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

attract foreign investment. The construction on the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil and other goods.

Germany Germany's affluent and technologically powerful economy - the fifth largest in the world in PPP terms - showed considerable improvement in 2007 with 2.6% growth. After a long period of stagnation with an average growth rate of 0.7% between 2001-05 and chronically high unemployment, stronger growth led to a considerable fall in unemployment to about 8% near the end of 2007. Among the most important reasons for Germany's high unemployment during the past decade were macroeconomic stagnation, the declining level of investment in plant and equipment, company restructuring, flat domestic consumption, structural rigidities in the labor market, lack of competition in the service sector, and high interest rates. The modernization and integration of the eastern German economy continues to be a costly long-term process, with annual transfers from west to east amounting to roughly $80 billion. The former government of Chancellor Gerhard SCHROEDER launched a comprehensive set of reforms of labor market and welfare-related institutions. The current government of Chancellor Angela MERKEL has initiated other reform measures, such as a gradual increase in the mandatory retirement age from 65 to 67 and measures to increase female participation in the labor market. Germany's aging population, combined with high chronic unemployment, has pushed social security outlays to a level exceeding contributions, but higher government revenues from the cyclical upturn in 2006-07 and a 3% rise in the value-added tax pushed Germany's budget deficit well below the EU's 3% debt limit. Corporate restructuring and growing capital markets are setting the foundations that could help Germany meet the long-term challenges of European economic integration and globalization, although some economists continue to argue the need for change in inflexible labor and services markets. Growth may fall below 2% in 2008 as the strong euro, high oil prices, tighter credit markets, and slowing growth abroad take their toll.

Ghana
  Well endowed with natural resources, Ghana has roughly twice
  the per capita output of the poorest countries in West Africa. Even
  so, Ghana remains heavily dependent on international financial and
  technical assistance. Gold and cocoa production, and individual
  remittances, are major sources of foreign exchange. The domestic
  economy continues to revolve around agriculture, which accounts for
  about 35% of GDP and employs about 55% of the work force, mainly
  small landholders. Ghana opted for debt relief under the Heavily
  Indebted Poor Country (HIPC) program in 2002, and is also benefiting
  from the Multilateral Debt Relief Initiative that took effect in
  2006. Thematic priorities under its current Growth and Poverty
  Reduction Strategy, which also provides the framework for
  development partner assistance, are: macroeconomic stability;
  private sector competitiveness; human resource development; and good
  governance and civic responsibility. Sound macro-economic management
  along with high prices for gold and cocoa helped sustain GDP growth
  in 2007. Ghana signed a Millennium Challenge Corporation (MCC)
  Compact in 2006, which aims to assist in transforming Ghana's
  agricultural sector.

Gibraltar
  Self-sufficient Gibraltar benefits from an extensive
  shipping trade, offshore banking, and its position as an
  international conference center. The British military presence has
  been sharply reduced and now contributes about 7% to the local
  economy, compared with 60% in 1984. The financial sector, tourism
  (almost 5 million visitors in 1998), shipping services fees, and
  duties on consumer goods also generate revenue. The financial
  sector, the shipping sector, and tourism each contribute 25%-30% of
  GDP. Telecommunications accounts for another 10%. In recent years,
  Gibraltar has seen major structural change from a public to a
  private sector economy, but changes in government spending still
  have a major impact on the level of employment.

Greece
  Greece has a capitalist economy with the public sector
  accounting for about 40% of GDP and with per capita GDP at least 75%
  of the leading euro-zone economies. Tourism provides 15% of GDP.
  Immigrants make up nearly one-fifth of the work force, mainly in
  agricultural and unskilled jobs. Greece is a major beneficiary of EU
  aid, equal to about 3.3% of annual GDP. The Greek economy grew by
  nearly 4.0% per year between 2003 and 2007, due partly to
  infrastructural spending related to the 2004 Athens Olympic Games,
  and in part to an increased availability of credit, which has
  sustained record levels of consumer spending. Greece violated the
  EU's Growth and Stability Pact budget deficit criteria of no more
  than 3% of GDP from 2001 to 2006, but finally met that criteria in
  2007. Public debt, inflation, and unemployment are above the
  euro-zone average, but are falling. The Greek Government continues
  to grapple with cutting government spending, reducing the size of
  the public sector, and reforming the labor and pension systems, in
  the face of often vocal opposition from the country's powerful labor
  unions and the general public. The economy remains an important
  domestic political issue in Greece and, while the ruling New
  Democracy government has had some success in improving economic
  growth and reducing the budget deficit, Athens faces long-term
  challenges in its effort to continue its economic reforms,
  especially social security reform and privatization.

