Previously hindered by years of mismanagement, economic reforms of the past decade[when?] have put Nigeria back on track towards achieving its full economic potential. Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012, although estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person). (Population increased from 120 million in 2000 to 160 million in 2010). These figures were to be revised upwards by as much as 80% when metrics were to be recalculated subsequent to the rebasing of its economy in April 2014.[needs update][20]
Although oil revenues contribute 2/3 of state revenues,[21] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply (in comparison, Saudi Arabia produces 12.9%, Russia produces 12.7% and the United States produces 8.6%).[22] Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy.
The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now[when?] imports some of its food products, though mechanization has led to a resurgence in manufacturing and exporting of food products, and the move towards food sufficiency. In 2006, Nigeria successfully convinced the Paris Club to let it buy back the bulk of its debts owed to them for a cash payment of roughly US$12 billion.[23]
According to a Citigroup report published in February 2011, Nigeria will have the highest average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries.[24]
In 2014, Nigeria changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry.[25]
In 2005, Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. Under the agreement, the lenders will forgive most of the debt, and Nigeria will pay off the remainder with a portion of its energy revenues. Outside of the energy sector, Nigeria's economy is highly inefficient. Moreover, human capital is underdeveloped—Nigeria ranked 151 out of countries in the United Nations Development Index in 2004—and non-energy-related infrastructure is inadequate.
From 2003 to 2007, Nigeria attempted to implement an economic reform program called the National Economic Empowerment Development Strategy (NEEDS). The purpose of the NEEDS was to raise the country's standard of living through a variety of reforms, including macroeconomic stability, deregulation, liberalization, privatization, transparency, and accountability.
The NEEDS addressed basic deficiencies, such as the lack of freshwater for household use and irrigation, unreliable power supplies, decaying infrastructure, impediments to private enterprise, and corruption. The government hoped that the NEEDS would create 7 million new jobs, diversify the economy, boost non-energy exports, increase industrial capacity utilization, and improve agricultural productivity. A related initiative on the state level is the State Economic Empowerment Development Strategy (SEEDS).
A longer-term economic development program is the United Nations (UN)-sponsored National Millennium Goals for Nigeria. Under the program, which covers the years from 2000 to 2015, Nigeria is committed to achieving a wide range of ambitious objectives involving poverty reduction, education, gender equality, health, the environment, and international development cooperation. In an update released in 2004, the UN found that Nigeria was making progress toward achieving several goals but was falling short on others.
Specifically, Nigeria had advanced efforts to provide universal primary education, protect the environment, and develop a global development partnership.
A prerequisite for achieving many of these worthwhile objectives is curtailing endemic corruption, which stymies development and taints Nigeria's business environment. President Olusegun Obasanjo's campaign against corruption, which includes the arrest of officials accused of misdeeds and recovering stolen funds, has won praise from the World Bank. In September 2005, Nigeria, with the assistance of the World Bank, began to recover US$458 million of illicit funds that had been deposited in Swiss banks by the late military dictator Sani Abacha, who ruled Nigeria from 1993 to 1998. However, while broad-based progress has been slow, these efforts have begun to become evident in international surveys of corruption. In fact, Nigeria's ranking has consistently improved since 2001 ranking 147 out of 180 countries in Transparency International's 2007 Corruption Perceptions Index.
The Nigerian economy suffers from an ongoing supply crisis in the power sector. Despite a rapidly growing economy, some of the world's largest deposits of coal, oil and gas and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents.
This is a chart of trend of gross domestic product of Nigeria at market prices estimated[26] by the International Monetary Fund with figures in USD billions. Figures before 2000 are backwards projections from the 2000–2012 numbers, based on historical growth rates, and should be replaced when data becomes available. The figure for 2014 is derived from a rebasing of economical activity earlier in the year.
Year
Gross domestic product, (PPP, in billions)
US dollar exchange
Inflation index (2000=100)
Per capita income (as % of USA)
1980
*58
1 Naira
1.30
7%
1985
*82
3 Naira
3.20
5%
1990
*118
9 Naira
8.10
2.5%
1995
*155
50 Naira
56
3%
2000
170
100 Naira
100
3.5%
2005
291
130 Naira
207
4%
2010
392
150 Naira
108
5%
2012
451
158 Naira
121
7%
2014
972
180 Naira
10
11%
2015
1,089
220 Naira
10
10%
2016
1,093
280 Naira
17
10%
2017
1,125
360 Naira
5 (est)
10%
NOTES:
The US dollar exchange rate is an estimated average of the official rate throughout a year, and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and to speculative activity as alleged by the Central Bank. All the while the official rate was pegged at 360.
Per capita income (as % of USA) is calculated using data from estimates in the PPP link above, and from census estimates, based on growth rates between census periods. For instance 2017 GDPs were 1,125 Billion (Nigeria) vs. 19,417 Billion (USA) and populations were estimated at 320 million vs 190 million. The ratio is therefore (1125/19417) / (190/320), which roughly comes to 0.0975. These are estimates and are intended to get a feel for the relative wealth and standard of living, as well as the market potential of its middle class.
This is a chart of trend of the global ranking of the Nigerian economy, in comparison with other countries of the world, derived from the historical List of countries by GDP (PPP).
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 (est.)
Ranking
52
47
38
37
34
31
31
30
23
20
21
22
23
This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos, with "Best" being cheaper for a Nigerian (i.e. stronger Naira).[27][28]
Year
2015
2016
2017
Best
195
345
350
Worst
237
490
520
For purchasing power parity comparisons, the US dollar is exchanged at 1 USD to 314.27 Nigerian Naira (as of 2017).[29]
Current GDP per capita of Nigeria expanded 132% in the sixties reaching a peak growth of 283% in the seventies. But this proved unsustainable and it consequently shrank by 66% in the Eighties. In the Nineties, diversification initiatives finally took effect and decadal growth was restored to 10%. Although GDP on a PPP basis did not increase until the 2000's.[30]
In 2012, the GDP was composed of the following sectors: agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14%.[31] By 2015, the GDP was composed of the following sectors: agriculture: 18%; services: 55%; manufacturing: 16%; oil: 8% [11]
In 2005 Nigeria's inflation rate was an estimated 15.6%. Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%. By 2012, expenditures stood at $31.61 billion, while revenues was $54.48 billion.
Nigerian farmers in the Middle Belt (2006). 30% of Nigerians are employed in agriculture.[32]
Nigeria ranks sixth worldwide and first in Africa in farm output. The sector accounts for about 18% of GDP and almost one-third of employment. Nigeria has 19 million head of cattle, the largest in Africa.[33] Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products, including: cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees has increased from around 180,000 tons annually to 350,000 tons.
Major agricultural products include cassava (tapioca), corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams. In 2003, livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively. In the same year, the total fishing catch was 505.8 metric tons. Roundwood removals totaled slightly less than 70 million cubic meters, and sawnwood production was estimated at 2 million cubic meters. The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Agriculture has failed to keep pace with Nigeria's rapid population growth, so that the country, which once exported food, now imports a significant amount of food to sustain itself. However, efforts are being made towards making the country food sufficient again.
Nigeria's proven oil reserves are estimated to be 35 billion barrels (5.6×109 m3); natural gas reserves are well over 100 trillion cubic feet (2,800 km3). Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC). The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil. Poor corporate relations with indigenous communities, vandalism of oil infrastructure, severe ecological damage, and personal security problems throughout the Niger Delta oil-producing region continue to plague Nigeria's oil sector.
Efforts are underway[when?] to reverse these troubles. A new entity, the Niger Delta Development Commission (NDDC), has been created to help catalyze economic and social development in the region. The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source for U.S. imported oil.
