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The Huntsman: Winter's War

Meanwhile, I still hoped to re-establish contact with a couple of agents who possibly were in Bunia.

I had what passed for addresses--house numbers on ill-defined streets--and I set about trying to check them out.

Within a day or two, I was able to recontact one agent, who had fled Stanleyville as the Simba forces arrived. He was planning to return to Stanleyville within the week, and we arranged to meet there later in the month.

I was reassured to hear him say that the area around Bunia was safe and that Simba control in general was falling apart.

Based on my debriefing of him, I wrote three reports the next morning and sent them to Leopoldville. Ts in Bunia. A few days later, my communications officer drove me out to the airport.

The chief of the air unit had agreed that this would be a good time for me to get a look at the terrain, road network, and level of activity visible from the air in the area north of Bunia along the border with Sudan.

We suspected some arms and ammo for the Simbas were being infiltrated via that border. The two Ts made daily flights out of Bunia looking for "military targets"--almost anything that moved on the roads.

That day, they had been scheduled to cover the area I was interested in. The T has two seats, one behind the other, under the same canopy.

It has a range of about miles out and back. Because the northeast quarter of the Congo is the size of France, their range was insufficient to cover all of that region from Bunia.

But they were able to cover areas north, west, and south of Bunia. They did not fly in Uganda. I had done a lot of this type of flying in Laos, and was confident that I would get a good idea of what, if anything, was going on along the Sudanese border.

Security was an issue, but as far as we knew the Simbas did not have weaponry that would bring down a plane. That was not the case in Laos, where we had lost aircraft to ground fire.

I went over maps with them and explained which areas I wanted to cover, if possible. My tasking was second priority; military targets, if we found any, would come first.

I was to fly on the T piloted by Juan Peron, sitting behind him. Peron had learned to fly light planes while in his teens, and he became a cropduster for a small rice-growing company in Cuba.

In March , about a year after Castro overthrew Batista, Peron was sent to Miami to pick up a new plane. Foreseeing what Castro's rule would mean for Cuba, Peron's father instructed him to stay in the United States, and Peron did so.

In , he accepted employment with an air proprietary company organized by the Agency and was sent to the Congo after receiving training in the World War II-vintage T-6 fighter.

After arriving in the Congo in November , he trained in the T and the C As planned, we headed north along the Sudanese border.

After about half an hour, Peron spotted three trucks near a junction of two unpaved roads. They had evidently heard the planes and were pulling in under some trees.

Peron decided to attack and destroy the trucks. He also spotted what he thought was a power plant--to be destroyed as well.

It was right at the intersection, and the trucks were about yards from it. It was not clear to me that these were military targets, but it did not matter.

We circled around and started a strafing run with machineguns, our only weaponry. We made two more runs; I could not tell if we had hit anything.

After we leveled off and resumed cruising, it was clear immediately that the weather had changed. Heavy clouds and rain were moving toward us.

Juan said we should return to Bunia. At that time, flying in the middle of Africa presented many challenges. Weather forecasting help was almost nonexistent.

You knew there was a storm coming when you saw one. Navigational aids were few and far between. We managed to skirt the storm, but Peron told me that we had been knocked off course.

We flew on. Neither pilot saw anything familiar, and soon Peron said, "We have to go down. We don't know where we are, and fuel is getting low.

I'd rather take it in while I can choose a clearing. And it will be dark soon. Juan Peron picked out a clearing. He made his last turn, and we started losing altitude.

I felt the Walther 9mm in my pocket and responded, "Yes, and I'll keep it with me. I was confident that we would land and lose ourselves in the bush and make our way to safety, however long it might take.

I worried that I did not have an escape-and-evasion kit with a radio. Juan opened the canopy and there was a rush of air. To get a better look at the clearing, I reached up and raised the sunvisor on my flight helmet.

We were going too fast, but there was nothing Juan could do. Our first touch caused us to bounce. We touched again and started skidding along the rough clearing.

Juan saw flames under the left wing. I was hunched over, seatbelt and harness as tight as they would go, bracing myself for the end of our slide.

The slide, probably several hundred yards, seemed to last a long time. Suddenly, we came to an abrupt stop.

The impact caused me to lurch forward and then back, and my head jerked up. At the same instant, a splash of flaming aviation fuel was thrown across the rear cockpit from the left wing.

I caught it in the face, left front mostly, left shoulder, and both hands as well as a bit on the tops of both legs.

The splash missed the front cockpit and Juan was unhurt. Not immediately realizing what had happened to me and eager to get out of the T now burning on its left side, Juan leaped out of the cockpit, jumped off the wing, and ran.

I was stunned and in considerable pain. My eyelids had been singed shut, and I could not open them. I could hear and smell fire, and knew I had to get out of the plane.

I heard Juan shouting at me to get out. My seat harness remained snugly fastened. My hands hurt a lot, and I could not use either one.

