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

economy off of its dependence on exports. Nevertheless, exports
  - particularly of electronics - remain a significant driver of the
  economy. As an oil and gas exporter, Malaysia has profited from
  higher world energy prices, although the rising cost of domestic
  gasoline and diesel fuel forced Kuala Lumpur to reduce government
  subsidies. Malaysia "unpegged" the ringgit from the US dollar in
  2005 and the currency appreciated 6% per year against the dollar in
  2006-07. Although this has helped to hold down the price of imports,
  inflationary pressures began to build in 2007. Healthy foreign
  exchange reserves and a small external debt greatly reduce the risk
  that Malaysia will experience a financial crisis over the near term
  similar to the one in 1997. The government presented its five-year
  national development agenda in April 2006 through the Ninth Malaysia
  Plan, a comprehensive blueprint for the allocation of the national
  budget from 2006-10. With national elections expected within the
  year, ABDULLAH has unveiled a series of ambitious development
  schemes for several regions that have had trouble attracting
  business investment. Real GDP growth has averaged about 6% per year
  under ABDULLAH, but regions outside of Kuala Lumpur and the
  manufacturing hub Penang have not fared as well.

Maldives
  Tourism, Maldives' largest industry, accounts for 28% of
  GDP and more than 60% of the Maldives' foreign exchange receipts.
  Over 90% of government tax revenue comes from import duties and
  tourism-related taxes. Fishing is the second leading sector.
  Agriculture and manufacturing continue to play a lesser role in the
  economy, constrained by the limited availability of cultivable land
  and the shortage of domestic labor. Most staple foods must be
  imported. Industry, which consists mainly of garment production,
  boat building, and handicrafts, accounts for about 7% of GDP. The
  Maldivian Government began an economic reform program in 1989
  initially by lifting import quotas and opening some exports to the
  private sector. Subsequently, it has liberalized regulations to
  allow more foreign investment. Real GDP growth averaged over 7.5%
  per year for more than a decade. In late December 2004, a major
  tsunami left more than 100 dead, 12,000 displaced, and property
  damage exceeding $300 million. As a result of the tsunami, the GDP
  contracted by about 3.6% in 2005. A rebound in tourism, post-tsunami
  reconstruction, and development of new resorts helped the economy
  recover quickly. The trade deficit has expanded sharply as a result
  of high oil prices and imports of construction material.
  Diversifying beyond tourism and fishing and increasing employment
  are the major challenges facing the government. Over the longer term
  Maldivian authorities worry about the impact of erosion and possible
  global warming on their low-lying country; 80% of the area is 1
  meter or less above sea level.

Mali
  Mali is among the poorest countries in the world, with 65% of
  its land area desert or semidesert and with a highly unequal
  distribution of income. Economic activity is largely confined to the
  riverine area irrigated by the Niger. About 10% of the population is
  nomadic and some 80% of the labor force is engaged in farming and
  fishing. Industrial activity is concentrated on processing farm
  commodities. Mali is heavily dependent on foreign aid and vulnerable
  to fluctuations in world prices for cotton, its main export, along
  with gold. The government has continued its successful
  implementation of an IMF-recommended structural adjustment program
  that is helping the economy grow, diversify, and attract foreign
  investment. Mali's adherence to economic reform and the 50%
  devaluation of the CFA franc in January 1994 have pushed up economic
  growth to a 5% average in 1996-2007. Worker remittances and external
  trade routes for the landlocked country have been jeopardized by
  continued unrest in neighboring Cote d'Ivoire.

Malta
  Major resources are limestone, a favorable geographic
  location, and a productive labor force. Malta produces only about
  20% of its food needs, has limited fresh water supplies, and has few
  domestic energy sources. The economy is dependent on foreign trade,
  manufacturing (especially electronics and pharmaceuticals), and
  tourism. Economic recovery of the European economy has lifted
  exports, tourism, and overall growth. Malta adopted the euro on 1
  January 2008.

Marshall Islands
  US Government assistance is the mainstay of this
  tiny island economy. The Marshall Islands received more than $1
  billion in aid from the US from 1986-2002. Agricultural production,
  primarily subsistence, is concentrated on small farms; the most
  important commercial crops are coconuts and breadfruit. Small-scale
  industry is limited to handicrafts, tuna processing, and copra. The
  tourist industry, now a small source of foreign exchange employing
  less than 10% of the labor force, remains the best hope for future
  added income. The islands have few natural resources, and imports
  far exceed exports. Under the terms of the Amended Compact of Free
  Association, the US will provide millions of dollars per year to the
  Marshall Islands (RMI) through 2023, at which time a Trust Fund made
  up of US and RMI contributions will begin perpetual annual payouts.
  Government downsizing, drought, a drop in construction, the decline
  in tourism, and less income from the renewal of fishing vessel
  licenses have held GDP growth to an average of 1% over the past
  decade.

Mauritania
  Half the population still depends on agriculture and
  livestock for a livelihood, even though many of the nomads and
  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 nearly 40% of total exports. 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 the past, drought and economic mismanagement
  resulted in a buildup of foreign debt, which now stands at more than
  three times the level of annual exports. In February 2000,
  Mauritania qualified for debt relief under the Heavily Indebted Poor
  Countries (HIPC) initiative and in December 2001 received strong
  support from donor and lending countries at a triennial Consultative
  Group review. A new investment code approved in December 2001
  improved the opportunities for direct foreign investment. Ongoing
  negotiations with the IMF involve problems of economic reforms and
  fiscal discipline. In 2001, exploratory oil wells in tracts 80 km
  offshore indicated potential extraction at current world oil prices.
  Oil prospects, while initially promising, have failed to
  materialize. Meantime the government emphasizes reduction of
  poverty, improvement of health and education, and promoting
  privatization of the economy.

