens
this key source of revenue. The country's first deepwater port opened near
Nouakchott in 1986. In recent years, the droughts, the endemic conflict with
Senegal, rising energy costs, and economic mismanagement have resulted in a
substantial buildup of foreign debt. The government has begun the second
stage of an economic reform program in consultation with the World Bank, the
IMF, and major donor countries. But the reform process suffered a major
setback following the Gulf war of early 1991. Because of Mauritania's
support of SADDAM Husayn, bilateral aid from its two top donors, Saudi
Arabia and Kuwait, was suspended, and multilateral aid was reduced.
???#

Mauritius
Mauritius
MS
Mauritius Rupee (MR)
&
The economy is based on sugar, manufacturing (mainly textiles), and tourism.
Sugarcane is grown on about 90% of the cultivated land area and accounts for
40% of export earnings. The government's development strategy is centered on
industrialization (with a view to exports), agricultural diversification,
and tourism. Economic performance in FY91 was impressive, with 6% real
growth and low unemployment.
???#

Mayotte|Mahoré
Mayotte
[F]
French Franc
&
Economic activity is based primarily on the agricultural sector, including
fishing and livestock raising. Mayotte is not self-sufficient and must
import a large portion of its food requirements, mainly from France. The
economy and future development of the island are heavily dependent on French
financial assistance.
???#

Mexico
Estados Unidos Mexicanos
MEX
Mexican Peso (P)
0$Mexico$1940$-9915$15000000$
1$Guadalajara$2050$-10333$2846000$
1$Monterrey$2567$-10033$2521000$
1$Puebla$1905$-9817$1054000$
1$León$2117$-10170$872000$
1$Torreón$2555$-10342$804000$
1$Ciudad Juárez$3173$-10648$797000$
1$Tijuana$3250$-11717$742000$
1$Aguasculientes$2200$-10218$719000$
1$Mexicali$3260$-11550$602000$
1$Mérida$2098$-8965$557000$
1$San Luis Potosí$2217$-10100$525000$
1$Chihuaha$2867$-10605$530000$
1$Culiacán$2480$-10740$602000$
3$Citlaltepetl$1900$-9733$5569$
3$Popocatepetl$1903$-9863$5452$
&
Mexico's economy is a mixture of state-owned industrial facilities (notably
oil), private manufacturing and services, and both large-scale and
traditional agriculture. In the 1980s, Mexico experienced severe economic
difficulties: the nation accumulated large external debts as world petroleum
prices fell; rapid population growth outstripped the domestic food supply;
and inflation, unemployment, and pressures to emigrate became more acute.
Growth in national output, however, has recovered, rising from 1.4% in 1988
to 4% in 1990 and 3.6% in 1991 and coming in at 2.6% in 1992. The US is
Mexico's major trading partner, accounting for almost three-quarters of its
exports and imports. After petroleum, border assembly plants and tourism are
the largest earners of foreign exchange. The government, in consultation
with international economic agencies, has been implementing programs to
stabilize the economy and foster growth. For example, it has privatized more
than two-thirds of its state-owned companies (parastatals), including banks.
In 1991-92 the government conducted negotiations with the US and Canada on a
North American Free Trade Agreement (NAFTA), which was still being discussed
by the three countries in early 1993. In January 1993, Mexico replaced its
old peso with a new peso, at the rate of 1,000 old to 1 new peso.
Notwithstanding the palpable improvements in economic performance in the
early 1990s, Mexico faces substantial problems for the remainder of the
decade - e.g., rapid population growth, unemployment, and serious pollution,
particularly in Mexico City.
???#

Micronesia
The Federated States of Micronesia
FSM
US Dollar
&
Economic activity consists primarily of subsistence farming and fishing. The
islands have few mineral deposits worth exploiting, except for high-grade
phosphate. The potential for a tourist industry exists, but the remoteness
of the location and a lack of adequate facilities hinder development.
Financial assistance from the US is the primary source of revenue, with the
US pledged to spend $1 billion in the islands in the l990s. Geographical
isolation and a poorly developed infrastructure are major impediments to
long-term growth.
???#

Midway Islands|Midway
Midway Islands
[USA]
US Dollar
&
???#

Moldova|Moldavia
Republica Moldoveneasca
MOL
Leu (Plural Lei)
0$Kisinow$4700$2883$640000$
&
Moldova, the next-to-smallest of the former Soviet republics in area, is the
most densely inhabited. Moldova has a little more than 1% of the population,
labor force, capital stock, and output of the former Soviet Union. Living
standards have been below average for the European USSR. The country enjoys
a favorable climate, and economic development has been primarily based on
agriculture, featuring fruits, vegetables, wine, and tobacco. Industry
accounts for 20% of the labor force, whereas agriculture employs more than
one-third. Moldova has no major mineral resources and has depended on other
former Soviet republics for coal, oil, gas, steel, most electronic
equipment, machine tools, and major consumer durables such as automobiles.
Its industrial and agricultural products, in turn, have been exported to the
other republics. Moldova has freed prices on most goods and has legalized
private ownership of property. Moldova's near-term economic prospects are
dimmed, however, by the difficulties of moving toward a market economy, the
political problems of redefining ties to the other former Soviet republics
and Romania, and the ongoing separatist movements in the Dniester and Gagauz
regions. In 1992, national output fell substantially for the second
consecutive year - down 22% in the industrial sector and 20% in agriculture.
The decline is mainly attributable to the drop in energy supplies.
???#

Monaco
Principauté de Monaco
MC
French Franc
&
Monaco, situated on the French Mediterranean coast, is a popular resort,
attracting tourists to its casino and pleasant climate. The Principality has
successfully sought to diversify into services and small, high-value-added,
nonpolluting industries. The state has no income tax and low business taxes
and thrives as a tax haven both for individuals who have established
residence and for foreign companies that have set up businesses and offices.
About 50% of Monaco's annual revenue comes from value-added taxes on hotels,
banks, and the industrial sector; about 25% of revenue comes from tourism.
Living standards are high, that is, roughly comparable to those in
prosperous French metropolitan suburbs.
???#

Mongolia
State of Mongolia
?
Tugrik (Tug.)
0$Ulan Baatar$4792$10689$555000$
&
Mongolia's severe climate, scattered population, and wide expanses of
unproductive land have constrained economic development. Economic activity
traditionally has been based on agriculture and the breeding of livestock -
Mongolia has the highest number of livestock per person in the world. In
recent years extensive mineral resources have been developed with Soviet
support. The mining and processing of coal, copper, molybdenum, tin,
tungsten, and gold account for a large part of industrial production. Timber
and fishing are also important sectors. In 1992 the Mongolian leadership
continued its struggle with severe economic dislocations, mainly
attributable to the crumbling of the USSR, by far Mongolia's leading trade
and development partner. Moscow cut almost all aid in 1991, and little was
provided in 1992. Industry in 1992 was hit hard by energy shortages, mainly
due to disruptions in coal production and shortfalls in petroleum imports.
By the end of the year, the country was perilously close to a complete
shutdown of its centralized energy supply system, due to critical coal
shortages. The government is moving away from the Soviet-style, centrally
planned economy through privatization and price reform.
???#

Montserrat
Crown Colony of Montserrat
[GB]
East Caribbean Dollar
&
The economy is small and open with economic activity centered on tourism and
construction. Tourism is the most important sector and accounts for roughly
one-fifth of GDP. Agriculture accounts for about 4% of GDP and industry 10%.
The economy is heavily dependent on imports, making it vulnerable to
fluctuations in world prices. Exports consist mainly of electronic parts
sold to the US.
???#

Morocco
Al Mamlakah al Maghribiyah
MA
Dirham (DH)
0$Rabat$3403$-685$1494000$
1$Casablanca$3365$-758$2990000$
1$Fès$3408$-500$719000$719000$
1$Oujda$3468$-175$646000$
1$Marrakech$3182$-800$644000$
1$Meknès$3389$-561$484000$
1$Agadir$3047$-958$420000$
1$Tanger$3580$-575$410000$
&
The economy had recovered moderately in 1990 because of: the resolution of a
trade dispute with India over phosphoric acid sales, a rebound in textile
sales to the EC, lower prices for food imports, a sharp increase in worker
remittances, increased Arab donor aid, and generous debt rescheduling
agreements. Economic performance in 1991 was mixed. A record harvest helped
real GDP advance by 4.2%. Inflation accelerated slightly as easier financial
policies triggered rapid credit and monetary growth. Despite recovery of
domestic demand, import volume growth slowed while export volume was
adversely affected by phosphate marketing difficulties. In January 1992,
Morocco reached a new 12-month standby arrangement for $129 million with the
IMF. In February 1992, the Paris Club rescheduled $1.4 billion of Morocco's
commercial debt. This is thought to be Morocco's last rescheduling. By 1993
the Moroccan authorities hope to be in a position to meet all debt service
obligations without additional rescheduling. Servicing this large debt, high
unemployment, and Morocco's vulnerability to external economic forces remain
severe long-term problems. In 1992 Morocco embarked on a program to
privatize 112 state-owned companies. A severe winter drought in 1991/92 cut
back agricultural output in 1992.
???#

Mozambique|Moçambique
Republica Popular de Mocambique
MOC
Metical (MT)
0$Maputo$-2597$3258$1500000$
1$Beira$-1983$3486$300000$
&
One of Africa's poorest countries, Mozambique has failed to exploit the
economic potential of its sizable agricultural, hydropower, and
transportation resources. Indeed, national output, consumption, and
investment declined throughout the first half of the 1980s because of
internal disorders, lack of government administrative control, and a growing
foreign debt. A sharp increase in foreign aid, attracted by an economic
reform policy, resulted in successive years of economic growth in the late
1980s, but aid has declined steadily since 1989. Agricultural output,
nevertheless, is at about only 75% of its 1981 level, and grain has to be
imported. Industry operates at only 20-40% of capacity. The economy depends
heavily on foreign assistance to keep afloat. The continuation of civil
strife has dimmed chances of foreign investment, and growth was a mere 0.3%
in 1992. Living standards, already abysmally low, fell further in 1991-92.
???#

Myanmar|Burma
Union of Myanmar (formerly Burma)
BUR
Kyat (K)
0$Rangoon$1678$9617$3000000$
1$Mandalay$2195$9607$532000$
1$Moulmein$1650$9767$220000$
&
Burma is a poor Asian country, with a per capita GDP of about $660. The
nation has been unable to achieve any substantial improvement in export
earnings because of falling prices for many of its major commodity exports.
For rice, traditionally the most important export, the drop in world prices
has been accompanied by shrinking markets and a smaller volume of sales. In
1985 teak replaced rice as the largest export and continues to hold this
position. The economy is heavily dependent on the agricultural sector, which
generates about 40% of GDP and provides employment for 65% of the work
force. Burma has been largely isolated from international economic forces
and has been trying to encourage foreign investment, so far with little
success.
???#

Namibia
Republic of Namibia
?
South African Rand
&
The economy is heavily dependent on the mining industry to extract and
process minerals for export. Mining accounts for almost 25% of GDP. Namibia
is the fourth-largest exporter of nonfuel minerals in Africa and the world's
fifth-largest producer of uranium. Alluvial diamond deposits are among the
richest in the world, making Namibia a primary source for gem-quality
diamonds. Namibia also produces large quantities of lead, zinc, tin, silver,
and tungsten. More than half the population depends on agriculture (largely
subsistence agriculture) for its livelihood.
???#