Somehow, I managed to push open the release with one of my elbows and, with a lot of effort, I started to climb out--hindered severely by the fact that I really could not use my hands and I still had the parachute hanging behind me.

The fire was a great motivator. I half climbed, half stumbled out of the cockpit, and I fell off the wing on the right rear side.

Instinctively, I had moved away from the fire. Juan helped me move away from the burning plane as it exploded. We needed to get as far away from the plane as possible before dark in case any Simbas came to check things out.

I could barely walk, however, and I was extremely weak. Juan could not carry me very far. We stopped, and I tried to think.

Bad burns meant infection, dehydration, and swelling. I was wearing contact lenses, and I asked Juan to help remove them because my hands would not work.

I could not get my eyes open. They would have to stay shut until we could find help. It started raining. After staggering for only 30 minutes or so, we stopped under some trees next to a small stream.

It rained most of the night, and we just sat there. Fearing an adverse impact on my circulation, Juan made me move about periodically.

The pain got worse, and I passed out for short intervals. We neither saw nor heard any sign of patrols moving in the area.

We had absolutely no idea where we were. When daylight finally came, I could at least discern that much. Juan used his knife to cut charred skin hanging from several of my fingers.

There were already bugs on some of my burns. We decided that Juan should leave me by the stream so I could drink water regularly and try to find help.

We both knew that our chances were far greater if Juan, moving on his own, could find help and then get back to me.

By the time he left, I was in great pain, which took me in and out of consciousness. He took my Walther with him. In ever-increasing circles, Juan started to explore the area around the crash site, looking for anything that would help us start to locate ourselves.

Sometime around midday, Juan saw some natives and tried to approach them, but they fled. Juan walked in the direction they had gone and came upon a cluster of about 15 huts.

For the northeastern Congo, that qualified as a village. There were people there, mostly women and children.

No one spoke French, English, or Spanish, and Juan was having trouble making himself understood. The women were wary. Suddenly, a group of unarmed men appeared and came toward Juan cautiously.

Juan addressed them in English, and he was relieved to receive a response, also in English. Juan learned that the village chief, named Faustino, had been educated by British missionaries, who taught him English.

They had no real use for governments or borders. They knew little and probably cared less about Tshombe and his government.

The Simbas, however, had killed Faustino's brother, who was a paramount leader of the Azande tribe, and Faustino hated the rebels.

What a stroke of good luck for us. Cuban pilot Juan Tunon. Juan explained our situation, and Faustino agreed to help us get to safety.

According to Faustino, the nearest government post was Paulis, more than kilometers away. While waiting for Juan, I can remember stumbling into and out of the stream several times.

I had to drink lots of water, and lying in the stream gave some relief from the bees that seemed to be all over me.

Juan says he was shocked when they found me. I was lying about 20 meters from the stream. In pain and barely conscious, I did not realize at first that he had come back.

It had been almost 24 hours since we crash-landed. The villagers and Juan fashioned a crude stretcher from tree limbs and began the walk back to the village--a painful journey for me.

A villager had reported another plane down nearby, and Juan Peron and Faustino had checked out the site on the way to get me. Juan Tunon was nowhere to be found.

The plane had not burned, and Juan Peron was able to retrieve some maps. Without knowing our present location, however, the maps were not of much use.

Tunon had taken his weapon. Based on its location and the condition of the plane, and the fact that there had been no fire, Juan believed that Tunon stalled out on his final approach.

Without air speed the T dropped like a rock. The trees, some over feet tall, served to cushion the plane's drop. Tunon was never seen again.

Months later, missionary reports confirmed that he had been captured, killed, and eaten by the Simbas, who believed that if you eat the flesh and vital organs of your enemy you gain strength.

Tunon had had jungle warfare and escape and evasion training before coming to the Congo; many thought he would have had a good chance of getting out.

We had crashed in the late afternoon on 17 February. Juan made contact with Faustino's village on the 18th, and it was late afternoon on that day when I was carried into the village.

The trip there had been awful. Each movement of the crude stretcher caused me pain as whatever scabbing had taken place broke open again.

When we got to the village, it was obvious that I would need help. The village had no doctor and no medicines. The village men had a meeting, and Faustino proposed the plan that was ultimately adopted.

While they would help, they had to protect themselves as well. Accordingly, I would be hidden in the bush outside the village, and someone from the village would stay with me at all times.

Faustino and two others would guide Juan to Paulis to seek help and return for me. I seem to remember trying to make clear that if the villagers helped us, my government would help and protect them.

I was carried into the bush away from the village and taken to a crude hut that would protect me from rain. A small fire seemed to keep out bugs.

No one wanted a Simba patrol to discover me anywhere near the village. All would suffer if that happened. Someone came to care for my burns.

Since , the government has imposed additional restrictions on access to foreign exchange for imports, and import quotas for specific products, such as cars.

