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

service and a generally unfavorable
  climate for business enterprise. Since 1990, the government has
  embarked on various IMF and World Bank programs designed to spur
  business investment, increase efficiency in agriculture, improve
  trade, and recapitalize the nation's banks. In June 2000, the
  government completed an IMF-sponsored, three-year structural
  adjustment program; however, the IMF is pressing for more reforms,
  including increased budget transparency, privatization, and poverty
  reduction programs. In January 2001, the Paris Club agreed to reduce
  Cameroon's debt of $1.3 billion by $900 million; debt relief now
  totals $1.26 billion. International oil and cocoa prices have a
  significant impact on the economy.

Canada
  As an affluent, high-tech industrial society in the
  trillion-dollar class, Canada resembles the US in its
  market-oriented economic system, pattern of production, and affluent
  living standards. 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. The 1989 US-Canada Free Trade Agreement (FTA) and the
  1994 North American Free Trade Agreement (NAFTA) (which includes
  Mexico) touched off a dramatic increase in trade and economic
  integration with the US. Given its great natural resources, skilled
  labor force, and modern capital plant, Canada enjoys solid economic
  prospects. Top-notch fiscal management has produced consecutive
  balanced budgets since 1997, although public debate continues over
  the equitable distribution of federal funds to the Canadian
  provinces. Exports account for roughly a third of GDP. Canada enjoys
  a substantial trade surplus with its principal trading partner, the
  US, which absorbs 80% of Canadian exports each year. Canada is the
  US's largest foreign supplier of energy, including oil, gas,
  uranium, and electric power. During 2007, Canada enjoyed good
  economic growth, moderate inflation, and the lowest unemployment
  rate in more than three decades.

Cape Verde
  This island economy suffers from a poor natural resource
  base, including serious water shortages exacerbated by cycles of
  long-term drought. The economy is service-oriented, with commerce,
  transport, tourism, and public services accounting for about
  three-fourths of GDP. Although nearly 70% of the population lives in
  rural areas, the share of food production in GDP is low. About 82%
  of food must be imported. The fishing potential, mostly lobster and
  tuna, is not fully exploited. Cape Verde annually runs a high trade
  deficit, financed by foreign aid and remittances from emigrants;
  remittances supplement GDP by more than 20%. Economic reforms are
  aimed at developing the private sector and attracting foreign
  investment to diversify the economy. Future prospects depend heavily
  on the maintenance of aid flows, the encouragement of tourism,
  remittances, and the momentum of the government's development
  program. Cape Verde became a member of the WTO in July 2008.

Cayman Islands
  With no direct taxation, the islands are a thriving
  offshore financial center. More than 68,000 companies were
  registered in the Cayman Islands as of 2003, including almost 500
  banks, 800 insurers, and 5,000 mutual funds. A stock exchange was
  opened in 1997. Tourism is also a mainstay, accounting for about 70%
  of GDP and 75% of foreign currency earnings. The tourist industry is
  aimed at the luxury market and caters mainly to visitors from North
  America. Total tourist arrivals exceeded 2.1 million in 2003, with
  about half from the US. About 90% of the islands' food and consumer
  goods must be imported. The Caymanians enjoy one of the highest
  outputs per capita and one of the highest standards of living in the
  world.

Central African Republic
  Subsistence agriculture, together with
  forestry, remains the backbone of the economy of the Central African
  Republic (CAR), with more than 70% of the population living in
  outlying areas. The agricultural sector generates more than half of
  GDP. Timber has accounted for about 16% of export earnings and the
  diamond industry, for 40%. Important constraints to economic
  development include the CAR's landlocked position, a poor
  transportation system, a largely unskilled work force, and a legacy
  of misdirected macroeconomic policies. Factional fighting between
  the government and its opponents remains a drag on economic
  revitalization. Distribution of income is extraordinarily unequal.
  Grants from France and the international community can only
  partially meet humanitarian needs.