Nauru
Republic of Nauru
NAU
Australian Dollar
&
Revenues come from the export of phosphates, the reserves of which are
expected to be exhausted by the year 2000. Phosphates have given Nauruans
one of the highest per capita incomes in the Third World - $10,000 annually.
Few other resources exist, so most necessities must be imported, including
fresh water from Australia. The rehabilitation of mined land and the
replacement of income from phosphates are serious long-term problems.
Substantial amounts of phosphate income are invested in trust funds to help
cushion the transition.
???#

Nepal
Kingdom of Nepal
NEP
Nepalese Rupee (NR)
0$Katmandu$2775$8536$1000000$
3$Everest$2808$8697$8848$
3$Kanchenjunga$2783$8817$8598$
3$Dhaulagiri$2875$8375$8172$
&
Nepal is among the poorest and least developed countries in the world.
Agriculture is the mainstay of the economy, providing a livelihood for over
90% of the population and accounting for 60% of GDP. Industrial activity is
limited, mainly involving the processing of agricultural produce (jute,
sugarcane, tobacco, and grain). Production of textiles and carpets has
expanded recently and accounted for 85% of foreign exchange earnings in
FY91. Apart from agricultural land and forests, exploitable natural
resources are mica, hydropower, and tourism. Agricultural production in the
late 1980s grew by about 5%, as compared with annual population growth of
2.6%. More than 40% of the population is undernourished partly because of
poor distribution. The top 10% of the population receives 47% of total
income, the bottom 20% less than 5% of the total. Since May 1991, the
government has been encouraging trade and foreign investment, e.g., by
eliminating business licenses and registration requirements in order to
simplify domestic and foreign investment. The government also has been
cutting public expenditures by reducing subsides, privatizing state
industries, and laying off civil servants. Prospects for foreign trade and
investment in the 1990s remain poor, however, because of the small size of
the economy, its technological backwardness, and its remoteness.
???#

Netherlands|The Netherlands|Holland
Koninkrijk de Nederlanden
NL
Dutch Guilder (Fl)
0$Amsterdam$5238$490$1079000$
1$Rotterdam$5192$450$1060000$
1$Den Haag$5208$430$692000$
1$Utrecht$5210$514$539000$
1$Eindohen$5143$550$388000$
1$Arnhem$5197$592$305000$
&
This highly developed and affluent economy is based on private enterprise.
The government makes its presence felt, however, through many regulations,
permit requirements, and welfare programs affecting most aspects of economic
activity. The trade and financial services sector contributes over 50% of
GDP. Industrial activity provides about 25% of GDP and is led by the
food-processing, oil-refining, and metalworking industries. The highly
mechanized agricultural sector employs only 5% of the labor force, but
provides large surpluses for export and the domestic food-processing
industry. Unemployment and a sizable budget deficit are currently the most
serious economic problems. Many of the economic issues of the 1990s will
reflect the course of European economic integration.
???#

Netherlands Antilles|Antilles|Curaçao|Curacao|Bonaire|St. Maarten|St. Eustatius|Saba|Dutch Antilles
Netherlands Antilles
[NL]
Dutch Antilles Guilder (DAfl)
&
Tourism, petroleum refining, and offshore finance are the mainstays of the
economy. The islands enjoy a high per capita income and a well-developed
infrastructure as compared with other countries in the region. Unlike many
Latin American countries, the Netherlands Antilles has avoided large
international debt. Almost all consumer and capital goods are imported, with
the US being the major supplier.
???#

New Caledonia
Territoire des Nouvelle-Caledonie et Dépendances
[F]
CFP-Franc
0$Nouméa$-2227$16643$170000$
&
New Caledonia has more than 25% of the world's known nickel resources. In
recent years the economy has suffered because of depressed international
demand for nickel, the principal source of export earnings. Only a
negligible amount of the land is suitable for cultivation, and food accounts
for about 25% of imports.
???#

New Zealand
New Zealand
NZ
New Zealand Dollar
0$Wellington$-4132$17477$325000$
1$Auckland$-3687$17477$885000$
1$Christchurch$-4355$17278$307000$
&
Since 1984 the government has been reorienting an agrarian economy dependent
on a guaranteed British market to an open free market economy that can
compete on the global scene. The government has hoped that dynamic growth
would boost real incomes, broaden and deepen the technological capabilities
of the industrial sector, reduce inflationary pressures, and permit the
expansion of welfare benefits. The results have been mixed: inflation is
down from double-digit levels, but growth was sluggish in 1988-91, and
unemployment, always a highly sensitive issue, has exceeded 10% since May
1991. In 1992, growth picked up to 3%, a sign that the new economic approach
is beginning to pay off.
???#

Nicaragua
República de Nicaragua
NIC
Gold-Córdoba (C$)
0$Managua$1210$-8630$1000000$
1$LeÓn$1240$-8686$240000$
&
Government control of the economy historically has been extensive, although
the CHAMORRO government has pledged to greatly reduce intervention. Four
private banks have been licensed, and the government has liberalized foreign
trade and abolished price controls on most goods. In early 1993, fewer than
50% of the agricultural and industrial firms remain state owned. Sandinista
economic policies and the war had produced a severe economic crisis. The
foundation of the economy continues to be the export of agricultural
commodities, largely coffee and cotton. Farm production fell by roughly 7%
in 1989 and 4% in 1990, and remained about even in 1991-92. The agricultural
sector employs 44% of the work force and accounts for 15% of GDP and 80% of
export earnings. Industry, which employs 13% of the work force and
contributes about 25% to GDP, showed a drop of 7% in 1989, fell slightly in
1990, and remained flat in 1991-92; output still is below pre-1979 levels.
External debt is one of the highest in the world on a per capita basis. In
1992 the inflation rate was 8%, down sharply from the 766% of 1991.
???#

Niger
République du Niger
RN
CFA-Franc
0$Niamey$1353$208$615000$
&
About 90% of the population is engaged in farming and stock raising,
activities that generate almost half the national income. The economy also
depends heavily on exploitation of large uranium deposits. Uranium
production grew rapidly in the mid-1970s, but tapered off in the early 1980s
when world prices declined. France is a major customer, while Germany,
Japan, and Spain also make regular purchases. The depressed demand for
uranium has contributed to an overall sluggishness in the economy, a severe
trade imbalance, and a mounting external debt.
???#

Nigeria
Federal Republic of Nigeria
WAN
Naira (N)
0$Lagos$644$347$8000000$
1$Ibadan$736$397$4000000$
1$Kano$1200$852$1500000$
1$Ogbomosho$808$418$525000$
1$Kaduna$1047$742$500000$
1$Ilorin$853$458$425000$
1$Oshogbo$780$461$405000$
&
Although Nigeria is Africa's leading oil-producing country, it remains poor
with a $300 per capita GDP. In 1991-92 massive government spending, much of
it to help ensure a smooth transition to civilian rule, ballooned the budget
deficit and caused inflation and interest rates to rise. The lack of fiscal
discipline forced the IMF to declare Nigeria not in compliance with an
18-month standby facility started in January 1991. Lagos has set ambitious
targets for expanding oil production capacity and is offering foreign
companies more attractive investment incentives. Government efforts to
reduce Nigeria's dependence on oil exports and to sustain noninflationary
growth, however, have fallen short because of inadequate new investment
funds and endemic corruption. Living standards remain below the level of the
early 1980s oil boom.
???#

Niue|Savage Island
Niue (Savage Island)
[NZ]
New Zealand Dollar
0$Alofi$-1900$-17800$811$
&
The economy is heavily dependent on aid from New Zealand. Government
expenditures regularly exceed revenues, with the shortfall made up by grants
from New Zealand - the grants are used to pay wages to public employees. The
agricultural sector consists mainly of subsistence gardening, although some
cash crops are grown for export. Industry consists primarily of small
factories to process passion fruit, lime oil, honey, and coconut cream. The
sale of postage stamps to foreign collectors is an important source of
revenue. The island in recent years has suffered a serious loss of
population because of migration of Niueans to New Zealand.
???#

Norfolk Islands
Territory of the Norfolk Island
[AUS]
Australian Dollar|Dollar
&
The primary economic activity is tourism, which has brought a level of
prosperity unusual among inhabitants of the Pacific Islands. The number of
visitors has increased steadily over the years and reached 29,000 in FY89.
Revenues from tourism have given the island a favorable balance of trade and
helped the agricultural sector to become self-sufficient in the production
of beef, poultry, and eggs.
???#

Northern Mariana Islands|Mariana Islands|Islas Marianas
Commonwealth of the Northern Mariana Islands
?
US Dollar
&
The economy benefits substantially from financial assistance from the US.
The rate of funding has declined as locally generated government revenues
have grown. An agreement for the years 1986 to 1992 entitled the islands to
$228 million for capital development, government operations, and special
programs. A rapidly growing major source of income is the tourist industry,
which now employs about 50% of the work force. Japanese tourists
predominate. The agricultural sector is made up of cattle ranches and small
farms producing coconuts, breadfruit, tomatoes, and melons. Industry is
small scale, mostly handicrafts and light manufacturing.
???#

Norway
Kongeriket Norge
N
Norwegian Krone (Nkr)
0$Oslo$5992$1075$467000$
1$Bergen$6038$533$215000$
&
Norway has a mixed economy involving a combination of free market activity
and government intervention. The government controls key areas, such as the
vital petroleum sector (through large-scale state enterprises) and
extensively subsidizes agriculture, fishing, and areas with sparse
resources. Norway also maintains an extensive welfare system that helps
propel public sector expenditures to slightly more than 50% of the GDP and
results in one of the highest average tax burdens in the world (54%). A
small country with a high dependence on international trade, Norway is
basically an exporter of raw materials and semiprocessed goods, with an
abundance of small- and medium-sized firms, and is ranked among the major
shipping nations. The country is richly endowed with natural resources -
petroleum, hydropower, fish, forests, and minerals - and is highly dependent
on its oil sector to keep its economy afloat. Although one of the
government's main priorities is to reduce this dependency, this situation is
not likely to improve for years to come. The government also hopes to reduce
unemployment and strengthen and diversify the economy through tax reform and
a series of expansionary budgets. The budget deficit is expected to hit a
record 8% of GDP because of welfare spending and bail-outs of the banking
system. Unemployment continues at record levels of over 10% - including
those in job programs - because of the weakness of the economy outside the
oil sector. Overall economic growth is expected to be around 2% in 1993
while inflation is likely to rise slightly to 4%. Oslo, a member of the
European Free Trade Area, has applied for EC membership and continues to
deregulate and harmonize with EC regulations to prepare for the European
Economic Area (EEA) - which creates an EC/EFTA market with free movement of
capital, goods, services, and labor - to take effect in late 1993 and its EC
bid.
???#

Oman
Saltanat Uman
OM
Riyal Omani (R.O.)
0$Mascate$2361$5863$450000$
&
Economic performance is closely tied to the fortunes of the oil industry.
Petroleum accounts for more than 85% of export earnings, about 80% of
government revenues, and roughly 40% of GDP. Oman has proved oil reserves of
4 billion barrels, equivalent to about 20 years' supply at the current rate
of extraction. Agriculture is carried on at a subsistence level and the
general population depends on imported food.
???#

