The agricultural sector generates more than half of estimated GDP, although statistics are unreliable in the conflict-prone country. Burma established a managed float of the Burmese kyat in , granted the Central Bank operational independence in July , enacted a new anti-corruption law in September , and granted licenses to 13 foreign banks in Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by should increase its dependence on foreign energy. The United States Marine Corps and United States Army landed on the beaches of the southwestern side of the island, and spent more than three weeks in heavy fighting to secure the island from the Japanese. Donor support for reconstruction following the day conflict in between Israel and HAMAS and other Gaza-based militant groups has fallen short of post-conflict needs. The government has been widely criticized for its lack of transparency and misuse of oil revenues and has attempted to address this issue by working toward compliance with the Extractive Industries Transparency Initiative.
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Despite a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, low productivity, lack of transparency in public procurements, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. The country has few natural resources and a weak industrial base. The country has seen an upswing in gold exploration, production, and exports. In , the government adopted a new development strategy, set forth in the National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program , approved in , will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.
Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges. Since Burma began the transition to a civilian-led government in , the country initiated economic reforms aimed at attracting foreign investment and reintegrating into the global economy.
Burma established a managed float of the Burmese kyat in , granted the Central Bank operational independence in July , enacted a new anti-corruption law in September , and granted licenses to 13 foreign banks in In October , Burma passed a foreign investment law that consolidates investment regulations and eases rules on foreign ownership of businesses.
The government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure.
The government has also taken steps to improve transparency in the mining and oil sectors through publication of reports under the Extractive Industries Transparency Initiative EITI in and Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. The isolationist policies and economic mismanagement of previous governments have left Burma with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse.
The Burmese Government has been slow to address impediments to economic development such as unclear land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system. Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. 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.
Burundi faces several underlying weaknesses — low governmental capacity, corruption, a high poverty rate, poor educational levels, a weak legal system, a poor transportation network, and overburdened utilities — that have prevented the implementation of planned economic reforms. Real GDP growth dropped precipitously following political events in and has yet to recover to pre-conflict levels. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP.
Tourism is the mainstay of the economy and depends on conditions in the euro-zone countries. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in Sub-Saharan Africa. The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes.
The fishing potential, mostly lobster and tuna, is not fully exploited. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. The tourism, garment, construction and real estate, and agriculture sectors accounted for the bulk of growth. Around , people, the majority of whom are women, are employed in the garment and footwear sector.
An additional , Cambodians are employed in the tourism sector, and a further , people in construction. Tourism has continued to grow rapidly with foreign arrivals exceeding 2 million per year in and reaching 5. Mining also is attracting some investor interest and the government has touted opportunities for mining bauxite, gold, iron and gems.
Still, Cambodia remains one of the poorest countries in Asia and long-term economic development remains a daunting challenge, inhibited by corruption, limited human resources, high income inequality, and poor job prospects. The population lacks education and productive skills, particularly in the impoverished countryside, which also lacks basic infrastructure. The World Bank in formally reclassified Cambodia as a lower middle-income country as a result of continued rapid economic growth over the past several years.
A major economic challenge for Cambodia over the next decade will be fashioning an economic environment in which the private sector can create enough jobs to handle Cambodia's demographic imbalance. Since , the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks.
The IMF continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget and diverted funds from education, healthcare, and infrastructure projects, as low oil prices have led to lower revenues.
Cameroon devotes significant resources to several large infrastructure projects currently under construction, including a deep seaport in Kribi and the Lom Pangar Hydropower Project. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs, and improve its economic footprint, but its unfavorable business environment remains a significant deterrent to foreign investment.
Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban.
Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports. Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from through The global economic crisis of moved the Canadian economy into sharp recession by late , and Ottawa posted its first fiscal deficit in after 12 years of surplus.
Canada's major banks emerged from the financial crisis of among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization.
With no direct taxation, the islands are a thriving offshore financial center. More than 65, companies were registered in the Cayman Islands as of , including more than banks, insurers, and 10, mutual funds.
A stock exchange was opened in The Caymanians enjoy a standard of living comparable to that of Switzerland. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 2. The agricultural sector generates more than half of estimated GDP, although statistics are unreliable in the conflict-prone country. Timber and diamonds account for most export earnings, followed by cotton.
Important constraints to economic development include the CAR's landlocked geography, poor transportation system, largely unskilled work force, and legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is highly unequal and grants from the international community can only partially meet humanitarian needs. The currency is pegged to the Euro.
Since , the IMF has worked closely with the government to institute reforms that have resulted in some improvement in budget transparency, but other problems remain. The government's additional spending in the run-up to the election worsened CAR's fiscal situation. Participation in the Kimberley Process, a commitment to remove conflict diamonds from the global supply chain, led to a partially lifted the ban on diamond exports from CAR in , but persistent insecurity is likely to constrain real GDP growth.