The United Kingdom is Nigeria's largest trading partner followed by the United States. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U.S. exports to Nigeria is believed to enter the country outside of the Nigerian government's official statistics, due to importers seeking to avoid Nigeria's tariffs. To counter smuggling and under-invoicing by importers, in May 2001, the Nigerian government instituted a full inspection program for all imports, and enforcement has been sustained.
On the whole, Nigerian high tariffs and non-tariff barriers are gradually being reduced,[when?] but much progress remains to be made.[according to whom?] The government also has been encouraging the expansion of foreign investment, although the country's investment climate remains daunting to all but the most determined.[according to whom?] The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. Exxon Mobil and Chevron are the two largest U.S. corporations in offshore oil and gas production. Significant exports of liquefied natural gas started in late 1999 and are slated to expand as Nigeria seeks to eliminate gas flaring by 2008.
The pump price of P.M.S. currently[when?] stands at around ₦145 at fueling stations across Nigeria. An initial increase in the price of petrol (Premium Motor Spirit) from around ₦65 to ₦140 triggered by the removal of fuel subsidies on January 1, 2012, triggered a total strike and massive protests across the country. Then President Goodluck Ebele Jonathan later reached an agreement with the Nigerian Labour Congress and reduced the pump price to 97 naira. The pump price was further reduced by 10 naira to 87 naira in the run-up to the 2015 general elections. However, after the elections of Muhammadu Buhari, the fuel subsidies was removed again, and the pump price increased again, despite the fall in oil price.
Since the fall in oil prices in 2015 and 2016, the government exchange rate policy has limited devaluation of the naira due to inflation concerns by the President Muhammadu Buhari.[34][35]
Nigeria ranks 27th worldwide and first in Africa in services' output.
Since undergoing severe distress in the mid-1990s, Nigeria's banking sector has witnessed significant growth over the last few years[when?] as new banks enter the financial market.
Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the lack of effective due process, and nontransparent economic decision making, especially in government contracting. While corrupt practices are endemic, they are generally less flagrant than during military rule, and there are signs of improvement. Meanwhile, since 1999 the Nigerian Stock Exchange has enjoyed strong performance, although equity as a means to foster corporate growth is being more utilized by Nigeria's private sector.[according to whom?]
Nigeria's publicly owned transportation infrastructure is a major constraint to economic development. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar.
Extensive road repairs and new construction activities are gradually being implemented as state governments, in particular, spend their portions of enhanced government revenue allocations.
Five of Nigeria's airports (Lagos, Kano, Port Harcourt, Enugu and Abuja) currently fly to international destinations. The Nigerian Airforce began a new airline called United Nigeria, with a Boeing 737-500 in 2013. There are several domestic private Nigerian carriers, and air service among Nigeria's cities is generally dependable.
A major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.[36] In 2014, 17.5 million Nigerians lived in foreign countries, with the UK and the USA having more than 2 million Nigerians each.[36]
According to the International Organization for Migration, Nigeria witnessed a dramatic increase in remittances sent home from overseas Nigerians, going from USD 2.3 billion in 2004 to 17.9 billion in 2007, representing 6.7% of GDP. The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, Libya and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.
In 2015, Nigeria had a labour force of 74 million. In 2003, the unemployment rate was 10.8% overall; by 2015, unemployment stood at 6.4%.[37]
Since 1999, the Nigerian Labor Congress (NLC) a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC's monopoly over union organizing. In December 2005, the NLC was lobbying for an increase in the minimum wage for federal workers. The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month.
According to the International Organization for Migration, the number of immigrants residing in Nigeria has more than doubled in recent decades – from 477,135 in 1991 to 971,450 in 2005. The majority of immigrants in Nigeria (74%) are from neighbouring Economic Community of West African States (ECOWAS), and that this number has increased considerably over the last decade, from 63% in 2001 to 97% in 2005.
The Human Development Index (HDI) shows in 2012 that Nigeria is ranked 156 with the value of 0.459 among 187 countries. As of 2015, Nigeria's HDI is ranked 152nd at 0.514. The comparative value for Sub-Saharan Africa is 0.475, 0.910 for the US,[38] and 0.694 for the world average.