Pakistan
Islamic Republic of Pakistan
PK
Pakistani Rupee (PRs)
0$Islamabad$3367$7300$340000$
1$Karachi$2488$6700$8000000$
1$Lahore$3157$7436$3000000$
1$Faisalabad$3133$7300$1092000$
1$Hyderabad$2539$6860$795000$
1$Multan$3017$7160$730000$
1$Gujranwala$3217$7420$597000$
1$Peshawar$3403$7167$2000000$
3$Tirich Mir$3625$7158$7699$
&
Pakistan is a poor Third World country faced with the usual problems of
rapidly increasing population, sizable government deficits, and heavy
dependence on foreign aid. In addition, the economy must support a large
military establishment. A real economic growth rate averaging 5-6% in recent
years has helped the country to cope with these problems. Almost all
agriculture and small-scale industry is in private hands. In 1990, Pakistan
embarked on a sweeping economic liberalization program to boost foreign and
domestic private investment and lower foreign aid dependence. The SHARIF
government denationalized several state-owned firms and attracted some
foreign investment. Pakistan likely will have difficulty raising living
standards because of its rapidly expanding population. At the current rate
of growth, population would double in 25 years.
???#

Palau
Republic of Palau (Mandate of the United States)
?
US Dollar
&
The economy consists primarily of subsistence agriculture and fishing.
Tourism provides some foreign exchange, although the remote location of
Palau and a shortage of suitable facilities has hindered development. The
government is the major employer of the work force, relying heavily on
financial assistance from the US.
???#

Panama|Panamá
República de Panamá
PA
Balboa (Bl.)
0$Panamá$897$-7952$900000$
&
GDP expanded by roughly 8% in 1992, following growth of 9.3% in 1991. The
economy thus continues to recover from the crisis that preceded the ouster
of Manuel NORIEGA, even though the government's structural adjustment
program has been hampered by a lack of popular support and a passive
administration. Public investment has been limited as the administration has
kept the fiscal deficit below 3% of GDP. Unemployment and economic reform
are the two major issues the government must face in 1993-94.
???#

Papua New Guinea|Papua-New Guinea|Papua|New Guinea
Independent State of Papua New Guinea
PNG
Kina (K)
0$Port Moresby$-948$14717$190000$
&
Papua New Guinea is richly endowed with natural resources, but exploitation
has been hampered by the rugged terrain and the high cost of developing an
infrastructure. Agriculture provides a subsistence livelihood for 85% of the
population. Mining of numerous deposits, including copper and gold, accounts
for about 60% of export earnings. Budgetary support from Australia and
development aid under World Bank auspices have helped sustain the economy.
Robust growth in 1991-92 was led by the mining sector; the opening of a
large new gold mine helped the advance.
???#

Paraguay
República del Paraguay
PY
Guaraní (/G)
0$AsunciÓn$-2535$-5750$960000$
&
Agriculture, including forestry, accounts for about 25% of GDP, employs
about 45% of the labor force, and provides the bulk of exports. Paraguay
lacks substantial mineral or petroleum resources but does have a large
hydropower potential. Since 1981 economic performance has declined compared
with the boom period of 1976-81, when real GDP grew at an average annual
rate of nearly 11%. During the period 1982-86 real GDP fell in three of five
years, inflation jumped to an annual rate of 32%, and foreign debt rose.
Factors responsible for the erratic behavior of the economy were the
completion of the Itaipu hydroelectric dam, bad weather for crops, and weak
international commodity prices for agricultural exports. In 1987 the economy
experienced a minor recovery because of improved weather conditions and
stronger international prices for key agricultural exports. The recovery
continued through 1990, on the strength of bumper crops in 1988-89. In a
major step to increase its economic activity in the region, Paraguay in
March 1991 joined the Southern Cone Common Market (MERCOSUR), which includes
Brazil, Argentina, and Uruguay. In 1992, the government, through an
unorthodox approach, reduced external debt with both commercial and official
creditors by purchasing a sizable amount of the delinquent commercial debt
in the secondary market at a substantial discount. The government had paid
100% of remaining official debt arrears to the US, Germany, France, and
Spain. All commercial debt arrears have been rescheduled. For the long run,
the government must press forward with general, market-oriented economic
reforms.
???#

Peru
República del Peru
PE
New Sol (S/.)
0$Lima$-1210$-7705$7200000$
3$Huascarán$-913$-7760$6768$
&
The Peruvian economy is becoming increasingly market oriented, with a large
dose of government ownership remaining in mining, energy, and banking. In
the 1980s the economy suffered from hyperinflation, declining per capita
output, and mounting external debt. Peru was shut off from IMF and World
Bank support in the mid-1980s because of its huge debt arrears. An austerity
program implemented shortly after the FUJIMORI government took office in
July 1990 contributed to a third consecutive yearly contraction of economic
activity, but the slide halted late that year, and output rose 2.4% in 1991.
After a burst of inflation as the austerity program eliminated government
price subsidies, monthly price increases eased to the single-digit level and
by December 1991 dropped to the lowest increase since mid-1987. Lima
obtained a financial rescue package from multilateral lenders in September
1991, although it faced $14 billion in arrears on its external debt. By
working with the IMF and World Bank on new financial conditions and
arrangements, the government succeeded in ending its arrears by March 1993.
In 1992, GDP fell by 2.8%, in part because a warmer-than-usual El Nino
current resulted in a 30% drop in the fish catch. Meanwhile, revival of
growth in GDP continued to be restricted by the large amount of public and
private resources being devoted to strengthening internal security.
???#

Peter 1st Island
Peter 1st Island
[N]
?
&
???#

Philippines|The Philippines
Republika ng Pilipinas
RP
Philippine Peso (P)
0$Manilla$1460$12098$8000000$
1$QuezÓn City$1464$12100$1666000$
1$Davao$707$12560$849000$
1$Cebu$1030$12393$610000$
1$Iloilo$1068$12255$309000$
&
Domestic output in this primarily agricultural economy remained the same in
1992 as in 1991. Drought and power supply problems hampered production,
while inadequate revenues prevented government pump priming. Despite a flat
GDP performance, GNP mustered a small 0.6% expansion, attributable to
inflows of workers' remittances combined with smaller foreign interest
payments. A marked increase in capital goods imports, particularly power
generations equipment, telecommunications equipment, and electronic data
processors, contributed to a 20.5% import growth in 1992. Exports rose 11%,
led by earnings from the Philippines' two leading manufactures - electronics
and garments.
???#

Pitcairn
Colony Pitcairn
[GB]
?
&
The inhabitants exist on fishing and subsistence farming. The fertile soil
of the valleys produces a wide variety of fruits and vegetables, including
citrus, sugarcane, watermelons, bananas, yams, and beans. Bartering is an
important part of the economy. The major sources of revenue are the sale of
postage stamps to collectors and the sale of handicrafts to passing ships.
???#

Poland
Rzeczpospolita Polska
PL
Zloty (Zl)
0$Warsaw$5225$2100$1692000$
1$LÓdz$5182$1947$848000$
1$Krakow$5007$1995$750000$
1$Wroclaw$5108$1700$643000$
1$Poznan$5242$1689$590000$
1$Gdansk$5436$1867$410000$
1$Szczecin$5342$1453$413000$
1$Bydgoszcz$5317$1800$381000$
1$Katowice$5025$1898$366000$
1$Lublin$5130$2252$351000$
&
Poland is undergoing a difficult transition from a Soviet-style economy -
with state ownership and control of productive assets - to a market economy.
On January 1, 1990, the new Solidarity-led government implemented shock
therapy by slashing subsidies, decontrolling prices, tightening the money
supply, stabilizing the foreign exchange rate, lowering import barriers, and
restraining state sector wages. As a result, consumer goods shortages and
lines disappeared, and inflation fell from 640% in 1989 to 44% in 1992.
Western governments, which hold two-thirds of Poland's $48 billion external
debt, pledged in 1991 to forgive half of Poland's official debt by 1994. The
private sector accounted for 29% of industrial production and nearly half of
nonagricultural output in 1992. Production fell in state enterprises,
however, and the unemployment rate climbed steadily from virtually nothing
in 1989 to 13.6% in December 1992. Poland fell out of compliance with its
IMF program by mid-1991, and talks with commercial creditors stalled. The
increase in unemployment and the decline in living standards led to strikes
in the coal, auto, copper, and railway sectors in 1992. Large state
enterprises in the coal, steel, and defense sectors plan to halve employment
over the next decade, and the government expects unemployment to reach 3
million (16%) in 1993. A shortfall in tax revenues caused the budget deficit
to reach 6% of GDP in 1992, but industrial production began a slow, uneven
upturn. In 1993, the government will struggle to win legislative approval
for faster privatization and to keep the budget deficit within IMF-approved
limits.
???#

Portugal
Republica Portuguesa
P
Escudo (Esc)
0$Lisboa$3873$-913$2128000$
1$Porto$4115$-862$1683000$
&
Although Portugal has experienced strong growth since joining the EC in 1986
- at least 4% each year through 1990 - it remains one of the poorest
members. To prepare for the European single market, the government is
restructuring and modernizing the economy and in 1989 embarked on a major
privatization program. As of 1 January 1993, Lisbon has fully liberalized
its capital markets and most trade markets. The global slowdown and tight
monetary policies to counter inflation caused growth to slow in 1991 and
1992. Growth probably will remain depressed in 1993, but should pick up
again in 1994.
???#

Puerto Rico
Commonwealth of Puerto Rico
[USA]
US Dollar
0$San Juan$1848$-6613$1100000$
&
Puerto Rico has one of the most dynamic economies in the Caribbean region.
Industry has surpassed agriculture as the primary sector of economic
activity and income. Encouraged by duty free access to the US and by tax
incentives, US firms have invested heavily in Puerto Rico since the 1950s.
US minimum wage laws apply. Important industries include pharmaceuticals,
electronics, textiles, petrochemicals, and processed foods. Sugar production
has lost out to dairy production and other livestock products as the main
source of income in the agricultural sector. Tourism has traditionally been
an important source of income for the island, with estimated arrivals of
nearly 3 million tourists in 1989.
???#

Qatar
Dawlat Qatar
Q
Qatar Riyal (QR)
0$Doha$2525$5153$340000$
&
Oil is the backbone of the economy and accounts for more than 85% of export
earnings and roughly 75% of government revenues. Proved oil reserves of 3.3
billion barrels should ensure continued output at current levels for about
25 years. Oil has given Qatar a per capita GDP of about $17,000, comparable
to the leading industrial countries. Production and export of natural gas is
becoming increasingly important.
???#

Réunion|La Réunion|Reunion
Département de la Réunion
[F]
French Franc
0$Saint Denis$-2087$5545$122000$
&
The economy has traditionally been based on agriculture. Sugarcane has been
the primary crop for more than a century, and in some years it accounts for
85% of exports. The government has been pushing the development of a tourist
industry to relieve high unemployment, which recently amounted to one-third
of the labor force. The gap in Reunion between the well-off and the poor is
extraordinary and accounts for the persistent social tensions. The white and
Indian communities are substantially better off than other segments of the
population, often approaching European standards, whereas indigenous groups
suffer the poverty and unemployment typical of the poorer nations of the
African continent. The outbreak of severe rioting in February 1991
illustrates the seriousness of socioeconomic tensions. The economic
well-being of Reunion depends heavily on continued financial assistance from
France.
???#