In January the government imposed an indefinite suspension on the importation of roughly products, subject to periodic review.

Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. Algeria has not increased non-hydrocarbon exports, and hydrocarbon exports have declined because of field depletion and increased domestic demand.

Economic activity is strongly linked to the US with which American Samoa conducts most of its commerce. Tuna fishing and processing are the backbone of the private sector with processed fish products as the primary exports.

The fish processing business accounted for In late September , an earthquake and the resulting tsunami devastated American Samoa and nearby Samoa, disrupting transportation and power generation, and resulting in about deaths.

Attempts by the government to develop a larger and broader economy are restrained by Samoa's remote location, its limited transportation, and its devastating hurricanes.

Tourism has some potential as a source of income and jobs. Andorra has a developed economy and a free market, with per capita income above the European average and above the level of its neighbors, Spain and France.

The country has developed a sophisticated infrastructure including a one-of-a-kind micro-fiber-optic network for the entire country. Tourism, retail sales, and finance comprise more than three-quarters of GDP.

Andorra uses the euro and is effectively subject to the monetary policy of the European Central Bank. Andorra's comparative advantage as a tax haven eroded when the borders of neighboring France and Spain opened and the government eased bank secrecy laws under pressure from the EU and OECD.

The principal livestock is sheep. Manufacturing output and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, and furniture.

Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods no tariffs and as a non-EU member for agricultural products.

To provide incentives for growth and diversification in the economy, the Andorran government began sweeping economic reforms in The Parliament approved three laws to complement the first phase of economic openness: on companies October , on business accounting December , and on foreign investment April and June From to , the Parliament also approved direct taxes in the form of taxes on corporations, on individual incomes of residents and non-residents, and on capital gains, savings, and economic activities.

These regulations aim to establish a transparent, modern, and internationally comparable regulatory framework, in order to attract foreign investment and businesses that offer higher value added.

Angola's economy is overwhelmingly driven by its oil sector. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported.

A postwar reconstruction boom and resettlement of displaced persons led to high rates of growth in construction and agriculture as well.

Some of the country's infrastructure is still damaged or undeveloped from the year-long civil war However, the government since has used billions of dollars in credit from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure.

Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them.

Lower prices for oil and diamonds also resulted in GDP falling 0. Angola formally abandoned its currency peg in but reinstituted it in April and maintains an overvalued exchange rate.

In late , Angola lost the last of its correspondent relationships with foreign banks, further exacerbating hard currency problems.

Continued low oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects, although several major international oil companies remain in Angola.

Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy.

Scientific undertakings rather than commercial pursuits are the predominant human activity in Antarctica. Offshore fishing and tourism, both based abroad, account for Antarctica's limited economic activity.

Antarctic Fisheries, within the area covered by the Convention on Conservation of Antarctic Marine Living Resources currently target Patagonian toothfish, Antarctic toothfish, mackerel icefish and Antarctic krill.

These estimates were provided to the Antarctic Treaty by the International Association of Antarctica Tour Operators and do not include passengers on overflights.

Nearly all of the tourists were passengers on commercial ships and several yachts that make trips during the summer. The dual-island nation's agricultural production is focused on the domestic market and constrained by a limited water supply and a labor shortage stemming from the lure of higher wages in tourism and construction.

Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components.

Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in The country suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between and Antigua has not yet returned to its pre-crisis growth levels.

Barbuda suffered significant damages after hurricanes Irma and Maria passed through the Caribbean in Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters.

The new government, elected in and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges.

The government places some hope in a new Citizenship by Investment Program, to both reduce public debt levels and spur growth, and a resolution of a WTO dispute with the US.

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.

Although one of the world's wealthiest countries years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight.

In the economy rebounded strongly, but slowed in late even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits.

In order to deal with these problems, the government expanded state intervention in the economy: it nationalized the oil company YPF from Spain's Repsol, expanded measures to restrict imports, and further tightened currency controls in an effort to bolster foreign reserves and stem capital flight.

Argentina negotiated debt payments with holdout bond creditors, continued working with the IMF to shore up its finances, and returned to international capital markets in April The government passed important pension, tax, and fiscal reforms.

And after years of international isolation, Argentina took on several international leadership roles, including hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference, and is set to assume the presidency of the G in Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy.

Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since and , respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.

Armenia joined the World Trade Organization in January The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective.

Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.

Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia.

Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy. The rapid growth of the tourism sector has resulted in a substantial expansion of other activities.

Construction continues to boom, especially in the hospitality sector. Aruba is heavily dependent on imports and is making efforts to expand exports to improve its trade balance.

Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers.

Tourism and related industries have continued to grow, and the Aruban Government is working to attract more diverse industries. Aruba's banking sector continues to be a strong sector; unemployment has significantly decreased.

Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic.

Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources.

For nearly two decades up till , Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system.

