machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper
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.[9] In 1970, General Hafiz al-Assad took power. 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.[10] Real per capita GDP fell 22 percent between 1982 and 1989.[11] In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated.[12] The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s.[11] Syria's per capita GDP was 4,058 US dollars in 2010.[13] There is no authoritative GDP data available after 2012, due to Syria's civil war.[12]
Before the civil war the two main pillars of the Syrian economy were agriculture and oil, which together accounted for about one-half of GDP. Agriculture, for instance, accounted for about 26% of GDP and employed 25% of the total labor force.[14] However, poor climatic conditions and severe drought badly affected the agricultural sector, thus reducing its share in the economy to about 17% of 2008 GDP, down from 20.4% in 2007, according to preliminary data from the Central Bureau of Statistics. On the other hand, higher crude oil prices countered declining oil production and led to higher budgetary and export receipts.[15]
The sanctions, destruction and dislocation associated with the Civil War have devastated Syria's economy. By the end of 2013, the UN estimated total economic damage of the Syrian civil war at $143 billion.[28] The total economic loss from the Syrian Civil War will reach $237 billion by the end of 2015, according to the United Nations Economic and Social Commission for Western Asia, with the Syrian opposition's capture of Nasib border crossing costing the government a further $500–$700 million a year on top of this.[29] In 2018, the World Bank estimated that about one-third of Syria's housing stock and one half of its health and education facilities had been destroyed by the conflict. According to the World Bank, a cumulative total of $226 billion in GDP was lost due to the conflict from 2011 to 2016.[30]
The Syrian economy suffered from conflict-related hyperinflation. The Syrian annual inflation rate is one of the highest in the world.[31][32]
During the 1960s, along socialist lines, the government nationalized most major enterprises and adopted economic policies designed to address regional and class disparities.[10] Economic reform has been incremental and gradual. In 2001, Syria legalized private banking. In 2004, four private banks began operations. In August 2004, a committee was formed to supervise the establishment of a stock market. Beyond the financial sector, the Syrian Government has enacted major changes to rental and tax laws, and is reportedly considering similar changes to the commercial code and to other laws, which impact property rights.[citation needed]
(Ohachq)
Syria has produced heavy-grade oil from fields inside in the northeast since the late 1960s. In the early 1980s, light-grade, low-sulphur oil was discovered near Deir ez-Zor in eastern Syria. This discovery relieved Syria of the need to import light oil to mix with domestic heavy crude in refineries. Recently,[when?] Syrian oil production has been about 379,000 barrels per day (bpd).[citation needed] Syria's oil reserves are being gradually depleted and reached 2.5 billion barrels in January 2009.[citation needed] Experts[who?] generally agree that Syria will become a net importer of petroleum by the end of the next decade.[citation needed] Recent developments have helped revitalize the energy sector, including new discoveries and the successful development of its hydrocarbon reserves. According to the 2009 Syria Report of the Oxford Business Group, the oil sector accounted for 23% of government revenues, 20% of exports, and 22% of GDP in 2008. Syria exported roughly 150,000 bpd in 2008, and oil accounted for a majority of the country's export income.[15]
Ad hoc economic liberalization continues to add wealth inequality, impoverishing the average population while enriching a few people in Syria's private sector.[citation needed] In 1990, the government established an official parallel exchange rate to provide incentives for remittances and exports through official channels. This action improved the supply of basic commodities and contained inflation by removing risk premiums on smuggled commodities.[citation needed]
Foreign aid to Syria in 1997 totaled an estimated US$199 million. The World Bank reported that in July 2004 that it had committed a total of US$661 million for 20 operations in Syria. One investment project remained active at that time.
Despite the mitigation of the severe drought that plagued the region in the late 1990s and the recovery of energy export revenues, Syria's economy faces serious challenges. With almost 60% of its population under the age of 20, unemployment higher than the current 9% is a real possibility unless sustained and strong economic growth takes off.[citation needed]
Commerce has always been important to the Syrian economy, which benefited from the country's strategic location along major east-west trade routes. Syrian cities boast both traditional industries such as weaving and dried-fruit packing and modern heavy industry. Given the policies adopted from the 1960s through the late 1980s, Syria refused to join the "global economy". In late 2001, however, Syria submitted a request to the World Trade Organization (WTO) to begin the accession process. Syria had been an original contracting party of the former General Agreement on Tariffs and Trade but withdrew in 1951 because of Israel's joining. Major elements of current Syrian trade rules would have to change in order to be consistent with the WTO. In March 2007, Syria signed an Association Agreement with the European Union that would encourage both sides to negotiate a free trade agreement before 2010.
