The 2008 CIA World Factbook, United States. Central Intelligence Agency [primary phonics books .TXT] 📗
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south, the lack of basic infrastructure in large areas, and a
reliance by much of the population on subsistence agriculture ensure
much of the population will remain at or below the poverty line for
years despite rapid rises in average per capita income. In January
2007, the government introduced a new currency, the Sudanese Pound,
at an initial exchange rate of $1.00 equals 2 Sudanese Pounds.
Suriname
The economy is dominated by the mining industry, with
exports of alumina, gold, and oil accounting for about 85% of
exports and 25% of government revenues, making the economy highly
vulnerable to mineral price volatility. The short-term economic
outlook depends on the government's ability to control inflation and
on the development of projects in the bauxite and gold mining
sectors. Suriname has received aid for these projects from
Netherlands, Belgium, and the European Development Fund. Suriname's
economic prospects for the medium term will depend on continued
commitment to responsible monetary and fiscal policies and to the
introduction of structural reforms to liberalize markets and promote
competition. In 2000, the government of Ronald VENETIAAN, returned
to office and inherited an economy with inflation of over 100% and a
growing fiscal deficit. He quickly implemented an austerity program,
raised taxes, attempted to control spending, and tamed inflation.
These economic policies are likely to remain in effect during
VENETIAAN's third term. Prospects for local onshore oil production
are good as a drilling program is underway. Offshore oil drilling
was given a boost in 2004 when the State Oil Company (Staatsolie)
signed exploration agreements with Repsol, Maersk, and Occidental.
Bidding on these new offshore blocks was completed in July 2006.
Svalbard
Coal mining is the major economic activity on Svalbard. The
treaty of 9 February 1920 gave the 41 signatories equal rights to
exploit mineral deposits, subject to Norwegian regulation. Although
US, UK, Dutch, and Swedish coal companies have mined in the past,
the only companies still mining are Norwegian and Russian. The
settlements on Svalbard are essentially company towns. The Norwegian
state-owned coal company employs nearly 60% of the Norwegian
population on the island, runs many of the local services, and
provides most of the local infrastructure. There is also some
hunting of seal, reindeer, and fox.
Swaziland
In this small, landlocked economy, subsistence agriculture
occupies approximately 70% of the population. The manufacturing
sector has diversified since the mid-1980s. Sugar and wood pulp
remain important foreign exchange earners. In 2007, the sugar
industry increased efficiency and diversification efforts, in
response to a 17% decline in EU sugar prices. Mining has declined in
importance in recent years with only coal and quarry stone mines
remaining active. Surrounded by South Africa, except for a short
border with Mozambique, Swaziland is heavily dependent on South
Africa from which it receives more than nine-tenths of its imports
and to which it sends 60% of its exports. Swaziland's currency is
pegged to the South African rand, subsuming Swaziland's monetary
policy to South Africa. Customs duties from the Southern African
Customs Union, which may equal as much as 70% of government revenue
this year, and worker remittances from South Africa substantially
supplement domestically earned income. Swaziland is not poor enough
to merit an IMF program; however, the country is struggling to
reduce the size of the civil service and control costs at public
enterprises. The government is trying to improve the atmosphere for
foreign investment. With an estimated 40% unemployment rate,
Swaziland's need to increase the number and size of small and medium
enterprises and attract foreign direct investment is acute.
Overgrazing, soil depletion, drought, and sometimes floods persist
as problems for the future. More than one-fourth of the population
needed emergency food aid in 2006-07 because of drought, and nearly
two-fifths of the adult population has been infected by HIV/AIDS.
Sweden
Aided by peace and neutrality for the whole of the 20th
century, Sweden has achieved an enviable standard of living under a
mixed system of high-tech capitalism and extensive welfare benefits.
It has a modern distribution system, excellent internal and external
communications, and a skilled labor force. Timber, hydropower, and
iron ore constitute the resource base of an economy heavily oriented
toward foreign trade. Privately owned firms account for about 90% of
industrial output, of which the engineering sector accounts for 50%
of output and exports. Agriculture accounts for only 1% of GDP and
2% of employment. Sweden is in the midst of a sustained economic
upswing, boosted by increased domestic demand and strong exports.
This and robust finances have offered the center-right government
considerable scope to implement its reform program aimed at
increasing employment, reducing welfare dependence, and streamlining
the state's role in the economy. The government plans to sell $31
billion in state assets during the next three years to further
stimulate growth and raise revenue to pay down the federal debt. In
September 2003, Swedish voters turned down entry into the euro
system concerned about the impact on the economy and sovereignty.
Switzerland
Switzerland is a peaceful, prosperous, and stable modern
market economy with low unemployment, a highly skilled labor force,
and a per capita GDP larger than that of the big Western European
economies. The Swiss in recent years have brought their economic
practices largely into conformity with the EU's to enhance their
international competitiveness. Switzerland remains a safehaven for
investors, because it has maintained a degree of bank secrecy and
has kept up the franc's long-term external value. Reflecting the
anemic economic conditions of Europe, GDP growth stagnated during
the 2001-03 period, improved during 2004-05, and jumped to 2.9% in
2006, and 2.6% in 2007. Unemployment has remained at less than half
the EU average.