Romania|Rumania
Romania
RO
Leu (Plural Lei)
0$Bucuresti$4445$2617$2064000$
1$Constanta$4423$2863$350000$
1$Iasi$4717$2767$342000$
1$Timisoara$4572$2125$334000$
1$Cluj$4678$2363$328000$
1$Galati$4545$2803$325000$
1$Brasov$4512$2565$323000$
1$Craiova$4435$2380$303000$
&
Industry, which accounts for about one-third of the labor force and
generates over half the GDP, suffers from an aging capital plant and
persistent shortages of energy. The year 1991 witnessed a 17% drop in
industrial production because of energy and input shortages and labor
unrest. In recent years the agricultural sector has had to contend with
flooding, mismanagement, shortages of inputs, and disarray caused by the
dismantling of cooperatives. A shortage of inputs and a severe drought in
1991 contributed to a poor harvest, a problem compounded by corruption and
an obsolete distribution system. The new government has instituted moderate
land reforms, with more than one-half of cropland now in private hands, and
it has liberalized private agricultural output. Private enterprises form an
increasingly important portion of the economy largely in services,
handicrafts, and small-scale industry. Little progress on large scale
privatization has been made since a law providing for the privatization of
large state firms was passed in August 1991. Most of the large state firms
have been converted into joint-stock companies, but the selling of shares
and assets to private owners has been delayed. While the government has
halted the old policy of diverting food from domestic consumption to hard
currency export markets, supplies remain scarce in some areas. The new
government continues to impose price ceilings on key consumer items. In 1992
the economy muddled along toward the new, more open system, yet output and
living standards continued to fall.
???#

Russia
Rossiyskaya Federatsiya
RS
Rouble (Rb)
0$Moskva$5575$3770$8801000$
1$Saint-Petersbourg$5992$3042$4467000$
1$Novossibirsk$5507$8308$1446000$
1$Nijni-Novgorod$5633$4400$1445000$
1$Sverdlovsk$5683$6050$1375000$
1$Samara$5317$5017$1257000$
1$Omsk$5500$7337$1166000$
1$Tcheliabinsk$5520$6142$1148000$
1$Rostov$4725$3975$1127000$
1$Kazan$5575$4917$1107000$
1$Perm$5800$5617$1100000$
1$Oufa$5475$5547$1097000$
1$Volgograd$4875$4450$1007000$
1$Krasnoïarsk$5614$9300$924000$
1$Saratov$5150$4592$911000$
1$Voronej$5167$3922$900000$
1$Iaroslavl$5757$3987$517000$
1$Vladivostock$4315$13188$442000$
1$Murmansk$6895$3317$309000$
1$Irkoutsk$5225$10428$451000$
1$Arkhangelsk$6467$4100$342600$
3$Klioutchevskaïa$5605$16063$4750$
3$Peak Communism$3867$7233$7495$
3$Elbrouz$4350$4250$5642$
&
Russia, a vast country with a wealth of natural resources and a diverse
industrial base, continues to experience great difficulties in moving from
its old centrally planned economy to a modern market economy. President
YEL'TSIN's government made significant strides toward a market economy in
1992 by freeing most prices, slashing defense spending, unifying foreign
exchange rates, and launching an ambitious privatization program. At the
same time, GDP fell 19%, according to official statistics, largely
reflecting government efforts to restructure the economy, shortages of
essential imports caused by the breakdown in former Bloc and interstate
trade, and reduced demand following the freeing of prices in January. The
actual decline, however, may have been less steep, because industrial and
agricultural enterprises had strong incentives to understate output to avoid
taxes, and official statistics may not have fully captured the output of the
growing private sector. Despite the large drop in output, unemployment at
yearend stood at an estimated 3%-4% of Russia's 74-million-person labor
force; many people, however, are working shortened weeks or are on forced
leave. Moscow's financial stabilization program got off to a good start at
the beginning of 1992 but began to falter by midyear. Under pressure from
industrialists and the Supreme Soviet, the government loosened fiscal
policies in the second half. In addition, the Russian Central Bank relaxed
its tight credit policy in July at the behest of new Acting Chairman, Viktor
GERASHCHENKO. This loosening of financial policies led to a sharp increase
in prices during the last quarter, and inflation reached about 25% per month
by yearend. The situation of most consumers worsened in 1992. The January
price liberalization and a blossoming of private vendors filled shelves
across the country with previously scarce food items and consumer goods, but
wages lagged behind inflation, making such goods unaffordable for many
consumers. Falling real wages forced most Russians to spend a larger share
of their income on food and to alter their eating habits. Indeed, many
Russians reduced their consumption of higher priced meat, fish, milk,
vegetables, and fruit, in favor of more bread and potatoes. As a result of
higher spending on food, consumers reduced their consumption of nonfood
goods and services. Despite a slow start and some rough going, the Russian
government by the end of 1992 scored some successes in its campaign to break
the state's stranglehold on property and improve the environment for private
businesses. More peasant farms were created than expected; the number of
consumers purchasing goods from private traders rose sharply; the portion of
the population working in the private sector increased to nearly one-fifth;
and the nine-month-long slump in the privatization of small businesses was
ended in the fall. Although the output of weapons fell sharply in 1992, most
defense enterprises continued to encounter numerous difficulties developing
and marketing consumer products, establishing new supply links, and securing
resources for retooling. Indeed, total civil production by the defense
sector fell in 1992 because of shortages of inputs and lower consumer demand
caused by higher prices. Ruptured ties with former trading partners, output
declines, and sometimes erratic efforts to move to world prices and
decentralize trade - foreign and interstate - took a heavy toll on Russia's
commercial relations with other countries. For the second year in a row,
foreign trade was down sharply, with exports falling by as much as 25% and
imports by 21%. The drop in imports would have been much greater if foreign
aid - worth an estimated $8 billion - had not allowed the continued inflow
of essential products. Trade with the other former Soviet republics
continued to decline, and support for the ruble as a common currency eroded
in the face of Moscow's loose monetary policies and rapidly rising prices
throughout the region. At the same time, Russia paid only a fraction of the
$20 billion due on the former USSR's roughly $80 billion debt; debt
rescheduling remained hung up because of a dispute between Russia and
Ukraine over division of the former USSR's assets. Capital flight also
remained a serious problem in 1992. Russia's economic difficulties did not
abate in the first quarter of 1993. Monthly inflation remained at
double-digit levels and industrial production continued to slump. To reduce
the threat of hyperinflation, the government proposed to restrict subsidies
to enterprises; raise interest rates; set quarterly limits on credits, the
budget deficit, and money supply growth; and impose temporary taxes and cut
spending if budget targets are not met. But many legislators and Central
Bank officials oppose various of these austerity measures and failed to
approve them in the first part of 1993.
???#

Rwanda
Republika y'u Rwanda
RWA
Rwanda Franc (F.Rw)
0$Kigali$-198$3008$250000$
&
Almost 50% of GDP comes from the agricultural sector; coffee and tea make up
80-90% of total exports. The amount of fertile land is limited, however, and
deforestation and soil erosion have created problems. The industrial sector
in Rwanda is small, contributing only 17% to GDP. Manufacturing focuses
mainly on the processing of agricultural products. The Rwandan economy
remains dependent on coffee exports and foreign aid. Weak international
prices since 1986 have caused the economy to contract and per capita GDP to
decline. A structural adjustment program with the World Bank began in
October 1990. An outbreak of insurgency, also in October 1990, has dampened
prospects for economic improvement.
???#

St. Helena|Saint Helena
British Dependency of St. Helena
[GB]
St. Helena Pound (SH£)
&
The economy depends primarily on financial assistance from the UK. The local
population earns some income from fishing, the raising of livestock, and
sales of handicrafts. Because there are few jobs, a large proportion of the
work force has left to seek employment overseas.
???#

St. Kitts and Nevis|Saint Kitts and Nevis|St. Kitts|Saint Kitts|Nevis|Saint Christopher and Nevis|St. Christopher|Saint Christopher
Federation of St. Kitts and Nevis
SCN
East Caribbean Dollar
&
The economy has historically depended on the growing and processing of
sugarcane and on remittances from overseas workers. In recent years, tourism
and export-oriented manufacturing have assumed larger roles.
???#

St. Lucia|Saint Lucia
St. Lucia
STL
East Caribbean Dollar
0$Castries$1400$-6083$50000$
&
Since 1983 the economy has shown an impressive average annual growth rate of
almost 5% because of strong agricultural and tourist sectors. Saint Lucia
also possesses an expanding industrial base supported by foreign investment
in manufacturing and other activities, such as in data processing. The
economy, however, remains vulnerable because the important agricultural
sector is dominated by banana production, which is subject to periodic
droughts and/or tropical storms.
???#

Saint-Paul and Amsterdam|Saint-Paul|Amsterdam
Saint-Paul and Amsterdam (Part of the French Southern and Antarctic Territories)
[F]
?
&
???#

Saint-Pierre and Miquelon|Saint-Pierre|Miquelon
Département de Saint-Pierre et Miquelon
[F]
French Franc
&
The inhabitants have traditionally earned their livelihood by fishing and by
servicing fishing fleets operating off the coast of Newfoundland. The
economy has been declining, however, because the number of ships stopping at
Saint Pierre has dropped steadily over the years. In March 1989, an
agreement between France and Canada set fish quotas for Saint Pierre's
trawlers fishing in Canadian and Canadian-claimed waters for three years.
The agreement settles a longstanding dispute that had virtually brought fish
exports to a halt. The islands are heavily subsidized by France. Imports
come primarily from Canada and France.
???#

St. Vincent and the Grenadines|Saint Vincent and Grenadines|Saint Vincent|St. Vincent|Grenadines
St. Vincent and the Grenadines
WV
East Caribbean Dollar
&
Agriculture, dominated by banana production, is the most important sector of
the economy. The services sector, based mostly on a growing tourist
industry, is also important. The economy continues to have a high
unemployment rate of 35%-40% because of an overdependence on the
weather-plagued banana crop as a major export earner. Government progress
toward diversifying into new industries has been relatively unsuccessful.
???#

Samoa Islands|Samoa|American Samoa
Unincorporated Territory of American Samoa
[USA]
US Dollar
&
???#

San Marino
Repubblica di San Marino
RSM
Italian Lira
0$San Marino$4393$1243$23243$
&
The tourist industry contributes over 50% of GDP. In 1991 over 3.1 million
tourists visited San Marino, 2.7 million of whom were Italians. The key
industries are wearing apparel, electronics, and ceramics. Main agricultural
products are wine and cheeses. The per capita level of output and standard
of living are comparable to northern Italy.
???#

Sao Tome and Principe|São Tomé and Príncipe|Sao Tome|Principe
República Democratica de São Tomé e Príncipe
STP
Dobra (Db)
0$Sao Tome$032$672$38000$
&
The economy has remained dependent on cocoa since the country gained
independence nearly 15 years ago. Since then, however, cocoa production has
gradually deteriorated because of drought and mismanagement, so that by 1987
output had fallen to less than 50% of its former levels. As a result, a
shortage of cocoa for export has created a serious balance-of-payments
problem. Production of less important crops, such as coffee, copra, and palm
kernels, has also declined. The value of imports generally exceeds that of
exports by a ratio of 4:1. The emphasis on cocoa production at the expense
of other food crops has meant that Sao Tome has to import 90% of food needs.
It also has to import all fuels and most manufactured goods. Over the years,
Sao Tome has been unable to service its external debt, which amounts to
roughly 80% of export earnings. Considerable potential exists for
development of a tourist industry, and the government has taken steps to
expand facilities in recent years. The government also implemented a
Five-Year Plan covering 1986-90 to restructure the economy and reschedule
external debt service payments in cooperation with the International
Development Association and Western lenders.
???#

Saudi Arabia
Al Mamlakah al 'Arabiyah as Su'udiyah
SA
Saudi Riyal (SR)
0$Riyadh$2468$4669$1800000$
1$Djeddah$2149$3926$1800000$
1$Makka$2143$3982$463000$
&
The petroleum sector accounts for roughly 75% of budget revenues, 35% of
GDP, and almost all export earnings. Saudi Arabia has the largest reserves
of petroleum in the world, ranks as the largest exporter of petroleum, and
plays a leading role in OPEC. For the 1990s the government intends to
encourage private economic activity and to foster the gradual process of
turning Saudi Arabia into a modern industrial state that retains traditional
Islamic values. Four million foreign workers play an important role in the
Saudi economy, for example, in the oil and banking sectors.
???#