Greenland
  The economy remains critically dependent on exports of
  fish and a substantial subsidy from the Danish Government, which
  supplies about half of government revenues. The public sector,
  including publicly owned enterprises and the municipalities, plays
  the dominant role in the economy. Several interesting hydrocarbon
  and mineral exploration activities are ongoing. Press reports in
  early 2007 indicated that two international aluminum companies were
  considering building smelters in Greenland to take advantage of
  local hydropower potential. Tourism is the only sector offering any
  near-term potential, and even this is limited due to a short season
  and high costs. Air Greenland began summer-season direct flights to
  the US east coast in May 2007, potentially opening a major new
  tourism market.

Grenada
  Grenada relies on tourism as its main source of foreign
  exchange, especially since the construction of an international
  airport in 1985. Strong performances in construction and
  manufacturing, together with the development of an offshore
  financial industry, have also contributed to growth in national
  output. Grenada has rebounded from the devastating effects of
  Hurricanes Ivan (2004) and Emily (2005), but is now saddled with the
  debt burden from the rebuilding process. The agricultural sector,
  particularly nutmeg and cocoa cultivation, has gradually recovered,
  and the tourism sector has seen substantial increases in foreign
  direct investment as the regional share of the tourism market
  increases.

Guam
  The economy depends largely on US military spending and
  tourism. Total US grants, wage payments, and procurement outlays
  amounted to $1.3 billion in 2004. Over the past 30 years, the
  tourist industry has grown to become the largest income source
  following national defense. The Guam economy continues to experience
  expansion in both its tourism and military sectors.

Guatemala
  Guatemala is the most populous of the Central American
  countries with a GDP per capita roughly one-half that of Argentina,
  Brazil, and Chile. The agricultural sector accounts for about
  one-tenth of GDP, two-fifths of exports, and half of the labor
  force. Coffee, sugar, and bananas are the main products, with sugar
  exports benefiting from increased global demand for ethanol. The
  1996 signing of peace accords, which ended 36 years of civil war,
  removed a major obstacle to foreign investment, and Guatemala since
  then has pursued important reforms and macroeconomic stabilization.
  On 1 July 2006, the Central American Free Trade Agreement (CAFTA)
  entered into force between the US and Guatemala and has since
  spurred increased investment in the export sector. The distribution
  of income remains highly unequal with about 56% of the population
  below the poverty line. Other ongoing challenges include increasing
  government revenues, negotiating further assistance from
  international donors, upgrading both government and private
  financial operations, curtailing drug trafficking and rampant crime,
  and narrowing the trade deficit. Given Guatemala's large expatriate
  community in the United States, it is the top remittance recipient
  in Central America, with inflows serving as a primary source of
  foreign income equivalent to nearly two-thirds of exports.

Guernsey
  Financial services - banking, fund management, insurance -
  account for about 23% of employment and about 55% of total income in
  this tiny, prosperous Channel Island economy. Tourism,
  manufacturing, and horticulture, mainly tomatoes and cut flowers,
  have been declining. Financial services, construction, retail, and
  the public sector have been growing. Light tax and death duties make
  Guernsey a popular tax haven. The evolving economic integration of
  the EU nations is changing the environment under which Guernsey
  operates.