The bulk of Syrian imports have been raw materials essential for industry, agriculture, equipment, and machinery. Major exports include crude oil, refined products, raw cotton, clothing, fruits, and cereal grains.
Over time, the government has increased the number of transactions to which the more favorable neighboring country exchange rate applies. The government also introduced a quasi-rate for non-commercial transactions in 2001 broadly in line with prevailing black market rates.
Given the poor development of its own capital markets and Syria's lack of access to international money and capital markets, monetary policy remains captive to the need to cover the fiscal deficit. Although in 2003 Syria lowered interest rates for the first time in 22 years and again in 2004, rates remain fixed by law.
Under Syrian President Bashar al-Assad, national debt in relation to GDP went from 152.09% 2000 down to 30.02% in 2010.[33] Syria has made progress in easing its heavy foreign debt burden through bilateral rescheduling deals with virtually all of its key creditors in Europe. In December 2004, Syria and Poland reached an agreement by which Syria would pay $27 million out of the total $261.7 million debt. In January 2005, Russia and Syria signed a deal that wrote off nearly 80% of Syria's debt to Russia, approximately €10.5 billion ($13 billion). The agreement left Syria with less than €3 billion (just over $3.6 billion) owed to Moscow. Half of it would be repaid over the next 10 years, while the rest would be paid into Russian accounts in Syrian banks and could be used for Russian investment projects in Syria and for buying Syrian products. This agreement was part of a weapons deal between Russia and Syria. And later that year Syria reached an agreement with Slovakia, and the Czech Republic to settle debt estimated at $1.6 billion. Again Syria was forgiven the bulk of its debt, in exchange for a one time payment of $150 million.
Agriculture is a high priority in Syria's economic development plans, as the government seeks to achieve food self-sufficiency, increase export earnings, and halt rural out-migration.[34] Thanks to sustained capital investment, infrastructure development, subsidies of inputs, and price supports, Syria has gone from a net importer of many agricultural products to an exporter of cotton, fruits, vegetables, and other foodstuffs. One of the prime reasons for this turnaround has been the government's investment in huge irrigation systems in northern and northeastern Syria.[35] The agriculture sector, as of 2009, employs about 17% of the labor force and generates about 21% of the gross domestic product,[36][37] of which livestock accounted for 16% and fruit and grains for more than 40%.[34]
In 2015, Syria's main exports included spice seeds ($83.2 million), apples and pears ($53.2 million).[38]
Most land is privately owned, a crucial factor behind the sector's success.[34] Of Syria's 196,000 km² (72,000 square miles),[35] about 28% of it is cultivated, and 21% of that total is irrigated. Most irrigated land is designated "strategic", meaning that it encounters significant state intervention in terms of pricing, subsidies, and marketing controls. "Strategic" products such as wheat, barley, and sugar beets, must be sold to state marketing boards at fixed prices, often above world prices in order to support farmers, but at a significant cost to the state budget. The most widely grown arable crop is wheat, but the most important cash crop is cotton; cotton was the largest single export before the development of the oil sector. Nevertheless, the total area planted with cotton has declined because of an increasing problem of water shortage coupled with old and inefficient irrigation techniques. The output of grains like wheat is often underutilized because of poor storage facilities.[34]
Water and energy are among the most pervasive issues facing the agriculture sector. Another difficulty suffered by the agricultural sector is the government's decision to liberalize prices of fertilizers, which have increased between 100% and 400%. Drought was an alarming problem in 2008; however, the drought situation slightly improved in 2009. Wheat and barley production about doubled in 2009 compared to 2008. In spite of that, the livelihoods of up to 1 million agricultural workers have been threatened. In response, the UN launched an emergency appeal for $20.2 million. Wheat has been one of the crops most affected, and for the first time in 2 decades Syria has moved from being a net exporter of wheat to a net importer.[39] During the civil war which began in 2011, the Syrian government was forced to put out a tender for 100,000 metric tonnes of wheat, one of the few trade products not subject to economic sanctions.[40]
Less than 2.7% of Syria's land area is forested, and only a portion of that is commercially useful.[1] Limited forestry activity is centered in the higher elevations of the mountains just inland from the coast, where rainfall is more abundant.[41]
Phosphates are the major minerals exploited in Syria. According to estimates Syria has around 1,700 million tons of phosphate reserves.[42] Production dropped sharply in the early 1990s when world demand and prices fell, but output has since increased to more than 2.4 million tons. Syria produced about 1.9% of the world's phosphate rock output and was the world's ninth ranked producer of phosphate rock in 2009.[43] Other major minerals produced in Syria include cement, gypsum, industrial sand (silica), marble, natural crude asphalt, nitrogen fertilizer, phosphate fertilizer, salt, steel, and volcanic tuff, which generally are not produced for export.[41]
