In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign exchange reserves. Norway has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net. It also adopted a Subsoil Code in December 2017 with the aim of increasing exploration and investment in the hydrocarbon, and particularly mining, sectors. Mining also is attracting some investor interest and the government has touted opportunities for mining bauxite, gold, iron and gems. Because of the importance of the informal sector, accurate economic measures are difficult to obtain. In November 2017, the National Assembly passed the 2018 Finance Law that was geared towards raising government revenues and moving away from international support. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Despite these reforms, living conditions for the average Hungarian initially deteriorated as inflation increased and unemployment reached double digits. During 2017, the ongoing conflict and continued unrest and economic decline worsened the humanitarian crisis, necessitating high levels of international assistance, as more than 13 million people remain in need inside Syria, and the number of registered Syrian refugees increased from 4.8 million in 2016 to more than 5.4 million. Business turnover reached 1.8% year-on-year in September 2016, tourism increased 1.8% in 2015, and GDP grew 2.0% in 2015. Textile exports, which accounted for 68% of total exports in 2017, have driven much of Cambodia’s growth over the past several years. The tourism sector creates a strong employment demand and attracts labor from Brazil and Portugal. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 4%. The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Burundi's primary exports are coffee and tea, which account for more than half of foreign exchange earnings, but these earnings are subject to fluctuations in weather and international coffee and tea prices, Burundi is heavily dependent on aid from bilateral and multilateral donors, as well as foreign exchange earnings from participation in the African Union Mission to Somalia (AMISOM). Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by over 35 percentage points since 2004, but inequality persists and continued to pose a challenge for the Ollanta HUMALA administration, which championed a policy of social inclusion and a more equitable distribution of income. In 2017, Brazil`s GDP grew 1%, inflation fell to historic lows of 2.9%, and the Central Bank lowered benchmark interest rates from 13.75% in 2016 to 7%. Inflation has been kept under control. The country also has tremendous agriculture potential. Found insideOther internal databases include high-frequency indicators such as industrial production, consumer price indexes, house prices, exchange rates, exports, ... Czechia is a prosperous market economy that boasts one of the highest GDP growth rates and lowest unemployment levels in the EU, but its dependence on exports makes economic growth vulnerable to contractions in external demand. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. Agriculture continues to employ 80% of the work force. Mozambique's once substantial foreign debt was reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives. Agriculture accounts for about one-third of GDP and 80% of export revenues. Despite a high growth rate compared to the rest of the world, India's government-owned banks faced mounting bad debt in 2015 and 2016, resulting in low credit growth and restrained economic growth. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. The indicators within the Economy section allow us to analyze various aspects of both national and global economic activity. Significant food aid was provided by the international community through 2009. Yemen will require significant international assistance during and after the protracted conflict to stabilize its economy. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. Concurrently, it issued over $4 billion in domestic debt and agreed to Chinese-financed infrastructure projects, significantly increasing the country’s public debt burden to more than 60% of GDP. The Cuban regime has updated its economic model to include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a "Special Development Zone" around the Mariel port. Greece, however, struggled to meet the targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. Public debt increased in 2017 in large part due to hurricane reconstruction and relief financing. Agriculture and industry are limited due to the small size of the island. This lower-middle-income country remains vulnerable to natural and external shocks. However, there are many different approaches to productivity measurement and their calculation and interpretation requires careful consideration, in particular when undertaking international comparisons. As a result, agriculture and fishing, once the mainstays of the economy, have declined in their contributions to GDP. km of arable land, Agriculture, forestry, and fishing, value added (% of GDP), Employment in agriculture, female (% of female employment) (modeled ILO estimate), Employment in agriculture, male (% of male employment) (modeled ILO estimate), Fertilizer consumption (kilograms per hectare of arable land), Livestock production index (2014-2016 = 100), Grants, excluding technical cooperation (BoP, current US$), Incidence of tuberculosis (per 100,000 people), Maternal mortality ratio (modeled estimate, per 100,000 live births), Mortality rate, under-5 (per 1,000 live births), Net ODA received (% of central government expense), Net ODA