Guinea
  Guinea possesses major mineral, hydropower, and agricultural
  resources, yet remains an underdeveloped nation. The country has
  almost half of the world's bauxite reserves and is the
  second-largest bauxite producer. The mining sector accounts for over
  70% of exports. Long-run improvements in government fiscal
  arrangements, literacy, and the legal framework are needed if the
  country is to move out of poverty. Investor confidence has been
  sapped by rampant corruption, a lack of electricity and other
  infrastructure, a lack of skilled workers, and the political
  uncertainty due to the failing health of President Lansana CONTE.
  Guinea is trying to reengage with the IMF and World Bank, which cut
  off most assistance in 2003, and is working closely with technical
  advisors from the U.S. Treasury Department, the World Bank and IMF,
  seeking to return to a fully funded program. Growth rose slightly in
  2006-07, primarily due to increases in global demand and commodity
  prices on world markets, but the standard of living fell. The Guinea
  franc depreciated sharply as the prices for basic necessities like
  food and fuel rose beyond the reach of most Guineans.
  Dissatisfaction with economic conditions prompted nationwide strikes
  in February and June 2006.

Guinea-Bissau
  One of the five poorest countries in the world,
  Guinea-Bissau depends mainly on farming and fishing. Cashew crops
  have increased remarkably in recent years, and the country now ranks
  sixth in cashew production. Guinea-Bissau exports fish and seafood
  along with small amounts of peanuts, palm kernels, and timber. Rice
  is the major crop and staple food. However, intermittent fighting
  between Senegalese-backed government troops and a military junta
  destroyed much of the country's infrastructure and caused widespread
  damage to the economy in 1998; the civil war led to a 28% drop in
  GDP that year, with partial recovery in 1999-2002. Before the war,
  trade reform and price liberalization were the most successful part
  of the country's structural adjustment program under IMF
  sponsorship. The tightening of monetary policy and the development
  of the private sector had also begun to reinvigorate the economy.
  Because of high costs, the development of petroleum, phosphate, and
  other mineral resources is not a near-term prospect. Offshore oil
  prospecting is underway in several sectors but has not yet led to
  commercially viable crude deposits. The inequality of income
  distribution is one of the most extreme in the world. The government
  and international donors continue to work out plans to forward
  economic development from a lamentably low base. In December 2003,
  the World Bank, IMF, and UNDP were forced to step in to provide
  emergency budgetary support in the amount of $107 million for 2004,
  representing over 80% of the total national budget. Government drift
  and indecision, however, resulted in continued low growth in
  2002-06. Higher raw material prices boosted growth to 3.7% in 2007.

Guyana
  The Guyanese economy exhibited moderate economic growth in
  2001-07, based on expansion in the agricultural and mining sectors,
  a more favorable atmosphere for business initiatives, a more
  realistic exchange rate, fairly low inflation, and the continued
  support of international organizations. Economic recovery since the
  2005 flood-related contraction has been buoyed by increases in
  remittances and foreign direct investment. Chronic problems include
  a shortage of skilled labor and a deficient infrastructure. The
  government is juggling a sizable external debt against the urgent
  need for expanded public investment. In March 2007, the
  Inter-American Development Bank, Guyana's principal donor, canceled
  Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP.
  The bauxite mining sector should benefit in the near term from
  restructuring and partial privatization, and the state-owned sugar
  industry will conduct efficiency increasing modernizations. Export
  earnings from agriculture and mining have fallen sharply, while the
  import bill has risen, driven by higher energy prices. Guyana's
  entrance into the Caricom Single Market and Economy (CSME) in
  January 2006 will broaden the country's export market, primarily in
  the raw materials sector.

Haiti
  Haiti is the poorest country in the Western Hemisphere, with
  80% of the population living under the poverty line and 54% in
  abject poverty. Two-thirds of all Haitians depend on the
  agricultural sector, mainly small-scale subsistence farming, and
  remain vulnerable to damage from frequent natural disasters,
  exacerbated by the country's widespread deforestation. A
  macroeconomic program developed in 2005 with the help of the
  International Monetary Fund helped the economy grow 3.5% in 2007,
  the highest growth rate since