Australia entered facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities.

Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

Austria is a well-developed market economy with skilled labor force and high standard of living. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.

Austrian economic growth strengthen in , with a 2. Austria's fiscal position compares favorably with other euro-zone countries.

The budget deficit stood at a low 0. The Austrian government has announced it plans to balance the fiscal budget in Exposure to the Russian banking sector and a deep energy relationship with Russia present additional risks.

Austria elected a new pro-business government in October that campaigned on promises to reduce bureaucracy, improve public sector efficiency, reduce labor market protections, and provide positive investment incentives.

Prior to the decline in global oil prices since , Azerbaijan's high economic growth was attributable to rising energy exports and to some non-export sectors.

Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa Pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway.

The expected completion of the geopolitically important Southern Gas Corridor SGC between Azerbaijan and Europe will open up another source of revenue from gas exports.

First gas to Turkey through the SGC is expected in with project completion expected by Declining oil prices caused a 3.

The economic decline was accompanied by higher inflation, a weakened banking sector, and two sharp currency devaluations in Azerbaijan has made limited progress with market-based economic reforms.

Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors.

The government has, however, made efforts to combat corruption, particularly in customs and government services. Several other obstacles impede Azerbaijan's economic progress, including the need for more foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region.

It is also improving Baku airport and the Caspian Sea port of Alat for use as a regional transportation and logistics hub. Long-term prospects depend on world oil prices, Azerbaijan's ability to develop export routes for its growing gas production, and its ability to improve the business environment and diversify the economy.

In late , the president approved a strategic roadmap for economic reforms that identified key non-energy segments of the economy for development, such as agriculture, logistics, information technology, and tourism.

In October , the long-awaited Baku-Tbilisi-Kars railway, stretching from the Azerbaijani capital to Kars in north-eastern Turkey, began limited service.

Bahrain has few options for covering these deficits, with low foreign assets and fewer oil resources compared to its GCC neighbors.

Other major economic activities are production of aluminum - Bahrain's second biggest export after oil and gas —finance, and construction.

Bahrain continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. Since , the government lifted subsidies on meat, diesel, kerosene, and gasoline and has begun to phase in higher prices for electricity and water.

Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.

The industrial sector continues to grow, despite the need for improvements in factory safety conditions.

Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in , represent a major step forward in resolving a key growth bottleneck.

As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets.

Following the collapse of the Soviet Union, an initial burst of economic reforms included privatization of state enterprises, creation of private property rights, and the acceptance of private entrepreneurship, but by the reform effort dissipated.

Several businesses have been renationalized. Economic output declined for several years following the break-up of the Soviet Union, but revived in the mids.

Belarus has only small reserves of crude oil and imports crude oil and natural gas from Russia at subsidized, below market, prices.

Belarus derives export revenue by refining Russian crude and selling it at market prices. Russia and Belarus have had serious disagreements over prices and quantities for Russian energy.

In April , Belarus agreed to pay its gas debt and Russia restored the flow of crude. New non-Russian foreign investment has been limited in recent years, largely because of an unfavorable financial climate.

In , a financial crisis lead to a nearly three-fold devaluation of the Belarusian ruble. The Belarusian economy has continued to struggle under the weight of high external debt servicing payments and a trade deficit.

Budget revenues dropped because of falling global prices on key Belarusian export commodities. Since , the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken some steps towards price liberalization, and reduced subsidized government lending to state-owned enterprises.

Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing.

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.

Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners.

Unemployment stood at 7. The economy largely recovered from the March terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry.

In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes.

The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment. Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.

Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors.

High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

The free market economy of Benin has grown consecutively for four years, though growth slowed in , as its close trade links to Nigeria expose Benin to risks from volatile commodity prices.

Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market.

The economy began deflating in , with the consumer price index falling 0. Private foreign direct investment is small, and foreign aid accounts for a large proportion of investment in infrastructure projects.

Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory, and has used equipment from donors effectively against such piracy.

The four projects focused on access to land, access to financial services, access to justice, and access to markets including modernization of the port.

Benin will need further efforts to upgrade infrastructure, stem corruption, and expand access to foreign markets to achieve its potential.

Even the financial sector has lost roughly 5, high-paying expatriate jobs since , weighing heavily on household consumption and retail sales.

Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island. Bermuda's economy returned to negative growth in , reporting a contraction of 0.

Still, Bermuda enjoys one of the highest per capita incomes in the world. Bhutan's small economy is based largely on hydropower, agriculture, and forestry, which provide the main livelihood for more than half the population.

Because rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult and expensive, industrial production is primarily of the cottage industry type.

The economy is closely aligned with India's through strong trade and monetary links and is dependent on India for financial assistance and migrant laborers for development projects, especially for road construction.

Bhutan signed a pact in December to expand duty-free trade with Bangladesh. Multilateral development organizations administer most educational, social, and environment programs, and take into account the government's desire to protect the country's environment and cultural traditions.

