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

membership, a top
  foreign policy goal, came in May 2004. The current account deficit -
  more than 22% of GDP in 2007 - and inflation - at nearly 10% per
  year - remain major concerns.

Lebanon
  The 1975-90 civil war seriously damaged Lebanon's economic
  infrastructure, cut national output by half, and all but ended
  Lebanon's position as a Middle Eastern entrepot and banking hub. In
  the years since, Lebanon has rebuilt much of its war-torn physical
  and financial infrastructure by borrowing heavily - mostly from
  domestic banks. In an attempt to reduce the ballooning national
  debt, the Rafiq HARIRI government in the 1990s began an austerity
  program, reining in government expenditures, increasing revenue
  collection, and privatizing state enterprises, but economic and
  financial reform initiatives stalled and public debt continued to
  grow despite receipt of more than $2 billion in bilateral assistance
  at the 2002 Paris II Donors Conference. The Israeli-Hizballah
  conflict in July-August 2006 caused an estimated $3.6 billion in
  infrastructure damage, and prompted international donors to pledge
  nearly $1 billion in recovery and reconstruction assistance. Donors
  met again in January 2007 at the Paris III Donor Conference and
  pledged more than $7.5 billion to Lebanon for development projects
  and budget support, conditioned on progress on Beirut's fiscal
  reform and privatization program. An 18-month political stalemate
  and sporadic sectarian and political violence hampered economic
  activity, particularly tourism, retail sales, and investment, until
  a new government was formed in July 2008.

Lesotho
  Small, landlocked, and mountainous, Lesotho relies on
  remittances from miners employed in South Africa and customs duties
  from the Southern Africa Customs Union for the majority of
  government revenue. However, the government has recently
  strengthened its tax system to reduce dependency on customs duties.
  Completion of a major hydropower facility in January 1998 permitted
  the sale of water to South Africa and generated royalties for
  Lesotho. Lesotho produces about 90% of its own electrical power
  needs. As the number of mineworkers has declined steadily over the
  past several years, a small manufacturing base has developed based
  on farm products that support the milling, canning, leather, and
  jute industries, as well as a rapidly expanding apparel-assembly
  sector. The latter has grown significantly mainly due to Lesotho
  qualifying for the trade benefits contained in the Africa Growth and
  Opportunity Act. The economy is still primarily based on subsistence
  agriculture, especially livestock, although drought has decreased
  agricultural activity. The extreme inequality in the distribution of
  income remains a major drawback. Lesotho has signed an Interim
  Poverty Reduction and Growth Facility with the IMF. In July 2007,
  Lesotho signed a Millennium Challenge Account Compact with the US
  worth $362.5 million.

Liberia
  Civil war and government mismanagement destroyed much of
  Liberia's economy, especially the infrastructure in and around the
  capital, Monrovia. Many businesses fled the country, taking capital
  and expertise with them, but with the conclusion of fighting and the
  installation of a democratically-elected government in 2006, some
  have returned. Richly endowed with water, mineral resources,
  forests, and a climate favorable to agriculture, Liberia had been a
  producer and exporter of basic products - primarily raw timber and
  rubber. Local manufacturing, mainly foreign owned, had been small in
  scope. President JOHNSON SIRLEAF, a Harvard-trained banker and
  administrator, has taken steps to reduce corruption, build support
  from international donors, and encourage private investment.
  Embargos on timber and diamond exports have been lifted, opening new
  sources of revenue for the government. The reconstruction of
  infrastructure and the raising of incomes in this ravaged economy
  will largely depend on generous financial and technical assistance
  from donor countries and foreign investment in key sectors, such as
  infrastructure and power generation.