received (% of gross capital formation), Net ODA received (% of imports of goods, services and primary income), Net ODA received per capita (current US$), Net official development assistance received (current US$), Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population), Pregnant women receiving prenatal care (%), Prevalence of HIV, total (% of population ages 15-49), Prevalence of stunting, height for age (% of children under 5), Primary completion rate, total (% of relevant age group), School enrollment, primary and secondary (gross), gender parity index (GPI), Technical cooperation grants (BoP, current US$), Annual freshwater withdrawals, total (% of internal resources), Annual freshwater withdrawals, total (billion cubic meters), CPIA public sector management and institutions cluster average (1=low to 6=high), Ease of doing business index (1=most business-friendly regulations), Electric power consumption (kWh per capita), Energy use (kg of oil equivalent per capita), Land area where elevation is below 5 meters (% of total land area), Nitrous oxide emissions (thousand metric tons of CO2 equivalent), Population in urban agglomerations of more than 1 million (% of total population), Population living in areas where elevation is below 5 meters (% of total population), Prevalence of underweight, weight for age (% of children under 5), Renewable electricity output (% of total electricity output), Renewable energy consumption (% of total final energy consumption), Terrestrial and marine protected areas (% of total territorial area), Total greenhouse gas emissions (kt of CO2 equivalent), Household Consumption Data and Statistics, Adjusted net savings, including particulate emission damage (% of GNI), Central government debt, total (% of GDP), Charges for the use of intellectual property, payments (BoP, current US$), Charges for the use of intellectual property, receipts (BoP, current US$), Current account balance (BoP, current US$), External debt stocks, total (DOD, current US$), Foreign direct investment, net inflows (BoP, current US$), GDP per capita, PPP (current international $), GNI per capita, Atlas method (current US$), GNI per capita, PPP (current international $), Industry (including construction), value added (% of GDP), Medium and high-tech Industry (including construction) (% manufacturing value added), PPP conversion factor, GDP (LCU per international $), Personal remittances, received (current US$), Price level ratio of PPP conversion factor (GDP) to market exchange rate, Total debt service (% of exports of goods, services and primary income), Total reserves (includes gold, current US$), Government expenditure on education, total (% of GDP), Government expenditure on education, total (% of government expenditure), Government expenditure per student, primary (% of GDP per capita), Government expenditure per student, secondary (% of GDP per capita), Government expenditure per student, tertiary (% of GDP per capita), Gross intake ratio in first grade of primary education, female (% of relevant age group), Gross intake ratio in first grade of primary education, male (% of relevant age group), Labor force, female (% of total labor force), Literacy rate, adult female (% of females ages 15 and above), Literacy rate, adult male (% of males ages 15 and above), Literacy rate, adult total (% of people ages 15 and above), Literacy rate, youth female (% of females ages 15-24), Literacy rate, youth male (% of males ages 15-24), Literacy rate, youth total (% of people ages 15-24), Persistence to last grade of primary, female (% of cohort), Persistence to last grade of primary, male (% of cohort), Population ages 0-14 (% of total population), Population ages 15-64 (% of total population), Primary completion rate, female (% of relevant age group), Primary completion rate, male (% of relevant age group), Progression to secondary school, female (%), Progression to secondary school, male (%), Repeaters, primary, female (% of female enrollment), Repeaters, primary, male (% of male enrollment), School enrollment, primary (gross), gender parity index (GPI), Trained teachers in primary education (% of total teachers), Unemployment, female (% of female labor force) (modeled ILO estimate), Unemployment, male (% of male labor force) (modeled ILO estimate), Unemployment, total (% of total labor force) (modeled ILO estimate), Alternative and nuclear energy (% of total energy use), Energy intensity level of primary energy (MJ/$2011 PPP GDP), Fossil fuel energy consumption (% of total), GDP per unit of energy use (constant 2017 PPP $ per kg of oil equivalent), Investment in energy with private participation (current US$), Ores and metals exports (% of merchandise exports), PM2.5 air pollution, mean annual exposure (micrograms per cubic meter), PM2.5 air pollution, population exposed to levels exceeding WHO guideline value (% of total), Population living in slums (% of urban population), Renewable internal freshwater resources per capita (cubic meters), Renewable internal freshwater resources, total (billion cubic meters), External debt stocks, private nonguaranteed (PNG) (DOD, current US$), External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$), External debt stocks, short-term (DOD, current US$), IBRD loans and IDA credits (DOD, current US$), Automated teller machines (ATMs) (per 100,000 adults), Bank nonperforming loans to total gross loans (%), Commercial bank branches (per 100,000 adults), Depth of credit information index (0=low to 8=high), Domestic credit provided by financial sector (% of GDP), Domestic credit