For example, the government is cautious in its expansion of the tourist sector, restricing visits to environmentally conscientious tourists.

Complicated controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment.

Bhutan currently taps only 6. The high volume of imported materials to build hydropower plants has expanded Bhutan's trade and current account deficits.

Bhutan also signed a memorandum of understanding with Bangladesh and India in July to jointly construct a new hydropower plant for exporting electricity to Bangladesh.

Bolivia is a resource rich country with strong growth attributed to captive markets for natural gas exports — to Brazil and Argentina.

However, the country remains one of the least developed countries in Latin America because of state-oriented policies that deter investment.

Following an economic crisis during the early s, reforms in the s spurred private investment, stimulated economic growth, and cut poverty rates.

The period was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large Northern Hemisphere markets.

In , the government passed hydrocarbon laws that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee; the laws engendered much public debate.

High commodity prices between and sustained rapid growth and large trade surpluses with GDP growing 6. The global decline in oil prices that began in late exerted downward pressure on the price Bolivia receives for exported gas and resulted in lower GDP growth rates - 4.

A lack of foreign investment in the key sectors of mining and hydrocarbons, along with conflict among social groups, pose challenges for the Bolivian economy.

MORALES passed an investment law and promised not to nationalize additional industries in an effort to improve the investment climate.

Bosnia and Herzegovina has a transitional economy with limited market reforms. The economy relies heavily on the export of metals, energy, textiles, and furniture as well as on remittances and foreign aid.

A highly decentralized government hampers economic policy coordination and reform, while excessive bureaucracy and a segmented market discourage foreign investment.

The economy is among the least competitive in the region. Foreign banks, primarily from Austria and Italy, control much of the banking sector, though the largest bank is a private domestic one.

The konvertibilna marka convertible mark - the national currency introduced in - is pegged to the euro through a currency board arrangement, which has maintained confidence in the currency and has facilitated reliable trade links with European partners.

In , Bosnia began a three-year IMF loan program, but it has struggled to meet the economic reform benchmarks required to receive all funding installments.

Bosnia and Herzegovina's private sector is growing slowly, but foreign investment dropped sharply after and remains low.

High unemployment remains the most serious macroeconomic problem. Successful implementation of a value-added tax in provided a steady source of revenue for the government and helped rein in gray-market activity, though public perceptions of government corruption and misuse of taxpayer money has encouraged a large informal economy to persist.

National-level statistics have improved over time, but a large share of economic activity remains unofficial and unrecorded.

Bosnia and Herzegovina's top economic priorities are: acceleration of integration into the EU; strengthening the fiscal system; public administration reform; World Trade Organization membership; and securing economic growth by fostering a dynamic, competitive private sector.

Until the beginning of the global recession in , Botswana maintained one of the world's highest economic growth rates since its independence in Botswana recovered from the global recession in , but only grew modestly until , primarily due to a downturn in the global diamond market, though water and power shortages also played a role.

Botswana also ranks as one of the least corrupt and best places to do business in Sub-Saharan Africa.

De Beers, a major international diamond company, signed a year deal with Botswana in and moved its rough stone sorting and trading division from London to Gaborone in The move was geared to support the development of Botswana's nascent downstream diamond industry.

Tourism is a secondary earner of foreign exchange and many Batswana engage in tourism-related services, subsistence farming, and cattle rearing.

The economy has been negatively affected by multiple corruption scandals involving private companies and government officials, including the impeachment and conviction of Former President Dilma ROUSSEFF in August Sanctions against the firms involved — some of the largest in Brazil — have limited their business opportunities, producing a ripple effect on associated businesses and contractors but creating opportunities for foreign companies to step into what had been a closed market.

The succeeding TEMER administration has implemented a series of fiscal and structural reforms to restore credibility to government finances.

Congress approved legislation in December to cap public spending. Government spending growth had pushed public debt to The government also boosted infrastructure projects, such as oil and natural gas auctions, in part to raise revenues.

Other economic reforms, proposed in , aim to reduce barriers to foreign investment, and to improve labor conditions. After the Asian and Russian financial crises, Mercosur adopted a protectionist stance to guard against exposure to volatile foreign markets and it currently is negotiating Free Trade Agreements with the European Union and Canada.

More than , tourists, mainly from the US, visited the islands in Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.

In the mids, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues.

Roughly , companies were on the offshore registry by yearend The adoption of a comprehensive insurance law in late , which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business.

Brunei is an energy-rich sultanate on the northern coast of Borneo in Southeast Asia. Brunei boasts a well-educated, largely English-speaking population; excellent infrastructure; and a stable government intent on attracting foreign investment.

Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production.

Bruneian citizens pay no personal income taxes, and the government provides free medical services and free education through the university level.

