FIELD LISTING :: SYNOPSIS ON THE ECONOMY
Country
Afghanistan recovering from decades of conflict, living standards still among the lowest in the world, highly dependent on foreign aid, and suffering from shortages of housing, water, electricity, and jobs
Antigua and Barbuda Tourism accounts for 60% of this islands GDP, but the sector was hit by the global economic recession in 2009, and more recently by hurricanes Irma and Maria in 2017.
Argentina suffered recurring economic crises during most of the 20th century, but now beginning a transformation towards a more liberal economic order, taking advantage of its rich natural resources, highly literate population, export-orientation, and diversified industry
Bahamas, The Tourism accounts for 50% and financial services 15% of this island’s GDP; public debt increased in 2017, in large part due to hurricane reconstruction and relief financing.
Barbados Tradionally a sugarcane economy, Barbados has become one of the wealthiest Caribbean countries by diversifying into tourism, but at the cost of high and growing public debt.
Belgium a central geographic location and highly developed transport network have helped Belgium develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech industries; it has been pursuing a reform program to improve competitiveness
Belize Tourism and exports of primary commodities have given Belize a high per capita income relative to other Central American countries, but the average income masks a huge income disparity between rich and poor, and foreign exchange earnings are insufficient to cover a growing trade deficit.
Bolivia This resource rich country, with captive markets for natural gas exports, remains one of the least developed countries in Latin America, due to a lack of foreign investment interest, stemming from its state-oriented investment policies.
Brazil resource driven, with diversified manufacturing, the eight largest economy in the world is emerging in 2017 from multiple corruption scandals and a two year recession that ranks as the worst in the country's history
Canada achieved strong growth since World War II by combining abundant natural resources, a highly skilled labor force, and modern capital stock with close economic ties to the US
Chile Chile has an export-driven market-oriented economy characterized by strong financial institutions and sound counter-cyclical fiscal policies that have given it the strongest sovereign bond rating in South America - commodities make up about 60% of total exports.
China largest economy and exporter in the world, but one that continues to pursue state-directed industrial, trade, and investment policies, including state-support of key sectors
Colombia in addition to being dependent on primary commodities - particularly, oil, coal, and coffee - which are subject to significant price volatility, Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation
Costa Rica Exports of bananas, coffee, sugar, and beef form the backbone of Costa Rica’s exports, and political stability, relatively high education levels, and a special free trade agreement with the US help it enjoy strong and stable economic growth.
Croatia since joining the EU in 2013, Croatia, one of the wealthiest of the former Yugoslav republics, has committed to improving the business climate in an effort to stimulate growth from domestic consumption and foreign investment
Denmark this thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, a high-tech agricultural sector, a high standard of living, extensive government welfare measures, and an equitable distribution of income
Dominica Formerly dependent on agriculture – especially bananas – the economy increasingly has been driven by tourism; however, Hurricane Maria, which passed through the island in September 2017, damaged or destroyed agricultural crops and transportation infrastructure.
Dominican Republic For most of its history the Dominican Republic was primarily an exporter of sugar, coffee, and tobacco, but over the last two decades, the country has been one of the fastest growing economies in Latin America as a result of the positive push from tourism, construction, and the Central America-Dominan Republic Free Trade Agreement.
Ecuador Substantially dependent on petroleum exports, Ecuador has been hurt by the worldwide decline in oil prices in recent years, as well as by political instability; however, the new Moreno administration is striving to reduce corruption, strengthen democracy, and revive employment and the economy
El Salvador El Salvador benefits greatly from the Dominican Republic-Central American Free Trade Agreement and a Millenium Challenge Corporation compact, but still depends on remittances for nearly one-fifth of GDP
France diversified modern market economy with government presence in several strategic sectors; maintains social equality by laws and by tax and spending policies; most-visited nation on earth
Germany Europe’s largest economy is a world leading exporter that benefits from a highly skilled labor force and favorable euro exchange rate; social welfare system is challenged by low fertility and high immigration rates
Grenada Has experienced five consecutive years of growth, because of tourism, revenues from its university, and conservative fiscal policies that have increased tax revenues and reduced debt.
Guatemala One of the poorest countries in Latin America and the Caribbean, having highly unequal incomes and chronically malnourished children, beset by political insecurity, and lacking skilled workers and infrastructure, Guatemala depends on remittances for nearly one-tenth of GDP.
Guyana The economy is heavily dependent upon export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices.
Haiti The poorest country in the Western Hemisphere, Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports; two-fifths of all Haitians depend on an agricultural sector that is vulnerable to damage from frequent natural disasters.
Honduras One of the poorest countries in Latin America, Honduras traditionally depended on the export of bananas and coffee and suffers from extraordinarily unequal distribution of income, as well as significant underemployment.
Italy developed industrial north that manufactures high-quality consumer goods and a less-developed agricultural south with high unemployment and underdevelopment; challenged by world's third-highest public debt, dissent on eurozone membership, a sluggish judicial system, and a weak banking sector
Jamaica Jamaica derives 70% of its GDP from services, and most of its foreign exchange from tourism, remittances, and bauxite/ alumina exports, but it has experienced slow growth due to corruption, red-tape, high debt, and a bloated public sector.