The services sector contributes less than one-third of GDP and has attracted foreign investment mostly through telecommunications and banking. The country regulates the price of domestic fuel, providing an incentive for black market sales. Chad relies on foreign assistance and foreign capital for most of its public and private sector investment. Investment in Chad is difficult due to its limited infrastructure, lack of trained workers, extensive government bureaucracy, and corruption.
Chad obtained a three-year extended credit facility from the IMF in and was granted debt relief under the Heavily Indebted Poor Countries Initiative in April In , economic policy will be driven by efforts that started in to reverse the recession and to repair damage to public finances and exports. The government is implementing an emergency action plan to counterbalance the drop in oil revenue and to diversify the economy.
The original Glencore loan was to be repaid with crude oil assets, however, Chad's oil sales were hit by the downturn in the price of oil. Multinational partners, such as the African Development Bank, the EU, and the World Bank are likely to continue budget support in , but Chad will remain at high debt risk, given its dependence on oil revenue and pressure to spend on subsidies and security. Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America.
Growth slowed to an estimated 1. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January The Chilean Government has generally followed a countercyclical fiscal policy, under which it accumulates surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allows deficit spending only during periods of low copper prices and growth.
Chile used these funds to finance fiscal stimulus packages during the economic downturn. Since the late s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment.
China continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity PPP basis that adjusts for price differences, China in stood as the largest economy in the world, surpassing the US in for the first time in modern history. China became the world's largest exporter in , and the largest trading nation in Still, China's per capita income is below the world average. In July moved to an exchange rate system that references a basket of currencies.
However, since late the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability. The Chinese Government faces numerous economic challenges including: Economic development has progressed further in coastal provinces than in the interior, and by more than Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem.
China continues to lose arable land because of erosion and urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In , China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between and The government's 13th Five-Year Plan, unveiled in March , emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry.
However, China has made more progress on subsidizing innovation than rebalancing the economy. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The slight acceleration in economic growth in —the first such uptick since —gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late The main economic activities on Christmas Island are the mining of low grade phosphate, limited tourism, the provision of government services and, since , the construction and operation of the Immigration Detention Center.
The government sector includes administration, health, education, policing, customs, quarantine, and defense. Although species of fish have been identified in the territorial waters of Clipperton Island, tuna fishing is the only economically viable species.
Coconuts, grown throughout the islands, are the sole cash crop. Small local gardens and fishing contribute to the food supply, but additional food and most other necessities must be imported from Australia. There is a small tourist industry. Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Although real GDP growth averaged 4. Declining oil prices also have contributed to reduced government revenues.
Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration.
The Colombian government took steps in to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development. One of the world's poorest and smallest economies, the Comoros is made up of three islands that are hampered by inadequate transportation links, a young and rapidly increasing population, and few natural resources.
The low educational level of the labor force contributes to a subsistence level of economic activity and a heavy dependence on foreign grants and technical assistance. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang ylang perfume essence ; and the Comoros' export earnings are easily disrupted by disasters such as fires and extreme weather. Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate.
Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth. The government, elected in mid, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in sub-Saharan Africa.
In mid, Comoros joined the Southern African Development Community with 15 other regional member states. The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - continues to perform poorly.
Systemic corruption since independence in , combined with countrywide instability and intermittent conflict that began in the earlys, has reduced national output and government revenue, and increased external debt. With the installation of a transitional government in after peace accords, economic conditions slowly began to improve as the government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms.
Progress on implementing substantive economic reforms remains slow because of political instability, bureaucratic inefficiency, corruption, and patronage, which also dampen international investment prospects. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth until , but low commodity prices have led to slower growth, volatile inflation, currency depreciation, and a growing fiscal deficit.
An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the large mining sector and for the economy as a whole.
Much economic activity still occurs in the informal sector and is not reflected in GDP data. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports.
Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. The current administration faces difficult economic challenges of stimulating recovery and reducing poverty.
The IMF urged the government to renegotiate debts levels to sustainable levels before it agreed to a new macroeconomic adjustment package. Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, the limited size of domestic markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Agriculture, employing more than one-quarter of the working population, provides the economic base with major exports of copra and citrus fruit.
Black pearls are the Cook Islands' leading export. Manufacturing activities are limited to fruit processing, clothing, and handicrafts.
Trade deficits are offset by remittances from emigrants and by foreign aid overwhelmingly from New Zealand. In the s and s, the country became overextended, maintaining a bloated public service and accumulating a large foreign debt.
