The 2008 CIA World Factbook, United States. Central Intelligence Agency [primary phonics books .TXT] 📗

worldwide banking center.
  Bahrain is actively pursuing the diversification and privatization
  of its economy to reduce the country's dependence on oil. As part of
  this effort, in August 2006 Bahrain and the US implemented a Free
  Trade Agreement (FTA), the first FTA between the US and a Gulf
  state. Continued strong growth hinges on Bahrain's ability to
  acquire new natural gas supplies as feedstock to support its
  expanding petrochemical and aluminum industries. Unemployment,
  especially among the young, and the depletion of oil and underground
  water resources are long-term economic problems.

Bangladesh
  The economy has grown 5-6% over the past few years
  despite inefficient state-owned enterprises, delays in exploiting
  natural gas resources, insufficient power supplies, and slow
  implementation of economic reforms. Bangladesh remains a poor,
  overpopulated, and inefficiently-governed nation. Although more than
  half of GDP is generated through the service sector, nearly
  two-thirds of Bangladeshis are employed in the agriculture sector,
  with rice as the single-most-important product. Garment exports and
  remittances from Bangladeshis working overseas, mainly in the Middle
  East and East Asia, fuel economic growth.

Barbados
  Historically, the Barbadian economy was dependent on
  sugarcane cultivation and related activities. However, production in
  recent years has diversified into light industry and tourism, with
  about three-quarters of GDP and 80% of exports being attributed to
  services. Growth has rebounded since 2003, bolstered by increases in
  construction projects and tourism revenues - reflecting its success
  in the higher-end segment. The country enjoys one of the highest per
  capita incomes in the region and an investment grade rating which
  benefits from its political stability and stable institutions.
  Offshore finance and information services are important foreign
  exchange earners and thrive from having the same time zone as
  eastern US financial centers and a relatively highly educated
  workforce. The government continues its efforts to reduce
  unemployment, to encourage direct foreign investment, and to
  privatize remaining state-owned enterprises.

Belarus Belarus has seen little structural reform since 1995, when President LUKASHENKO launched the country on the path of "market socialism." In keeping with this policy, LUKASHENKO reimposed administrative controls over prices and currency exchange rates and expanded the state's right to intervene in the management of private enterprises. Since 2005, the government has re-nationalized a number of private companies. In addition, businesses have been subject to pressure by central and local governments, e.g., arbitrary changes in regulations, numerous rigorous inspections, retroactive application of new business regulations, and arrests of "disruptive" businessmen and factory owners. A wide range of redistributive policies has helped those at the bottom of the ladder; the Gini coefficient is among the lowest in the world. Because of these restrictive economic policies, Belarus has had trouble attracting foreign investment. Nevertheless, GDP growth has been strong in recent years, reaching nearly 7% in 2007, despite the roadblocks of a tough, centrally directed economy with a high, but decreasing, rate of inflation. Belarus receives heavily discounted oil and natural gas from Russia and much of Belarus' growth can be attributed to the re-export of Russian oil at market prices. Trade with Russia - by far its largest single trade partner - decreased in 2007, largely as a result of a change in the way the Value Added Tax (VAT) on trade was collected. Russia has introduced an export duty on oil shipped to Belarus, which will increase gradually through 2009, and a requirement that Belarusian duties on re-exported Russian oil be shared with Russia - 80% will go to Russia in 2008, and 85% in 2009. Russia also increased Belarusian natural gas prices from $47 per thousand cubic meters (tcm) to $100 per tcm in 2007, and plans to increase prices gradually to world levels by 2011. Russia's recent policy of bringing energy prices for Belarus to world market levels may result in a slowdown in economic growth in Belarus over the next few years. Some policy measures, including tightening of fiscal and monetary policies, improving energy efficiency, and diversifying exports, have been introduced, but external borrowing has been the main mechanism used to manage the growing pressures on the economy.