The Bruneian Government wants to diversify its economy away from hydrocarbon exports to other industries such as information and communications technology and halal manufacturing, permissible under Islamic law.

Bulgaria, a former communist country that entered the EU in , has an open economy that historically has demonstrated strong growth, but its per-capita income remains the lowest among EU members and its reliance on energy imports and foreign demand for its exports makes its growth sensitive to external market conditions.

The government undertook significant structural economic reforms in the s to move the economy from a centralized, planned economy to a more liberal, market-driven economy.

These reforms included privatization of state-owned enterprises, liberalization of trade, and strengthening of the tax system - changes that initially caused some economic hardships but later helped to attract investment, spur growth, and make gradual improvements to living conditions.

Bulgaria is heavily reliant on energy imports from Russia, a potential vulnerability, and is a participant in EU-backed efforts to diversify regional natural gas supplies.

As of early , the government was floating the possibility of resurrecting the Belene project. The natural gas market, dominated by state-owned Bulgargaz, is also almost entirely supplied by Russia.

Infrastructure projects such as the Inter-Connector Greece-Bulgaria and Inter-Connector Bulgaria-Serbia, which would enable Bulgaria to have access to non-Russian gas, have either stalled or made limited progress.

This new agency is responsible for the electronic governance, coordinating national policies with the EU, and strengthening cybersecurity.

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.

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Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in The country suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between and Antigua has not yet returned to its pre-crisis growth levels.

Barbuda suffered significant damages after hurricanes Irma and Maria passed through the Caribbean in Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters.

The new government, elected in and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges. The government places some hope in a new Citizenship by Investment Program, to both reduce public debt levels and spur growth, and a resolution of a WTO dispute with the US.

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.

Although one of the world's wealthiest countries years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight.

In the economy rebounded strongly, but slowed in late even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits.

In order to deal with these problems, the government expanded state intervention in the economy: it nationalized the oil company YPF from Spain's Repsol, expanded measures to restrict imports, and further tightened currency controls in an effort to bolster foreign reserves and stem capital flight.

Argentina negotiated debt payments with holdout bond creditors, continued working with the IMF to shore up its finances, and returned to international capital markets in April The government passed important pension, tax, and fiscal reforms.

And after years of international isolation, Argentina took on several international leadership roles, including hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference, and is set to assume the presidency of the G in Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy.

Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since and , respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.

Armenia joined the World Trade Organization in January The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective.

Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.

Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia.

Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy.

The rapid growth of the tourism sector has resulted in a substantial expansion of other activities. Construction continues to boom, especially in the hospitality sector.

Aruba is heavily dependent on imports and is making efforts to expand exports to improve its trade balance. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers.

Tourism and related industries have continued to grow, and the Aruban Government is working to attract more diverse industries.

Aruba's banking sector continues to be a strong sector; unemployment has significantly decreased. Australia is an open market with minimal restrictions on imports of goods and services.

The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic.

Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources.

For nearly two decades up till , Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system.

Australia entered facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities.

Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

Austria is a well-developed market economy with skilled labor force and high standard of living. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.

Austrian economic growth strengthen in , with a 2. Austria's fiscal position compares favorably with other euro-zone countries.

The budget deficit stood at a low 0. The Austrian government has announced it plans to balance the fiscal budget in Exposure to the Russian banking sector and a deep energy relationship with Russia present additional risks.

Austria elected a new pro-business government in October that campaigned on promises to reduce bureaucracy, improve public sector efficiency, reduce labor market protections, and provide positive investment incentives.

Prior to the decline in global oil prices since , Azerbaijan's high economic growth was attributable to rising energy exports and to some non-export sectors.

Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa Pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway.

The expected completion of the geopolitically important Southern Gas Corridor SGC between Azerbaijan and Europe will open up another source of revenue from gas exports.

First gas to Turkey through the SGC is expected in with project completion expected by Declining oil prices caused a 3.

The economic decline was accompanied by higher inflation, a weakened banking sector, and two sharp currency devaluations in Azerbaijan has made limited progress with market-based economic reforms.

Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors.

The government has, however, made efforts to combat corruption, particularly in customs and government services. Several other obstacles impede Azerbaijan's economic progress, including the need for more foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region.

It is also improving Baku airport and the Caspian Sea port of Alat for use as a regional transportation and logistics hub.

Long-term prospects depend on world oil prices, Azerbaijan's ability to develop export routes for its growing gas production, and its ability to improve the business environment and diversify the economy.

In late , the president approved a strategic roadmap for economic reforms that identified key non-energy segments of the economy for development, such as agriculture, logistics, information technology, and tourism.

In October , the long-awaited Baku-Tbilisi-Kars railway, stretching from the Azerbaijani capital to Kars in north-eastern Turkey, began limited service.

Bahrain has few options for covering these deficits, with low foreign assets and fewer oil resources compared to its GCC neighbors. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil and gas —finance, and construction.