Syria is a relatively small oil producer, accounting for just 0.5% of global production in 2010.[44][45] Although Syria is not a major oil exporter by Middle Eastern standards, oil is a major pillar of the economy. According to the International Monetary Fund, oil sales for 2010 were projected to generate $3.2 billion for the Syrian government and account for 25.1% of the state's revenue.[46]
In 2001 Syria reportedly produced 23.3 billion kilowatt hours (kWh) of electricity and consumed 21.6 billion kWh.[41] As of January 2002, Syria's total installed electric generating capacity was 7.6 gigawatts (GW), with fuel oil and natural gas serving as the primary energy sources and 1.5 GW generated by hydroelectric power.[41] A network totaling 45 GW linking the electric power grids of Syria, Egypt, and Jordan was completed in March 2001.[41] Syria's electric supply capacity is an important national priority, and the government hopes to add 3,000 megawatts of power generating capacity by 2010 at a probable cost of US$2 billion, but progress has been slowed by a lack of investment capital.[needs update][41] Power plants in Syria are undergoing intensive maintenance, and four new generating plants have been built.[41] The power distribution network has serious problems, with transmission losses estimated as high as 25 percent of total generated capacity as a result of poor quality wires and transformer stations.[41] A project for the expansion and upgrading of the power transmission network is scheduled for completion in 2005.[needs update][41]
As of May 2009 it was reported that the Islamic Development Bank and the Syrian government signed an agreement stating that the bank would provide a €100 million loan for the expansion of Deir Ali power station in Syria.[47]
Syria abandoned its plans to build a VVER-440 reactor after the Chernobyl accident.[48] The plans for a nuclear program were revived at the beginning of the 2000s when Syria negotiated with Russia to build a nuclear facility that would include a nuclear power plant and a seawater atomic desalination plant.[49]
The industrial sector, which includes mining, manufacturing, construction, and petroleum, accounted for 27.3 percent of gross domestic product (GDP) in 2010 and employed about 16 percent of the labor force.[1] The main industrial products are petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, and car assembly.[1] Syria's manufacturing sector was largely state dominated until the 1990s, when economic reforms allowed greater local and foreign private-sector participation. Private participation remains constrained, however, by the lack of investment funds, input/output pricing limits, cumbersome customs and foreign exchange regulations, and poor marketing.[41]
Because land prices are not controlled by the state, real estate is one of the few domestic avenues for investment with realistic and safe returns. Activity in the construction sector tends to mirror changes in the economy. Investment Law No. 10 of 1991, which opened the country to foreign investment in some areas, marked the beginning of a strong revival, with growth in real terms increasing over 2001 and 2002.[41]
Services accounted for 60.4% of gross domestic product (GDP) in 2017[1] and employed 67% of the labor force, including government, in 2008.[37] As of May 2009, it was reported that Damascus office prices are skyrocketing.[50]
Since the start of the Syrian Civil War in 2011, there has been a capital flight to nearby countries. Syria has been subject to sanctions by US, Canada, EU, Arab League and Turkey because of the civil war.[51][52][53] The currency of Syria is the Syrian pound (SYP). The pound's exchange rate has deteriorated significantly, falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017.
The Central Bank of Syria began operations in 1959. It controls all foreign exchange and trade transactions and gives priority to lending to the public sector. The Central Bank has been subject to US sanctions since May 2004, which has accused the Bank of money laundering.[54] These US sanctions may have increased the role of Lebanese and European banks because a ban on transactions between U.S. financial institutions and the Central Bank of Syria created an increase in demand for intermediary sources for US$ transfers.[needs update][37] The US, EU, Arab league and Turkey all also imposed sanctions on the Central Bank because of the Civil War.[55][56]
The six specialized state-owned banks — the Central Bank of Syria, Commercial Bank of Syria, Agricultural Co-Operative Bank, Industrial Bank, Popular Credit Bank, and Real Estate Bank — are major financial operators. They each extend funds to, and take deposits from, a particular sector. The Industrial Bank also is directed more toward the public sector, although it is under-capitalized. As a result, the private sector often is forced to bank abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. Many business people travel abroad to deposit or borrow funds. It is estimated that Syrians have deposited US$6 billion in Lebanese banks.
In the 2000s, Syria started reforms in the financial sector, including the introduction of private banks and the opening of the Damascus Securities Exchange in March 2009.[57] In 2001, Syria legalized private banks and the sector, while still nascent, has been growing.[15] Foreign banks were given licenses in December 2002, under Law 28 March 2001 which allows the establishment of private and joint-venture banks. Foreigners are allowed up to 49% ownership of a bank, but may not hold a controlling stake.[37] As of January 2010, 13 private banks had opened, including two Islamic banks.
Syria has taken gradual steps to loosen controls over foreign exchange. In 2003, the government canceled a law that criminalized private sector use of foreign currencies, and in 2005 it allowed licensed private banks to sell specific amounts of foreign currency to Syrian citizens under certain circumstances and to the private sector to finance imports. In October 2009, Syria further loosened its restrictions on currency transfers by allowing Syrians travelling abroad to withdraw the equivalent of up to US$10,000 from their Syrian pound accounts. In practice, the decision allows local banks to open accounts of a maximum of US$10,000 that their clients can use for their international payment cards. The holders of these accounts will be able to withdraw up to US$10,000 per month while travelling abroad.[15]
To attract investment and to ease access to credit, the government allowed investors in 2007 to receive loans and other credit instruments from foreign banks, and to repay the loans and any accrued interest through local banks using project proceeds. In February 2008, the government permitted investors to receive loans in foreign currencies from local private banks to finance capital investments. Syria's exchange rate is fixed, and the government maintains two official rates—one rate on which the budget and the value of imports, customs, and other official transactions are based, and a second set by the Central Bank on a daily basis that covers all other financial transactions. The government passed a law in 2006 which permits the operation of private money exchange companies. However, there is still a small black market for foreign currency.[15]
Non-Arab visitors to Syria reached 1.1 million in 2002, which includes all visitors to the country, not just tourists.[37] The total number of Arab visitors in 2002 was 3.2 million, most from Lebanon, Jordan, Saudi Arabia, and Iraq.[37] Many Iraqi businesspeople set up ventures in Syrian ports to run import operations for Iraq, causing an increased number of Iraqis visiting Syria in 2003–4.[37] Tourism is a potentially large foreign exchange earner and a source of economic growth.[37] Tourism generated more than 6 percent of Syria's gross domestic product in 2000, and more reforms were discussed to increase tourism revenues.[37] As a result of projects derived from Investment Law No. 10 of 1991, hotel bed numbers had increased 51 percent by 1999 and increased further in 2001.[58] A plan was announced in 2002 to develop ecological tourism with visits to desert and nature preserves.[59] Two luxury hotels opened in Damascus at the end of 2004.[59] Since March 2011 tourism in Syria has fallen due to the ongoing civil war.
Syria has a population of approximately 21 million people, and Syrian government figures place the population growth rate at 2.37%, with 65% of the population under the age of 35 and more than 40% under the age of 15.[15] Each year more than 200,000 new job seekers enter the Syrian job market, but the economy has not been able to absorb them.[59] In 2017, the Syrian labor force was estimated to total about 3.767 million people.[1] An estimated 67 percent worked in the services sector including government, 17 percent in agriculture, and 16 percent in industry in 2008.[1] Government and public sector employees constitute about 30% of the total labor force and are paid very low salaries and wages.[15]
According to Syrian Government statistics, the unemployment rate in 2009 was 12.6%; however, more accurate independent sources place it closer to 20%.[15] About 70 percent of Syria's workforce earns less than US$100 per month.[59] Anecdotal evidence suggests that many more Syrians are seeking work over the border in Lebanon than official numbers indicate.[59] In 2002 the Unemployment Commission (UC) was established, tasked with creating several hundred thousand jobs over a five-year period.[59] As of June 2009 it was reported that some 700,000 households in Syria - about 3.5 million people - have no income.[60] Government officials acknowledge that the economy is not growing at a pace sufficient to create enough new jobs annually to match population growth. The UN Development Program announced in 2005 that 30% of the Syrian population lives in poverty and 11.4% live below the subsistence level.[15]
A report by Strategic Foresight Group, an India-based think tank, calculated the opportunity cost of conflict for the Middle East for 1991—2010 at US$12 trillion in 2006 dollars.[61] Syria's share in this was US$152 billion, more than four times the projected 2010 GDP of US$36 billion.[61]
The Syrian Center for Policy Research stated in March 2015 that, by then, nearly three million Syrians had lost their jobs because of the civil war, causing the loss of the primary source of income of more than 12 million people; unemployment levels "surged" from 14.9 percent in 2011 to 57.7 percent at the end of 2014.[62] As a result, 4 in 5 Syrians were by then living in poverty, with 30 percent of the population living in "abject poverty" and frequently unable to meet basic household food needs.[62]
^Note that a large part of the Syrian population is not poor financially and is relatively able to sustain itself, but has poor living conditions (which also counts as poverty) caused by the enormous destruction of infrastructure during the Syrian Civil War, which caused the price of certain goods/services to skyrocket/become unavailable, hence why the amount of poor people is so high.