Belgium
  This modern, 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. With
  few natural resources, Belgium must import substantial quantities of
  raw materials and export a large volume of manufactures, making its
  economy unusually dependent on the state of world markets. Roughly
  three-quarters of its trade is with other EU countries. Public debt
  is more than 85% of GDP. On the positive side, the government has
  succeeded in balancing its budget, and income distribution is
  relatively equal. Belgium began circulating the euro currency in
  January 2002. Economic growth in 2001-03 dropped sharply because of
  the global economic slowdown, with moderate recovery in 2004-07.
  Economic growth and foreign direct investment are expected to slow
  down in 2008, due to credit tightening, falling consumer and
  business confidence, and above average inflation. However, with the
  successful negotiation of the 2008 budget and devolution of power
  within the government, political tensions seem to be easing and
  could lead to an improvement in the economic outlook for 2008.

Belize
  In this small, essentially private-enterprise economy,
  tourism is the number one foreign exchange earner followed by
  exports of marine products, citrus, cane sugar, bananas, and
  garments. The government's expansionary monetary and fiscal
  policies, initiated in September 1998, led to sturdy GDP growth
  averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered
  the economic growth in 2006 and 2007. Major concerns continue to be
  the sizable trade deficit and unsustainable foreign debt. In
  February 2007, the government restructured nearly all of its public
  external commercial debt, which will reduce interest payments and
  relieve liquidity concerns. A key short-term objective remains the
  reduction of poverty with the help of international donors.

Benin
  The economy of Benin remains underdeveloped and dependent on
  subsistence agriculture, cotton production, and regional trade.
  Growth in real output has averaged around 5% in the past seven
  years, but rapid population growth has offset much of this increase.
  Inflation has subsided over the past several years. In order to
  raise growth still further, Benin plans to attract more foreign
  investment, place more emphasis on tourism, facilitate the
  development of new food processing systems and agricultural
  products, and encourage new information and communication
  technology. Specific projects to improve the business climate by
  reforms to the land tenure system, the commercial justice system,
  and the financial sector were included in Benin's $307 million
  Millennium Challenge Account grant signed in February 2006. The 2001
  privatization policy continues in telecommunications, water,
  electricity, and agriculture though the government annulled the
  privatization of Benin's state cotton company in November 2007 after
  the discovery of irregularities in the bidding process. The Paris
  Club and bilateral creditors have eased the external debt situation,
  with Benin benefiting from a G8 debt reduction announced in July
  2005, while pressing for more rapid structural reforms. An
  insufficient electrical supply continues to adversely affect Benin's
  economic growth though the government recently has taken steps to
  increase domestic power production.

Bermuda
  Bermuda enjoys the third highest per capita income in the
  world, more than 50% higher than that of the US. Its economy is
  primarily based on providing financial services for international
  business and luxury facilities for tourists. A number of reinsurance
  companies relocated to the island following the 11 September 2001
  attacks and again after Hurricane Katrina in August 2005,
  contributing to the expansion of an already robust international
  business sector. Bermuda's tourism industry - which derives over 80%
  of its visitors from the US - continues to struggle but remains the
  island's number two industry. Most capital equipment and food must
  be imported. Bermuda's industrial sector is small, although
  construction continues to be important; the average cost of a house
  in June 2003 had risen to $976,000. Agriculture is limited with only
  20% of the land being arable.

Bhutan
  The economy, one of the world's smallest and least developed,
  is based on agriculture and forestry, which provide the main
  livelihood for more than 60% of the population. Agriculture consists
  largely of subsistence farming and animal husbandry. Rugged
  mountains dominate the terrain and make the building of roads and
  other infrastructure difficult and expensive. The economy is closely
  aligned with India's through strong trade and monetary links and
  dependence on India's financial assistance. The industrial sector is
  technologically backward, with most production of the cottage
  industry type. Most development projects, such as road construction,
  rely on Indian migrant labor. Model education, social, and
  environment programs are underway with support from multilateral
  development organizations. Each economic program takes into account
  the government's desire to protect the country's environment and
  cultural traditions. For example, the government, in its cautious
  expansion of the tourist sector, encourages visits by upscale,
  environmentally conscientious tourists. Detailed controls and
  uncertain policies in areas such as industrial licensing, trade,
  labor, and finance continue to hamper foreign investment. Hydropower
  exports to India had a major impact on growth in 2007.

