Field Listing

Economic overview

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This entry briefly describes five economic components for a given country:

* National Economy, including a brief economic history;

* Domestic Markets, including labor and wage markets, as well as brief commentary on economic sector portfolios;

* Financial Power and Public Finance, including brief discussions of financial market strengths and security, lending/exchange rates (especially if abnormalities exist), and foreign direct investments;

* Trade Power and Influence, including brief commentary on chief imports and exports; and

* Regional Strategy and Efforts, including key partners, regional economic development efforts, and any underlying economic data integrity concerns.

Afghanistan

extremely low-income South Asian economy; import drops, currency depreciation, disappearing central bank reserves, and increasing inflation after Taliban takeover; increasing Chinese trade; hit hard by COVID; ongoing sanctions

Albania

future hopeful EU member state; oil and gas exporter but investing toward a “blue economy”; COVID-19 and earthquake economic disruptions and declines; experiencing high debt and account balances; strengthening private sector growth and public sector trust

Algeria

suffering oil and gas economy; lack of sector and market diversification; political instability chilling domestic consumption; poor credit access and declines in business confidence; COVID-19 austerity policies; delayed promised socio-economic reforms

American Samoa

tourism, tuna, and government services-based territorial economy; sustained economic decline; vulnerable tuna canning industry; large territorial government presence; minimum wage increases to rise to federal standards by 2036

Andorra

high GDP; low unemployment; non-EU Euro user; co-principality duty-free area between Spain and France; tourist hub but hit hard by COVID-19; modern, non-tax haven financial sector; looking for big tech investments; new member of SEPA and IMF

Angola

African oil leader and OPEC member; fairly stable currency; widespread poverty; emerging African finance and investment capital; systemic public corruption and lack of oversight; massive foreign direct investment recipient

Anguilla

small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery

Antigua and Barbuda

dual island-tourism and construction-driven economy; emerging “blue economy”; limited water supply and susceptibility to hurricanes limit activity; improving road infrastructure; friendly to foreign direct investment; looking at financial innovation in cryptocurrency and blockchain technologies

Argentina

large diversified economy; financial risks from debt obligations, rapid inflation, and reduced investor appetites; resource-rich, export-led growth model; increasing trade relations with China; G20 and OAS leader; tendency to nationalize businesses and under-report inflation

Armenia

EEU-and CIS-member state but seeking more EU and US trade; business-friendly growth environments; stable monetary regime but vulnerable demand economy; key copper and gold exporter; persistent unemployment; large diaspora and remittances

Aruba

small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery

Australia

Asian and global economic leader and partner for 3 decades; strong financial sector and highly traded domestic currency support best credit ratings; aging workforce; export-led model; reduced consumer spending offset by government and business; energy investor

Austria

one of the strongest EU and euro economies; diversified trade portfolios and relations; enormous trade economy; Russian energy dependence, but investing in alternative energy; aging labor force but large refugee population; large government debt

Azerbaijan

oil-based economy; macroeconomic instabilities due to demand shocks; recent state bailout of largest lender; potential economic gains from Nagorno-Karabakh conflict; negatively impacted by COVID-19; investing in human capital to diversify and retain younger generation

Bahamas, The

high-income tourism and financial services economy; major income inequality; strong US bilateral relations; several tax relief programs; targeted investment in agriculture, energy, light manufacturing, and technology industries

Bahrain

growing, economically diverse Middle Eastern island economy; major recovery and balancing efforts to fulfill Economic Vision 2030; regional finance hub; increasing openness; high youth unemployment; water scarcity amid reservoir depletion

Bangladesh

one of the fastest growing emerging market economies; strong economic rebound following COVID-19; significant poverty reduction; exports dominated by textile industry; weakened exports and remittances resulted in declining foreign exchange reserves and 2022 IMF loan request

Barbados

largest Eastern Caribbean economy; dependent on US imports and currency strength; high Human Development Index; key tourism and financial sectors; declining but still very high public debt; cost-of-living and cost competitiveness vulnerabilities

Belarus

declining Russian energy subsidies will end in 2024; growing public debt; strong currency pressures have led to higher inflation; recent price controls on basic food and drugs; public sector wage increases and fragile private sector threaten household income gains and economic growth

Belgium

high income economy with strong but moderate growth; high public debt; aging labor force; low labor force participation of low-skilled, migrant, and older workers; strong welfare system; high congestion; complex business permitting and judicial systems

Belize

tourism- and agriculture-driven economy; strong post-pandemic rebound; innovative and ecological bond restructuring that significantly lowered public debt and expanded marine protections; central bank offering USD-denominated treasury notes; high mobility across borders

Benin

robust economic growth; slightly declining but still widespread poverty; strong trade relations with Nigeria; cotton exporter; COVID-19 has led to capital outflows and border closures; WAEMU member with currency pegged to the euro; recent fiscal deficit and debt reductions

Bermuda

small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area

Bhutan

hydropower investments spurring economic development; Gross National Happiness economy; sharp poverty declines; low inflation; strong monetary and fiscal policies; stable currency; fairly resilient response to COVID-19; key economic and strategic relations with India; climate vulnerabilities

Bolivia

resource-rich economy benefits during commodity booms; has bestowed juridical rights to Mother Earth, impacting extraction industries; increasing Chinese lithium mining trade relations; hard hit by COVID-19; increased fiscal spending amid poverty increases; rampant banking and finance corruption

Bosnia and Herzegovina

import-dominated economy; remains consumption-heavy; lack of private sector investments and diversification; jointly addressing structural economic challenges; Chinese energy infrastructure investments; high unemployment; tourism industry impacted by COVID-19

Botswana

good economic governance and financial management; diamond-driven growth model declining; rapid poverty reductions; high unemployment, particularly among youth; COVID-19 sharply contracted the economy and recovery is slow; public sector wages have posed fiscal challenges