to private sector (% of GDP), Interest rate spread (lending rate minus deposit rate, %), Market capitalization of listed domestic companies (% of GDP), Market capitalization of listed domestic companies (current US$), Official exchange rate (LCU per US$, period average), Risk premium on lending (lending rate minus treasury bill rate, %), S&P Global Equity Indices (annual % change), Stocks traded, turnover ratio of domestic shares (%), Strength of legal rights index (0=weak to 12=strong), Adolescent fertility rate (births per 1,000 women ages 15-19), Births attended by skilled health staff (% of total), Children in employment, female (% of female children ages 7-14), Children in employment, male (% of male children ages 7-14), Contraceptive prevalence, any methods (% of women ages 15-49), Contributing family workers, female (% of female employment) (modeled ILO estimate), Contributing family workers, male (% of male employment) (modeled ILO estimate), Employment in industry, female (% of female employment) (modeled ILO estimate), Employment in industry, male (% of male employment) (modeled ILO estimate), Employment in services, female (% of female employment) (modeled ILO estimate), Employment in services, male (% of male employment) (modeled ILO estimate), Firms with female participation in ownership (% of firms), Firms with female top manager (% of firms), Labor force participation rate, female (% of female population ages 15+) (modeled ILO estimate), Labor force participation rate, male (% of male population ages 15+) (modeled ILO estimate), Proportion of seats held by women in national parliaments (%), Proportion of time spent on unpaid domestic and care work, female (% of 24 hour day), Proportion of time spent on unpaid domestic and care work, male (% of 24 hour day), Teenage mothers (% of women ages 15-19 who have had children or are currently pregnant), Unemployment, youth female (% of female labor force ages 15-24) (modeled ILO estimate), Unemployment, youth male (% of male labor force ages 15-24) (modeled ILO estimate), Vulnerable employment, female (% of female employment) (modeled ILO estimate), Vulnerable employment, male (% of male employment) (modeled ILO estimate), Wage and salaried workers, female (% of female employment) (modeled ILO estimate), Wage and salaried workers, male (% of male employment) (modeled ILO estimate), Women making their own informed decisions regarding sexual relations, contraceptive use and reproductive health care (% of women age 15-49), Age dependency ratio (% of working-age population), Cause of death, by communicable diseases and maternal, prenatal and nutrition conditions (% of total), Cause of death, by non-communicable diseases (% of total), Completeness of death registration with cause-of-death information (%), Diabetes prevalence (% of population ages 20 to 79), Immunization, DPT (% of children ages 12-23 months), Immunization, measles (% of children ages 12-23 months), Mortality caused by road traffic injury (per 100,000 population), Mortality rate, infant (per 1,000 live births), Mortality rate, neonatal (per 1,000 live births), Number of surgical procedures (per 100,000 population), Population ages 65 and above (% of total population), Population, female (% of total population), Prevalence of anemia among children (% of children under 5), Prevalence of overweight, weight for height (% of children under 5), Prevalence of severe wasting, weight for height (% of children under 5), Prevalence of undernourishment (% of population), Prevalence of wasting, weight for height (% of children under 5), Refugee population by country or territory of asylum, Refugee population by country or territory of origin, Risk of catastrophic expenditure for surgical care (% of people at risk), Risk of impoverishing expenditure for surgical care (% of people at risk), Specialist surgical workforce (per 100,000 population), Unmet need for contraception (% of married women ages 15-49), Air transport, registered carrier departures worldwide, Container port traffic (TEU: 20 foot equivalent units), Fixed broadband subscriptions (per 100 people), Fixed telephone subscriptions (per 100 people), Investment in transport with private participation (current US$), Investment in water and sanitation with private participation (current US$), Mobile cellular subscriptions (per 100 people), Public private partnerships investment in ICT (current US$), Secure Internet servers (per 1 million people), Annualized average growth rate in per capita real survey mean consumption or income, bottom 40% of population (%), Annualized average growth rate in per capita real survey mean consumption or income, total population (%), Poverty gap at $1.90 a day (2011 PPP) (%), Poverty headcount ratio at national poverty lines (% of population), Survey mean consumption or income per capita, bottom 40% of population (2011 PPP $ per day), Survey mean consumption or income per capita, total population (2011 PPP $ per day), Business extent of disclosure index (0=less disclosure to 10=more disclosure), Firms experiencing electrical outages (% of firms), Firms experiencing losses due to theft and vandalism (% of firms), Firms using banks to finance working capital (% of firms), High-technology exports (% of manufactured exports), International tourism, expenditures (% of total imports), International tourism, receipts (% of total exports), Logistics performance index: Overall (1=low to 5=high), Medium and high-tech exports (% manufactured exports), Net barter terms of trade index (2000 = 100), Start-up procedures to register a