Bolivia
  Bolivia is one of the poorest and least developed countries
  in Latin America. Following a disastrous economic crisis during the
  early 1980s, reforms spurred private investment, stimulated economic
  growth, and cut poverty rates in the 1990s. The period 2003-05 was
  characterized by political instability, racial tensions, and violent
  protests against plans - subsequently abandoned - to export
  Bolivia's newly discovered natural gas reserves to large northern
  hemisphere markets. In 2005, the government passed a controversial
  hydrocarbons law that imposed significantly higher royalties and
  required foreign firms then operating under risk-sharing contracts
  to surrender all production to the state energy company, which was
  made the sole exporter of natural gas. The law also required that
  the state energy company regain control over the five companies that
  were privatized during the 1990s - a process that is still underway.
  In 2006, higher earnings for mining and hydrocarbons exports pushed
  the current account surplus to about 12% of GDP and the government's
  higher tax take produced a fiscal surplus after years of large
  deficits. Debt relief from the G8 - announced in 2005 - also has
  significantly reduced Bolivia's public sector debt burden. Private
  investment as a share of GDP, however, remains among the lowest in
  Latin America, and inflation reached double-digit levels in 2007.

Bosnia and Herzegovina
  Bosnia and Herzegovina ranked next to
  Macedonia as the poorest republic in the old Yugoslav federation.
  Although agriculture is almost all in private hands, farms are small
  and inefficient, and the republic traditionally is a net importer of
  food. The private sector is growing and foreign investment is slowly
  increasing, but government spending, at nearly 40% of adjusted GDP,
  remains unreasonably high. The interethnic warfare in Bosnia caused
  production to plummet by 80% from 1992 to 1995 and unemployment to
  soar. With an uneasy peace in place, output recovered in 1996-99 at
  high percentage rates from a low base; but output growth slowed in
  2000-02. Part of the lag in output was made up in 2003-07 when GDP
  growth exceeded 5% per year. National-level statistics are limited
  and do not capture the large share of black market activity. The
  konvertibilna marka (convertible mark or BAM)- the national currency
  introduced in 1998 - is pegged to the euro, and confidence in the
  currency and the banking sector has increased. Implementing
  privatization, however, has been slow, particularly in the
  Federation, although more successful in the Republika Srpska.
  Banking reform accelerated in 2001 as all the Communist-era payments
  bureaus were shut down; foreign banks, primarily from Western
  Europe, now control most of the banking sector. A sizeable current
  account deficit and high unemployment rate remain the two most
  serious macroeconomic problems. On 1 January 2006 a new value-added
  tax (VAT) went into effect. The VAT has been successful in capturing
  much of the gray market economy and has developed into a significant
  and predictable source of revenues for all layers of government.
  Bosnia and Herzegovina became a full member of the Central European
  Free Trade Agreement in September 2007. The country receives
  substantial reconstruction assistance and humanitarian aid from the
  international community but will have to prepare for an era of
  declining assistance.

Botswana
  Botswana has maintained one of the world's highest economic
  growth rates since independence in 1966, though growth slowed to
  4.7% annually in 2006-07. Through fiscal discipline and sound
  management, Botswana has transformed itself from one of the poorest
  countries in the world to a middle-income country with a per capita
  GDP of nearly $15,000 in 2007. Two major investment services rank
  Botswana as the best credit risk in Africa. Diamond mining has
  fueled much of the expansion and currently accounts for more than
  one-third of GDP and for 70-80% of export earnings. Tourism,
  financial services, subsistence farming, and cattle raising are
  other key sectors. On the downside, the government must deal with
  high rates of unemployment and poverty.