Japan overcame its scarcity of natural resources through government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation; currently stands as 4th largest economy in the world; challenges include a low birthrate and an aging, shrinking population
Korea, North one of the world’s most centrally directed and least open economies; faces stagnation, underinvestment, and chronic shortages, largely as a result of large-scale missile and nuclear programs
Korea, South policies that favored saving and investment, and exports, over domestic consumption have lifted South Korea up from being one of the poorest countries in the world in the 1960s to one of the wealthiest today, creating one of the 20th century’s most remarkable economic success stories
Mexico since the North American Free Trade Agreement (NAFTA) entered into force in 1994, Mexico's $2.4 trillion economy – 11th-largest in the world - has become increasingly oriented toward manufacturing; the government has emphasized economic reforms with the long-term aim to improve competitiveness and economic growth across the economy
Nicaragua The second poorest country in the Western Hemisphere, Nicaragua has widespread underemployment and poverty, with exports based on beef, coffee, gold, and textiles; in 2013, it contracted with a Chinese-run company to build an inter-ocean canal to compete with the Panama Canal.
Panama Panama’s dollar-based economy rests primarily on services - it earns income from operating the Panama Canal, offshore banking, insurance, container services, and banking - but Panama has the second most unequal income distribution in Latin America, high poverty, and high foreign debt.
Paraguay Landlocked Paraguay –fifth largest soy producer in the world - has a commodity-based market economy, distinguished by a large informal sector, but hampered by corruption, deficient infrastructure, and limited progress on economic reforms.
Peru Peru's economy reflects its varied topography - an arid lowland coastal region, the central high sierra of the Andes, and the dense rain forest of the Amazon – with a wide range of important mineral resources, including silver and copper, found in the mountainous regions, and excellent fishing grounds in coastal waters.
Portugal Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986; since 2008, the center-left minority Socialist government has unwound some unpopular austerity measures while managing to remain within most EU fiscal targets
Russia reforms have stalled in recent years and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands, particularly in the energy, transportation, and banking sectors; as one of the world's leading producers of oil and natural gas Russia is vulnerable to boom and bust cycles that follow swings in global commodity prices
Saint Kitts and Nevis The economy of Saint Kitts and Nevis depends on tourism; since 2006, tourism has supplanted sugar as the economy’s mainstay; the government has made notable progress in reducing its public debt – due largely to public enterprise losses – from 154% of GDP in 2011 to 62% in 2017.
Saint Lucia Tourism is Saint Lucia's main source of jobs and income - accounting for 65% of GDP - and its main source of foreign exchange; the island is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil.
Saint Vincent and the Grenadines Success of this lower-middle-income economy hinges upon seasonal variations in agriculture, tourism, and construction activity, as well as remittances. Banana production, in particular, remains vulnerable to natural shocks.
Senegal Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, and it is working on oil exploration projects; key exports include phosphates, fertilizer, agricultural products, and fish; the government has unveiled an ambitious economic plan for reforms that aims to implement priority investment projects
Singapore This vibrant, export-oriented, free-market economy enjoys a remarkably open and corruption-free environment, low taxes, stable prices, and a high per capita income that attracts global investors to its high-tech industrial and financial services sectors
Spain rapid growth of this dynamic economy following the death of dictator Francisco Franco helped make it a champion of freedom and human rights; more recently, Spain has emerged from a severe recession during 2008-2013, posting three straight years of GDP growth above the EU average
Suriname Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues; alumina exports ceased in 2015 after a US company discontinued its operations, putting severe pressure on Suriname’s finances, and causing a significant depreciation of its currency.
Sweden Sweden’s small, open, and competitive economy, which remains outside of the euro zone, has been thriving, and Sweden has achieved an enviable standard of living, with its combination of free-market capitalism and extensive welfare benefits
Switzerland this prosperous economy has low unemployment, a highly skilled labor force, a world class banking and finance sector, and high-tech manufacturing; in the last ten years, Switzerland has brought its economic practices largely into conformity with the EU's in order to gain access to the Union’s Single Market and to enhance the country’s international competitiveness
Trinidad and Tobago Trinidad and Tobago relies on its energy sector for much of its economic activity - oil and gas typically account for about 40% of GDP and 80% of exports - and it has one of the highest per capita incomes in Latin America, a sovereign wealth fund, and considerable foreign exchange reserves.
United Kingdom World-leading trade and financial center hit hard by the 2008-2009 global financial crisis and now threatened by the June 2016 referendum to leave the EU, as a sustained depreciation of the British pound has increased consumer and producer prices without increasing exports
United States Remains the most technologically powerful economy in the world--at the forefront in computers, pharmaceuticals, aerospace and military equipment--but its advantages have narrowed since WWII with output now falling behind China’s, as investment in infrastructure, science, industry, and human capital have lagged
Uruguay a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, high levels of social spending, and a strong social safety net