Senegal
République du Sénégal
SN
CFA-Franc
0$Dakar$1457$-1748$2500000$
&
The agricultural sector accounts for about 12% of GDP and provides
employment for about 80% of the labor force. About 40% of the total
cultivated land is used to grow peanuts, an important export crop. Another
principal economic resource is fishing, which brought in about 23% of total
foreign exchange earnings in 1990. Mining is dominated by the extraction of
phosphate, but production has faltered because of reduced worldwide demand
for fertilizers in recent years. Over the past 10 years tourism has become
increasingly important to the economy.
???#

Seychelles|The Seychelles
Republic of the Seychelles
SY
Seychellois Rupee (SR)
&
In this small, open, tropical island economy, the tourist industry employs
about 30% of the labor force and provides more than 70% of hard currency
earnings. In recent years the government has encouraged foreign investment
in order to upgrade hotels and other services. At the same time, the
government has moved to reduce the high dependence on tourism by promoting
the development of farming, fishing, and small-scale manufacturing.
???#

Sierra Leone
Republic of Sierra Leone
WAL
Leone (Le)
0$Freetown$850$-1328$500000$
&
The economic and social infrastructure is not well developed. Subsistence
agriculture dominates the economy, generating about one-third of GDP and
employing about two-thirds of the working population. Manufacturing, which
accounts for roughly 10% of GDP, consists mainly of the processing of raw
materials and of light manufacturing for the domestic market. Diamond mining
provides an important source of hard currency. The economy suffers from high
unemployment, rising inflation, large trade deficits, and a growing
dependency on foreign assistance. The government in 1990 was attempting to
get the budget deficit under control and, in general, to bring economic
policy in line with the recommendations of the IMF and the World Bank. Since
March 1991, however, military incursions by Liberian rebels in southern and
eastern Sierra Leone have severely strained the economy and have undermined
efforts to institute economic reforms.
???#

Singapore
Republic of Singapore
SGP
Singapore Dollar (S$)
0$Singapour$132$10382$2600000$
&
Singapore has an open entrepreneurial economy with strong service and
manufacturing sectors and excellent international trading links derived from
its entrepot history. The economy appears to have pulled off a soft landing
from the 9% growth rate of the late 1980s, registering higher than expected
growth in 1992 while stemming inflation. Economic activity slowed early in
1992, primarily as a result of slackened demand in Singapore's export
markets. But after bottoming out in the second quarter, the economy picked
up in line with a gradual recovery in the United States. The year's best
performers were the construction and financial services industries and
manufacturers of computer-related components. Rising labor costs continue to
be a threat to Singapore's competitiveness, but there are indications that
productivity is catching up. Government surpluses and the rate of gross
national savings remain high. In technology, per capita output, and labor
discipline, Singapore is well on its way toward its goal of becoming a
developed country.
???#

Slovakia|Slovak Republic
Slovenska Republika
SV
Slovak Koruna
0$Bratislava$4817$1712$440000$
1$Kosice$4870$2125$235000$
&
The dissolution of Czechoslovakia into two independent states - the Czech
Republic and Slovakia - on 1 January 1993 has complicated the task of moving
toward a more open and decentralized economy. The old Czechoslovakia, even
though highly industrialized by East European standards, suffered from an
aging capital plant, lagging technology, and a deficiency in energy and many
raw materials. In January 1991, approximately one year after the end of
communist control of Eastern Europe, the Czech and Slovak Federal Republic
launched a sweeping program to convert its almost entirely state-owned and
controlled economy to a market system. In 1991-92 these measures resulted in
privatization of some medium- and small-scale economic activity and the
setting of more than 90% of prices by the market - but at a cost in
inflation, unemployment, and lower output. For Czechoslovakia as a whole
inflation in 1991 was roughly 50% and output fell 15%. In 1992 in Slovakia,
inflation slowed to an estimated 8.7% and the estimated fall in GDP was a
more moderate 7%. In 1993 the government anticipates up to a 7% drop in GDP,
with the disruptions from the separation from the Czech lands probably
accounting for half the decline; inflation, according to government
projections, may rise to 15-20% and unemployment may reach 12-15%. The
Slovak government is moving ahead less enthusiastically than the Czech
government in the further dismantling of the old centrally controlled
economic system. Although the governments of Slovakia and the Czech Republic
had envisaged retaining the koruna as a common currency at least in the
short run, the two countries ended the currency union in February 1993.
???#

Slovenia
Republika Slovenije
SLO
Tolar (SLT)
0$Ljubljana$4607$1450$305000$
&
Slovenia was by far the most prosperous of the former Yugoslav republics,
with a per capita income more than twice the Yugoslav average, indeed not
far below the levels in neighboring Austria and Italy. Because of its strong
ties to Western Europe and the small scale of damage during its fight for
independence from Yugoslavia, Slovenia has the brightest prospects among the
former Yugoslav republics for economic recovery over the next few years. The
dissolution of Yugoslavia, however, has led to severe short-term
dislocations in production, employment, and trade ties. For example, overall
industrial production fell 10% in 1991; particularly hard hit were the iron
and steel, machine-building, chemical, and textile industries. Meanwhile,
the continued fighting in other former Yugoslavian republics has led to
further destruction of long-established trade channels and to an influx of
tens of thousands of Croatian and Bosnian refugees. The key program for
breaking up and privatizing major industrial firms was established in late
1992. Bright spots for encouraging Western investors are Slovenia's
comparatively well-educated work force, its developed infrastructure, and
its Western business attitudes, but instability in Croatia is a deterrent.
Slovenia in absolute terms is a small economy, and a little Western
investment would go a long way.
???#

Solomon Islands
Solomon Islands
?
Solomon Dollar (SI$)
0$Honiara$-800$15900$35000$
&
About 90% of the population depend on subsistence agriculture, fishing, and
forestry for at least part of their livelihood. Agriculture, fishing, and
forestry contribute about 70% to GDP, with the fishing and forestry sectors
being important export earners. The service sector contributes about 25% to
GDP. Most manufactured goods and petroleum products must be imported. The
islands are rich in undeveloped mineral resources such as lead, zinc,
nickel, and gold. The economy suffered from a severe cyclone in mid-1986
that caused widespread damage to the infrastructure.
???#

Somalia
Democratic Republic of Somalia
SO
Somalia Shilling (So.Sh.)
0$Mogadiscio$203$4535$750000$
&
One of the world's poorest and least developed countries, Somalia has few
resources. Moreover, much of the economy has been devastated by the civil
war. Agriculture is the most important sector, with livestock accounting for
about 40% of GDP and about 65% of export earnings. Nomads and seminomads who
are dependent upon livestock for their livelihoods make up more than half of
the population. Crop production generates only 10% of GDP and employs about
20% of the work force. The main export crop is bananas; sugar, sorghum, and
corn are grown for the domestic market. The small industrial sector is based
on the processing of agricultural products and accounts for less than 10% of
GDP. Greatly increased political turmoil in 1991-92 has resulted in a
substantial drop in output, with widespread famine.
???#

South Africa|RSA
Republic of South Africa
ZA
Rand (R)
0$Pretoria$-2573$2820$823000$
0$Cape Town$-3393$1845$1911000$
1$Johannesburg$-2617$2803$1609000$
1$Durban$-2982$3102$982000$
1$Port-Elizabeth$-3397$2560$651000$
1$Bloemfontein$-2910$2623$233000$
&
Many of the white one-seventh of the South African population enjoy incomes,
material comforts, and health and educational standards equal to those of
Western Europe. In contrast, most of the remaining population suffers from
the poverty patterns of the Third World, including unemployment and lack of
job skills. The main strength of the economy lies in its rich mineral
resources, which provide two-thirds of exports. Economic developments in the
1990s will be driven partly by the changing relations among the various
ethnic groups. The shrinking economy in recent years has absorbed less than
10% of the more than 300,000 workers entering the labor force annually.
Local economists estimate that the economy must grow between 5% and 6% in
real terms annually to absorb all of the new entrants.
???#

South Georgia and South Sandwich Islands
Falkland Islands Dependency (South Georgia and South Sandwich Islands)
[GB]
?
&
???#

Spain
España
E
Peseta (Pt)
0$Madrid$4042$-372$2984000$
1$Barcelona$4135$217$1653000$
1$Valencia$3945$-038$770000$
1$Sevilla$3738$-598$683000$
1$Saragosa$4165$-088$614000$
1$Málaga$3672$-442$524000$
1$Bilbao$4325$-293$372000$
1$Las Palmas$2817$-1547$347000$
1$Valladolid$4163$-472$345000$
1$Murcia$3798$-113$328000$
1$Cordoue$3788$-477$309000$
1$Palma$3955$265$308000$
1$Granada$3717$-358$286000$
3$Aneto$4262$067$3404$
3$Monte Posets$4265$042$3375$
3$Mont Perdu$4267$083$3355$
&
Spain has done well since joining the EC in 1986. Foreign and domestic
investments have spurred GDP growth at an annual average of more than 4% in
1986-91. As of 1 January 1993, Spain has wholly liberalized its trade and
capital markets to EC standards, including integrating agriculture two years
ahead of schedule. Beginning in 1989, Madrid implemented a tight monetary
policy to fight 7% inflation. As a result of this action and the worldwide
decline in economic growth, Spain's growth rate declined to 1% in 1992.
Spain faces a likely recession in first half 1993. The government expects a
recovery in the second half, but this depends on stepped-up growth in
Germany and France. The slowdown in growth - along with displacements caused
by structural adjustments in preparation for the EC single market - has
pushed an already high unemployment rate up to 19%. However, many people
listed as unemployed work in the underground economy. If the government can
stick to its tough economic policies and push further structural reforms,
the economy will emerge stronger at the end of the 1990s.
???#

Sri Lanka|Ceylon
Democratic Socialist Republic of Sri Lanka
CL
Sri Lanka Rupee
0$Colombo$693$7997$1900000$
&
Agriculture, forestry, and fishing dominate the economy, employing half of
the labor force and accounting for one quarter of GDP. The plantation crops
of tea, rubber, and coconuts provide about one-third of export earnings. The
economy has been plagued by high rates of unemployment since the late 1970s.
Economic growth, which has been depressed by ethnic unrest, accelerated in
1991-92 as domestic conditions began to improve and conditions for foreign
investment brightened.
???#

Sudan
Jumhuriyat as-Sudan
SUD
Sudanese Dinar (sD)
0$Khartoum$1555$3258$4800000$
1$Wâd Medanî$1440$3350$4800000$
1$Port Sudan$1963$3713$987000$
1$El Obeïd$1313$3017$823000$
1$Fasher$1355$2543$639000$
1$Atbara$1770$3398$576000$
1$Juba$483$3158$320000$
&
Sudan is buffeted by civil war, chronic political instability, adverse
weather, high inflation, a drop in remittances from abroad, and
counterproductive economic policies. The economy is dominated by
governmental entities that account for more than 70% of new investment. The
private sector's main areas of activity are agriculture and trading, with
most private industrial investment predating 1980. The economy's base is
agriculture, which employs 80% of the work force. Industry mainly processes
agricultural items. Sluggish economic performance over the past decade,
attributable largely to declining annual rainfall, has reduced levels of per
capita income and consumption. A large foreign debt and huge arrearages
continue to cause difficulties. In 1990 the International Monetary Fund took
the unusual step of declaring Sudan noncooperative because of its nonpayment
of arrearages to the Fund. Despite subsequent government efforts to
implement reforms urged by the IMF and the World Bank, the economy remained
stagnant in FY91 as entrepreneurs lack the incentive to take economic risks.
Growth in 1992 was featured by the recovery of agricultural production in
northern Sudan after two years of drought.
???#

Surinam|Suriname|Guiana
Republiek Suriname
SME
Suriname Guilder (Sf)
0$Paramaribo$587$-5523$200000$
&
The economy is dominated by the bauxite industry, which accounts for 15% of
GDP and about 70% of export earnings. The economy has been in trouble since
the Dutch ended development aid in 1982. A drop in world bauxite prices
which started in the late 1970s and continued until late 1986 was followed
by the outbreak of a guerrilla insurgency in the interior that crippled the
important bauxite sector. Although the insurgency has since ebbed and the
bauxite sector recovered, a military coup in December 1990 reflected
continued political instability and deterred investment and economic reform.
High inflation, high unemployment, widespread black market activity, and
hard currency shortfalls continue to mark the economy.
???#

Svalbard|Svålbard|Bear Island
Svalbard and Bear Island
[N]
Norwegian Krone
&
Coal mining is the major economic activity on Svalbard. By treaty (9
February 1920), the nationals of the treaty powers have equal rights to
exploit mineral deposits, subject to Norwegian regulation. Although US, UK,
Dutch, and Swedish coal companies have mined in the past, the only companies
still mining are Norwegian and Russian. The settlements on Svalbard are
essentially company towns. The Norwegian state-owned coal company employs
nearly 60% of the Norwegian population on the island, runs many of the local
services, and provides most of the local infrastructure. There is also some
trapping of seal, polar bear, fox, and walrus. 
???#

Swaziland
Kingdom of Swaziland
SD
Lilangeni (E)
0$Mbabane$-2650$3150$42000$
&
The economy is based on subsistence agriculture, which occupies most of the
labor force and contributes nearly 25% to GDP. Manufacturing, which includes
a number of agroprocessing factories, accounts for another quarter of GDP.
Mining has declined in importance in recent years; high-grade iron ore
deposits were depleted in 1978, and health concerns cut world demand for
asbestos. Exports of sugar and forestry products are the main earners of
hard currency. Surrounded by South Africa, except for a short border with
Mozambique, Swaziland is heavily dependent on South Africa, from which it
receives 75% of its imports and to which it sends about half of its exports.
???#

Sweden
Konungariket Sverige
S
Swedish Krona (Skr)
0$Stockholm$5933$1805$1503000$
1$Göteborg$5772$1198$734000$
1$Malmö$5558$1300$479000$
&
Aided by a long period of peace and neutrality during World War I through
World War II, Sweden has achieved an enviable standard of living under a
mixed system of high-tech capitalism and extensive welfare benefits. It has
a modern distribution system, excellent internal and external
communications, and a skilled labor force. Timber, hydropower, and iron ore
constitute the resource base of an economy that is heavily oriented toward
foreign trade. Privately owned firms account for about 90% of industrial
output, of which the engineering sector accounts for 50% of output and
exports. In the last few years, however, this extraordinarily favorable
picture has been clouded by inflation, growing unemployment, and a gradual
loss of competitiveness in international markets. Although Prime Minister
BILDT'S center-right minority coalition had hoped to charge ahead with
free-market-oriented reforms, a skyrocketing budget deficit - almost 13% of
GDP in FY94 projections - and record unemployment have forestalled many of
the plans. Unemployment in 1993 is forecast at around 7% with another 5% in
job training. Continued heavy foreign exchange speculation forced the
government to cooperate in late 1992 with the opposition Social Democrats on
two crisis packages - one a severe austerity pact and the other a program to
spur industrial competitiveness - which basically set economic policy
through 1997. In November 1992, Sweden broke its tie to the EC's ECU, and
the krona has since depreciated around 2.5% against the dollar. The
government hopes the boost in export competitiveness from the depreciation
will help lift Sweden out of its 3-year recession. To curb the budget
deficit and bolster confidence in the economy, BILDT continues to propose
cuts in welfare benefits, subsidies, defense, and foreign aid. Sweden
continues to harmonize its economic policies with those of the EC in
preparation for concluding its EC membership bid by 1995.
???#

Switzerland
Schweizerische Eidgenossenschaft - Confédération Helvetique
CH
Swiss Franc (SFr)
0$Bern$4695$747$301000$
1$Zurich$4737$853$840000$
1$Bâle$4755$760$363000$
1$Genève$4620$615$382000$
1$Lausanne$4653$665$262000$
3$Mont Rose$4592$790$4638$
3$Cervin$4597$765$4482$
3$Finsteraarhorn$4652$817$4275$
&
Switzerland's economy - one of the most prosperous and stable in the world -
is nonetheless undergoing a painful adjustment after both the inflationary
boom of the late-1980s and the electorate's rejection late last year of
membership in the European Economic Area. Stubborn inflation and a soft
economy have afflicted Switzerland. Despite slow growth in 1991-92, the
Swiss central bank had been unable to ease monetary policy in the past three
years because of the threat to the Swiss franc posed by high German interest
rates. As a result, unemployment is forecast to rise from 3% in 1992 to more
than 4% in 1993, with inflation moving down from 4% to 3%. The voters'
rejection in December 1992 of a referendum on membership in the EEA which
was supported by most political, business, and financial leaders has raised
doubts that the country can maintain its preeminent prosperity and
leadership in commercial banking in the 21st century. Despite these
problems, Swiss per capita output, general living standards, education and
science, health care, and diet remain unsurpassed in Europe. The country has
few natural resources except for the scenic natural beauty that has made it
a world leader in tourism. Management-labor relations remain generally
harmonious.
???#

Syria
Al Jumhuriyah al Arabiyah as Suriyah
SYR
Syrian Pound (syr£)
0$Damas$3350$3630$1500000$
1$Alep$3617$3725$1750000$
1$Homs$3467$3675$650000$
1$Hama$3508$3667$350000$
1$Latakia$3552$3578$350000$
&
Syria's state-dominated Ba'thist economy has benefited from the Gulf war,
increased oil production, good weather, and economic deregulation. Economic
growth averaged nearly 12% annually in 1990-91, buoyed by increased oil
production and improved agricultural performance. The Gulf war of early 1991
provided Syria an aid windfall of nearly $5 billion dollars from Arab,
European, and Japanese donors. These inflows more than offset Damascus's
war-related costs and will help Syria cover some of its debt arrears,
restore suspended credit lines, and initiate selected military and civilian
purchases. In 1992 the government spurred economic development by loosening
controls on domestic and foreign investment while maintaining strict
political controls. For the long run, Syria's economy is still saddled with
a large number of poorly performing public sector firms and industrial and
agricultural productivity is poor. A major long-term concern is the
additional drain of upstream Euphrates water by Turkey when its vast dam and
irrigation projects are completed by mid-decade.
???#

Tajikistan|Tadzhikistan
Respublika i Tojikiston
TAD
Russian Rouble
0$Douchanbe$3858$6880$600000$
&
Tajikistan has had the lowest living standards of the CIS republics and now
faces the bleakest economic prospects. Agriculture (particularly cotton and
fruit growing) is the most important sector, accounting for 38% of
employment (1990). Industrial production includes aluminum reduction,
hydropower generation, machine tools, refrigerators, and freezers.
Throughout 1992 bloody civil disturbances disrupted food imports and several
regions became desperately short of basic needs. Hundreds of thousands of
people were made homeless by the strife. In late 1992, one-third of industry
was shut down and the cotton crop was only one-half of that of 1991.
???#

Taiwan|Republic of China|Formosa
Republic of China (Taiwan)
ROC
New Taiwan Dollar (NT$)
0$T'ai-peï$2503$12150$2717000$
1$Kaochiang$2258$12027$1396000$
1$T'ai-tchong$2417$12058$774000$
1$T'ai-nan$2300$12025$689000$
&
Taiwan has a dynamic capitalist economy with considerable government
guidance of investment and foreign trade and partial government ownership of
some large banks and industrial firms. Real growth in GNP has averaged about
9% a year during the past three decades. Export growth has been even faster
and has provided the impetus for industrialization. Agriculture contributes
about 4% to GNP, down from 35% in 1952. Taiwan currently ranks as number 13
among major trading countries. Traditional labor-intensive industries are
steadily being replaced with more capital- and technology-intensive
industries. Taiwan has become a major investor in China, Thailand,
Indonesia, the Philippines, and Malaysia. The tightening of labor markets
has led to an influx of foreign workers, both legal and illegal.
???#

Tanzania
United Republic of Tanzania
EAT
Tanzania Shilling (T.Sh.)
0$Dar es-Salaam$-683$3920$1360000$
1$Dodoma$-613$3575$203000$
1$Mwanza$-252$3290$223000$
3$Kilimandjaro$-303$3733$5895$
&
Tanzania is one of the poorest countries in the world. The economy is
heavily dependent on agriculture, which accounts for about 58% of GDP,
provides 85% of exports, and employs 90% of the work force. Industry
accounts for 8% of GDP and is mainly limited to processing agricultural
products and light consumer goods. The economic recovery program announced
in mid-1986 has generated notable increases in agricultural production and
financial support for the program by bilateral donors. The World Bank, the
International Monetary Fund, and bilateral donors have provided funds to
rehabilitate Tanzania's deteriorated economic infrastructure. Growth in
1991-92 featured a pickup in industrial production and a substantial
increase in output of minerals led by gold.
???#

Thailand|Siam
Kingdom of Thailand
T
Baht (Bt)
0$Bangkok$1375$10058$9300000$
1$Nakhon Ratchasima$1000000$
1$Ubon Ratchathani$1525$10483$1000000$
1$Udon Thani$1748$10277$1000000$
1$Khon Kaen$1650$10278$1000000$
1$Nakhon Si Thammarat$848$10000$1000000$
1$Chiang Mai$1892$9892$1000000$
&
Thailand's economy recovered rapidly from the political unrest in May 1992
to post an impressive 7% growth rate for the year. Thailand, one of the more
advanced developing countries in Asia, depends on exports of manufactures
and the development of the service sector to fuel the country's rapid
growth. The trade and current account deficits fell in 1992; much of
Thailand's recent imports have been for capital equipment suggesting that
the export sector is poised for further growth. With foreign investment
slowing, Bangkok is working to increase the generation of capital
domestically. Prime Minister CHUAN's government - Thailand's fifth
government in less than two years - is pledged to continue Bangkok's
probusiness policies, and the return of a democratically elected government
has improved business confidence. Nevertheless, CHUAN must overcome
divisions within his ruling coalition to complete much needed infrastructure
development programs if Thailand is to remain an attractive place for
business investment. Over the longer-term, Bangkok must produce more college
graduates with technical training and upgrade workers' skills to continue
its rapid economic development.
???#

Togo
République Togolaise
TG
CFA-Franc
0$Lomé$613$123$375000$
&
The economy is heavily dependent on subsistence agriculture, which accounts
for about 33% of GDP and provides employment for 78% of the labor force.
Primary agricultural exports are cocoa, coffee, and cotton, which together
account for about 30% of total export earnings. Togo is self-sufficient in
basic foodstuffs when harvests are normal. In the industrial sector
phosphate mining is by far the most important activity, with phosphate
exports accounting for about 40% of total foreign exchange earnings. Togo
serves as a regional commercial and trade center. The government, over the
past decade, with IMF and World Bank support, has been implementing a number
of economic reform measures to encourage foreign investment and bring
revenues in line with expenditures. Political unrest, including private and
public sector strikes throughout 1991 and 1992, has jeopardized the reform
program and has disrupted vital economic activity.
???#

Tokelau Islands
Tokelau Islands
[NZ]
New Zealand Dollar
&
Tokelau's small size, isolation, and lack of resources greatly restrain
economic development and confine agriculture to the subsistence level. The
people must rely on aid from New Zealand to maintain public services, annual
aid being substantially greater than GDP. The principal sources of revenue
come from sales of copra, postage stamps, souvenir coins, and handicrafts.
Money is also remitted to families from relatives in New Zealand.
???#

Tonga|Friendly Islands
Kingdom of Tonga
?
Pa'anga (T$)
0$Nuku'Alofa$-2136$-17494$32000$
&
The economy's base is agriculture, which employs about 70% of the labor
force and contributes 40% to GDP. Coconuts, bananas, and vanilla beans are
the main crops and make up two-thirds of exports. The country must import a
high proportion of its food, mainly from New Zealand. The manufacturing
sector accounts for only 11% of GDP. Tourism is the primary source of hard
currency earnings, but the island remains dependent on sizable external aid
and remittances to offset its trade deficit.
???#

Trinidad and Tobago|Trinidad|Tobago
Republic of Trinidad and Tobago
TT
Trinidad & Tobago Dollar
&
Trinidad and Tobago's petroleum-based economy has begun to emerge from a
lengthy depression in the last few years. The economy fell sharply through
most of the 1980s, largely because of the decline in oil prices. This sector
accounts for 80% of export earnings and almost 20% of GDP. The government,
in response to the oil revenue loss, pursued a series of austerity measures
that pushed the unemployment rate as high as 22% in 1988. The economy showed
signs of recovery in 1990 and 1991, however, helped along by rising oil
prices. Agriculture employs only about 11% of the labor force and produces
about 3% of GDP. Since this sector is small, it has been unable to absorb
the large numbers of the unemployed. The government currently seeks to
diversify its export base.
???#

Tristan da Cunha
Tristan da Cunha (Dependency of St. Helena)
[GB]
St. Helena Pound (SH£)
&
???#

Tunisia
Al Jumhuriyah at Tunisiyah
TN
Tunisian Dinar (tD)
0$Tunis$3683$1023$626000$
1$Sfax$3475$1072$227000$
1$Ariana$3687$1020$137000$
&
The economy depends primarily on petroleum, phosphates, tourism, and exports
of light manufactures. Following two years of drought-induced economic
decline, the economy came back strongly in 1990-92 as a result of good
harvests, continued export growth, and higher domestic investment. High
unemployment has eroded popular support for the government, however, and
forced Tunis to slow the pace of economic reform. Nonetheless, the
government appears committed to implementing its IMF-supported structural
adjustment program and to servicing its foreign debt.
???#

Turkey
Turkiye Cumhuriyeti
TR
Turkish Pound (TL)
0$Ankara$4000$3290$2559000$
1$Istanbul$4103$2895$6620000$
1$Izmir$3842$2717$1757000$
1$Zonguldak$4147$3183$954000$
1$Adana$3700$3527$916000$
1$Bursa$4025$2908$834000$
1$Gaziantep$3710$3738$603000$
1$Konya$3787$3250$513000$
1$Kayseri$3875$3550$421000$
1$Eski Sehir$3977$3053$413000$
1$Erzurum$3995$4125$242000$
3$Ararat$3983$4425$5156$
&
After an impressive economic performance through most of the 1980s, Turkey
has experienced erratic rates of economic growth since 1988 - ranging from a
high of 9.2% in 1990 to a low of 0.9% in 1991. Strong consumer demand and
increased public investment led the way to a strong 5.9% growth in 1992.
Chronic high inflation is Turkey's most serious economic problem, leading to
high interest rates and the rapid depreciation of the Turkish lira. The huge
public sector deficit - about 12% of GDP - and the Treasury's heavy reliance
on Central Bank financing of the deficit are the major causes of Turkish
inflation. Meanwhile, wage increases in both the public and private sector
have outpaced productivity gains, limited the government's ability to reduce
current expenditures, and hindered the return to profitability of many
private companies. Agriculture remains an important economic sector,
employing about half of the work force, contributing 18% to GDP, and
accounting for about 20% of exports. The government has launched a
multibillion-dollar development program in the southeastern region, which
includes the building of a dozen dams on the Tigris and Euphrates Rivers to
generate electric power and irrigate large tracts of farmland. The Turkish
economy will probably continue to grow faster than the West European average
in 1993, but the shaky coalition government of Prime Minister DEMIREL -
which has seen its parliamentary majority shrink from 36 to 11 seats during
its first year in power - is unlikely to risk further erosion of its support
by implementing the belt-tightening measures necessary to substantially
reduce inflation.
???#

Turkmenia|Turkmenistan
Tiurkmenostan Respublikasy
TUR
Russian Rouble
0$Ashkabad$3800$5783$350000$
&
Like the other 15 former Soviet republics, Turkmenistan faces enormous
problems of economic adjustment - to move away from Moscow-based central
planning toward a system of decisionmaking by private entrepreneurs, local
government authorities, and, hopefully, foreign investors. This process
requires wholesale changes in supply sources, markets, property rights, and
monetary arrangements. Industry - with 10% of the labor force - is heavily
weighted toward the energy sector, which produced 11% of the ex-USSR's gas
and 1% of its oil. Turkmenistan ranked second among the former Soviet
republics in cotton production, mainly in the irrigated western region,
where the huge Karakumskiy Canal taps the Amu Darya. The general decline in
national product accelerated in 1992, principally because of inability to
obtain spare parts and disputes with customers over the price of natural
gas.
???#

Turks and Caicos Islands
Dependency of the Turks and Caicos Islands
[GB]
US Dollar|Dollar
&
The economy is based on fishing, tourism, and offshore banking. Only
subsistence farming - corn, cassava, citrus, and beans - exists on the
Caicos Islands, so that most foods, as well as nonfood products, must be
imported.
???#

Tuvalu|Ellice Islands
Tuvalu
?
Australian Dollar
&
Tuvalu consists of a scattered group of nine coral atolls with poor soil.
The country has no known mineral resources and few exports. Subsistence
farming and fishing are the primary economic activities. The islands are too
small and too remote for development of a tourist industry. Government
revenues largely come from the sale of stamps and coins and worker
remittances. Substantial income is received annually from an international
trust fund established in 1987 by Australia, New Zealand, and the UK and
supported also by Japan and South Korea.
???#

Uganda
Republic of Uganda
EAU
Uganda Shilling (U.Sh.)
0$Kampala$033$3258$800000$
3$Ruwenzori$050$3000$5118$
&
Uganda has substantial natural resources, including fertile soils, regular
rainfall, and sizable mineral deposits of copper and cobalt. The economy has
been devastated by widespread political instability, mismanagement, and
civil war since independence in 1962, keeping Uganda poor with a per capita
income of about $300. (GDP remains below the levels of the early 1970s, as
does industrial production.) Agriculture is the most important sector of the
economy, employing over 80% of the work force. Coffee is the major export
crop and accounts for the bulk of export revenues. Since 1986 the government
has acted to rehabilitate and stabilize the economy by undertaking currency
reform, raising producer prices on export crops, increasing prices of
petroleum products, and improving civil service wages. The policy changes
are especially aimed at dampening inflation, which was running at over 300%
in 1987, and boosting production and export earnings. In 1990-92, the
economy has turned in a solid performance based on continued investment in
the rehabilitation of infrastructure, improved incentives for production and
exports, and gradually improving domestic security.
???#

Ukraine
Ukrayina
UKR
Karbovanets
0$Kiev$5050$3047$2602000$
1$Kharkov$4998$3625$1611000$
1$Dniepropetrovsk$4848$3500$1179000$
1$Odessa$4650$3075$1115000$
1$Donetsk$4800$3775$1110000$
&
After Russia, the Ukrainian republic was far and away the most important
economic component of the former Soviet Union producing more than three
times the output of the next-ranking republic. Its fertile black soil
generated more than one fourth of Soviet agricultural output, and its farms
provided substantial quantities of meat, milk, grain and vegetables to other
republics. Likewise, its well-developed and diversified heavy industry
supplied equipment and raw materials to industrial and mining sites in other
regions of the former USSR. In 1992 the Ukrainian government liberalized
most prices and erected a legal framework for privatizing state enterprises
while retaining many central economic controls and continuing subsidies to
state production enterprises. In November 1992 the new Prime Minister KUCHMA
launched a new economic reform program promising more freedom to the
agricultural sector, faster privatization of small and medium enterprises,
and stricter control over state subsidies. Even so, the magnitude of the
problems and the slow pace in building new market-oriented institutions
preclude a near-term recovery of output to the 1990 level.
???#

United Arab Emirates|UAE
Al Imarata al Arabiyah al Muttahidah
UAE
Dirham (DH)
0$Abu Dhabi$2447$5457$450000$
&
The UAE has an open economy with one of the world's highest incomes per
capita outside the OECD nations. This wealth is based on oil and gas, 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, crude oil reserves
should last for over 100 years.
???#

United States of America|USA|U.S.A.|America
United States of America
USA
US Dollar (US$)
0$Washington$3892$-7700$5300000$
1$Anchorage$6117$-14983$226000$
1$Phoenix$3350$-11205$2122000$
1$Tucson$3223$-11098$666000$
1$Little Rock$3470$-9228$513000$
1$Sacramento$3853$-12150$1481000$
1$Los Angeles$3400$-11817$14000000$
1$San Fransisco$3758$-12250$6253000$
1$San Diego$3275$-11717$2498000$
1$San Jose$3733$-12192$782000$
1$Fresno$3668$-11978$354000$
1$Raleigh$3577$-7863$735000$
1$Charlotte$3527$-8077$1162000$
1$Columbia$3400$-8105$453000$
1$Charleston$3278$-7993$506000$
1$Greenville$3490$-8240$640000$
1$Denver$3975$-10500$1848000$
1$Hartford$4178$-7268$1085000$
1$New Haven$4133$-7290$503000$
1$Jacksonville$3025$-8163$906000$
1$Miami$2575$-8025$3192000$
1$Tampa$2795$-8263$2067000$
1$Atlanta$3383$-8440$2833000$
1$Honolulu$2132$-15787$826000$
1$Chicago$4175$-8767$8065000$
1$Indianapolis$3975$-8617$1249000$
1$Wichita$3772$-9733$304000$
1$Louisville$3822$-8580$952000$
1$Baton Rouge$3050$-9108$528000$
1$La Nouvelle Orléans$3000$-9005$1238000$
1$Baltimore$3930$-7662$2382000$
1$Boston$4233$-7100$4171000$
1$Springfield$4213$-7262$529000$
1$Detroit$4233$-8308$4665000$
1$Grand Rapids$5320$-9932$688000$
1$Minneapolis$4500$-9325$2464000$
1$Saint Louis$3867$-9025$2444000$
1$Kansas City$3903$-9455$1566000$
1$Omaha$4125$-9600$618000$
1$Las Vegas$3617$-11517$741000$
1$Albany$4267$-7378$874000$
1$New York$4067$-7383$7322000$
1$Buffalo$4292$-7883$1189000$
1$Rochester$4320$-7762$1002000$
1$Columbus$3995$-8302$1377000$
1$Cleveland$4147$-8172$2759000$
1$Cincinatti$3917$-8443$1744000$
1$Toledo$4167$-8358$614000$
1$Dayton$3975$-8425$951000$
1$Oklahoma City$3547$-9755$958000$
1$Tulsa$3612$-9597$708000$
1$Portland$4553$-12267$1477000$
1$Harrisburg$4030$-7687$587000$
1$Philadelphia$4000$-7517$5899000$
1$Pittsburg$4042$-8000$2242000$
1$Providence$4183$-7142$1141000$
1$Nashville$3617$-8683$985000$
1$Memphis$3517$-9000$981000$
1$Knoxville$3597$-8395$604000$
1$Austin$3033$-9775$781000$
1$Houston$2975$-9542$3711000$
1$Dallas$3283$-9683$3885000$
1$San Antonio$2942$-9850$1302000$
1$El Paso$3175$-10648$591000$
1$Salt Lake City$4075$-11197$1072000$
1$Richmond$3733$-7745$865000$
1$Norfolk$3690$-7630$1396000$
1$Seattle$4758$-12233$2559000$
1$Milwaukee$4305$-8793$1607000$
3$McKinley$6303$-15102$6194$
3$Whitney$3658$-11828$4420$
3$Elbert$3920$-10660$4400$
3$Mauna Kea$1983$-15542$4210$
&
The US has the most powerful, diverse, and technologically advanced economy
in the world, with a per capita GDP of $23,400, the largest among major
industrial nations. The economy is market oriented with most decisions made
by private individuals and business firms and with government purchases of
goods and services made predominantly in the marketplace. In 1989 the
economy enjoyed its seventh successive year of substantial growth, the
longest in peacetime history. The expansion featured moderation in wage and
consumer price increases and a steady reduction in unemployment to 5.2% of
the labor force. In 1990, however, growth slowed to 1% because of a
combination of factors, such as the worldwide increase in interest rates,
Iraq's invasion of Kuwait in August, the subsequent spurt in oil prices, and
a general decline in business and consumer confidence. In 1991 output fell
by 1%, unemployment grew, and signs of recovery proved premature. Growth
picked up to 2.1% in 1992. Unemployment, however, remained at nine million,
the increase in GDP being mainly attributable to gains in output per worker.
Ongoing problems for the 1990s include inadequate investment in economic
infrastructure, rapidly rising medical costs, and sizable budget and trade
deficits.
???#

Uruguay
República Oriental del Uruguay
ROU
Uruguayan New Peso
0$Montevideo$-3492$-5617$1500000$
&
Uruguay is a small economy with favorable climate, good soils, and solid
hydropower potential. Economic development has been held back by excessive
government regulation of economic detail and 50% to 130% inflation. After
several years of sluggish growth, real GDP jumped by about 8% in 1992. The
rise is attributable mainly to an increase in Argentine demand for Uruguayan
exports, particularly agricultural products and electricity. In a major step
toward greater regional economic cooperation, Uruguay in 1991 had joined
Brazil, Argentina, and Paraguay in forming the Southern Cone Common Market
(Mercosur). A referendum in December 1992 overturned key portions of
landmark privatization legislation, dealing a serious blow to President
LACALLE's broad economic reform plan.
???#

Uzbekistan
Uzbekiston Respublikasi
USB
Russian Rouble|Rouble
0$Tachkent$4127$6922$2073000$
1$Samarkand$3967$6695$371000$
1$Boukhara$3983$6417$204000$
&
Although Uzbekistan accounted for only 3.4% of total Soviet output, it
produced two-thirds of the USSR's cotton and ranks as the fourth largest
global producer. Moscow's push for ever-increasing amounts of cotton had
included massive irrigation projects which caused extensive environmental
damage to the Aral Sea and rivers of the republic. Furthermore, the lavish
use of chemical fertilizers has caused extensive pollution and widespread
health problems. Recently the republic has sought to encourage food
production at the expense of cotton. The small industrial sector specializes
in such items as agricultural machinery, mineral fertilizers, vegetable oil,
and bridge cranes. Uzbekistan also has some important natural resources
including gold (about 30% of former Soviet production), uranium, and natural
gas. The Uzbek Government has encouraged some land reform but has shied away
from other aspects of economic reform. Output and living standards continued
to fall in 1992 largely because of the cumulative impact of disruptions in
supply that have followed the dismemberment of the USSR.
???#

Vanuatu|New Hebrides
Republic of Vanuatu
?
Vatu (VT)
0$Vila$-1750$16830$15000$
&
The economy is based primarily on subsistence farming which provides a
living for about 80% of the population. Fishing and tourism are the other
mainstays of the economy. Mineral deposits are negligible; the country has
no known petroleum deposits. A small light industry sector caters to the
local market. Tax revenues come mainly from import duties.
???#

Vatican
State of the Vatican
V
Vatican Lira
&
???#

Venezuela
República de Venezuela
YV
Bolivar (B)
0$Caracas$1050$-6692$4000000$
1$Maracaïbo$1073$-7162$1400000$
1$Valencia$1023$-6800$1374000$
1$Maracay$1033$-6747$956000$
1$Barquisimeto$997$-6922$787000$
1$Ciudad Guayana$837$-6267$542000$
1$Barcelona$1017$-6467$455000$
1$San Cristobal$777$-7223$364000$
&
Petroleum is the backbone of the economy, accounting for 23% of GDP, 70% of
central government revenues, and 82% of export earnings in 1992. President
PEREZ introduced an economic readjustment program when he assumed office in
February 1989. Lower tariffs and the removal of price controls, a free
market exchange rate, and market-linked interest rates threw the economy
into confusion, causing an 8% decline in GDP in 1989. However, the economy
recovered part way in 1990 and grew by 10.4% in 1991 and 7.3% in 1992, led
by the non-petroleum sector.
???#

Vietnam|Viet Nam
Cong Hoa Chu Nghia Viet Nam
VN
Dong (D)
0$Hanoï$2108$10592$2937000$
1$Saigon$1077$10672$3667000$
1$Haiphong$2092$10570$1420000$
1$Da Nang$1617$10812$370000$
1$Huê$1650$10758$270000$
1$Nha Trang$1227$10917$213000$
&
Vietnam has made significant progress in recent years moving away from the
planned economic model and toward a more effective market-based economic
system. Most prices are now fully decontrolled and the Vietnamese currency
has been effectively devalued and floated at world market rates. In
addition, the scope for private sector activity has been expanded, primarily
through decollectivization of the agricultural sector and introduction of
laws giving legal recognition to private business. Despite such positive
indicators, the country's economic turnaround remains tenuous. Nearly
three-quarters of export earnings are generated by only two commodities,
rice and crude oil. Meanwhile, industrial production stagnates, burdened by
uncompetitive state-owned enterprises the government is unwilling or unable
to privatize. Unemployment looms as the most serious problem with over 25%
of the workforce without jobs and population growth swelling the ranks of
the unemployed yearly.
???#

Virgin Islands of the United States|American Virgin Islands|Virgin Islands
Organized Unincorporated Territory of the Virgin Islands of the United States
[USA]
US Dollar
0$Charlotte Amalie$1837$-6493$60000$
&
Tourism is the primary economic activity, accounting for more than 70% of
GDP and 70% of employment. The manufacturing sector consists of textile,
electronics, pharmaceutical, and watch assembly plants. The agricultural
sector is small, most food being imported. International business and
financial services are a small but growing component of the economy. One of
the world's largest petroleum refineries is at Saint Croix.
???#

Wake Islands|Wake
Wake Islands
[USA]
US Dollar
&
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Wallis and Futuna|Wallis|Futuna
Territoire des Iles Wallis et Futuna
[F]
CFP-Franc
&
The economy is limited to traditional subsistence agriculture, with about
80% of the labor force earning its livelihood from agriculture (coconuts and
vegetables), livestock (mostly pigs), and fishing. About 4% of the
population is employed in government. Revenues come from French Government
subsidies, licensing of fishing rights to Japan and South Korea, import
taxes, and remittances from expatriate workers in New Caledonia. Wallis and
Futuna imports food, fuel, clothing, machinery, and transport equipment, but
its exports are negligible, consisting of copra and handicrafts.
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Western Sahara|DARS
Democratic Arabian Republic of the Sahara
?
Moroccan Dirham
&
Western Sahara, a territory poor in natural resources and having little
rainfall, has a per capita GDP of roughly $300. Pastoral nomadism, fishing,
and phosphate mining are the principal sources of income for the population.
Most of the food for the urban population must be imported. All trade and
other economic activities are controlled by the Moroccan Government.
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Western Samoa|Samoa
Independent State of Western Samoa
WS
Tala (WS$)
0$Apia$-1392$-17200$40000$
&
Agriculture employs more than half of the labor force, contributes 50% to
GDP, and furnishes 90% of exports. The bulk of export earnings comes from
the sale of coconut oil and copra. The economy depends on emigrant
remittances and foreign aid to support a level of imports several times
export earnings. Tourism has become the most important growth industry, and
construction of the first international hotel is under way.
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Yemen
Republic of Yemen
Y
Yemen Riyal (Y.Rl)
0$Sanaa$1535$4420$500000$
1$Hodeïda$1483$4300$170000$
1$Aden$1283$4500$343000$
&
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Yugoslavia|Serbia|Montenegro
Federal Republic of Yugoslavia (Serbia and Montenegro)
YU
Yugoslavian Dinar (Den)
0$Belgrade$4483$2062$1500000$
1$Novi Sad$4525$1985$264000$
1$Nis$4333$2190$250000$
&
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Zaire|Zaïre
République du Zaïre
ZRE
Zaire (Z)
0$Kinshasa$-430$1530$3500000$
1$Kananga$-588$2243$704000$
1$Lubumbashi$-1168$2748$451000$
1$Kisangani$058$2525$339000$
&
In 1990, in spite of large mineral resources Zaire had a GDP per capita of
only about $260, putting it among the desperately poor African nations. The
country's chronic economic problems worsened in 1991, with copper and cobalt
production down 20-30%, inflation near 8,000% in 1991 as compared with 100%
in 1987-89, and IMF and most World Bank support suspended until the
institution of agreed-on changes. Agriculture, a key sector of the economy,
employs 75% of the population but generates under 25% of GDP. The main
potential for economic development has been the extractive industries.
Mining and mineral processing account for about one-third of GDP and
three-quarters of total export earnings. Zaire is the world's largest
producer of diamonds and cobalt.
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Zambia
Republic of Zambia
Z
Kwacha (K)
0$Lusaka$-1543$2833$1207000$
1$Ndola$-1300$2865$545000$
1$Kitwé-Nkana$-1280$2823$348000$
&
The economy has been in decline for more than a decade with falling imports
and growing foreign debt. Economic difficulties stem from a sustained drop
in copper production and ineffective economic policies. In 1991 real GDP
fell by 2%. An annual population growth of more than 3% has brought a
decline in per capita GDP of 50% over the past decade. A high inflation rate
has also added to Zambia's economic woes in recent years.
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Zimbabwe
Republic of Zimbabwe
ZW
Zimbabwe Dollar (Z$)
0$Harare$-1783$3103$910000$
1$Bulawayo$-2012$2853$500000$
&
Agriculture employs three-fourths of the labor force and supplies almost 40%
of exports. The manufacturing sector, based on agriculture and mining,
produces a variety of goods and contributes 35% to GDP. Mining accounts for
only 5% of both GDP and employment, but supplies of minerals and metals
account for about 40% of exports. Wide year-to-year fluctuations in
agricultural production over the past six years have resulted in an uneven
growth rate, one that on average has matched the 3% annual increase in
population. Helped by an IMF/World Bank structural adjustment program,
output rose 3.5% in 1991. A drought beginning toward the end of 1991
suggests rough going for 1992.
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