Subsequent reforms, including the sale of state assets, the strengthening of economic management, the encouragement of tourism, and a debt restructuring agreement, have rekindled investment and growth. The government is targeting fisheries and seabed mining as sectors for future economic growth. Since , Costa Rica has enjoyed strong and stable economic growth - 3.
Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Various industrial and processed agricultural products have broadened exports in recent years, as have high value-added goods, including medical devices. Costa Rica's impressive biodiversity also makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America.
However, poor infrastructure, high energy costs, a complex bureaucracy, weak investor protection, and uncertainty of contract enforcement impede greater investment. For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world. Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population.
Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions.
Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.
The country's output during that time collapsed, and Croatia missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall.
Inflation over the same period remained tame and the currency, the kuna, stable. Croatia experienced an abrupt slowdown in the economy in ; economic growth was stagnant or negative in each year between and , but has picked up since the third quarter of , ending with an average of 2.
Challenges remain including uneven regional development, a difficult investment climate, an inefficient judiciary, and loss of educated young professionals seeking higher salaries elsewhere in the EU. In , Croatia revised its tax code to stimulate growth from domestic consumption and foreign investment. Income tax reduction began in , and in various business costs were removed from income tax calculations.
At the start of , the government announced its economic reform plan, slated for implementation in Tourism is one of the main pillars of the Croatian economy, comprising Croatia is working to become a regional energy hub, and is undertaking plans to open a floating liquefied natural gas LNG regasification terminal by the end of or early in to import LNG for re-distribution in southeast Europe.
Croatia joined the EU on July 1, , following a decade-long accession process. Croatia has developed a plan for Eurozone accession, and the government projects Croatia will adopt the Euro by The government has also sought to accelerate privatization of non-strategic assets with mixed success. Restructuring is ongoing, and projected to finish by mid-July The government continues to balance the need for loosening its socialist economic system against a desire for firm political control.
In April , the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes.
Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The government has cut state sector jobs as part of the reform process, and it has opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs.
More than , Cuban workers are currently registered as self-employed. Since , Cuba has attributed slowed economic growth in part to problems with petroleum product deliveries from Venezuela. Since late , Venezuela provided petroleum products to Cuba on preferential terms, supplying at times nearly , barrels per day. Cuba paid for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30, medical professionals.
Tourism, petroleum refining and bunkering, offshore finance, and transportation and communications are the mainstays of this small island economy, which is closely tied to the outside world. Curacao has limited natural resources, poor soil, and inadequate water supplies, and budgetary problems complicate reform of the health and education systems.
Although economic growth remained flat in and the forecast is somber, Curacao enjoys a high per capita income and a well-developed infrastructure compared to other countries in the region.
Curacao has an excellent natural harbor that can accommodate large oil tankers, and the port of Willemstad hosts a free trade zone and a dry dock.
Venezuelan state-owned oil company PdVSA, under a contract in effect until 31 December , leases the single refinery on the island from the government, directly employing some 1, people. Most of the oil for the refinery is imported from Venezuela and most of the refined products are exported to the US and Asia. Almost all consumer and capital goods are imported, with the US, and the Netherlands being the major suppliers. The government is attempting to diversify its industry and trade.
Nationals of Curacao are citizens of the European Union, even though it is not a member. Based on its OCT status, products that originate in Curacao have preferential access to the EU and are exempt from import duties. The island has state-of-the-art information and communication technology connectivity with the rest of the world. With several direct satellite and submarine optic fiber cables, Curacao has one of the best Internet speeds and reliability in the Western Hemisphere.
The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May and adopted the euro as its national currency in January However, the economy tipped into recession in as the ongoing global financial crisis and resulting low demand hit the tourism and construction sectors.
An overextended banking sector with excessive exposure to Greek debt added to the contraction. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May In July , Cyprus became the fifth euro-zone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika.
Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on bank bondholders.
As with other EU countries, the Troika conditioned the bailout on passing financial and structural reforms and privatizing state-owned enterprises. Despite downsizing and restructuring, the Cypriot financial sector remains burdened by the largest stock of non-performing loans in the euro zone, equal to nearly half of all loans.
Since the bailout, Cyprus has received positive appraisals by the Troika and outperformed fiscal targets but has struggled to overcome political opposition to bailout-mandated legislation, particularly regarding privatizations. 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.
Czechia acceded to the EU in but has yet to join the euro-zone. The CNB hiked rates in August and November - the first rate changes in nine years - to address rising inflationary pressures brought by strong economic growth and a tight labor market.
The government introduced in December an online tax reporting system intended to reduce tax evasion and increase revenues. The government also plans to remove labor market rigidities to improve the business climate, bring procurement procedures in line with EU best practices, and boost wages.