The value for the education index is 0.457, compared to the average in the US of 0.939. The expected years of schooling in Nigeria is 9.0 (16.00 in the US), while the mean years of schooling for adults over 25 years is 5.2 years (12.4 years in the US). Additionally, Nigeria is also facing a relatively high inequality, worsening the problem regarding the formation of human capital. The income distribution for the poorest (bottom 10%) is 1.6% while it is 40.8% for the richest (top 10%). Among 114 countries the income distribution places Nigeria respectively in 94th position for the poorest and 17th for the richest.[citation needed]
In the light of highly expansionary public sector fiscal policies in 2001, the government sought ways to head off higher inflation, leading to the implementation of stronger monetary policies by the Central Bank of Nigeria (CBN) and underspending of budgeted amounts. As a result of the CBN's efforts, the official exchange rate for the Naira has stabilized at about 112 Naira to the dollar. The combination of CBN's efforts to prop up the value of the Naira and excess liquidity resulting from government spending led the currency to be discounted by around 20% on the parallel (non-official) market.
A key condition of the Stand-by Arrangement has been closure of the gap between the official and parallel market exchange rates. The Inter Bank Foreign Exchange Market (IFEM) is closely tied to the official rate. Under IFEM, banks, oil companies, and the CBN can buy or sell their foreign exchange at government-influenced rates. Much of the informal economy, however, can only access foreign exchange through the parallel market. Companies can hold domiciliary accounts in private banks, and account holders have unfettered use of the funds.
Expanded government spending also has led to upward pressure on consumer prices. Inflation which had almost disappeared in April 2000 reached 14.5% by the end of the year and 18.7% in August 2001. In 2000, high oil prices resulted in government revenue of over $16 billion, about double the 1999 level. State and local governments demanded access to this "windfall" revenue, creating a tug-of-war between the federal government, which sought to control spending, and state governments desiring augmented budgets, preventing the government from making provision for periods of lower oil prices.
In 2016, the black market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% “premium” to be paid to central bank officials to get dollars.[34]
The Obasanjo government supported "private-sector" led, "market oriented" economic growth and began extensive economic reform efforts. Although the government's anti-corruption campaign was left wanting, progress in injecting transparency and accountability into economic decision-making was notable. The dual exchange rate mechanism formally abolished in the 1999 budget remains in place in actuality.
During 2000 the government's privatization program showed signs of life and real promise with successful turnover to the private sector of state-owned banks, fuel distribution companies, and cement plants. However, the privatization process has slowed somewhat as the government confronts key parastatals such as the state telephone company NITEL and Nigerian Airways. The successful auction of GSM telecommunications licenses in January 2001 has encouraged investment in this vital sector.
Although the government has been stymied so far in its desire to deregulate downstream petroleum prices, state refineries, almost paralyzed in 2000, are producing at much higher capacities. By August 2001, gasoline lines disappeared throughout much of the country. The government still intends to pursue deregulation despite significant internal opposition, particularly from the Nigeria Labour Congress. To meet market demand the government incurs large losses importing gasoline to sell at subsidized prices.
Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS common external tariff, which reduced the number of tariff bands.
Prior to this revision, tariffs constituted Nigeria's second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks. Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.
A proportional representation of Nigeria's exports.
In 2005, Nigeria imported about US$26 billion of goods. In 2004 the leading sources of imports were China (9.4%), the United States (8.4%), the United Kingdom (7.8%), the Netherlands (5.9%), France (5.4%), Germany (4.8%), and Italy (4%). Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals.
In 2005, Nigeria exported about US$52 billion of goods. In 2004, the leading destinations for exports were the United States (47.4%), Brazil (10.7%), and Spain (7.1%). In 2004 oil accounted for 95% of merchandise exports, and cocoa and rubber accounted for almost 60% of the remainder.
