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

Paraguay
  Landlocked Paraguay has a market economy marked by a large
  informal sector. This sector features both reexport of imported
  consumer goods to neighboring countries, as well as the activities
  of thousands of microenterprises and urban street vendors. Because
  of the importance of the informal sector, accurate economic measures
  are difficult to obtain. A large percentage of the population,
  especially in rural areas, derives its living from agricultural
  activity, often on a subsistence basis. On a per capita basis, real
  income has stagnated at 1980 levels. Most observers attribute
  Paraguay's poor economic performance to political uncertainty,
  corruption, limited progress on structural reform, and deficient
  infrastructure. The economy rebounded between 2003 and 2007, posting
  modest growth each year, as growing world demand for commodities
  combined with high prices and favorable weather to support
  Paraguay's commodity-based export expansion.

Peru
  Peru's economy reflects its varied geography - an arid coastal
  region, the Andes further inland, and tropical lands bordering
  Colombia and Brazil. Abundant mineral resources are found in the
  mountainous areas, and Peru's coastal waters provide excellent
  fishing grounds. However, overdependence on minerals and metals
  subjects the economy to fluctuations in world prices, and a lack of
  infrastructure deters trade and investment. After several years of
  inconsistent economic performance, the Peruvian economy grew by more
  than 4% per year during the period 2002-06, with a stable exchange
  rate and low inflation. Growth jumped to 7.5% in 2007, driven by
  higher world prices for minerals and metals. Risk premiums on
  Peruvian bonds on secondary markets reached historically low levels
  in late 2004, reflecting investor optimism regarding the
  government's prudent fiscal policies and openness to trade and
  investment. Despite the strong macroeconomic performance,
  underemployment and poverty have stayed persistently high. Growth
  prospects depend on exports of minerals, textiles, and agricultural
  products, and by expectations for the Camisea natural gas
  megaproject and for other promising energy projects. Upon taking
  office, President GARCIA announced Sierra Exportadora, a program
  aimed at promoting economic growth in Peru's southern and central
  highlands.

Philippines
  The Philippine economy grew at its fastest pace in three
  decades with real GDP growth exceeding 7% in 2007. Higher government
  spending contributed to the growth, but a resilient service sector
  and large remittances from the millions of Filipinos who work abroad
  have played an increasingly important role. Economic growth has
  averaged 5% since President MACAPAGAL-ARROYO took office in 2001.
  Nevertheless, the Philippines will need still higher, sustained
  growth to make progress in alleviating poverty, given its high
  population growth and unequal distribution of income.
  MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue
  measures and, until recently, tightening expenditures. Declining
  fiscal deficits, tapering debt and debt service ratios, as well as
  recent efforts to increase spending on infrastructure and social
  services have heightened optimism over Philippine economic
  prospects. Although the general macroeconomic outlook has improved
  significantly, the Philippines continues to face important
  challenges and must maintain the reform momentum in order to catch
  up with regional competitors, improve employment opportunities, and
  alleviate poverty. Longer-term fiscal stability will require more
  sustainable revenue sources, rather than non-recurring revenues from
  privatization.

Pitcairn Islands
  The inhabitants of this tiny isolated economy exist
  on fishing, subsistence farming, handicrafts, and postage stamps.
  The fertile soil of the valleys produces a wide variety of fruits
  and vegetables, including citrus, sugarcane, watermelons, bananas,
  yams, and beans. Bartering is an important part of the economy. The
  major sources of revenue are the sale of postage stamps to
  collectors and the sale of handicrafts to passing ships. In October
  2004, more than one-quarter of Pitcairn's small labor force was
  arrested, putting the economy in a bind, since their services were
  required as lighter crew to load or unload passing ships.

Poland Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. In 2007, GDP grew an estimated 6.5%, based on rising private consumption, a jump in corporate investment, and EU funds inflows. GDP per capita is still much below the EU average, but is similar to that of the three Baltic states. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment is falling rapidly, though at roughly 12.8% in 2007, it remains well above the EU average. Tightening labor markets, and rising global energy and food prices, pose a risk to consumer price stability. In December 2007 inflation reached 4.1% on a year-over-year basis, or higher than the upper limit of the National Bank of Poland's target range. Poland's economic performance could improve further if the country addresses some of the remaining deficiencies in its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, and persistent low-level corruption keep the private sector from performing up to its full potential. Rising demands to fund health care, education, and the state pension system present a challenge to the Polish government's effort to hold the consolidated public sector budget deficit under 3.0% of GDP, a target which was achieved in 2007. The PO/PSL coalition government which came to power in November 2007 plans to further reduce the budget deficit with the aim of eventually adopting the euro. The new government has also announced its intention to enact business-friendly reforms, reduce public sector spending growth, lower taxes, and accelerate privatization. However, the government does not have the necessary three-fifths majority needed to override a presidential veto, and thus may have to water down initiatives in order to garner enough support to pass its pro-business policies.