Bahrain continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries.

Since , the government lifted subsidies on meat, diesel, kerosene, and gasoline and has begun to phase in higher prices for electricity and water.

Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.

The industrial sector continues to grow, despite the need for improvements in factory safety conditions.

Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in , represent a major step forward in resolving a key growth bottleneck.

As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets.

Following the collapse of the Soviet Union, an initial burst of economic reforms included privatization of state enterprises, creation of private property rights, and the acceptance of private entrepreneurship, but by the reform effort dissipated.

Several businesses have been renationalized. Economic output declined for several years following the break-up of the Soviet Union, but revived in the mids.

Belarus has only small reserves of crude oil and imports crude oil and natural gas from Russia at subsidized, below market, prices.

Belarus derives export revenue by refining Russian crude and selling it at market prices. Russia and Belarus have had serious disagreements over prices and quantities for Russian energy.

In April , Belarus agreed to pay its gas debt and Russia restored the flow of crude. New non-Russian foreign investment has been limited in recent years, largely because of an unfavorable financial climate.

In , a financial crisis lead to a nearly three-fold devaluation of the Belarusian ruble. The Belarusian economy has continued to struggle under the weight of high external debt servicing payments and a trade deficit.

Budget revenues dropped because of falling global prices on key Belarusian export commodities. Since , the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken some steps towards price liberalization, and reduced subsidized government lending to state-owned enterprises.

Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing.

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.

Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners.

Unemployment stood at 7. The economy largely recovered from the March terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry.

In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes.

The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment. Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.

Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors.

High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

The free market economy of Benin has grown consecutively for four years, though growth slowed in , as its close trade links to Nigeria expose Benin to risks from volatile commodity prices.

Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market.

The economy began deflating in , with the consumer price index falling 0. Private foreign direct investment is small, and foreign aid accounts for a large proportion of investment in infrastructure projects.

Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory, and has used equipment from donors effectively against such piracy.

The four projects focused on access to land, access to financial services, access to justice, and access to markets including modernization of the port.

Benin will need further efforts to upgrade infrastructure, stem corruption, and expand access to foreign markets to achieve its potential.

Even the financial sector has lost roughly 5, high-paying expatriate jobs since , weighing heavily on household consumption and retail sales.

Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island. Bermuda's economy returned to negative growth in , reporting a contraction of 0.

Still, Bermuda enjoys one of the highest per capita incomes in the world. Bhutan's small economy is based largely on hydropower, agriculture, and forestry, which provide the main livelihood for more than half the population.

Because rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult and expensive, industrial production is primarily of the cottage industry type.

The economy is closely aligned with India's through strong trade and monetary links and is dependent on India for financial assistance and migrant laborers for development projects, especially for road construction.

Bhutan signed a pact in December to expand duty-free trade with Bangladesh. Multilateral development organizations administer most educational, social, and environment programs, and take into account the government's desire to protect the country's environment and cultural traditions.

For example, the government is cautious in its expansion of the tourist sector, restricing visits to environmentally conscientious tourists.

Complicated controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment.

Bhutan currently taps only 6. The high volume of imported materials to build hydropower plants has expanded Bhutan's trade and current account deficits.

Bhutan also signed a memorandum of understanding with Bangladesh and India in July to jointly construct a new hydropower plant for exporting electricity to Bangladesh.

Bolivia is a resource rich country with strong growth attributed to captive markets for natural gas exports — to Brazil and Argentina.

However, the country remains one of the least developed countries in Latin America because of state-oriented policies that deter investment.

Following an economic crisis during the early s, reforms in the s spurred private investment, stimulated economic growth, and cut poverty rates.

The period was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large Northern Hemisphere markets.

In , the government passed hydrocarbon laws that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee; the laws engendered much public debate.

High commodity prices between and sustained rapid growth and large trade surpluses with GDP growing 6. The global decline in oil prices that began in late exerted downward pressure on the price Bolivia receives for exported gas and resulted in lower GDP growth rates - 4.

A lack of foreign investment in the key sectors of mining and hydrocarbons, along with conflict among social groups, pose challenges for the Bolivian economy.

MORALES passed an investment law and promised not to nationalize additional industries in an effort to improve the investment climate. Bosnia and Herzegovina has a transitional economy with limited market reforms.

The economy relies heavily on the export of metals, energy, textiles, and furniture as well as on remittances and foreign aid. A highly decentralized government hampers economic policy coordination and reform, while excessive bureaucracy and a segmented market discourage foreign investment.

The economy is among the least competitive in the region. Foreign banks, primarily from Austria and Italy, control much of the banking sector, though the largest bank is a private domestic one.

The konvertibilna marka convertible mark - the national currency introduced in - is pegged to the euro through a currency board arrangement, which has maintained confidence in the currency and has facilitated reliable trade links with European partners.