Brazil

industrial-led economic growth model; recovering from 2014-2016 recession when COVID-19 hit; industry limited by Amazon rainforest but increasing deforestation; new macroeconomic structural reforms; high income inequality; left UNASUR to join PROSUR

British Indian Ocean Territory

small island territory economy; economic activity mainly on Diego Garcia with national military installations; recently settled disputes with Mauritius have increased oil exports; established marine reserve has limited commercial fishing

British Virgin Islands

British Caribbean island territorial economy; strong tourism and services industries; vulnerable to hurricanes; navigating public debt insolvency since 2008 Crisis; considered a tax haven; high electrification costs; major rum exporter

Brunei

almost exclusively an oil and gas economy; high income country; expansive and robust welfare system; the majority of the population works for the government; promulgating a nationalized halal brand; considering establishment of a bond market and stock exchange

Bulgaria

upper-middle-income EU economy; improving living standards and very robust economic growth; coal-based infrastructure; legacy structural vulnerabilities and widespread corruption; increasing Russian economic relations, particularly through energy trade

Burkina Faso

highly agrarian, low-income economy; limited natural resources; widespread poverty; terrorism disrupting potential economic activity; improving trade balance via increases in gold exports; economy inflating after prior deflation; growing public debt but still manageable

Burma

prior to COVID-19 and the February 2021 military coup, massive declines in poverty, rapid economic growth, and improving social welfare; underdevelopment, climate change, and unequal investment threaten progress and sustainability planning; since coup, foreign assistance has ceased from most funding sources

Burundi

highly agrarian, low-income Sub-Saharan economy; declining foreign assistance; increasing fiscal insolvencies; dense and still growing population; COVID-19 weakened economic recovery and flipped two years of deflation

Cabo Verde

tourism-dominated economy benefits from the country’s relative close proximity to Europe; 2009 Financial Crisis halted economic growth for seven years; leveraging export-based growth; COVID-19 decimated economic growth and recovery; high external debt

Cambodia

one of the fastest growing economies; tourism and clothing exports; substantial manufacturing and construction sectors; COVID-19 declines and the suspension of EU market preferential access; massive reductions in poverty, but rural areas remain disproportionately poor

Cameroon

largest CEMAC economy with many natural resources; recent political instability and terrorism reducing economic output; systemic corruption; poor property rights enforcement; increasing poverty in northern regions

Canada

one of the world’s largest economies; leading global financier and macroeconomic partner; largest US trading partner; key timber and oil and gas industries; Canada sends over half its development aid to the World Bank; key “blue economy” developer

Cayman Islands

dominant offshore banking territory; services sector accounts for over 85% of economic activity; recently adopted a fiscal responsibility framework to combat tax evasion and money laundering; large tourism sector; does not have any welfare system; high standard of living

Central African Republic

enormous natural resources; extreme poverty; weak public institutions and infrastructure; political and gender-based violence have led to displacement of roughly 25% of population; Bangui-Douala corridor blockade reduced activity and tax collection; strong agricultural performance offset COVID-19 downturn

Chad

primarily oil-based economy, vulnerable to regional competition and international price shocks; increasing extreme poverty and minimal human capital capacities; one of the most environmentally disrupted economies; high maternal and infant mortality rates destabilizing labor force potentials

Chile

export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences

China

one of the world’s top two economies; sustained growth due to export relations, its manufacturing sector, and low-wage workers; only major economy to avoid COVID-19 economic decline; recovery efforts slowing due to longstanding poverty imbalances and other institutional issues; state-sponsored economic controls

Christmas Island

high-income Australian territorial economy; development through government services and phosphate mining; operates Australia’s Immigration Detention Centre; increasing tourism and government investments; sustained environmental protections

Colombia

prior to COVID-19, one of the most consistent growth economies; declining poverty; large stimulus package has mitigated economic fallout, but delayed key infrastructure investments; successful inflation management; sound flexible exchange rate regime; domestic economy suffers from lack of trade integration and infrastructure

Comoros

small trade-based island economy; declining remittances; new structural and fiscal reforms; adverse cyclone and COVID-19 impacts; manageable debts; fragile liquidity environment; large foreign direct investment; state-owned enterprises suffering

Congo, Democratic Republic of the

very poor, large, natural resource-rich sub-Saharan country; possesses the world’s second largest rainforest; increasing Chinese extractive sector trade; massive decrease in government investments; increasing current account deficit and public debts

Congo, Republic of the

primarily an oil- and natural resources-based economy; recovery from mid-2010s oil devaluation has been slow and curtailed by COVID-19; extreme poverty increasing, particularly in southern rural regions; attempting to implement recommended CEMAC reforms; increasing likelihood of debt default

Cook Islands

high-income self-governing New Zealand territorial economy; tourism-based activity but diversifying; severely curtailed by COVID-19 pandemic; copra and tropical fruit exporter; Asian Development Bank aid recipient

Costa Rica

trade-based upper middle-income economy; green economy leader, having reversed deforestation; investing in blue economy infrastructure; declining poverty until hard impacts of COVID-19; lingering inequality and growing government debts have prompted a liquidity crisis

Cote d'Ivoire

one of West Africa’s most influential, stable, and rapidly developing economies; poverty declines in urban but increases in rural areas; strong construction sector and increasingly diverse economic portfolio; increasing but manageable public debt; large labor force in agriculture

Croatia

tourism-based economy that was one of the hardest hit by COVID-19 economic disruptions; newest euro user since 2023, helping recover from a 6-year recession; public debt increases due to COVID-19 and stimulus packages; weak exports; continuing emigration; new liquefied natural gas import terminal

Cuba

still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption

Curacao

high-income island economy; developed infrastructure; tourism and financial services-based economy; investing in information technology incentives; oil refineries service Venezuela and China; unique COVID-19 stimulus support applied to government debts rather than household support

Cyprus

services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries

note: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republic of Northern Cyprus, until political conditions permit the reunification of the island. Its market-based economy is roughly one-fifth the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing. Little trade exists with the Republic of Cyprus outside of construction, historically relying heavily upon Turkey for financial aid, defense, telecommunications, utilities, and postal services. The Turkish Lira is the preferred currency, though foreign currencies are widely accepted in business transactions.