Portugal
  Portugal has become a diversified and increasingly
  service-based economy since joining the European Community in 1986.
  Over the past two decades, successive governments have privatized
  many state-controlled firms and liberalized key areas of the
  economy, including the financial and telecommunications sectors. The
  country qualified for the European Monetary Union (EMU) in 1998 and
  began circulating the euro on 1 January 2002 along with 11 other EU
  member economies. Economic growth had been above the EU average for
  much of the 1990s, but fell back in 2001-07. GDP per capita stands
  at roughly two-thirds of the EU-27 average. A poor educational
  system, in particular, has been an obstacle to greater productivity
  and growth. Portugal has been increasingly overshadowed by
  lower-cost producers in Central Europe and Asia as a target for
  foreign direct investment. The budget deficit surged to an all-time
  high of 6% of GDP in 2005, but the government reduced the deficit to
  2.6% in 2007 - a year ahead of Portugal's targeted schedule.
  Nonetheless, the government faces tough choices in its attempts to
  boost Portugal's economic competitiveness while keeping the budget
  deficit within the eurozone's 3%-of-GDP ceiling.

Puerto Rico
  Puerto Rico has one of the most dynamic economies in the
  Caribbean region. A diverse industrial sector has far surpassed
  agriculture as the primary locus of economic activity and income.
  Encouraged by duty-free access to the US and by tax incentives, US
  firms have invested heavily in Puerto Rico since the 1950s. US
  minimum wage laws apply. Sugar production has lost out to dairy
  production and other livestock products as the main source of income
  in the agricultural sector. Tourism has traditionally been an
  important source of income, with estimated arrivals of nearly 5
  million tourists in 2004. Growth fell off in 2001-03, largely due to
  the slowdown in the US economy, recovered in 2004-05, but declined
  again in 2006-07.

Qatar
  Qatar is in the midst of an economic boom supported by its
  expanding production of natural gas and oil. Economic policy is
  focused on development of Qatar's nonassociated natural gas reserves
  and increasing private and foreign investment in non-energy sectors.
  Oil and gas account for more than 60% of GDP, roughly 85% of export
  earnings, and 70% of government revenues. Oil and gas have made
  Qatar the highest per-capita income country and one of the world's
  fastest growing. Sustained high oil prices and increased natural gas
  exports in recent years have helped build Qatar's budget and trade
  surpluses and foreign reserves. Proved oil reserves of more than 15
  billion barrels should ensure continued output at current levels for
  22 years. Qatar's proved reserves of natural gas are roughly 25
  trillion cubic meters, about 15% of the world total and third
  largest in the world. Qatar has permitted substantial foreign
  investment in the development of its gas fields during the last
  decade and became the world's top liquefied natural gas (LNG)
  exporter in 2007.

Romania
  Romania, which joined the European Union on 1 January 2007,
  began the transition from Communism in 1989 with a largely obsolete
  industrial base and a pattern of output unsuited to the country's
  needs. The country emerged in 2000 from a punishing three-year
  recession thanks to strong demand in EU export markets. Domestic
  consumption and investment have fueled strong GDP growth in recent
  years, but have led to large current account imbalances. Romania's
  macroeconomic gains have only recently started to spur creation of a
  middle class and address Romania's widespread poverty. Corruption
  and red tape continue to handicap its business environment.
  Inflation rose in 2007 for the first time in eight years, driven in
  part by the depreciation of the currency, rising energy costs, a
  nation-wide drought affecting food prices, and a relaxation of
  fiscal discipline. Romania hopes to adopt the euro by 2014.

Russia Russia ended 2007 with its ninth straight year of growth, averaging 7% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble initially drove this growth, since 2003 consumer demand and, more recently, investment have played a significant role. Over the last six years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. During this time, poverty has declined steadily and the middle class has continued to expand. Russia has also improved its international financial position since the 1998 financial crisis. The federal budget has run surpluses since 2001 and ended 2007 with a surplus of about 3% of GDP. Over the past several years, Russia has used its stabilization fund based on oil taxes to prepay all Soviet-era sovereign debt to Paris Club creditors and the IMF. Foreign debt is approximately one-third of GDP. The state component of foreign debt has declined, but commercial debt to foreigners has risen strongly. Oil export earnings have allowed Russia to increase its foreign reserves from $12 billion in 1999 to some $470 billion at yearend 2007, the third largest reserves in the world. During President PUTIN's first administration, a number of important reforms were implemented in the areas of tax, banking, labor, and land codes. These achievements have raised business and investor confidence in Russia's economic prospects, with foreign direct investment rising from $14.6 billion in 2005 to approximately $45 billion in 2007. In 2007, Russia's GDP grew 8.1%, led by non-tradable services and goods for the domestic market, as opposed to oil or mineral extraction and exports. Rising inflation returned in the second half of 2007, driven largely by unsterilized capital inflows and by rising food costs, and approached 12% by year-end. In 2006, Russia signed a bilateral market access agreement with the US as a prelude to possible WTO entry, and its companies are involved in global merger and acquisition activity in the oil and gas, metals, and telecom sectors. Despite Russia's recent success, serious problems persist. Oil, natural gas, metals, and timber account for more than 80% of exports and 30% of government revenues, leaving the country vulnerable to swings in world commodity prices. Russia's manufacturing base is dilapidated and must be replaced or modernized if the country is to achieve broad-based economic growth. The banking system, while increasing consumer lending and growing at a high rate, is still small relative to the banking sectors of Russia's emerging market peers. Political uncertainties associated with this year's power transition, corruption, and lack of trust in institutions continue to dampen domestic and foreign investor sentiment. PUTIN has granted more influence to forces within his government that desire to reassert state control over the economy. Russia has made little progress in building the rule of law, the bedrock of a modern market economy. The government has promised additional legislative amendments to make