Libya
  The Libyan economy depends primarily upon revenues from the
  oil sector, which contribute about 95% of export earnings, about
  one-quarter of GDP, and 60% of public sector wages. Substantial
  revenues from the energy sector coupled with a small population give
  Libya one of the highest per capita GDPs in Africa, but little of
  this income flows down to the lower orders of society. Libyan
  officials in the past five years have made progress on economic
  reforms as part of a broader campaign to reintegrate the country
  into the international fold. This effort picked up steam after UN
  sanctions were lifted in September 2003 and as Libya announced in
  December 2003 that it would abandon programs to build weapons of
  mass destruction. Almost all US unilateral sanctions against Libya
  were removed in April 2004, helping Libya attract more foreign
  direct investment, mostly in the energy sector. Libyan oil and gas
  licensing rounds continue to draw high international interest; the
  National Oil Company set a goal of nearly doubling oil production to
  3 million bbl/day by 2015. Libya faces a long road ahead in
  liberalizing the socialist-oriented economy, but initial steps -
  including applying for WTO membership, reducing some subsidies, and
  announcing plans for privatization - are laying the groundwork for a
  transition to a more market-based economy. The non-oil manufacturing
  and construction sectors, which account for more than 20% of GDP,
  have expanded from processing mostly agricultural products to
  include the production of petrochemicals, iron, steel, and aluminum.
  Climatic conditions and poor soils severely limit agricultural
  output, and Libya imports about 75% of its food. Libya's primary
  agricultural water source remains the Great Manmade River Project,
  but significant resources are being invested in desalinization
  research to meet growing water demands.

Liechtenstein
  Despite its small size and limited natural resources,
  Liechtenstein has developed into a prosperous, highly
  industrialized, free-enterprise economy with a vital financial
  service sector and living standards on a par with its large European
  neighbors. The Liechtenstein economy is widely diversified with a
  large number of small businesses. Low business taxes - the maximum
  tax rate is 20% - and easy incorporation rules have induced many
  holding or so-called letter box companies to establish nominal
  offices in Liechtenstein, providing 30% of state revenues. The
  country participates in a customs union with Switzerland and uses
  the Swiss franc as its national currency. It imports more than 90%
  of its energy requirements. Liechtenstein has been a member of the
  European Economic Area (an organization serving as a bridge between
  the European Free Trade Association (EFTA) and the EU) since May
  1995. The government is working to harmonize its economic policies
  with those of an integrated Europe.

Lithuania
  Lithuania, the Baltic state that has conducted the most
  trade with Russia, has grown rapidly since rebounding from the 1998
  Russian financial crisis. Unemployment fell to 3.2% in 2007 while
  wages continued to grow at double digit rates, contributing to
  rising inflation. Exports and imports also grew strongly, and the
  current account deficit rose to nearly 15% of GDP in 2007. Trade has
  been increasingly oriented toward the West. Lithuania has gained
  membership in the World Trade Organization and joined the EU in May
  2004. Privatization of the large, state-owned utilities is nearly
  complete. Foreign government and business support have helped in the
  transition from the old command economy to a market economy.

Luxembourg
  This stable, high-income economy - benefiting from its
  proximity to France, Belgium, and Germany - features solid growth,
  low inflation, and low unemployment. The industrial sector,
  initially dominated by steel, has become increasingly diversified to
  include chemicals, rubber, and other products. Growth in the
  financial sector, which now accounts for about 28% of GDP, has more
  than compensated for the decline in steel. Most banks are foreign
  owned and have extensive foreign dealings. Agriculture is based on
  small family-owned farms. The economy depends on foreign and
  cross-border workers for about 60% of its labor force. Although
  Luxembourg, like all EU members, suffered from the global economic
  slump in the early part of this decade, the country continues to
  enjoy an extraordinarily high standard of living - GDP per capita
  ranks second in the world, after Qatar. After two years of strong
  economic growth in 2006-07, turmoil in the world financial markets
  will slow Luxembourg's economy in 2008, but growth will remain above
  the European average.

Macau
  Macau's economy has enjoyed strong growth in recent years on
  the back of its expanding tourism and gaming sectors. Since opening
  up its locally-controlled casino industry to foreign competition in
  2001, the territory has attracted tens of billions of dollars in
  foreign investment that have helped transform it into the world's
  largest gaming center. In 2006, Macau's gaming revenue surpassed
  that of the Las Vegas strip, and gaming-related taxes accounted for
  75% of total government revenue. The expanding casino sector, and
  China's decision beginning in 2002 to relax travel restrictions,
  have reenergized Macau's tourism industry, which saw total visitors
  grow to 27 million in 2007, up 62% in three years. Macau's strong
  economic growth has put pressure its labor market prompting
  businesses to look abroad to meet their staffing needs. The
  resulting influx of non-resident workers, who totaled one-fifth of
  the workforce in 2006, has fueled tensions among some segments of
  the population. Macau's traditional manufacturing industry has been
  in a slow decline. In 2006, exports of textiles and garments
  generated only $1.8 billion compared to $6.9 billion in gross gaming
  receipts. Macau's textile industry will continue to move to the
  mainland because of the termination in 2005 of the Multi-Fiber
  Agreement, which provided a near guarantee of export markets,
  leaving the territory more dependent on gambling and trade-related
  services to generate growth. However, the Closer Economic
  Partnership Agreement (CEPA) between Macau and mainland China that
  came into effect on 1 January 2004 offers many Macau-made products
  tariff-free access to the mainland. Macau's currency, the Pataca, is
  closely tied to the Hong Kong dollar, which is also freely accepted
  in the territory.