^ abNote that the loss of territory and therefore factories throughout the Syrian Civil War caused the amount of exports to decrease and of imports to increase
^Perthes, Volker (1997). The Political Economy of Syria Under Assad. London and New York: I.B. Tauris. p. 2. ISBN1 86064 192 X.
^ abPerthes, Volker (1997). The Political Economy of Syria Under Asad. London and New York: I.B. Tauris. p. 2. ISBN1 86064 192 X.
^ abPurchasing Power Parity Converted GDP Per Capita (Chain Series) for Syria. FRED Economic Data: Federal Reserve Bank of St Louis https://fred.stlouisfed.org/series/RGDPCHSYA625NUPN. Retrieved 25 October 2018. Missing or empty |title= (help)
^Asia, Steve H. Hanke This article appeared in the October 2013 issue of Globe (26 September 2013). "Syria's Other Problem: Inflation". Cato Institute. Retrieved 15 April 2018.
^ ab"Cost of Conflict in the MIddle East"(PDF) (Press release). Strategic Foresight Group. Archived from the original on 19 May 2012. Retrieved 3 January 2016.CS1 maint: Unfit url (link)
The economy of Cambodia at present follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $18.05 billion in 2015. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.
Economy of Eritrea
The Economy of Eritrea has experienced considerable growth in recent years, indicated by an improvement in Gross domestic product (GDP) in October 2012 of 7.5 percent over 2011. However, worker remittances from abroad are estimated to account for 32 percent of gross domestic product. Eritrea has an extensive amount of resources such as copper, gold, granite, marble, and potash. The Eritrean economy has undergone extreme changes due to the War of Independence.
Economy of Grenada
Economy of Iraq
Iraq’s economy is dominated by the oil
sector, which has provided about 99.7% of foreign exchange earnings in modern times. In the 1980s, financial problems caused by massive expenditures in the eight-year war with Iran and damage to oil export facilities by Iran led the government to implement austerity measures, borrow heavily, and later reschedule foreign debt payments; Iraq suffered economic losses of at least $80 billion from the war. After the end of hostilities, in 1988, oil exports gradually increased with the construction of new pipelines and restoration of damaged facilities.
Economy of Kenya
Kenya has a market-based economy maintaining a liberalised external trade system and operating a few state enterprises. Major industries include: agriculture, forestry, fishing, mining, manufacturing, energy, tourism and financial services. As of 2019 Kenya had an estimated GDP of $98.264 billion and per capital GDP of $1,991 making it the 65th largest economy in the world.
Economy of Laos
The economy of the Lao People's Democratic Republic is rapidly growing, as a result of decentralized government control and encouragement of private enterprise since 1986. Currently, Laos ranks amongst the fastest growing economies in the world, averaging 8% a year in GDP growth. It is also forecasted that Laos will sustain at least 7% growth through 2019 as well.
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 Libya
The Economy of Libya depends primarily upon revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
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 Nigeria
Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 11 percent, which is 8 percent below the 2012 ratio.
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 the Republic of the Congo
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services, and a government spending, characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the country is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
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 Sierra Leone
The economy of Sierra Leone is that of a least developed country with a GDP of approximately 1.9 billion USD in 2009. Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. In 2008 its GDP in PPP ranked between 147th and 153rd (CIA) largest in the world.
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 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 Bahrain
Bahrain has an open economy. The Bahraini currency is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum production is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium production is the second most exported product, followed by finance and construction materials.
Economy of the Middle East
The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exportig rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.
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.
30% (2017 est.)
80.5% (2017 est.)
4.0 million (2017 est.)
$5.649 billion (2017 est.)
This article incorporates text from this source, which is in the 