Syria
The Syrian economy grew by an estimated 3.3% in real terms in
2007 led by the petroleum and agricultural sectors, which together
account for about one-half of GDP. Higher crude oil prices countered
declining oil production and led to higher budgetary and export
receipts. Damascus has implemented modest economic reforms in the
past few years, including cutting lending interest rates, opening
private banks, consolidating all of the multiple exchange rates,
raising prices on some subsidized items, most notably gasoline and
cement, and establishing the Damascus Stock Exchange - which is set
to begin operations in 2009. In October 2007, for example, Damascus
raised the price of subsidized gasoline by 20%, and may institute a
rationing system in 2008. In addition, President ASAD signed
legislative decrees to encourage corporate ownership reform, and to
allow the Central Bank to issue Treasury bills and bonds for
government debt. Nevertheless, the economy remains highly controlled
by the government. Long-run economic constraints include declining
oil production, high unemployment and inflation, rising budget
deficits, and increasing pressure on water supplies caused by heavy
use in agriculture, rapid population growth, industrial expansion,
and water pollution.
Taiwan
Taiwan has a dynamic capitalist economy with gradually
decreasing guidance of investment and foreign trade by the
authorities. In keeping with this trend, some large, state-owned
banks and industrial firms are being privatized. Exports have
provided the primary impetus for industrialization. The island runs
a large trade surplus, and its foreign reserves are among the
world's largest. Despite restrictions on cross-strait links, China
has overtaken the US to become Taiwan's largest export market and
its second-largest source of imports after Japan. China is also the
island's number one destination for foreign direct investment.
Strong trade performance in 2007 pushed Taiwan's GDP growth rate
above 5%, and unemployment is below 4%.
Tajikistan Tajikistan has one of the lowest per capita GDPs among the 15 former Soviet republics. Only 7% of the land area is arable. Cotton is the most important crop, but this sector is burdened with debt and an obsolete infrastructure. Mineral resources include silver, gold, uranium, and tungsten. Industry consists only of a large aluminum plant, hydropower facilities, and small obsolete factories mostly in light industry and food processing. The civil war (1992-97) severely damaged the already weak economic infrastructure and caused a sharp decline in industrial and agricultural production. While Tajikistan has experienced steady economic growth since 1997, nearly two-thirds of the population continues to live in abject poverty. Economic growth reached 10.6% in 2004, but dropped to 8% in 2005, 7% in 2006, and 7.8% in 2007. Tajikistan's economic situation remains fragile due to uneven implementation of structural reforms, corruption, weak governance, widespread unemployment, seasonal power shortages, and the external debt burden. Continued privatization of medium and large state-owned enterprises could increase productivity. A debt restructuring agreement was reached with Russia in December 2002 including a $250 million write-off of Tajikistan's $300 million debt. Tajikistan ranks third in the world in terms of water resources per head, but suffers winter power shortages due to poor management of water levels in rivers and reservoirs. Completion of the Sangtuda I hydropower dam - built with Russian investment - and the Sangtuda II and Rogun dams will add substantially to electricity output. If finished according to Tajik plans, Rogun will be the world's tallest dam. Tajikistan has also received substantial infrastructure development loans from the Chinese government to improve roads and an electricity transmission network. To help increase north-south trade, the US funded a $36 million bridge which opened in August 2007 and links Tajikistan and Afghanistan.
Tanzania
Tanzania is one of the poorest countries in the world. The
economy depends heavily on agriculture, which accounts for more than
40% of GDP, provides 85% of exports, and employs 80% of the work
force. Topography and climatic conditions, however, limit cultivated
crops to only 4% of the land area. Industry traditionally featured
the processing of agricultural products and light consumer goods.
The World Bank, the IMF, and bilateral donors have provided funds to
rehabilitate Tanzania's out-of-date economic infrastructure and to
alleviate poverty. Long-term growth through 2005 featured a pickup
in industrial production and a substantial increase in output of
minerals led by gold. Recent banking reforms have helped increase
private-sector growth and investment. Continued donor assistance and
solid macroeconomic policies supported real GDP growth of nearly 7%
in 2007.
Thailand
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies, Thailand appears to
have fully recovered from the 1997-98 Asian Financial Crisis. The
country was one of East Asia's best performers from 2002-04. Boosted
by strong export growth, the Thai economy grew 4.5% in 2007. Bangkok
has pursued preferential trade agreements with a variety of partners
in an effort to boost exports and to maintain high growth. By 2007,
the tourism sector had largely recovered from the major 2004
tsunami. Following the military coup in September 2006, investment
and consumer confidence stagnated due to the uncertain political
climate that lasted through the December 2007 elections. Foreign
investor sentiment was further tempered by a 30% reserve requirement
on capital inflows instituted in December 2006, and discussion of
amending Thailand's rules governing foreign-owned businesses.
Economic growth in 2007 was due almost entirely to robust export
performance - despite the pressure of an appreciating currency.
Exports have performed at record levels, rising nearly 17% in 2006
and 12% in 2007. Export-oriented manufacturing - in particular
automobile production - and farm output are driving these gains.
Timor-Leste In late 1999, about 70% of the economic infrastructure of Timor-Leste was laid waste by Indonesian troops and anti-independence militias. Three hundred thousand people fled westward. Over the next three years a massive international program, manned by 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. By the end of 2005, refugees had returned or had settled in Indonesia. The country continues to face great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has begun to supplement government revenues ahead of schedule and above expectations - the result of high petroleum prices. The technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor. Gas is piped to Australia. In June 2005 the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$1.8 billion as of September 2007. The mid-2006 outbreak of violence and civil unrest disrupted both private and public sector economic activity and created 100,000 internally displaced persons - about 10 percent of the population. While real non-oil GDP growth in 2006 was negative,
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