Macedonia
  At independence in September 1991, Macedonia was the least
  developed of the Yugoslav republics, producing a mere 5% of the
  total federal output of goods and services. The collapse of
  Yugoslavia ended transfer payments from the central government and
  eliminated advantages from inclusion in a de facto free trade area.
  An absence of infrastructure, UN sanctions on the downsized
  Yugoslavia, and a Greek economic embargo over a dispute about the
  country's constitutional name and flag hindered economic growth
  until 1996. GDP subsequently rose each year through 2000. In 2001,
  during a civil conflict, the economy shrank 4.5% because of
  decreased trade, intermittent border closures, increased deficit
  spending on security needs, and investor uncertainty. Growth barely
  recovered in 2002 to 0.9%, then averaged 4% per year during 2003-07,
  expanding to 5.1% in 2007. Macedonia has maintained macroeconomic
  stability with low inflation, but it has so far lagged the region in
  attracting foreign investment and creating jobs, despite making
  extensive fiscal and business sector reforms. Official unemployment
  remains high at nearly 35%, but may be overstated based on the
  existence of an extensive gray market, estimated to be more than 20
  percent of GDP, that is not captured by official statistics.

Madagascar
  Having discarded past socialist economic policies,
  Madagascar has since the mid 1990s followed a World Bank- and
  IMF-led policy of privatization and liberalization. This strategy
  placed the country on a slow and steady growth path from an
  extremely low level. Agriculture, including fishing and forestry, is
  a mainstay of the economy, accounting for more than one-fourth of
  GDP and employing 80% of the population. Exports of apparel have
  boomed in recent years primarily due to duty-free access to the US.
  Deforestation and erosion, aggravated by the use of firewood as the
  primary source of fuel, are serious concerns. President RAVALOMANANA
  has worked aggressively to revive the economy following the 2002
  political crisis, which triggered a 12% drop in GDP that year.
  Poverty reduction and combating corruption will be the centerpieces
  of economic policy for the next few years.

Malawi
  Landlocked Malawi ranks among the world's most densely
  populated and least developed countries. The economy is
  predominately agricultural with about 85% of the population living
  in rural areas. Agriculture accounts for more than one-third of GDP
  and 90% of export revenues. The performance of the tobacco sector is
  key to short-term growth as tobacco accounts for more than half of
  exports. The economy depends on substantial inflows of economic
  assistance from the IMF, the World Bank, and individual donor
  nations. In December 2007, the US granted Malawi eligibility status
  to receive financial support within the Millennium Challenge
  Corporation (MCC) initiative. Malawi will now begin a consultative
  process to develop a five-year program before funding can begin. In
  2006, Malawi was approved for relief under the Heavily Indebted Poor
  Countries (HIPC) program. The government faces many challenges
  including developing a market economy, improving educational
  facilities, facing up to environmental problems, dealing with the
  rapidly growing problem of HIV/AIDS, and satisfying foreign donors
  that fiscal discipline is being tightened. In 2005, President
  MUTHARIKA championed an anticorruption campaign. Since 2005
  President MUTHARIKA'S government has exhibited improved financial
  discipline under the guidance of Finance Minister Goodall GONDWE and
  signed a three year Poverty Reduction and Growth Facility worth $56
  million with the IMF. Improved relations with the IMF lead other
  international donors to resume aid as well.

Malaysia
  Malaysia, a middle-income country, has transformed itself
  since the 1970s from a producer of raw materials into an emerging
  multi-sector economy. Since coming to office in 2003, Prime Minister
  ABDULLAH has tried to move the economy farther up the value-added
  production chain by attracting investments in high technology
  industries, medical technology, and pharmaceuticals. The Government
  of Malaysia is continuing efforts to boost domestic demand to wean
  the