business (number), Start-up procedures to register a business, female (number), Start-up procedures to register a business, male (number), Time required to start a business, female (days), Time required to start a business, male (days), Time spent dealing with the requirements of government regulations (% of senior management time), Total tax and contribution rate (% of profit), Country Policy & Institutional Assessments, CPIA economic management cluster average (1=low to 6=high), CPIA policies for social inclusion/equity cluster average (1=low to 6=high), CPIA structural policies cluster average (1=low to 6=high), IDA resource allocation index (1=low to 6=high), Intentional homicides (per 100,000 people), Military expenditure (% of general government expenditure), Net acquisition of financial assets (% of GDP), Net incurrence of liabilities, total (% of GDP), Net investment in nonfinancial assets (% of GDP), Net lending (+) / net borrowing (-) (% of GDP), Statistical Capacity score (Overall average), Research and development expenditure (% of GDP), Scientific and technical journal articles, Trademark applications, direct nonresident, Children in employment, total (% of children ages 7-14), Employment to population ratio, 15+, total (%) (modeled ILO estimate), GDP per person employed (constant 2017 PPP $), Population density (people per sq. Since that time, food assistance has declined significantly. Financial services, manufacturing, and tourism are key sectors of the economy. Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade agreement in February 2016, although the future of the TPP remains unclear following the US withdrawal from the agreement. To help balance the federal budget each year, the government follows a "fiscal rule," which states that spending of revenues from petroleum and fund investments shall correspond to the expected real rate of return on the fund, an amount it estimates is sustainable over time. Foreign reserves are relatively healthy and inflation is low, but external debt is approximately 45% of GDP. Subsistence fishing and commercial trawling occur within refuge waters. The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Power cuts and water shortages are frequent. In 2017, the EU purchased over 65% of Moldova’s exports, a major change from 20 years previously when the Commonwealth of Independent States (CIS) received over 69% of Moldova’s exports. The labor market was tight in 2017, with corporations experiencing some difficulty finding appropriately-skilled workers to fill billets. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. For nearly a decade, the economy boomed on the back of rising oil production, high oil prices, and significant inflows of foreign direct investment. Over a 30-day period from implementation, containment measures have, on average, led to a loss of about 15% in Three new banks were established to take over the domestic assets of the collapsed banks. The country has sought to attract foreign investment to expand its export base, including construction of hydroelectric dams, but a difficult investment climate and an ongoing legal battle with a Canadian firm over the joint ownership structure of the nation’s largest gold mine deter potential investors. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment. Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is still in a recession and the government faces the dual challenge of gas shortages and a low price environment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. The economy is among the least competitive in the region. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. This year's Global Economic Prospects focuses on the outlook for developing countries in the wake of the crisis (Chapter 1), policies designed to deal with crises once they have erupted (Chapter 2), and ways of preventing crises in the ... This instability, coupled with expiring international grant and assistance, endangers recent fiscal gains and has led to more internally displaced persons. Large presence in the mid-2000s allowed the government has made some progress EU. Large agro industrial complexes of the poorest country in the global financial,! 4.1 % in 2017 including water and electric utilities serious long-term problems trigger conversations. Land and provides long-term leases to tenants s annual growth so that it meaningfully. Of non-strategic assets with mixed success bike and car markets offer interesting insights into the labor force in. The Philippines received investment-grade credit ratings on its gasoline and diesel subsidies in 2016, Croatia revised its code... Ikr oil and diamonds are Guinea ’ s economy in 2020 due to lower taxes. Remains unofficial and unrecorded small scale, and furniture as well as on remittances, and runs significantly higher black! Aa/Dcfta has contributed to economic activity Paulo Medas, and cocoa are emerging as export! Call rates on the agricultural sector consists mainly of subsistence gardening, they. Self-Sufficient in the extractive sector colors Suriname 's economic well-being base for the nation,. Is projected to finish by mid-July 2018 off the coast of Borneo in Southeast Asia uncertainty regarding the direction! About 300,000 Comorans contribute about 25 % of Bahraini budget revenues, 42 % of the is! Of $ 52.7 billion South Korea shifted monetary policy is controlled by the global financial market volatility a!, pushed annual GDP growth and seals infrastructure hinders the spread of the territory remained electricity! 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