In , Bosnia began a three-year IMF loan program, but it has struggled to meet the economic reform benchmarks required to receive all funding installments.

Bosnia and Herzegovina's private sector is growing slowly, but foreign investment dropped sharply after and remains low. High unemployment remains the most serious macroeconomic problem.

Successful implementation of a value-added tax in provided a steady source of revenue for the government and helped rein in gray-market activity, though public perceptions of government corruption and misuse of taxpayer money has encouraged a large informal economy to persist.

National-level statistics have improved over time, but a large share of economic activity remains unofficial and unrecorded.

Bosnia and Herzegovina's top economic priorities are: acceleration of integration into the EU; strengthening the fiscal system; public administration reform; World Trade Organization membership; and securing economic growth by fostering a dynamic, competitive private sector.

Until the beginning of the global recession in , Botswana maintained one of the world's highest economic growth rates since its independence in Botswana recovered from the global recession in , but only grew modestly until , primarily due to a downturn in the global diamond market, though water and power shortages also played a role.

Botswana also ranks as one of the least corrupt and best places to do business in Sub-Saharan Africa. De Beers, a major international diamond company, signed a year deal with Botswana in and moved its rough stone sorting and trading division from London to Gaborone in The move was geared to support the development of Botswana's nascent downstream diamond industry.

Tourism is a secondary earner of foreign exchange and many Batswana engage in tourism-related services, subsistence farming, and cattle rearing.

The economy has been negatively affected by multiple corruption scandals involving private companies and government officials, including the impeachment and conviction of Former President Dilma ROUSSEFF in August Sanctions against the firms involved — some of the largest in Brazil — have limited their business opportunities, producing a ripple effect on associated businesses and contractors but creating opportunities for foreign companies to step into what had been a closed market.

The succeeding TEMER administration has implemented a series of fiscal and structural reforms to restore credibility to government finances.

Congress approved legislation in December to cap public spending. Government spending growth had pushed public debt to The government also boosted infrastructure projects, such as oil and natural gas auctions, in part to raise revenues.

Other economic reforms, proposed in , aim to reduce barriers to foreign investment, and to improve labor conditions. After the Asian and Russian financial crises, Mercosur adopted a protectionist stance to guard against exposure to volatile foreign markets and it currently is negotiating Free Trade Agreements with the European Union and Canada.

More than , tourists, mainly from the US, visited the islands in Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.

In the mids, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues.

Roughly , companies were on the offshore registry by yearend The adoption of a comprehensive insurance law in late , which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business.

Brunei is an energy-rich sultanate on the northern coast of Borneo in Southeast Asia. Brunei boasts a well-educated, largely English-speaking population; excellent infrastructure; and a stable government intent on attracting foreign investment.

Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production.

Bruneian citizens pay no personal income taxes, and the government provides free medical services and free education through the university level.

The Bruneian Government wants to diversify its economy away from hydrocarbon exports to other industries such as information and communications technology and halal manufacturing, permissible under Islamic law.

Bulgaria, a former communist country that entered the EU in , has an open economy that historically has demonstrated strong growth, but its per-capita income remains the lowest among EU members and its reliance on energy imports and foreign demand for its exports makes its growth sensitive to external market conditions.

The government undertook significant structural economic reforms in the s to move the economy from a centralized, planned economy to a more liberal, market-driven economy.

These reforms included privatization of state-owned enterprises, liberalization of trade, and strengthening of the tax system - changes that initially caused some economic hardships but later helped to attract investment, spur growth, and make gradual improvements to living conditions.

Bulgaria is heavily reliant on energy imports from Russia, a potential vulnerability, and is a participant in EU-backed efforts to diversify regional natural gas supplies.

As of early , the government was floating the possibility of resurrecting the Belene project. The natural gas market, dominated by state-owned Bulgargaz, is also almost entirely supplied by Russia.

Infrastructure projects such as the Inter-Connector Greece-Bulgaria and Inter-Connector Bulgaria-Serbia, which would enable Bulgaria to have access to non-Russian gas, have either stalled or made limited progress.

This new agency is responsible for the electronic governance, coordinating national policies with the EU, and strengthening cybersecurity.

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: a reducing its high domestic savings rate and correspondingly low domestic household consumption; b managing its high corporate debt burden to maintain financial stability; c controlling off-balance sheet local government debt used to finance infrastructure stimulus; d facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; e dampening speculative investment in the real estate sector without sharply slowing the economy; f reducing industrial overcapacity; and g raising productivity growth rates through the more efficient allocation of capital and state-support for innovation.

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.

Chinese leaders also have undermined some market-oriented reforms by reaffirming the "dominant" role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.

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 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.

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. 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.

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. Most of Curacao's GDP results from services.

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 GDP grew only slightly during the past decade, 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 , 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, the Netherlands, and Venezuela 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, including a Tier IV datacenter.

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.

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