Czechia

high income, diversified EU economy; advanced services and automotive exporter; mostly intra-EU trader; low unemployment; usually maintains a positive trade balance; large investments in systems innovation and information technologies

Denmark

diversified EU trade-based economy; environmental regulatory innovator; dominant services sector; increased government spending but retaining budget surpluses; currently high inflation; unique "flexicurity" labor market

Djibouti

food import-dependent Horn of Africa economy driven by various national military bases and port-based trade; fairly resilient from COVID-19 disruptions; major re-exporter; increasing Ethiopian and Chinese trade relations; investing in infrastructure

Dominica

highly agrarian OECS island economy; ECCU-member state; large banana exporter; improved oversight of its citizenship-by-investment program; emerging ecotourism, information and communications, and education industries

Dominican Republic

surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining poverty

Ecuador

highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity

Egypt

Africa’s second-largest economy; 2030 Vision to diversify markets and energy infrastructure; improving fiscal, external, and current accounts; underperforming private sector; poor labor force participation; expanded credit access

El Salvador

growth-challenged Central American economy buttressed via remittances; dense labor force; fairly aggressive COVID-19 stimulus plan; new and lower banking reserve requirements; earthquake, tropical storm, and crime disruptions; widespread corruption

Equatorial Guinea

growing CEMAC economy and new OPEC member; large oil and gas reserves; targeting economic diversification and poverty reduction; still recovering from CEMAC crisis; improving public financial management; persistent poverty; hard-hit by COVID-19

Eritrea

largely agrarian economy with a significant mining sector; substantial fiscal surplus due to tight controls; high and vulnerable debts; increased Ethiopian trade and shared port usage decreasing prices; financial and economic data integrity challenges

Estonia

advanced service-based EU and OECD economy; regional trade and telecommunications leader; recently rejected Baltic sea rail tunnel from Tallinn to Helsinki; flat income taxation; substantial welfare system; balanced budget culture; business-friendly climate

Eswatini

landlocked southern African economy; South African trade dependent and currency pegging; CMA and SACU member state; COVID-19 economic slowdown; growing utilities inflation; persistent poverty and unemployment; HIV/AIDS labor force disruptions

Ethiopia

growing Horn of Africa construction- and services-based economy; port access via Djibouti and Eritrea; widespread but declining poverty; COVID-19, locust invasion, and Tigray crisis disruptions; public investment increases; second largest African labor force

Falkland Islands (Islas Malvinas)

British South American territorial economy; longstanding fishing industry; surging tourism prior to COVID-19 and Brexit; recent offshore hydrocarbon discoveries threaten ecotourism industries; no central bank and must have British approval on currency shifts

Faroe Islands

high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries

Fiji

upper-middle income, tourism-based Pacific island economy; susceptible to ocean rises; key energy and infrastructure investments; post-pandemic tourism resurgence; improved debt standing; limited workforce

Finland

highly industrialized, export-based EU economy and euro user; high per capita GDP; major timber, metals, engineering, telecommunications, and electronics industries; manageable public debts; rigid labor laws impose higher regulatory burdens

France

high-income, advanced and diversified EU economy and euro user; strong tourism, aircraft manufacturing, pharmaceuticals, and industrial sectors; strong US partner; ongoing pension reform protests and civil unrest; transitioning to a green economy via "France 2030" strategy

French Polynesia

small, territorial-island tourism-based economy; large French financing; lower EU import duties; Pacific Islands Forum member; fairly resilient from COVID-19; oil-dependent infrastructure

French Southern and Antarctic Lands

very small, fishing-based, domestic economic activity; military base servicing

Gabon

natural resource-rich, upper-middle-income, Central African economy; sparsely populated but high urbanization; young labor force; oil, manganese, and rubber exporter; foreign investment dependent; data integrity issue on poverty and income

Gambia, The

small West African economy; COVID-19 reversed robust growth trends; good fiscal management; substantial foreign direct investment and remittances; G20 Debt Service Suspension Initiative participant; widespread poverty; increasing Chinese relations

Georgia

main economic activities include cultivation of agricultural products, such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; producing alcoholic and nonalcoholic beverages

Germany

leading EU service-based export-driven economy; highly skilled and educated labor force; fairly fiscally conservative; energy-related economic disruptions due to Russian gas cessations; increased defense spending and rising debts

Ghana

West African trade and agrarian economy; COVID-19 reversed nearly 4 decades of continuous growth; major diamond, gold, cocoa, and oil exporter; high public debts; financial and energy sector reform programs adding to fiscal pressures; high remittances

Gibraltar

British territorial high-income economy; Brexit caused significant economic disruption to longstanding financial services, shipping, and tourism industries; ongoing negotiations to rejoin EU Schengen Area; independent taxation authority

Greece

tourism- and shipping-based EU economy; clientelism economic culture and systemic corruption; new structural reforms for fiscal solvency; high public debts and unemployment; increasing Chinese port control; oil and gas disputes with Turkey

Greenland

large self-governing Danish territorial economy; preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; growing tourism; hydropower-fueled but environmentally fragile economy

Grenada

small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentives

Guam

small Pacific island US territorial economy; upper income, tourism-based economy; hard-hit by COVID-19 disruptions; relaunched many industries via vaccination tourism; domestic economy relies on multiple military bases; environmentally fragile economy

Guatemala

developing Central American economy; steady economic growth fueled by remittances; high poverty and income inequality; limited government services, lack of employment opportunities, and frequent natural disasters impede human development efforts and drive emigration

Guernsey

high-income English Channel island economy; strong financial sector but stressed due to COVID-19 disruptions; manufacturing, tourism, and construction industries suffered but expected to recover; stable inflation; maintains independent taxation authority

Guinea

growing but primarily agrarian West African economy; major mining sector; improving fiscal and debt balances prior to COVID-19; economy increasingly vulnerable to climate change; slow infrastructure improvements; gender wealth and human capital gaps

Guinea-Bissau

extremely poor West African economy; ethnically diverse labor force; increasing government expenditures; slight inflation due to food supply disruptions; major cashew exporter; systemic banking instabilities and corruption; vulnerable to oil price shocks

Guyana

small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources

Haiti

small Caribbean island economy and OECS-member state; extreme poverty and inflation; enormous income inequality; ongoing civil unrest due to recent presidential assassination; US preferential market access; very open to foreign direct investment

Holy See (Vatican City)

limited, tourism-based economy; euro user but issues commemorative stamps and coins; solar energy producer; some printing industry to support museums and religious needs

Honduras

second-fastest-growing Central American economy; COVID-19 and two hurricanes crippled activity; high poverty and inequality; declining-but-still-high violent crime disruption; systemic corruption; coffee and banana exporter; enormous remittances

Hong Kong

high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programs

Hungary

high-income EU and OECD economy; decreasing government spending; increasing judicial independence concerns; flat income taxation; increasingly dependent on energy imports; strong tourism and automotive manufacturing

Iceland

high-income European economy; frozen EU accession application but Schengen Area member; major tourism, fishing, and aluminum industries; complex regulatory environment; large FDI recipient; highly educated workforce

India

largest South Asian economy; still informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributing to lower private consumption and inflation; new social and infrastructure equity efforts

Indonesia

one of the fastest growing economies and largest in Southeast Asia; upper middle-income country; human capital and competitiveness phase of its 20-year development plan; COVID-19 reversed poverty reduction trajectory; strengthening financial resilience

Iran

traditionally state-controlled economy but reforming state-owned financial entities; strong oil/gas, agricultural, and service sectors; recent massive inflation due to exchange rate depreciation, international sanctions, and investor uncertainty; increasing poverty

Iraq

oil-dependent Middle Eastern economy; COVID-19 disruption and domestic economy fragility post-US presence; poverty increases; currency devaluation leading to inflation; import-dependent for most sectors; evaluating fiscal and monetary restructuring

Ireland

strong, export-based EU economy; multinational-business-friendly environment known for resilience, even amid COVID-19 disruptions; real wage growth beyond other OECD members; high livings standards; strong social equity and cohesion; aging labor force

Isle of Man

high-income British island economy; known financial services and tourism industries; taxation incentives for technology and financial firms to operate; historic fishing and agriculture industries are declining; major online gambling and film industry locale

Israel

high-income, technology- and industrial-based economy; highly dense, fast-growing labor force; recent debt spikes; persistent inequality and poverty; significant tariff and regulatory burdens, especially in agriculture;  quantitative easing in effect

Italy

core EU economy; strong services, manufacturing, and tourism sectors; hard hit by COVID-19 disruptions but starting to recover; large EU exporter but data skews due to inflated port entry valuation; corruption somewhat stymies foreign direct investment

Jamaica

upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of Ukraine

Japan

fourth-largest economy; trade-oriented and highly diversified; high public debt levels; real wage declines in inflationary environment; sustained near-zero central bank rates coupled with depreciation of yen; strong rebound in tourism

Jersey

British territorial island economy; strong offshore banking and finance sectors; low asset taxation; strong tourism sector prior to COVID-19 and Brexit; one of the most expensive places to live; minimal welfare system; historical cider industry

Jordan

low growth, upper middle-income Middle Eastern economy; high debt and unemployment, especially for youth and women; key US foreign assistance recipient; natural resource-poor and import-reliant

Kazakhstan

oil and gas giant, with growing international investment; domestic economy hit hard by COVID-19 disruptions; reforming civil society and improving business confidence; legacy state controls and Russian influence inhibit growth and autonomy

Kenya

fast growing, third largest Sub-Saharan economy; strong agriculture and emerging services and tourism industries; current account deficit and high debt; broadband and mobile-money platform investments; surging inflation due to oil and food hikes; new investor-friendly incentives; environmentally fragile economy

Kiribati

lower-middle income, Pacific island economy; environmentally fragile; sizable remittances; key phosphate mining fund; tourism and fishing industries; public sector-dominated economy; recent withdrawal from Pacific Islands Forum; ongoing constitutional crisis

Korea, North

one of the last centrally planned economies; hard hit by COVID-19, crop failures, international sanctions, and isolationist policies; declining growth and trade, and heavily reliant on China; poor exchange rate stability; economic data integrity issues

Korea, South

strong export-driven East Asian economy; sustainable and social policy leader; foreign aid financier; automotive manufacturing; app-based developer and exporter; global healthcare technology leader; aging workforce; largest semiconductor producer

Kosovo

small-but-growing European economy; non-EU member but unilateral euro user; very high unemployment, especially youth; vulnerable reliance on diaspora tourism services, curtailed by COVID-19 disruptions; unclear public loan portfolio health

Kuwait

small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program

Kyrgyzstan

landlocked, lower-middle-income Central Asian economy; natural resource rich; growing hydroelectricity and tourism; high remittances; corruption limits investment; COVID-19 and political turmoil hurt GDP, limited public revenues, and increased spending