In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of mid-June 2006, the exchange rate was about US$1=NGN128.4. In recent years, Nigeria has expanded its trade relations with other developing countries such as India. Nigeria is the largest African crude oil supplier to India — it annually exports 400,000 barrels per day (64,000 m3/d) to India valued at US$10 billion annually.
India is the largest purchaser of Nigeria's oil which fulfills 20% to 25% of India's domestic oil demand. Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.[39]
The trade volume between Nigeria and the United Kingdom rose by 35% from USD6.3 billion in 2010 to USD8.5 billion in 2011.[40]
In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic - putting total debt at $44 billion.[41]
In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club. This was structured as a debt writeoff of approximately $18 billion and a cash payment of approximately $12 billion.
In 2012, Nigeria received a net inflow of US$85.73 billion of foreign direct investment (FDI), much of which came from Nigerians in the diaspora. Most FDI is directed toward the energy and banking sectors. Any public designed to encourage inflow of foreign capital is capable of generating employment opportunities within the domestic economy. The Nigerian Enterprises Promotion (NEP) Decree of 1972 (revised in 1977) was intended to reduce foreign investment in the Nigerian economy.
The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the Swiss Banks to Nigeria had been misappropriated.
^"News 2012". Nigerian National Bureau of Statistics. Retrieved 26 March 2012.
^Olomola Ade S. (2007) “Strategies for Managing the Opportunities and Challenges of the Current Agricultural Commodity Booms in SSA” in Seminar Papers on Managing Commodity Booms in Sub-Saharan Africa: A Publication of the AERC Senior Policy Seminar IX. African Economic Research Consortium (AERC), Nairobi, Kenya
Equatorial Guinea is a small nation of 1.2 million located on the west coast of Central Africa which gained independence from Spain in 1968. Thanks to the discovery and exploitation of significant oil reserves in the 1990s, it enjoys a purchasing power parity GDP per capita of more than US$38,699 which is as of 2016 the highest in Africa and the 31st highest in the world. However, the country has been ranked only 138th out of 188 countries on the United Nations Human Development Index in 2015. After the oil price collapsed in 2014, the economy has gone into a free for all which has put growth in a downwards spiral from around 15% to −10%.
Economy of Lebanon
The economy of Lebanon is generally classified as a developing economy. The nominal GDP was estimated $54.1 billions in 2018, with a per capita GDP amounting to $12,000. Government spending amounted to $15.9 billion in 2018, or 23% of GDP.
Economy of Nicaragua
Nicaragua's economy is focused primarily on the agricultural sector. It is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the global recession of 2009, when the country's economy actually contracted by 1.5%, due to decreased export demand in the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively.
Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
Economy of Pakistan
The economy of Pakistan is the 23rd largest in the world in terms of purchasing power parity (PPP), and 38th largest in terms of nominal gross domestic product. Pakistan has a population of over 207 million, giving it a nominal GDP per capita of $1,641 in 2018, which ranks 147th in the world and giving it s PPP GDP per capita of 5,709 in 2018, which ranks 130th in the world for 2018. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and is one of the Next Eleven countries identified by Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICS countries, among the world's largest economies in the 21st century. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals, carpets/rugs and medical instruments.
Economy of Paraguay
Paraguay has a market economy highly dependent on agriculture products. In recent years, the economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power but has few mineral resources, and political instability has undercut some of the economic advantages present. The government welcomes foreign investment.
Economy of Senegal
Predominantly rural, and with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices. The former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.
Economy of Sri Lanka
With an economy worth $93.45 billion $298.310 billion PPP and a per capita GDP of about $4,310, $13,480 PPP as of 2018 Sri Lanka has mostly had strong growth rates in recent years. The Sri Lankan economy has seen robust annual growth at 6.4 percent over the course of the 2003-2012 period, well above its regional peers. In GDP per capita terms, it is ahead of other countries in the South Asian region. The main economic sectors of the country are tourism, tea export, apparel, textile, rice production and other agricultural products. In addition to these economic sectors, overseas employment contributes highly in foreign exchange: 90% of expatriate Sri Lankans reside in the Middle East.