Chad
  Chad's primarily agricultural economy will continue to be
  boosted by major foreign direct investment projects in the oil
  sector that began in 2000. At least 80% of Chad's population relies
  on subsistence farming and livestock raising for its livelihood.
  Chad's economy has long been handicapped by its landlocked position,
  high energy costs, and a history of instability. Chad relies on
  foreign assistance and foreign capital for most public and private
  sector investment projects. A consortium led by two US companies has
  been investing $3.7 billion to develop oil reserves - estimated at 1
  billion barrels - in southern Chad. Chinese companies are also
  expanding exploration efforts and plan to build a refinery. The
  nation's total oil reserves have been estimated to be 1.5 billion
  barrels. Oil production came on stream in late 2003. Chad began to
  export oil in 2004. Cotton, cattle, and gum arabic provide the bulk
  of Chad's non-oil export earnings.

Chile Chile has a market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the recession in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. Despite the effects of the recession, Chile maintained its reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Between 2000 and 2007 growth ranged between 2%-6%. Throughout these years Chile maintained a low rate of inflation with GDP growth coming from high copper prices, solid export earnings (particularly forestry, fishing, and mining), and growing domestic consumption. President BACHELET in 2006 established an Economic and Social Stabilization Fund to hold excess copper revenues so that social spending can be maintained during periods of copper shortfalls. This fund probably surpassed $20 billion at the end of 2007. Chile continues to attract foreign direct investment, but most foreign investment goes into gas, water, electricity and mining. Unemployment has exhibited a downward trend over the past two years, dropping to 7.8% and 7.0% at the end of 2006 and 2007, respectively. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico.

China China's economy during the last quarter century has changed from a centrally planned system that was largely closed to international trade to a more market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment. China has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of minority shares in four of China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005. After keeping its currency tightly linked to the US dollar for years, China in July 2005 revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg reached 15% in January 2008. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis, China in 2007 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. Annual inflows of foreign direct investment in 2007 rose to $75 billion. By the end of 2007, more than 5,000 domestic Chinese enterprises had established direct investments in 172 countries and regions around the world. The Chinese government faces several economic development challenges: (a) to sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) to reduce corruption and other economic crimes; and (c) to contain environmental damage and social strife related to the economy's rapid transformation. Economic development has been more rapid in coastal provinces than in the interior, and approximately 200 million rural laborers have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. In 2007 China intensified government efforts to improve environmental conditions, tying the evaluation of local officials to environmental targets, publishing a national climate change policy, and establishing a high level leading group on climate change, headed by Premier WEN Jiabao. The Chinese government seeks to add energy production capacity from sources other than coal and oil as its double-digit economic growth increases demand. Chinese energy officials in 2007 agreed to purchase five third generation nuclear reactors from Western companies. More power generating capacity came on line in 2006 as large scale investments - including the Three Gorges Dam across the Yangtze River - were completed.

Christmas Island
  Phosphate mining had been the only significant
  economic activity, but in December 1987 the Australian Government
  closed the mine. In 1991, the mine was reopened. With the support of
  the government, a $34 million casino opened in 1993, but closed in
  1998. The Australian Government in 2001 agreed to support the
  creation of a commercial space-launching site on the island,
  expected to begin operations in the near future.

Clipperton Island
  Although 115 species of fish have been identified
  in the territorial waters of Clipperton Island, the only economic
  activity is tuna fishing.

Cocos (Keeling) Islands
  Grown throughout the islands, coconuts are
  the sole cash crop. Small local gardens and fishing contribute to
  the food supply, but additional food and most other necessities must
  be imported from Australia. There is a small tourist industry.

Colombia
  Colombia's economy has experienced positive growth over the
  past five years despite a serious armed conflict. In fact, 2007 is
  regarded by policy makers and the private sector as one of the best
  economic years in recent history, after 2005. The economy continues
  to improve in part because of austere government budgets, focused
  efforts to reduce public debt levels, an export-oriented growth
  strategy, improved domestic security, and high commodity prices.
  Ongoing economic problems facing President URIBE include reforming
  the pension system, reducing high unemployment, and funding new
  exploration to offset declining oil production. The government's
  economic reforms and democratic security strategy, coupled with
  increased investment, have engendered a growing sense of confidence
  in the economy. However, the business sector continues to be
  concerned about failure of the US Congress to approve the signed FTA.

Comoros
  One of the world's poorest countries, Comoros is made up of
  three islands that have inadequate transportation links, a young and
  rapidly increasing population, and few natural resources. The low
  educational level of