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

level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements. A dispute with Russia over pricing in late 2005 and early 2006 led to a temporary gas cut-off; Ukraine concluded a deal with Russia in January 2006 that almost doubled the price Ukraine pays for Russian gas. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy remains buoyant despite political turmoil between the Prime Minister and President. Real GDP growth reached about 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. Although the economy is likely to expand in 2008, long-term growth could be threatened by the government's plans to reinstate tax, trade, and customs privileges and to maintain restrictive grain export quotas.

United Arab Emirates
  The UAE has an open economy with a high per
  capita income and a sizable annual trade surplus. Despite largely
  successful efforts at economic diversification, nearly 40% of GDP is
  still directly based on oil and gas output. Since the discovery of
  oil in the UAE more than 30 years ago, the UAE has undergone a
  profound transformation from an impoverished region of small desert
  principalities to a modern state with a high standard of living. The
  government has increased spending on job creation and infrastructure
  expansion and is opening up utilities to greater private sector
  involvement. In April 2004, the UAE signed a Trade and Investment
  Framework Agreement with Washington and in November 2004 agreed to
  undertake negotiations toward a Free Trade Agreement with the US.
  The country's Free Trade Zones - offering 100% foreign ownership and
  zero taxes - are helping to attract foreign investors. Higher oil
  revenue, strong liquidity, housing shortages, and cheap credit in
  2005-07 led to a surge in asset prices (shares and real estate) and
  consumer inflation. Rising prices are increasing the operating costs
  for businesses in the UAE and adversely impacting government
  employees and others on fixed incomes. Dependence on oil and a large
  expatriate workforce are significant long-term challenges. The UAE's
  strategic plan for the next few years focuses on diversification and
  creating more opportunities for nationals through improved education
  and increased private sector employment.

United Kingdom
  The UK, a leading trading power and financial center,
  is one of the quintet of trillion dollar economies of Western
  Europe. Over the past two decades, the government has greatly
  reduced public ownership and contained the growth of social welfare
  programs. Agriculture is intensive, highly mechanized, and efficient
  by European standards, producing about 60% of food needs with less
  than 2% of the labor force. The UK has large coal, natural gas, and
  oil reserves; primary energy production accounts for 10% of GDP, one
  of the highest shares of any industrial nation. Services,
  particularly banking, insurance, and business services, account by
  far for the largest proportion of GDP while industry continues to
  decline in importance. Since emerging from recession in 1992,
  Britain's economy has enjoyed the longest period of expansion on
  record; growth has remained in the 2-3% range since 2004, outpacing
  most of Europe. The economy's strength has complicated the Labor
  government's efforts to make a case for Britain to join the European
  Economic and Monetary Union (EMU). Critics point out that the
  economy is doing well outside of EMU, and public opinion polls show
  a majority of Britons are opposed to the euro. The BROWN government
  has been speeding up the improvement of education, health services,
  and affordable housing at a cost in higher taxes and a widening
  public deficit.

United States The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $46,000. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The response to the terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. The rise in GDP in 2004-07 was undergirded by substantial gains in labor productivity. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices in 2005-2007 threatened inflation and unemployment, yet the economy continued to grow through year-end 2007. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $847 billion in 2007. Together, these problems caused a marked reduction in the value and status of the dollar worldwide in 2007.

United States Pacific Island Wildlife Refuges
  no economic activity

Uruguay
  Uruguay's economy is characterized by an export-oriented
  agricultural sector, a well-educated work force, and high levels of
  social spending. After averaging growth of 5% annually during
  1996-98, in 1999-2002 the economy suffered a major downturn,
  stemming largely from the spillover effects of the economic problems
  of its large neighbors, Argentina and Brazil. For instance, in
  2001-02 Argentina made massive withdrawals of dollars deposited in
  Uruguayan banks, which led to a plunge in the Uruguayan peso and a
  massive rise in unemployment. Total GDP in these four years dropped
  by nearly 20%, with 2002 the worst year due to the banking crisis.
  The unemployment rate rose to nearly 20% in 2002, inflation surged,
  and the burden of external debt doubled. Cooperation with the IMF
  helped stem the damage. Uruguay in 2007 improved its debt profile by
  paying off $1.1 billion in IMF debt, and continues to follow the
  orthodox economic plan set by the Fund in 2005. The construction of
  a pulp mill in Fray Bentos, which represents the largest foreign
  direct investment in Uruguay's history at $1.2 billion, came online
  in November 2007 and is expected to add 1.6% to GDP and boost
  already rising exports. The economy has grown strongly since 2004 as
  a result of high commodity prices for Uruguayan exports, a strong
  peso, growth in the region, and low international interest rates.