Economy of Syria
Syria has a turbulent economic history. In 1963, the Arab Socialist Ba'ath Party came to power, and instituted socialist policies of nationalization and land reform. In 1970, General Hafiz al-Assad took power. Socialism morphed into state capitalism. The restrictions on private enterprise were relaxed, but a substantial part of the economy was still under government control. By the 1980s, Syria found itself politically and economically isolated, and in the midst of a deep economic crisis. Real per capita GDP fell 22 percent between 1982 and 1989. In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated. The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s. Syria's per capita GDP was 4,058 US dollars in 2010. There is no authoritative GDP data available after 2012, due to Syria's civil war.
Economy of Togo
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
Economy of Vietnam
The socialist-oriented market economy of the Socialist Republic of Vietnam is the 47th-largest economy in the world measured by nominal gross domestic product (GDP) and 35th-largest in the world measured by purchasing power parity (PPP). The country is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization.
Economy of Yemen
At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, for the past 24 years Yemen has relied heavily on aid from multilateral agencies to sustain its economy. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms—reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.
Economy of Tunisia
Tunisia is in the process of economic reform and liberalization after decades of heavy state direction and participation in the economy. Prudent economic and fiscal planning have resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015-2016, Tunisia ranks in 92nd place. Based on HDI latest report, Tunisia ranks 96th globally and 5th in Africa.
Economy of Mozambique
The economy of Mozambique has developed since the end of the Mozambican Civil War (1977–1992), but the country is still one of the world's poorest and most underdeveloped. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s although it returned to double digits in 2000-02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities. In spite of these gains, Mozambique remains dependent upon foreign assistance for much of its annual budget, and a large majority of the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's workforce. A substantial trade imbalance persists although the opening of the MOZAL aluminium smelter, the country's largest foreign investment project to date has increased export earnings. Additional investment projects in titanium extraction and processing and garment manufacturing should further close the import/export gap. Mozambique's once substantial foreign debt has been reduced through forgiveness and rescheduling under the International Monetary Fund's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level.
Economy of India
The economy of India is a developing mixed economy. It is the world's seventh-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018. After the 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. Since 2014 with the exception of 2017, India's economy has been the world's fastest growing major economy, surpassing China.
Economic history of Turkey
The economic history of Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: i) 1923-1929, when development policy emphasised private accumulation; ii) 1929-1945 when development policy emphasised state accumulation in a period of global crises; iii) 1950-1980, a period of state guided industrialisation based on import substituting protectionism; iv) 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions. However one distinct characteristic between 1923–1985, in large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets the economy grew at an average annual rate of six percent.
Economy of Ivory Coast
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capita grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s. But this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This coupled with high population growth resulted in a steady fall in living standards. Gross national product per capita, now rising again, was about US$727 in 1996. After several years of lagging performance, the Ivorian economy began a comeback in 1994, due to the devaluation of the CFA franc and improved prices for cocoa and coffee, growth in non-traditional primary exports such as pineapples and rubber, limited trade and banking liberalization, offshore oil and gas discoveries, and generous external financing and debt rescheduling by multilateral lenders and France. The 50% devaluation of franc zone currencies on 12 January 1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate fell sharply in 1996-1999. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996-99. A majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods.
Economy of Algeria
In 2014, the Algerian economy expanded by 4%, up from 2.8% in 2013. Growth was driven mainly by the recovering oil and gas sector and further economic expansion of 3.9% is forecast in 2015 and 4.0% in 2016.
Economy of Argentina
The economy of Argentina is a high income economy for fiscal year 2017 according to the World Bank. It is Latin America's third largest economy, and the second largest in South America behind Brazil.
11.4% (2018)
$40.81 billion (2017 est.)
Inward: $116.9 billion (31 December 2017 est.)
$40.96 billion (31 December 2017 est.)
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