Laos

lower middle-income, socialist Southeast Asian economy; one of the fastest growing economies; declining but still high poverty; natural resource rich; new anticorruption efforts; already high and growing public debt; service sector hit hard by COVID-19

Latvia

high-income, EU-member Baltic economy; export-driven; Russian invasion of Ukraine has caused a temporary labor force surge and impacted growth due to Russian trade reliance; highly developed transit services

Lebanon

upper middle-income Middle Eastern economy; economic activity hurt by economic depression, COVID-19, and port explosion; hyperinflation and sharp poverty increases; banks have ceased lending; new financing facility helping with recovery

Lesotho

lower middle-income economy surrounded by South Africa; environmentally fragile and politically unstable; key infrastructure and renewable energy investments; dire poverty; urban job and income losses due to COVID-19; systemic corruption

Liberia

low-income West African economy; food scarcity, especially in rural areas; high poverty and inflation; bad recession prior to COVID-19 due to Ebola crisis; growing government debt; longest continuously operated rubber plantation; large informal economy

Libya

upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures

Liechtenstein

high-income European economy; Schengen Area participant; key European financial leader; integrated with Swiss economy and franc currency user; one of the highest GDP per capita countries; relies on US and Eurozone markets for exports

Lithuania

high-income, EU-member, largest Baltic economy; privatized most state-owned enterprises; unmoved youth emigration; systemic corruption; issued Europe’s first bank-backed digital coin (LBCOIN); highly educated workforce; lowest EU household debt

Luxembourg

high-income, EU-member European economy; global financial and information storage leader; high government spending; one of highest GDP per capita countries; unique audit accountancy based on company sizing; aging labor force; hit by COVID-19

Macau

high-income, Chinese special administrative region economy; known for apparel exports and gambling tourism; currency pegged to Hong Kong dollar; significant recession due to 2015 Chinese anticorruption campaign; COVID-19 further halved economic activity

Madagascar

low-income East African island economy; natural resource rich; extreme poverty; return of political stability has helped growth; sharp tax revenue drop due to COVID-19; leading vanilla producer; environmentally fragile

Malawi

low-income East African economy; primarily agrarian; investing in human capital; urban poverty increasing due to COVID-19; high public debt; endemic corruption and poor property rights; poor hydroelectric grid; localized pharmaceutical industry

Malaysia

upper middle-income Southeast Asian economy; implementing key anticorruption policies; major electronics, oil, and chemicals exporter; trade sector employs over 40% of jobs; key economic equity initiative; high labor productivity

Maldives

upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic began

Mali

low-income Saharan economy; recession due to COVID-19 and political instability; extreme poverty; environmentally fragile; high public debt; agricultural and gold exporter; terrorism and warfare are common

Malta

high-income, EU-member European economy; diversified portfolio; euro user; dependent on food and energy imports; strong tourism, trade, and manufacturing sectors; high North African immigration; large welfare system; educated workforce

Marshall Islands

upper middle-income Pacific island economy; US aid reliance; large public sector; coconut oil production as diesel fuel substitute; growing offshore banking locale; fishing rights seller; import-dependent

Mauritania

lower middle-income West African economy; primarily agrarian; rising urbanization; poor property rights; systemic corruption; endemic social and workforce tensions; wide-scale terrorism; foreign over-fishing; environmentally fragile

Mauritius

upper middle-income Indian Ocean island economy; diversified portfolio; investing in maritime security; strong tourism sector decimated by COVID-19; expanding in information and financial services; environmentally fragile

Mexico

one of the world’s largest economies; USMCA buttresses its manufacturing sector; has underperformed growth targets for three decades; COVID-19 disrupted export-based economy; corruption and cartel-based violence undermine economic stability

Micronesia, Federated States of

lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption

Moldova

upper middle-income Eastern European economy; sustained growth reversed by COVID-19; significant remittances; Russian energy and regional dependence; agricultural exporter; declining workforce due to emigration and low fertility

Monaco

high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises

Mongolia

lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; export and consumption-led growth; high inflation due to supply bottlenecks and increased food and energy prices; currency depreciation

Montenegro

upper middle-income Balkan economy; unsanctioned euro user; controversial religious property ownership law; persistent corruption; major infrastructure investments and high expenditures; growing offshore banking destination

Montserrat

formerly high-income economy; volcanic activity destroyed much of original infrastructure and economy; new capital and port is being developed; key geothermal and solar power generation; key music recording operations

Morocco

lower middle-income North African economy; ongoing recovery from recent drought; rebounding via tourism, manufacturing, and aeronautics industries; major US free trade agreement; developing energy exporter 

Mozambique

low-income East African economy; mostly rural labor force; natural resource rich; strong South African ties; Islamist terrorism in north endangers newly discovered natural gas; currently in court over massive (possibly unauthorized) debt

Namibia

upper middle-income, export-driven Sub-Saharan economy; natural resource rich; Walvis Bay port expansion for trade; high potential for renewable power generation and energy independence; major nature-based tourist locale; natural resource rich; shortage of skilled labor

Nauru

upper-middle-income Pacific island country; phosphate resource exhaustion made island interior uninhabitable; licenses fishing rights; houses Australia’s Regional Processing Centre; former tax haven; largely dependent on foreign subsidies

Nepal

low-income South Asian economy; post-conflict fiscal federalism increasing stability; COVID-19 hurt trade and tourism; widening current account deficits; environmentally fragile economy from earthquakes; growing Chinese relations and investments

Netherlands

high-income European economy; core EU member; chemical, oil, and machinery exporter; some age-based income inequality; substantial amount of independent contractor employees; manageable public debt; key international aid funder.

New Caledonia

upper-middle-income French Pacific territorial economy; enormous nickel reserves; ongoing French independence negotiations; large Chinese nickel exporter; luxury eco-tourism destination; large French aid recipient; high cost-of-living; lingering wealth disparities

New Zealand

high-income Pacific island economy; strong agriculture, manufacturing, tourism, and energy sectors; reliant on Chinese market for exports; sustained growth; low unemployment; high living standards; sharp growth post COVID-19 lockdown

Nicaragua

low-income Central American economy; until 2018, nearly 20 years of sustained GDP growth; recent struggles due to COVID-19, political instability, and hurricanes; significant remittances; increasing poverty and food scarcity since 2005; sanctions limit investment

Niger

low-income Sahel economy; major instability and humanitarian crises limit economic activity; COVID-19 eliminated recent antipoverty gains; economy rebounding since December 2020 Nigerian border reopening and new investments; uranium resource rich

Nigeria

largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to energy prices; regional leader in critical infrastructure; primarily agrarian employment

Niue

upper-middle-income self-governing New Zealand territorial economy; environmentally fragile; massive emigration; post-pandemic tourism rebound; postage stamps, small-scale agricultural processing, and subsistence farming; most recent Asian Development Bank member

Norfolk Island

high-income Australian territorial economy; key tourism and re-exportation industries; small labor force and declining participation creating more part-time jobs; former tax haven; increasing medical cannabis exporter; little transportation infrastructure

North Macedonia

growing upper middle-income European economy; EU accession stalled due to Bulgarian dispute; new NATO member; private consumption-driven growth; investment declined due to COVID-19; regional economic power gains since Greek naming resolution

Northern Mariana Islands

US Pacific island commonwealth economy; growing Chinese and Korean tourist destination; hit hard by 2018 typhoon; dependent on energy imports; exempt from some US labor and immigration laws; longstanding garment production

Norway

high-income non-EU European economy; aging labor force; large state-owned energy company constrains budget and spending; largest oil sovereign wealth fund; major fishing, forestry, and extraction industries; large welfare system

Oman

high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation

Pakistan

lower middle-income South Asian economy; extremely high debt; endemic corruption; major currency devaluation; major food insecurity and inflation; environmentally fragile agricultural sector; regional disputes with India and Afghanistan hinder investment

Palau

high-income Pacific island economy; environmentally fragile; subsistence agriculture and fishing industries; US aid reliance; rebounding post-pandemic tourism industry and services sector; very high living standard and low unemployment

Panama

upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub

Papua New Guinea

lower middle-income Pacific island economy; primarily informal agrarian sector; natural resource-rich; key liquified natural gas exporter; growing young workforce; slow post-pandemic recovery; increasingly impoverished citizenry; sustainable inflation

Paraguay

upper middle-income South American economy; COVID-19 hit while still recovering from 2019 Argentina-driven recession; global hydroelectricity leader; major corruption and money-laundering locale; highly agrarian economy; significant income inequality

Peru

upper middle-income South American economy; hit hard by political instability and COVID-19 but rebounding quickly; second-largest cocaine producer; current account balance improving; persistent income inequality; diversified exporter

Philippines

growing Southeast Asian economy; commercial rebound led by transportation, construction and financial services; electronics exports recovering from sector slowdown; significant remittances; interest rate rises following heightened inflation; uncertainties due to increased regional tensions with China 

Pitcairn Islands

small South Pacific British island territorial economy; exports primarily postage stamps, handicraft goods, honey, and tinctures; extremely limited infrastructure; dependent upon UK and EU aid; recent border reopening post-COVID-19

Poland

diversified, high-growth European economy; COVID-19 led to first recession in nearly 3 decades, albeit small; EU and NATO member; bolstering US relations; economic concentration in western region; aging labor force; growing debt

Portugal

fast-growing, high-income European economy; EU and NATO member; heavy Chinese infrastructure ownership; key tourism, banking, and telecommunications sectors; declining populations; major energy exporter

Puerto Rico

US Caribbean island territorial economy; hit hard by COVID-19 and hurricanes; declining labor force and job growth after a decade of continuous recession; capital-based industry and tourism; high poverty; energy import-dependent

Qatar

high-income, oil-and-gas-based Middle Eastern economy; National Vision 2030 government strategy for economic development, diversification, favorable business conditions to grow investment and employment; infrastructure investments; Islamic finance leader; citizenship-based labor force growth

Romania

high-income, service- and industrial-based European economy; EU member but non-euro user until convergence criteria met; sustained growth prior to COVID-19; major FDI recipient; flat taxation structure; digital hub of Eastern Europe

Russia

natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions

Rwanda

fast-growing Sub-Saharan economy; major public investments; trade and tourism hit hard by COVID-19; increasing poverty after 2 decades of declines; Ugandan competition for regional influence; major coffee exporter; contested GDP figures

Saint Barthelemy

high-income French Caribbean territorial economy; duty-free luxury commerce and tourism industries; import-dependent for food, water, energy, and manufacturing; large Brazilian and Portuguese labor supply; environmentally fragile

Saint Helena, Ascension, and Tristan da Cunha

upper middle-income, British Atlantic Ocean territorial economy; native (but pegged to British pound) currency user on 2 of 3 islands; significant UK financial support; unique land/farming commune structure; military-related economic activity; sport fishing locale

Saint Kitts and Nevis

high-income, tourism-based Caribbean OECS economy; better debt balancing; CARICOM and ECCU member; growing offshore financial and telecommunications hub; environmentally fragile; unique citizenship-driven growth model

Saint Lucia

upper middle-income, tourism-based Caribbean island economy; environmentally fragile; energy import-dependent; major banana producer; well-educated labor force; key infrastructure, IT, and communications investments

Saint Martin

high-income French Caribbean territorial economy; extremely reliant on tourism, with severe COVID-19 impacts; near-total destruction from Hurricane Irma in 2017; some offshore banking; import-dependent; duty-free commerce; yachting destination

Saint Pierre and Miquelon

high-income, French North American territorial economy; primarily fishing exports; substantial French Government support; highly seasonal labor force; euro user; increasing tourism and aquaculture investments

Saint Vincent and the Grenadines

upper middle-income Caribbean island economy; key agriculture and tourism sectors; environmentally fragile; diversifying economy across services, science and knowledge, and creative industries; CARICOM member and US Caribbean Basin Initiative beneficiary

Samoa

ower middle-income Pacific island economy; enormous fishing and agriculture industries; significant remittances; growing offshore financial hub; recently hosted Pacific Games to drive tourism and infrastructure growth

San Marino

high-income, non-EU European economy; surrounded by Italy, which is the dominant importer and exporter; open border to EU and a euro user; strong financial sector; high foreign investments; low taxation; increasingly high and risky debt

Sao Tome and Principe

ower middle-income Central African island economy; falling cocoa production due to drought and mismanagement; joint oil venture with Nigeria; government owns 90% of land; high debt, partly from fuel subsidies; tourism gutted by COVID-19

Saudi Arabia

high-income, oil-based Middle Eastern economy; OPEC leader; diversifying portfolio; declining per-capita incomes; young labor force; key human capital gaps; heavy bureaucracy and increasing corruption; substantial poverty; low innovation economy

Senegal

lower middle-income, services-driven West African economy; key mining, construction, agriculture, and fishing industries; tourism and exports hit hard by COVID-19; large informal economy; developing offshore oil and gas fields; systemic corruption

Serbia

upper middle-income Balkan economy; current EU accession candidate; hit by COVID-19; pursuing green growth development; manageable public debt; new anticorruption efforts; falling unemployment; historic Russian relations; energy import-dependent

Seychelles

high-income Indian Ocean island economy; rapidly growing tourism sector; major tuna exporter; offshore financial hub; environmentally fragile and investing in ocean rise mitigation; recently discovered offshore oil potential; successful anticorruption efforts

Sierra Leone

low-income West African economy; primarily subsistent agriculture; key iron and diamond mining activities suspended; slow recovery from 1990s civil war; systemic corruption; high-risk debt; high youth unemployment; natural resource rich

Singapore

high-income, service-based Southeast Asian economy; renowned for financial markets and Asian Infrastructure Exchange; business-driven regulations; low unemployment; electronics, oil, and chemicals exporter; continuing education investment

Sint Maarten

high-income, tourism-based Dutch autonomous constituent economy; severe hurricane- and COVID-19-related economic recessions; multilateral trust fund helping offset economic downturn; no property taxation; re-exporter to Saint Martin

Slovakia

high-income, EU-member European economy; major electronics and automobile exporter; new anticorruption and judiciary reforms; low unemployment; low regional innovation; strong financial sector

Slovenia

high-income, fast-growing EU-member economy; high human capital; key health infrastructure investments; high government spending; key Croatian investments; high-technology and manufacturing sectors; growing financial hub

Solomon Islands

lower middle-income Pacific island economy; natural resource rich but environmentally fragile; key agrarian sector; growing Chinese economic relationship; infrastructure damage due to social unrest; metal mining operations

Somalia

low-income African Horn economy; 30 years of war and instability crippled economic potential; high remittances for basic survival; new fiscal federalism approach; cleared some unsustainable debt; environmentally fragile; digitally driven urbanization efforts

South Africa

upper middle-income South African economy; hard hit by COVID-19; poor utilities management; key rare earth goods exporter; high income inequality; hosts Africa’s largest stock exchange; rising unemployment, especially youth; land rights changes

South Sudan

low-income, oil-based Sahelian economy; extreme poverty and food insecurity; COVID-19 and ongoing violence threaten socioeconomic potential; environmentally fragile; ongoing land and property rights issues; natural resource rich but lacks infrastructure

Spain

high-income core EU economy; diversified trade portfolio; continental tourism locale; high government spending and debt; prone to political financing corruption; negatively impacted by COVID-19; important port and customs infrastructure; key clothing/footwear supplier

Sri Lanka

economic contraction in 2022-23 marked by increased poverty and significant inflation; IMF two-year debt relief program following 2022 sovereign default; structural challenges from non-diversified economy and rigid labor laws; heavy dependence on tourism receipts and remittances

Sudan

low-income Sahel economy; one of the world’s major agricultural exporters; shared oil pipeline exports with South Sudan; transitional government increasing human capital investment; food prices hit hard by COVID-19; ongoing Gezira Scheme irrigation project

Suriname

upper middle-income South American economy; new floating currency regime; key aluminum goods, gold, and hydrocarbon exporter; new IMF plan for economic recovery and fiscal sustainability; controversial hardwood industry

Svalbard

high-income Norwegian island economy; major coal mining, tourism, and research sectors; recently established northernmost brewery; key whaling and fishing base; home to the Global Seed Vault

Sweden

high-income, knowledge-based economy; EU member but non-euro user (refuses to peg krona to euro); large welfare state that complements its free-market capitalism; high living standards, environmental protections, income and gender equality; rebounding well from COVID-19 disruptions

Switzerland

high-income, non-EU European economy; renowned banking and financial hub; extremely low unemployment; highly skilled but aging workforce; key pharmaceutical and precision manufacturing exporter; fairly high public debt

Syria

low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation

Taiwan

high-income East Asian economy; most technologically advanced computer microchip manufacturing; increasing Chinese interference threatens market capabilities; minimum wages rising; longstanding regional socioeconomic inequality

Tajikistan

lower middle-income Central Asian economy; key gold, cotton, and aluminum exporter; declining poverty; sustained high growth; very limited private sector; substantial illicit drug trade; significant remittances; environmentally fragile