Mauritius
  Since independence in 1968, Mauritius has developed from a
  low-income, agriculturally based economy to a middle-income
  diversified economy with growing industrial, financial, and tourist
  sectors. For most of the period, annual growth has been in the order
  of 5% to 6%. This remarkable achievement has been reflected in more
  equitable income distribution, increased life expectancy, lowered
  infant mortality, and a much-improved infrastructure. The economy
  rests on sugar, tourism, textiles and apparel, and financial
  services, and is expanding into fish processing, information and
  communications technology, and hospitality and property development.
  Sugarcane is grown on about 90% of the cultivated land area and
  accounts for 15% of export earnings. The government's development
  strategy centers on creating vertical and horizontal clusters of
  development in these sectors. Mauritius has attracted more than
  32,000 offshore entities, many aimed at commerce in India, South
  Africa, and China. Investment in the banking sector alone has
  reached over $1 billion. Mauritius, with its strong textile sector,
  has been well poised to take advantage of the Africa Growth and
  Opportunity Act (AGOA).

Mayotte
  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,
  an important supplement to GDP. Mayotte's remote location is an
  obstacle to the development of tourism.

Mexico
  Mexico has a free market economy in the trillion dollar
  class. It contains a mixture of modern and outmoded industry and
  agriculture, increasingly dominated by the private sector. Recent
  administrations have expanded competition in seaports, railroads,
  telecommunications, electricity generation, natural gas
  distribution, and airports. Per capita income is one-fourth that of
  the US; income distribution remains highly unequal. Trade with the
  US and Canada has tripled since the implementation of NAFTA in 1994.
  Mexico has 12 free trade agreements with over 40 countries
  including, Guatemala, Honduras, El Salvador, the European Free Trade
  Area, and Japan, putting more than 90% of trade under free trade
  agreements. In 2007, during his first year in office, the Felipe
  CALDERON administration was able to garner support from the
  opposition to successfully pass a pension and a fiscal reform. The
  administration continues to face many economic challenges including
  the need to upgrade infrastructure, modernize labor laws, and allow
  private investment in the energy sector. CALDERON has stated that
  his top economic priorities remain reducing poverty and creating
  jobs.

Micronesia, Federated States of
  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 remote location, a
  lack of adequate facilities, and limited air connections hinder
  development. Under the original terms of the Compact of Free
  Association, the US provided $1.3 billion in grant aid during the
  period 1986-2001; the level of aid has been subsequently reduced.
  The Amended Compact of Free Association with the US guarantees the
  Federated States of Micronesia (FSM) millions of dollars in annual
  aid through 2023, and establishes a Trust Fund into which the US and
  the FSM make annual contributions in order to provide annual payouts
  to the FSM in perpetuity after 2023. The country's medium-term
  economic outlook appears fragile due not only to the reduction in US
  assistance but also to the current slow growth of the private sector.

Moldova
  Moldova remains one of the poorest countries in Europe
  despite recent progress from its small economic base. It enjoys a
  favorable climate and good farmland but has no major mineral
  deposits. As a result, the economy depends heavily on agriculture,
  featuring fruits, vegetables, wine, and tobacco. Moldova must import
  almost all of its energy supplies. Moldova's dependence on Russian
  energy was underscored at the end of 2005, when a Russian-owned
  electrical station in Moldova's separatist Transnistria region cut
  off power to Moldova and Russia's Gazprom cut off natural gas in
  disputes over pricing. Russia's decision to ban Moldovan wine and
  agricultural products, coupled with its decision to double the price
  Moldova paid for Russian natural gas, slowed GDP growth in 2006.
  However, in 2007 growth returned to the 6% level Moldova had
  achieved in 2000-05, boosted by Russia's partial removal of the
  bans, solid fixed capital investment, and strong domestic demand
  driven by remittances from abroad. Economic reforms have been slow
  because of corruption and strong political forces backing government
  controls. Nevertheless, the government's primary goal of EU
  integration has resulted in some market-oriented progress. The
  granting of EU trade preferences and increased exports to Russia
  will encourage higher growth rates in 2008, but the agreements are
  unlikely to serve as a panacea, given the extent to which export
  success depends on higher quality standards and other factors. The
  economy remains vulnerable to higher fuel prices, poor agricultural
  weather, and the skepticism of foreign investors. Also, the presence
  of an illegal separatist regime in Moldova's Transnistria region
  continues to be a drag on the Moldovan economy.

Monaco
  Monaco, bordering France on the Mediterranean coast, is a
  popular resort, attracting tourists to its casino and pleasant
  climate. The principality also is a major banking center and 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. The state retains
  monopolies in a number of sectors, including tobacco, the telephone
  network, and the postal service. Living standards are high, roughly
  comparable to those in prosperous French metropolitan areas.

Mongolia Economic activity in Mongolia has traditionally been based on herding and agriculture. Mongolia has extensive mineral deposits. Copper, coal, gold, molybdenum, fluorspar, uranium, tin, and tungsten account for a large part of industrial production and foreign direct investment. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession because of political inaction and natural disasters, as well as economic growth because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. Severe winters and summer droughts in 2000-02 resulted in massive livestock die-off and zero or negative GDP growth. This was compounded by falling prices for Mongolia's primary sector exports and widespread opposition to privatization. Growth was 10.6% in 2004, 5.5% in 2005, 7.5% in 2006, and 9.9% in 2007 largely because of high copper prices and new gold production. Mongolia is experiencing its highest inflation rate in over a decade as consumer prices in 2007 rose 15%,