Uzbekistan
  Uzbekistan is a dry, landlocked country of which 11%
  consists of intensely cultivated, irrigated river valleys. More than
  60% of its population lives in densely populated rural communities.
  Uzbekistan is now the world's second-largest cotton exporter and
  fifth largest producer; it relies heavily on cotton production as
  the major source of export earnings. Other major export earners
  include gold, natural gas, and oil. Following independence in
  September 1991, the government sought to prop up its Soviet-style
  command economy with subsidies and tight controls on production and
  prices. While aware of the need to improve the investment climate,
  the government still sponsors measures that often increase, not
  decrease, its control over business decisions. A sharp increase in
  the inequality of income distribution has hurt the lower ranks of
  society since independence. In 2003, the government accepted Article
  VIII obligations under the IMF, providing for full currency
  convertibility. However, strict currency controls and tightening of
  borders have lessened the effects of convertibility and have also
  led to some shortages that have further stifled economic activity.
  The Central Bank often delays or restricts convertibility,
  especially for consumer goods. Potential investment by Russia and
  China in Uzbekistan's gas and oil industry may boost growth
  prospects. In November 2005, Russian President Vladimir PUTIN and
  Uzbekistan President KARIMOV signed an "alliance," which included
  provisions for economic and business cooperation. Russian businesses
  have shown increased interest in Uzbekistan, especially in mining,
  telecom, and oil and gas. In 2006, Uzbekistan took steps to rejoin
  the Collective Security Treaty Organization (CSTO) and the Eurasian
  Economic Community (EurASEC), both organizations dominated by
  Russia. Uzbek authorities have accused US and other foreign
  companies operating in Uzbekistan of violating Uzbek tax laws and
  have frozen their assets.

Vanuatu
  This South Pacific island economy is based primarily on
  small-scale agriculture, which provides a living for 65% of the
  population. Fishing, offshore financial services, and tourism, with
  more than 60,000 visitors in 2005, are other mainstays of the
  economy. Mineral deposits are negligible; the country has no known
  petroleum deposits. A small light industry sector caters to the
  local market. Tax revenues come mainly from import duties. Economic
  development is hindered by dependence on relatively few commodity
  exports, vulnerability to natural disasters, and long distances from
  main markets and between constituent islands. In response to foreign
  concerns, the government has promised to tighten regulation of its
  offshore financial center. In mid-2002 the government stepped up
  efforts to boost tourism through improved air connections, resort
  development, and cruise ship facilities. Agriculture, especially
  livestock farming, is a second target for growth. Australia and New
  Zealand are the main suppliers of tourists and foreign aid.

Venezuela
  Venezuela remains highly dependent on oil revenues, which
  account for roughly 90% of export earnings, more than 50% of the
  federal budget revenues, and around 30% of GDP. A nationwide strike
  between December 2002 and February 2003 had far-reaching economic
  consequences - real GDP declined by around 9% in 2002 and 8% in 2003
  - but economic output since then has recovered strongly. Fueled by
  high oil prices, record government spending helped to boost GDP in
  2006 by about 9% and in 2007 by about 8%. This spending, combined
  with recent minimum wage hikes and improved access to domestic
  credit, has created a consumption boom but has come at the cost of
  higher inflation-roughly 20 percent in 2007. Imports also have
  jumped significantly. Embolden by his December 2006 reelection,
  President Hugo CHAVEZ in 2007 nationalized firms in the petroleum,
  communications, and electricity sectors, which reduced foreign
  influence in the economy. Although voters in December 2007 rejected
  CHAVEZ's proposed constitutional changes, CHAVEZ still has
  significant control of the economy and has indicated he intends to
  continue to consolidate and centralize authority over the economy by
  implementing "21st Century Socialism."

Vietnam Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Economic stagnation marked the period after reunification from 1975 to 1985. In 1986, the Sixth Party Congress approved a broad economic reform package that introduced market reforms and set the groundwork for Vietnam's improved investment climate. Substantial progress was achieved from 1986 to 1997 in moving forward from an extremely low level of development and significantly reducing poverty. The 1997 Asian financial crisis highlighted the problems in the Vietnamese economy and temporarily allowed opponents of reform to slow progress toward a market-oriented economy. GDP growth averaged 6.8% per year from 1997 to 2004 even against the background of the Asian financial crisis and a global recession. Since