Tanzania

emerging lower middle-income East African economy; resource-rich and growing tourism; strong post-pandemic recovery from hospitality, electricity, mining, and transit sectors; declining poverty; stable inflation; gender-based violence economic and labor force disruptions

Thailand

upper middle-income Southeast Asian economy; substantial infrastructure; major electronics, food, and automobile parts exporter; globally used currency; extremely low unemployment, even amid COVID-19; ongoing Thailand 4.0 economic development

Timor-Leste

lower middle-income Southeast Asian economy; government expenditures funded via oil fund drawdowns; endemic corruption undermines growth; foreign aid-dependent; wide-scale poverty, unemployment, and illiteracy

Togo

low-income West African economy; primarily agrarian economy; has a deep-water port; growing international shipping locale; improving privatization and public budgeting transparency; key phosphate mining industry; extremely high rural poverty

Tokelau

small New Zealand territorial island economy; labor force can work in New Zealand or Australia; significant remittances; largely solar-powered infrastructure; reliant on New Zealand funding; stamp, coin, and crafts producer

Tonga

upper middle-income Pacific island economy; enormous diaspora and remittance reliance; key tourism and agricultural sectors; major fish exporter; rapidly growing Chinese infrastructure investments; rising methamphetamine hub

Trinidad and Tobago

high-income Caribbean economy; major hydrocarbon exporter; key tourism and finance sectors; high inflation and growing public debt; long foreign currency access delays; large foreign reserves and sovereign wealth fund

Tunisia

lower middle-income North African economy; drafting reforms for foreign lenders; high unemployment, especially for youth and women; hit hard by COVID-19; high public sector wages; high public debt; protectionist austerity measures; key EU trade partner

Turkey (Turkiye)

upper middle-income, diversified Middle Eastern economy; heightened inflation and currency depreciation triggered by expansionary monetary and fiscal policy ahead of 2023 elections, now being reversed; industrializing economy that maintains large agricultural base

Turkmenistan

upper middle-income Central Asian economy; has 10% of global natural gas reserves, exporting to Russia and China; natural resource rich; authoritarian and dominated by state-owned enterprises; major central-south Asian pipeline development

Turks and Caicos Islands

British Caribbean island territorial economy; GDP and its tourism industry hit hard by COVID-19 disruptions; major biodiversity locale; US dollar user; fossil fuel dependent; negative trade balance; increasing unemployment

Tuvalu

upper middle-income Pacific island economy; extremely environmentally fragile; currency pegged to Australian dollar; large international aid recipient; subsistence agrarian sector; Te Kakeega sustainable development; domain name licensing incomes

Uganda

low-income, primarily agrarian East African economy; COVID-19 hurt economic growth and poverty reduction; lower oil prices threaten prior sector investments; endemic corruption; natural resource rich; high female labor force participation but undervalued

Ukraine

lower middle-income non-EU Eastern European economy; key wheat, corn, and industrials exporter; emerging electronics producer; war-related massive labor shortages and displacement, as well as environmental destruction of agricultural areas; critical humanitarian and military aid recipient; large inflation and poverty increases; wartime data collection inconsistencies for Western areas

United Arab Emirates

historically oil-driven Middle Eastern economy; diversifying into a trade-oriented logistics and supply chain leader; strong foreign direct investment orientation; building trade and investment ties through partnership agreements; growing banking sector; recent economic linkages with Israel slowing due to Gaza conflict

United Kingdom

high-income, diversified non-EU European economy; sixth-largest importer and exporter; global financial and diplomatic leader; nominal consumption-led growth; high inflation and increased interest rates eroding purchasing power despite real wage growth

United States

high-income, diversified North American economy; NATO leader; largest importer and second-largest exporter; home to leading financial exchanges; high and growing public debt; rising socioeconomic inequalities; historically low interest rates; hit by COVID-19

Uruguay

high-income, export-oriented South American economy; South America’s largest middle class; low socioeconomic inequality; growing homicide rates; growing Chinese and EU relations; 2019 Argentine recession hurt; key milk, beef, rice, and wool exporter

Uzbekistan

lower middle-income Central Asian economy; CIS Free Trade Area member but no intention of EAEU membership; key natural gas, cotton, and gold exporter; landlocked and environmentally fragile; positive growth through COVID-19, but poverty increasing

Vanuatu

lower-middle income Pacific island economy; extremely reliant on subsistence agriculture and tourism; environmentally fragile; struggling post-pandemic and Tropical Cyclone Harold rebound; sizeable inflation; road infrastructure aid from Australia

Venezuela

South American economy; ongoing hyperinflation since mid-2010s; chaotic economy due to political corruption, infrastructure cuts, and human rights abuses; in debt default; oil exporter; hydropower consumer; rising Chinese relations

Vietnam

lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption

Virgin Islands

high-income, tourism-based American territorial economy; severe COVID-19 economic disruptions; major rum distillery; high public debt; sluggish reopening of large oil refinery; environmentally susceptible to hurricanes; many informal industries

Wallis and Futuna

lower-middle-income, agrarian French dependency economy; heavily reliant on French subsidies; licenses fishing rights to Japan and South Korea; major remittances from New Caledonia; aging workforce; import-dependent; deforestation-fueled fragility

Yemen

low-income Middle Eastern economy; infrastructure, trade, and economic institutions devastated by civil war; oil/gas-dependent but decreasing reserves; massive poverty, food insecurity, and unemployment; high inflation

Zambia

lower middle-income Sub-Saharan economy; major copper exporter; high public debt is held mostly by China; systemic corruption; one of youngest and fastest growing labor forces; regional hydroelectricity exporter; extreme rural poverty

Zimbabwe

low income Sub-Saharan economy; political instability, protest crackdowns, and COVID-19 have damaged economic potential; reliant on natural resource extraction and agriculture; endemic corruption; ongoing hyperinflation