The country's low unemployment rate has led to steady increases in salaries, and the government is facing pressure from businesses to allow greater migration of qualified workers, at least from Ukraine and neighboring Central European countries. Long-term challenges include dealing with a rapidly aging population, a shortage of skilled workers, a lagging education system, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.
This thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, and a high-tech agricultural sector. Danes enjoy a high standard of living, and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. An aging population will be a long-term issue.
Denmark is a net exporter of food, oil, and gas and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Denmark is a member of the EU but not the eurozone. Despite previously meeting the criteria to join the European Economic and Monetary Union, Denmark has negotiated an opt-out with the EU and is not required to adopt the euro.
Denmark is experiencing a modest economic expansion. The economy grew by 2. The expansion is expected to decline slightly in Unemployment stood at 5. The labor market was tight in , with corporations experiencing some difficulty finding appropriately-skilled workers to fill billets. The Danish Government offers extensive programs to train unemployed persons to work in sectors that need qualified workers.
Denmark maintained a healthy budget surplus for many years up to , but the global financial crisis swung the budget balance into deficit. Since the balance has shifted between surplus and deficit. In there was a surplus of 1. The government projects a lower deficit in and of 0. The Danish Government plans to address increasing municipal, public housing and integration spending in Economic activity is limited to providing services to the military and their families located in Dhekelia.
Djibouti's economy is based on service activities connected with the country's strategic location as a deepwater port on the Red Sea. Three-fourths of Djibouti's inhabitants live in the capital city; the remainder are mostly nomadic herders.
Djibouti provides services as both a transit port for the region and an international transshipment and refueling center. Reexports consist primarily of coffee from landlocked neighbor Ethiopia. Djibouti has few natural resources and little industry. The nation is, therefore, heavily dependent on foreign assistance to support its balance of payments and to finance development projects. The government has emphasized infrastructure development for transportation and energy and Djibouti — with the help of foreign partners, particularly China — has begun to increase and modernize its port capacity.
The Dominican economy was dependent on agriculture - primarily bananas - in years past, but increasingly has been driven by tourism, as the government seeks to promote Dominica as an "ecotourism" destination. Before Hurricane Maria, the government had attempted to foster an offshore financial industry and planned to sign agreements with the private sector to develop geothermal energy resources.
The economy contracted in and recovered to positive growth in due to a recovery of agriculture and tourism. Dominica is one of five countries in the East Caribbean that have citizenship by investment programs whereby foreigners can obtain passports for a fee and revenue from this contribute to government budgets. The Dominican Republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but over the last three decades the economy has become more diversified as the service sector has overtaken agriculture as the economy's largest employer, due to growth in construction, tourism, and free trade zones.
The mining sector has also played a greater role in the export market since late with the commencement of the extraction phase of the Pueblo Viejo Gold and Silver mine, one of the largest gold mines in the world.
For the last 20 years, the Dominican Republic has been one of the fastest growing economies in Latin America. The economy rebounded from the global recession in , and the fiscal situation is improving. A tax reform package passed in November , a reduction in government spending, and lower energy costs helped to narrow the central government budget deficit from 6. Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in Remittances from overseas Ecuadorian are also important.
Dollarization stabilized the economy, and positive growth returned in most of the years that followed. China has become Ecuador's largest foreign lender since and now accounts for Various economic policies under the CORREA administration, such as an announcement in that Ecuador would terminate 13 bilateral investment treaties - including one with the US, generated economic uncertainty and discouraged private investment.
Foreign investment in Ecuador is low as a result of the unstable regulatory environment and weak rule of law. Brylcreem, beehives, and Devils on Horseback: Fri 28 Sep , Pacific Mornings with Seini Taumoepeau. Fri 28 Sep , 8: Fri 28 Sep , 6: Radicalisation of Indian man on Palau likely an isolated case, if reports true: Asia Pacific News More chevron right. Indonesian tsunami sensors missed huge waves, official says. Tsunami death toll expected to soar as rescuers reach affected areas.
Air traffic controller sacrifices life to save plane passengers during quake disaster. Les travaux commencent le 27 septembre Ils sont au nombre de huit:. Son autel date de Il fut pionnier dans ce domaine avec les festivals de Pesaro Italie et de Mannheim Allemagne.
La production est vendue dans toute l'Europe. Monument historique inscrit en Construit par Ernest Paugoy [ ]. Villa construite en pour le duc de Luynes Ce monument abrite aussi un jardin. Il y ajoute trois tours pour l'anoblir. Ainsi, on peut mentionner le partage des eaux du canal de fuite du dernier moulin rue Brest: