Chapter M: Major infectious diseases (131)

Mexico
Businessmen's Coordinating Council or CCE; Confederation of
Employers of the Mexican Republic or COPARMEX; Confederation of
Industrial Chambers or CONCAMIN; Confederation of Mexican Workers or
CTM; Confederation of National Chambers of Commerce or CONCANACO;
Coordinator for Foreign Trade Business Organizations or COECE;
Dialogue for the Reconstruction of Mexico or DIA; Federation of
Unions Providing Goods and Services or FESEBES; National Chamber of
Transformation Industries or CANACINTRA; National Peasant
Confederation or CNC; National Small Business Chamber or CANACOPE;
National Syndicate of Education Workers or SNTE; National Union of
Workers or UNT; Popular Assembly of the People of Oaxaca or APPO;
Roman Catholic Church

Micronesia, Federated States of
NA

Moldova
NA

Monaco
NA

Mongolia
other: human rights groups; women's groups

Montserrat
NA

Morocco
Democratic Confederation of Labor or CDT [Noubir AMAOUI];
General Union of Moroccan Workers or UGTM [Abderrazzak AFILAL];
Moroccan Employers Association or CGEM [Hassan CHAMI]; National
Labor Union of Morocco or UNMT [Abdelslam MAATI]; Union of Moroccan
Workers or UMT [Mahjoub BENSEDDIK]

Mozambique
Mozambican League of Human Rights (Liga Mocambicana dos
Direitos Humanos) or LDH [Alice MABOTE, president]

Namibia
Earthlife Namibia [Berthchen KOHRS] (environmentalist
group); National Society for Human Rights or NSHR; The World
Information Services of Energy or WISE (group against nuclear power)

Nauru
Woman Information and News Agency (women's issues)

Nepal
other: several small armed Madhesi groups along the southern
border with India; a variety of groups advocating regional autonomy
for individual ethnic groups

Netherlands
Christian Trade Union Federation or CNV [Jaap SMIT];
Confederation of Netherlands Industry and Employers or VNO-NCW
[Bernard WIENTJES]; Federation for Small and Medium-sized businesses
or MKB [Loek HERMANS]; Netherlands Trade Union Federation or FNV
[Agnes JONGERIUS]; Social Economic Council or SER [Alexander RINNOOY
KAN]; Trade Union Federation of Middle and High Personnel or MHP
[Richard STEENBORG]

New Caledonia
NA

New Zealand
Women's Electoral Lobby or WEL
other: apartheid groups; civil rights groups; farmers groups; Maori;
nuclear weapons groups; women's rights groups

Nicaragua
National Workers Front or FNT (a Sandinista umbrella group
of eight labor unions including: Farm Workers Association or ATC,
Health Workers Federation or FETASALUD, Heroes and Martyrs
Confederation of Professional Associations or CONAPRO, National
Association of Educators of Nicaragua or ANDEN, National Union of
Employees or UNE, National Union of Farmers and Ranchers or UNAG,
Sandinista Workers Central or CST, and Union of Journalists of
Nicaragua or UPN); Permanent Congress of Workers or CPT (an umbrella
group of four non-Sandinista labor unions including: Autonomous
Nicaraguan Workers Central or CTN-A, Confederation of Labor
Unification or CUS, Independent General Confederation of Labor or
CGT-I, and Labor Action and Unity Central or CAUS); Nicaraguan
Workers' Central or CTN (an independent labor union); Superior
Council of Private Enterprise or COSEP (a confederation of business
groups)

Niger
The Nigerien Movement for Justice or MNJ, a predominantly
Tuareg rebel group

Nigeria
Academic Staff Union for Universities or ASUU; Campaign for
Democracy or CD; Civil Liberties Organization or CLO; Committee for
the Defense of Human Rights or CDHR; Constitutional Right Project or
CRP; Human Right Africa; National Association of Democratic Lawyers
or NADL; National Association of Nigerian Students or NANS; Nigerian
Bar Association or NBA; Nigerian Labor Congress or NLC; Nigerian
Medical Association or NMA; the press; Universal Defenders of
Democracy or UDD

Niue
NA

Norfolk Island
none

Northern Mariana Islands
NA

Norway
Norwegian Aid Committee or NORWAC; Norwegian Association of
the Disabled; Pure Salmon Campaign; The Consumer Council (consumer
advocacy group)
other: environmental groups; media; reform movements

Oman
none

Pakistan
other: military (most important political force); ulema
(clergy); landowners; industrialists; small merchants

Palau
NA

Panama
Chamber of Commerce; National Civic Crusade; National Council
of Organized Workers or CONATO; National Council of Private
Enterprise or CONEP; National Union of Construction and Similar
Workers (SUNTRACS); Panamanian Association of Business Executives or
APEDE; Panamanian Industrialists Society or SIP; Workers
Confederation of the Republic of Panama or CTRP

Papua New Guinea
Ahora [Andrew MAMOKO] (represents local tribes);
Centre for Environment Law and Community Rights or Celcor [Damien
ASE]; Community Coalition Against Corruption

Paraguay
Ahorristas Estafados or AE; National Coordinating Board of
Campesino Organizations or MCNOC [Luis AGUAYO]; National Federation
of Campesinos or FNC [Odilon ESPINOLA]; National Workers Central or
CNT [Secretary General Juan TORRALES]; Paraguayan Workers
Confederation or CPT; Roman Catholic Church; Unitary Workers Central
or CUT [Jorge Guzman ALVARENGA Malgarejo]

Peru
General Workers Confederation of Peru (Confederacion General de
Trabajadores del Peru) or CGTP [Mario HUAMAN]; Shining Path (Sendero
Luminoso) or SL [Abimael GUZMAN Reynoso (imprisoned), Victor QUISPE
Palomino (top leader at-large)] (leftist guerrilla group)

Philippines
ABONO [Robert ESTRELLA]; AKBAYAN [Anna Theresia
BARAQUIEL]; An Waray [Florencio NOEL]; Anak Mindanao [Mujiv
HATAMIN]; ANAKPAWIS [Rafael MARIANO]; ARC [Narciso SANTIAGO III];
Association of Philippine Electric Cooperatives (APEC) [Ernesto
PABLO and Edgar VALDEZ]; A TEACHER [Mariano PIAMONTE]; Bayan Muna
[Satur OCAMPO and Teodoro CASINO, Jr.]; Black and White Movement
[Vicente ROMANO]; BUHAY [Rene VELARDE, Carissa COSCOLLUELLA, and
William TIENG]; BUTIL [Leonila CHAVEZ]; CIBAC [Emmanuel Joel
VILLANUEVA]; COOP-NATCO [Jose PING-AY]; GABRIELA [Liza MAZA and
Luzviminda ILAGAN]; KABATAAN [Raymon PALATINO]; Kilosbayan [Jovito
SALONGA]; YACAP [Carol LOPEZ]

Pitcairn Islands
none

Poland
All Poland Trade Union Alliance or OPZZ (trade union) [Jan
GUZ]; Roman Catholic Church [Cardinal Stanislaw DZIWISZ, Archbishop
Jozef MICHALIK]; Solidarity Trade Union [Piotr DUDA]

Portugal
the media; labor unions

Puerto Rico
Boricua Popular Army or EPB (a revolutionary group also
known as Los Macheteros); note - the following radical groups are
considered dormant by Federal law enforcement: Armed Forces for
National Liberation or FALN, Armed Forces of Popular Resistance,
Volunteers of the Puerto Rican Revolution

Qatar
none

Romania
other: various human rights and professional associations

Russia
Association of Citizens with Initiative of Russia (TIGR);
Confederation of Labor of Russia (KTR); Federation of Independent
Labor Unions of Russia; Freedom of Choice Interregional Organization
of Automobilists; Glasnost Defense Foundation; Golos Association in
Defense of Voters' Rights; Greenpeace Russia; Human Rights Watch
(Russian chapter); Institute for Collective Action; Memorial (human
rights group); Movement Against Illegal Migration; Pamjat
(preservation of historical monuments and recording of history);
Russian Orthodox Church; Russian Federation of Car Owners;
Russian-Chechen Friendship Society; SOVA Analytical-Information
Center; Union of the Committees of Soldiers' Mothers; World Wildlife
Fund (Russian chapter)

Rwanda
IBUKA (association of genocide survivors)

Saint Barthelemy
The Marine Reserve (protection of fish); Rotary Club

Saint Helena, Ascension, and Tristan da Cunha
other: private sector;
unions

Saint Kitts and Nevis
NA

Saint Lucia
NA

Saint Martin
NA

Saint Pierre and Miquelon
NA

Saint Vincent and the Grenadines
NA

Samoa
NA

San Marino
NA

Sao Tome and Principe
Association of Sao Tome and Principe NGOs or
FONG
other: the media

Saudi Arabia
Ansar Al Marah (supports women's rights)
other: gas companies; religious groups

Senegal
other: labor; students; Sufi brotherhoods, including the
Mourides and Tidjanes; teachers

Serbia
Obraz (Orthodox clero-fascist organization); 1389 (Serbian
nationalist movement)

Seychelles
Roman Catholic Church
other: trade unions

Sierra Leone
other: student unions; trade unions

Singapore
none

Slovakia
Association of Towns and Villages or ZMOS; Confederation of
Trade Unions or KOZ; Entrepreneurs Association of Slovakia or ZPS;
Federation of Employers' Associations of the Slovak Republic;
National Union of Employers or RUZ; Slovak Chamber of Commerce and
Industry or SOPK; Slovenska Pospolitost; The Business Alliance of
Slovakia or PAS

Slovenia
Slovenian Roma Association [Jozek Horvat MUC]
other: Catholic Church

Solomon Islands
Isatabu Freedom Movement (IFM); Malaita Eagle Force
(MEF); note - these rival armed ethnic factions crippled the Solomon
Islands in a wave of violence from 1999 to 2003

Somalia
other: numerous clan and sub-clan factions exist both in
support and in opposition to the transitional government

South Africa
Congress of South African Trade Unions or COSATU
[Zwelinzima VAVI, general secretary]; South African Communist Party
or SACP [Blade NZIMANDE, general secretary]; South African National
Civics Organization or SANCO [Mlungisi HLONGWANE, national president]
note: note - COSATU and SACP are in a formal alliance with the ANC

Spain
Association for Victims of Terrorism or AVT (grassroots
organization devoted primarily to opposing ETA terrorist attacks and
supporting its victims); Basta Ya (Spanish for "Enough is Enough");
grassroots organization devoted primarily to opposing ETA terrorist
attacks and supporting its victims); Nunca Mais (Galician for "Never
Again"; formed in response to the oil Tanker Prestige oil spill);
Socialist General Union of Workers or UGT and the smaller
independent Workers Syndical Union or USO; Trade Union Confederation
of Workers' Commissions or CC.OO.
other: business and landowning interests; Catholic Church; free
labor unions (authorized in April 1977); university students

Sri Lanka
Liberation Tigers of Tamil Eelam or LTTE [P. SIVAPARAN,
Chief of International Secretariat; V. RUDRAKUMARAN, legal advisor];
note - this insurgent group suffered military defeat in May 2009;
some cadres remain scattered throughout country;
other: Buddhist clergy; labor unions; radical chauvinist Sinhalese
groups such as the National Movement Against Terrorism; Sinhalese
Buddhist lay groups

Sudan
Umma Party [SADIQ Siddiq al-Mahdi]; Popular Congress Party or
PCP [Hassan al-TURABI]; Darfur rebel groups including the Justice
and Equality Movement or JEM [Khalil IBRAHIM] and the Sudan
Liberation Movement or SLM [various factional leaders]

Suriname
Association of Indigenous Village Chiefs [Ricardo PANE];
Association of Saramaccan Authorities or Maroon [Head Captain WASE];
Women's Parliament Forum or PVF [Iris GILLIAD]

Svalbard
NA

Swaziland
Swaziland Democracy Campaign; Swaziland Federation of
Trade Unions; Swaziland and Solidarity Network or SSN

Sweden
Children's Rights in Society; Swedish Confederation of
Professional Employees or TCO; Swedish Federation of Trade Unions or
LO
other: media

Switzerland
NA

Syria
Arab Human Rights Organization in Syria or AHRO; Damascus
Declaration Group (a broad alliance of secular, religious, and
Kurdish opposition groups); National Salvation Front (alliance
between former Vice President Abd al-Halim KHADDAM and other small
opposition groups in exile; formerly included the Syrian Muslim
Brotherhood); Syrian Center for Media and Freedom of Expression
[Mazin DARWISH]; Syrian Human Rights Organization [Muhanad
al-HASANI]; Syrian Human Rights Society or HRAS [Fayez FAWAZ];
Syrian Muslim Brotherhood or SMB [Muhammad Riyad al-SHAQFAH]
(operates in exile in London)

Taiwan
environmental groups; independence movement; various business
groups
note: debate on Taiwan independence has become acceptable within the
mainstream of domestic politics on Taiwan; public opinion polls
consistently show a substantial majority of Taiwan people supports
maintaining Taiwan's status quo for the foreseeable future;
advocates of Taiwan independence oppose the stand that the island
will eventually unify with mainland China; advocates of eventual
unification predicate their goal on the democratic transformation of
the mainland

Tajikistan
splinter parties recognized by the government but not by
the base of the party: Democratic Party or DPT [Masud SOBIROV]
(splintered from ISKANDAROV's DPT); Socialist Party or SPT
[Abduhalim GHAFFOROV] (splintered from NARZIEV's SPT)
unregistered political parties: Agrarian Party [Hikmatullo
NASREDDINOV]; Progressive Party [Sulton QUVVATOV]; Unity Party
[Hikmatullo SAIDOV]

Tanzania
Economic and Social Research Foundation or ESRF; Free
Zanzibar; Tanzania Media Women's Association or TAMWA

Thailand
People's Alliance for Democracy or PAD; United Front for
Democracy Against Dictatorship or UDD

Timor-Leste
NA

Togo
NA

Tokelau
none

Tonga
Human Rights and Democracy Movement Tonga or HRDMT [Rev.
Simote VEA, chairman]; Public Servant's Association [Finau TUTONE]

Trinidad and Tobago
Jamaat-al Muslimeen [Yasin ABU BAKR]

Tunisia
18 October Group [collective leadership]; Tunisian League
for Human Rights or LTDH [Mokhtar TRIFI]

Turkey
Confederation of Businessmen and Industrialists of Turkey or
TUSKON [Rizanur MERAL}; Confederation of Public Sector Unions or
KESK [Sami EVREN]; Confederation of Revolutionary Workers Unions or
DISK [Suleyman CELEBI]; Independent Industrialists' and
Businessmen's Association or MUSIAD [Omer Cihad VARDAN]; Moral
Rights Workers Union or Hak-Is [Salim USLU]; Turkish Confederation
of Employers' Unions or TISK [Tugrul KUDATGOBILIK]; Turkish
Confederation of Labor or Turk-Is [Mustafa KUMLU]; Turkish
Confederation of Tradesmen and Craftsmen or TESK [Bendevi
PALANDOKEN]; Turkish Industrialists' and Businessmen's Association
or TUSIAD [Umit BOYNER]; Turkish Union of Chambers of Commerce and
Commodity Exchanges or TOBB [M. Rifat HISARCIKLIOGLU]

Turkmenistan
none

Turks and Caicos Islands
NA

Tuvalu
none

Uganda
Lord's Resistance Army or LRA [Joseph KONY]; Young
Parliamentary Association [Henry BANYENZAKI]; Parliamentary Advocacy
Forum or PAFO; National Association of Women Organizations in Uganda
or NAWOU [Florence NEKYON]; The Ugandan Coalition for Political
Accountability to Women or COPAW

Ukraine
Committee of Voters of Ukraine [Aleksandr CHERNENKO]; OPORA
[Olha AIVAZOVSKA]

United Arab Emirates
NA

United Kingdom
Campaign for Nuclear Disarmament; Confederation of
British Industry; National Farmers' Union; Trades Union Congress

United States
environmentalists; business groups; labor unions;
churches; ethnic groups; political action committees or PAC; health
groups; education groups; civic groups; youth groups; transportation
groups; agricultural groups; veterans groups; women's groups; reform
lobbies

Uruguay
Architect's Society of Uruguay (professional organization);
Chamber of Uruguayan Industries (manufacturer's association);
Chemist and Pharmaceutical Association (professional organization);
PIT/CNT (powerful federation of Uruguayan Unions - umbrella labor
organization); Rural Association of Uruguay (rancher's association);
Uruguayan Construction League; Uruguayan Network of Political Women
other: Catholic Church; students

Uzbekistan
there are no significant opposition political parties or
pressure groups operating in Uzbekistan

Vanuatu
NA

Venezuela
FEDECAMARAS, a conservative business group; VECINOS
groups; Venezuelan Confederation of Workers or CTV (labor
organization dominated by the Democratic Action)

Vietnam
8406 Bloc; Democratic Party of Vietnam or DPV; People's
Democratic Party Vietnam or PDP-VN; Alliance for Democracy
note: these groups advocate democracy but are not recognized by the
government

Virgin Islands
NA

Wallis and Futuna
NA

Western Sahara
none

Yemen
Muslim Brotherhood; Women National Committee
other: conservative tribal groups; Huthis, southern secessionist
groups; al-Qa'ida in the Arabian Peninsula (AQAP)

Zambia
NA

Zimbabwe
Crisis in Zimbabwe Coalition; National Constitutional
Assembly or NCA [Lovemore MADHUKU]; Women of Zimbabwe Arise or WOZA
[Jenny WILLIAMS]; Zimbabwe Congress of Trade Unions or ZCTU
[Wellington CHIBEBE]

======================================================================

@2116

Field Listing :: Economy - overview

This entry briefly describes the type of economy, including the
degree of market orientation, the level of economic development, the
most important natural resources, and the unique areas of
specialization. It also characterizes major economic events and
policy changes in the most recent 12 months and may include a
statement about one or two key future macroeconomic trends.
Country

Economy - overview

Afghanistan
Afghanistan's economy is recovering from decades of
conflict. The economy has improved significantly since the fall of
the Taliban regime in 2001 largely because of the infusion of
international assistance, the recovery of the agricultural sector,
and service sector growth. Despite the progress of the past few
years, Afghanistan is extremely poor, landlocked, and highly
dependent on foreign aid, agriculture, and trade with neighboring
countries. Much of the population continues to suffer from shortages
of housing, clean water, electricity, medical care, and jobs.
Criminality, insecurity, weak governance, and the Afghan
Government's inability to extend rule of law to all parts of the
country pose challenges to future economic growth. Afghanistan's
living standards are among the lowest in the world. While the
international community remains committed to Afghanistan's
development, pledging over $67 billion at four donors' conferences
since 2002, the Government of Afghanistan will need to overcome a
number of challenges, including low revenue collection, anemic job
creation, high levels of corruption, weak government capacity, and
poor public infrastructure.

Akrotiri
Economic activity is limited to providing services to the
military and their families located in Akrotiri. All food and
manufactured goods must be imported.

Albania
Albania, a formerly closed, centrally-planned state, is
making the difficult transition to a more modern open-market
economy. Macroeconomic growth averaged around 6% between 2004-08,
but declined to about 3% in 2009-10. Inflation is low and stable.
The government has taken measures to curb violent crime, and
recently adopted a fiscal reform package aimed at reducing the large
gray economy and attracting foreign investment. The economy is
bolstered by annual remittances from abroad representing about 15%
of GDP, mostly from Albanians residing in Greece and Italy; this
helps offset the towering trade deficit. The agricultural sector,
which accounts for over half of employment but only about one-fifth
of GDP, is limited primarily to small family operations and
subsistence farming because of lack of modern equipment, unclear
property rights, and the prevalence of small, inefficient plots of
land. Energy shortages because of a reliance on hydropower, and
antiquated and inadequate infrastructure contribute to Albania's
poor business environment and lack of success in attracting new
foreign investment needed to expand the country's export base. The
completion of a new thermal power plant near Vlore has helped
diversify generation capacity, and plans to upgrade transmission
lines between Albania and Montenegro and Kosovo would help relieve
the energy shortages. Also, with help from EU funds, the government
is taking steps to improve the poor national road and rail network,
a long-standing barrier to sustained economic growth.

Algeria
Algeria's economy remains dominated by the state, a legacy
of the country's socialist post-independence development model.
Gradual liberalization since the mid-1990s has opened up more of the
economy, but in recent years Algeria has imposed new restrictions on
foreign involvement in its economy and largely halted the
privatization of state-owned industries. Hydrocarbons have long been
the backbone of the economy, accounting for roughly 60% of budget
revenues, 30% of GDP, and over 95% of export earnings. Algeria has
the eighth-largest reserves of natural gas in the world and is the
fourth-largest gas exporter. It ranks 16th in oil reserves. Thanks
to strong hydrocarbon revenues, Algeria has a cushion of $150
billion in foreign currency reserves and a large hydrocarbon
stabilization fund. In addition, Algeria's external debt is
extremely low at about 1% of GDP. Algeria has struggled to develop
industires outside of hydrocarbons in part because of high costs and
an inert state bureaucracy.The government's efforts to diversify the
economy by attracting foregin and domestic investment outside the
energy sector have done little to reduce high poverty and youth
unemployment rates. In 2010, Algeria began a five-year, $286 billion
development program to update the country's infrastructure and
provide jobs. The costly program will boost Algeria's economy in
2011 but worsen the country's budget deficit. Long-term economic
challenges include diversification from hydrocarbons, relaxing state
control of the economy, and providing adequate jobs for youger
Algerians.

American Samoa
American Samoa has a traditional Polynesian economy
in which more than 90% of the land is communally owned. Economic
activity is strongly linked to the US with which American Samoa
conducts most of its commerce. Tuna fishing and tuna processing
plants are the backbone of the private sector, with canned tuna the
primary export. The two tuna canneries account for 80% of
employment. In late September 2009, an earthquake and the resulting
tsunami devastated American Samoa and nearby Samoa, disrupting
transportation and power generation, and resulting in about 200
deaths. The US Federal Emergency Management Agency is overseeing a
relief program of nearly $25 million. Transfers from the US
Government add substantially to American Samoa's economic well
being. 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 is a
promising developing sector.

Andorra
Tourism, the mainstay of Andorra's tiny, well-to-do economy,
accounts for more than 80% of GDP. An estimated 11 million tourists
visit annually, attracted by Andorra's duty-free status for some
products and by its summer and winter resorts. Andorra's comparative
advantage eroded when the borders of neighboring France and Spain
opened, providing broader availability of goods and lower tariffs.
The banking sector, with its partial "tax haven" status, also
contributes substantially to the economy. Agricultural production is
limited - only 2% of the land is arable - and most food has to be
imported. The principal livestock activity is sheep raising.
Manufacturing output consists mainly of cigarettes, cigars, 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.

Angola
Angola's high growth rate in recent years was driven by high
international prices for its oil. Angola became a member of OPEC in
late 2006 and in late 2007 was assigned a production quota of 1.9
million barrels a day (bbl/day), somewhat less than the 2-2.5
million bbl/day Angola's government had wanted. Oil production and
its supporting activities contribute about 85% of GDP. Diamond
exports contribute an additional 5%. Subsistence agriculture
provides the main livelihood for most of the people, but half of the
country's food is still imported. Increased oil production supported
growth averaging more than 15% per year from 2004 to 2008. A postwar
reconstruction boom and resettlement of displaced persons has led to
high rates of growth in construction and agriculture as well. Much
of the country's infrastructure is still damaged or undeveloped from
the 27-year-long civil war. Land mines left from the war still mar
the countryside, even though peace was established after the death
of rebel leader Jonas SAVIMBI in February 2002. Since 2005, the
government has used billions of dollars in credit lines from China,
Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's
public infrastructure. The global recession temporarily stalled
economic growth. Lower prices for oil and diamonds during the global
recession led to a contraction in GDP in 2009, and many construction
projects stopped because Luanda accrued $9 billion in arrears to
foreign construction companies when government revenue fell in 2008
and 2009. Angola abandoned its currency peg in 2009, and in November
2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to
rebuild international reserves. Although consumer inflation declined
from 325% in 2000 to under 14% in 2010, Luanda has been unable to
reduce inflation below 10%. The Angolan kwanza depreciated again in
mid 2010, which, along with higher oil prices, should boost economic
growth in all sectors. Corruption, especially in the extractive
sectors, also is a major challenge.

Anguilla
Anguilla has few natural resources, and the economy depends
heavily on luxury tourism, offshore banking, lobster fishing, and
remittances from emigrants. Increased activity in the tourism
industry has spurred the growth of the construction sector
contributing to economic growth. Anguillan officials have put
substantial effort into developing the offshore financial sector,
which is small but growing. In the medium term, prospects for the
economy will depend largely on the tourism sector and, therefore, on
revived income growth in the industrialized nations as well as on
favorable weather conditions.

Antarctica
Scientific undertakings rather than commercial pursuits
are the predominate human activity in Antarctica. Fishing off the
coast and tourism, both based abroad, account for Antarctica's
limited economic activity. Antarctic fisheries, targeting three main
species - Patagonian and Antarctic toothfish (Dissostichus
eleginoides and D. mawsoni), mackerel icefish (Champsocephalus
gunnari), and krill (Euphausia superba) - reported landing 141,147
metric tons in 2008-09 (1 July - 30 June). (Estimated fishing is
from the area covered by the Convention on the Conservation of
Antarctic Marine Living Resources (CCAMLR), which extends slightly
beyond the Antarctic Treaty area.) Unregulated fishing, particularly
of Patagonian toothfish (also known as Chilean sea bass), is a
serious problem. The CCAMLR determines the recommended catch limits
for marine species. A total of 37,858 tourists visited the Antarctic
Treaty area in the 2008-09 Antarctic summer, down from the 46,265
visitors in 2007-2008 (estimates provided to the Antarctic Treaty by
the International Association of Antarctica Tour Operators (IAATO);
this does not include passengers on overflights). Nearly all of them
were passengers on commercial (nongovernmental) ships and several
yachts that make trips during the summer.

Antigua and Barbuda
Tourism continues to dominate Antigua and
Barbuda's economy, accounting for nearly 60% of GDP and 40% of
investment. 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. Prospects for economic growth in the
medium term will continue to depend on tourist arrivals from the US,
Canada, and Europe and potential damages from natural disasters.
After taking office in 2004, the SPENCER government adopted an
ambitious fiscal reform program, and was successful in reducing its
public debt-to-GDP ratio from 120% to about 90% in 2008. However,
the global financial crisis that began in 2008, has led to a
significant increase in the national debt, which topped 130% at the
end of 2010. The Antiguan economy experienced solid growth from 2003
to 2007, reaching over 12% in 2006 driven by a construction boom in
hotels and housing associated with the Cricket World Cup, but growth
dropped off in 2008 with the end of the boom. In 2009, Antigua's
economy was severely hit by the global economic crisis, suffering
from the collapse of its largest financial institution and a steep
decline in tourism. This decline continued in 2010 as the country
struggled with a yawning budget deficit.

Arctic Ocean
Economic activity is limited to the exploitation of
natural resources, including petroleum, natural gas, fish, and seals.

Argentina
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 100 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. A severe depression, growing public and external
indebtedness, and a bank run culminated in 2001 in the most serious
economic, social, and political crisis in the country's turbulent
history. Interim President Adolfo RODRIGUEZ SAA declared a default -
the largest in history - on the government's foreign debt in
December of that year, and abruptly resigned only a few days after
taking office. His successor, Eduardo DUHALDE, announced an end to
the peso's decade-long 1-to-1 peg to the US dollar in early 2002.
The economy bottomed out that year, with real GDP 18% smaller than
in 1998 and almost 60% of Argentines under the poverty line. Real
GDP rebounded to grow by an average 8.5% annually over the
subsequent six years, taking advantage of previously idled
industrial capacity and labor, an audacious debt restructuring and
reduced debt burden, excellent international financial conditions,
and expansionary monetary and fiscal policies. Inflation also
increased, however, during the administration of President Nestor
KIRCHNER, which responded with price restraints on businesses, as
well as export taxes and restraints, and beginning in early 2007,
with understating inflation data. Cristina FERNANDEZ DE KIRCHNER
succeeded her husband as President in late 2007, and the rapid
economic growth of previous years began to slow sharply the
following year as government policies held back exports and the
world economy fell into recession. The economy has rebounded from
the 2009 recession, but the government's continued reliance on
expansionary fiscal and monetary policies risks exacerbating already
high inflation, which remains under-reported by official statistics.

Armenia
After several years of double-digit economic growth, Armenia
faced a severe economic recession with GDP declining more than 14%
in 2009, despite large loans from multilateral institutions. Sharp
declines in the construction sector and workers' remittances,
particularly from Russia, were the main reasons for the downturn.
The economy began to recover in 2010 with nearly 5% growth. 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 agroindustrial complexes of the
Soviet era. Armenia has managed to reduce poverty, slash inflation,
stabilize its currency, and privatize most small- and medium-sized
enterprises. Since the breakup of the Soviet Union in 1991, Armenia
had made progress in implementing some economic reforms, including
privatization, price reforms, and prudent fiscal policies, but
geographic isolation, a narrow export base, and pervasive monopolies
in important business sectors have made Armenia particularly
vulnerable to the sharp deterioration in the global economy and the
economic downturn in Russia. The conflict with Azerbaijan over the
ethnic Armenian-dominated region of Nagorno-Karabakh contributed to
a severe economic decline in the early 1990s and Armenia's borders
with Turkey remain closed until 2010, when Turkey and Armenia signed
an accord to reestablish diplomatic relations. Armenia is
particularly dependent on Russian commercial and governmental
support and most key Armenian infrastructure is Russian-owned and/or
managed, especially in the energy sector. The electricity
distribution system was privatized in 2002 and bought by Russia's
RAO-UES in 2005. Construction of a pipeline to deliver natural gas
from Iran to Armenia was completed in December 2008, and gas
deliveries are slated to expand due to the April 2010 completion of
the Yerevan Thermal Power Plant. Armenia has some mineral deposits
(copper, gold, bauxite). Pig iron, unwrought copper, and other
nonferrous metals are Armenia's highest valued exports. Armenia's
severe trade imbalance has been offset somewhat by international
aid, remittances from Armenians working abroad, and foreign direct
investment. Armenia joined the WTO in January 2003. The government
made some improvements in tax and customs administration in recent
years, but anti-corruption measures have been ineffective and the
current economic downturn has led to a sharp drop in tax revenue and
forced the government to accept large loan packages from Russia, the
IMF, and other international financial institutions. Armenia will
need to pursue additional economic reforms in order to regain
economic growth and improve economic competitiveness and employment
opportunities, especially given its economic isolation from two of
its nearest neighbors, Turkey and Azerbaijan.

Aruba
Tourism is the mainstay of the small open Aruban economy,
together with offshore banking. Oil refining and storage ended in
2009. The rapid growth of the tourism sector over the last decade
has resulted in a substantial expansion of other activities. Over
1.5 million tourists per year visit Aruba with 75% of those from the
US. Construction continues to boom with hotel capacity five times
the 1985 level. Tourist arrivals rebounded strongly following a dip
after the 11 September 2001 attacks. The government has made cutting
the budget and trade deficits a high priority.

Ashmore and Cartier Islands
no economic activity

Atlantic Ocean
The Atlantic Ocean provides some of the world's most
heavily trafficked sea routes, between and within the Eastern and
Western Hemispheres. Other economic activity includes the
exploitation of natural resources, e.g., fishing, dredging of
aragonite sands (The Bahamas), and production of crude oil and
natural gas (Caribbean Sea, Gulf of Mexico, and North Sea).

Australia
Australia's abundant and diverse natural resources attract
high levels of foreign investment and include extensive reserves of
coal, iron ore, copper, gold, natural gas, uranium, and renewable
energy sources. A series of major investments, such as the US$40
billion Gorgon Liquid Natural Gas project, will significantly expand
the resources sector. Australia also has a large services sector and
is a significant exporter of natural resources, energy, and food.
Key tenets of Australia's trade policy include support for open
trade and the successful culmination of the Doha Round of
multilateral trade negotiations, particularly for agriculture and
services. The Australian economy grew for 17 consecutive years
before the global financial crisis. Subsequently, the Rudd
government introduced a fiscal stimulus package worth over US$50
billion to offset the effect of the slowing world economy, while the
Reserve Bank of Australia cut interest rates to historic lows. These
policies - and continued demand for commodities, especially from
China - helped the Australian economy rebound after just one quarter
of negative growth. The economy grew by 1.2% during 2009 - the best
performance in the OECD. Unemployment, originally expected to reach
8-10%, peaked at 5.7% in late 2009 and fell to 5.1% in 2010. As a
result of an improved economy, the budget deficit is expected to
peak below 4.2% of GDP and the government could return to budget
surpluses as early as 2015. Australia was one of the first advanced
economies to raise interest rates, with seven rate hikes between
October 2009 and November 2010. The GILLARD government is focused on
raising Australia's economic productivity to ensure the
sustainability of growth, and continues to manage the symbiotic, but
sometimes tense, economic relationship with China. Australia is
engaged in the Trans-Pacific Partnership talks and ongoing free
trade agreement negotiations with China, Japan, and Korea.

Austria
Austria, with its well-developed market economy and high
standard of living, is closely tied to other EU economies,
especially Germany's. Its economy features a large service sector, a
sound industrial sector, and a small, but highly developed
agricultural sector. Following several years of solid foreign demand
for Austrian exports and record employment growth, the international
financial crisis and global economic downturn in 2008 led to a
recession that persisted until the third quarter of 2009. Austrian
GDP contracted 3.8% in 2009 but saw positive growth of about 2% in
2010. Unemployment has not risen as steeply in Austria as elsewhere
in Europe, partly because its government has subsidized reduced
working hour schemes to allow companies to retain employees. Such
stabilization measures, stimulus initiatives, and the government's
income tax reforms pushed the budget deficit to 3.5% of GDP in 2009
and about 5% in 2010, from only about 1.3% in 2008. The
international financial crisis caused difficulties for some of
Austria's largest banks whose extensive operations in central,
eastern, and southeastern Europe faced large losses. The government
provided bank support - including in some instances, nationalization
- to prevent insolvency and possible regional contagion. In the
medium-term all large Austrian banks will need additional capital.
Even after the global economic outlook improves, Austria will need
to continue restructuring, emphasizing knowledge-based sectors of
the economy, and encouraging greater labor flexibility and greater
labor participation to offset growing unemployment and Austria's
aging population and exceedingly low fertility rate.

Azerbaijan
Azerbaijan's high economic growth during 2006-08 was
attributable to large and growing oil exports, but some non-export
sectors also featured double-digit growth, spurred by growth in the
construction, banking, and real estate sectors. In 2009, economic
growth remained above 9% even as oil prices moderated and growth in
the construction sector cooled. In 2010, economic growth slowed to
approximately 3.7%, although the impact of the global financial
crisis was less severe than in many other countries in the region.
The current global economic slowdown presents some challenges for
the Azerbaijani economy as oil prices remain below their mid-2008
highs, highlighting Azerbaijan's reliance on energy exports and
lackluster attempts to diversify its economy. Azerbaijan's oil
production increased dramatically in 1997, when Azerbaijan signed
the first production-sharing arrangement (PSA) with the Azerbaijan
International Operating Company. Oil exports through the
Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while
efforts to boost Azerbaijan's gas production are underway. However,
Azerbaijan has made only limited progress on instituting
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. Several other
obstacles impede Azerbaijan's economic progress: the need for
stepped up foreign investment in the non-energy sector and the
continuing conflict with Armenia over the Nagorno-Karabakh region.
Trade with Russia and the other former Soviet republics is declining
in importance, while trade is building with Turkey and the nations
of Europe. Long-term prospects will depend on world oil prices, the
location of new oil and gas pipelines in the region, and
Azerbaijan's ability to manage its energy wealth to promote
sustainable growth in non-energy sectors of the economy and spur
employment.

Bahamas, The
The Bahamas is one of the wealthiest Caribbean
countries with an economy heavily dependent on tourism and offshore
banking. Tourism together with tourism-driven construction and
manufacturing accounts for approximately 60% of GDP and directly or
indirectly employs half of the archipelago's labor force. Prior to
2006, a steady growth in tourism receipts and a boom in construction
of new hotels, resorts, and residences led to solid GDP growth but
since then tourism receipts have begun to drop off. The global
recession in 2009 took a sizeable toll on the Bahamas, resulting in
a contraction in GDP and a widening budget deficit. The decline
continued in 2010 as tourism from the US and sector investment
lagged. Financial services constitute the second-most important
sector of the Bahamian economy and, when combined with business
services, account for about 36% of GDP. However, the financial
sector currently is smaller than it has been in the past because of
the enactment of new and more strict financial regulations in 2000
that caused many international businesses to relocate elsewhere.
Manufacturing and agriculture combined contribute approximately a
tenth of GDP and show little growth, despite government incentives
aimed at those sectors. Overall growth prospects in the short run
rest heavily on the fortunes of the tourism sector.

Bahrain
Bahrain is one of the most diversified economies in the
Persian Gulf. Highly developed communication and transport
facilities make Bahrain home to numerous multinational firms with
business in the Gulf. As part of its diversification plans, Bahrain
implemented a Free Trade Agreement (FTA) with the US in August 2006,
the first FTA between the US and a Gulf state. Bahrain's economy,
however, continues to depend heavily on oil. Petroleum production
and refining account for more than 60% of Bahrain's export receipts,
70% of government revenues, and 11% of GDP (exclusive of allied
industries). Other major economic activities are production of
aluminum - Bahrain's second biggest export after oil - finance, and
construction. Bahrain competes with Malaysia as a worldwide center
for Islamic banking and continues to seek new natural gas supplies
as feedstock to support its expanding petrochemical and aluminum
industries. Unemployment, especially among the young, is a long-term
economic problem Bahrain struggles to address. In 2009, to help
lower unemployment among Bahraini nationals, Bahrain reduced
sponsorship for expatriate workers, increasing the costs of
employing foreign labor. The global financial crisis caused funding
for many non-oil projects to dry up and resulted in slower economic
growth for Bahrain. Other challenges facing Bahrain include the slow
growth of government debt as a result of a large subsidy program,
the financing of large government projects, and debt restructuring,
such as the bailout of state-owned Gulf Air.

Bangladesh
The economy has grown 5-6% per year since 1996 despite
political instability, poor infrastructure, corruption, insufficient
power supplies, and slow implementation of economic reforms.
Bangladesh remains a poor, overpopulated, and inefficiently-governed
nation. Although more than half of GDP is generated through the
service sector, 45% of Bangladeshis are employed in the agriculture
sector, with rice as the single-most-important product. Bangladesh's
growth was resilient during the 2008-09 global financial crisis and
recession. Garment exports, totaling $12.3 billion in FY09 and
remittances from overseas Bangladeshis totaling $9.7 billion in FY09
accounted for almost 25% of GDP.

Barbados
Historically, the Barbadian economy was dependent on
sugarcane cultivation and related activities. However, in recent
years the economy has diversified into light industry and tourism
with about three-quarters of GDP and 80% of exports being attributed
to services. Growth has rebounded since 2003, bolstered by increases
in construction projects and tourism revenues, reflecting its
success in the higher-end segment, but the sector faced declining
revenues in 2009 with the global economic downturn. The country
enjoys one of the highest per capita incomes in the region. Offshore
finance and information services are important foreign exchange
earners and thrive from having the same time zone as eastern US
financial centers and a relatively highly educated workforce. The
government continues its efforts to reduce unemployment, to
encourage direct foreign investment, and to privatize remaining
state-owned enterprises. The public debt-to-GDP ratio rose to over
100% in 2009, largely because a sharp slowdown in tourism and
financial services led to a wide budget deficit.

Belarus
Belarus has seen limited structural reform since 1995, when
President LUKASHENKO launched the country on the path of "market
socialism." In keeping with this policy, LUKASHENKO reimposed
administrative controls over prices and currency exchange rates and
expanded the state's right to intervene in the management of private
enterprises. Since 2005, the government has re-nationalized a number
of private companies. In addition, businesses have been subjected to
pressure by central and local governments, including arbitrary
changes in regulations, numerous rigorous inspections, retroactive
application of new business regulations, and arrests of "disruptive"
businessmen and factory owners. Continued state control over
economic operations hampers market entry for businesses, both
domestic and foreign. Government statistics indicate GDP growth was
strong, surpassing 10% in 2008, despite the roadblocks of a tough,
centrally directed economy with a high rate of inflation and a low
rate of unemployment. However, the global crisis pushed the country
into recession in 2009, and GDP grew only 0.2% for the year.
Slumping foreign demand hit the industrial sector hard. Minsk has
depended on a standby-agreement with the IMF to assist with balance
of payments shortfalls. In line with IMF conditions, in 2009,
Belarus devalued the ruble more than 40% and tightened some fiscal
and monetary policies. On 1 January 2010, Russia, Kazakhstan and
Belarus launched a customs union, with unified trade regulations and
customs codes still under negotiation. In late January, Russia and
Belarus amended their 2007 oil supply agreement. The new terms
raised prices for above quota purchases, increasing Belarus' current
account deficit. GDP grew 4.8% in 2010, in part, on the strength of
renewed export growth. In December 2010, Belarus, Russia and
Kazakhstan signed an agreement to form a Common Economic Space and
Russia removed all Belarusian oil duties.

Belgium
This modern, private-enterprise economy has capitalized on
its central geographic location, highly developed transport network,
and diversified industrial and commercial base. Industry is
concentrated mainly in the populous Flemish area in the north. With
few natural resources, Belgium imports substantial quantities of raw
materials and exports a large volume of manufactures, making its
economy vulnerable to volatility in world markets. Roughly
three-quarters of Belgium's trade is with other EU countries. In
2009 Belgian GDP contracted by 2.7%, the unemployment rate rose
slightly, and the budget deficit worsened because of large-scale
bail-outs in the financial sector. Belgium's budget deficit widened
to 4.8% of GDP in 2010, while public debt was just over 100% of GDP.
Belgian banks have been severely affected by the international
financial crisis with three major banks receiving capital injections
from the government. An ageing population and rising social
expenditures are also increasing pressure on public finances, making
it likely the government will need to implement unpopular austerity
measures to assuage investor concerns about Belgium's ability to
restore fiscal balance.

Belize
In this small, essentially private-enterprise economy,
tourism is the number one foreign exchange earner followed by
exports of marine products, citrus, cane sugar, bananas, and
garments. The government's expansionary monetary and fiscal
policies, initiated in September 1998, led to sturdy GDP growth
averaging nearly 4% in 1999-2007, though growth slipped to 3.8% in
2008, 0% in 2009, and 1.5% in 2010 as a result of the global
slowdown, natural disasters, and the drop in the price of oil. Oil
discoveries in 2006 bolstered economic growth. Exploration efforts
continue and production increased a small amount in 2009. Major
concerns continue to be the sizable trade deficit and heavy foreign
debt burden. In February 2007, the government restructured nearly
all of its public external commercial debt, which helped reduce
interest payments and relieved some of the country's liquidity
concerns. A key objective remains the reduction of poverty and
inequality with the help of international donors.

Benin
The economy of Benin remains underdeveloped and dependent on
subsistence agriculture, cotton production, and regional trade.
Growth in real output had averaged about 4% before the global
recession, but fell to 2.5% in 2009 and 3% in 2010. Inflation has
subsided over the past several years. In order to raise growth,
Benin plans to attract more foreign investment, place more emphasis
on tourism, facilitate the development of new food processing
systems and agricultural products, and encourage new information and
communication technology. Specific projects to improve the business
climate by reforms to the land tenure system, the commercial justice
system, and the financial sector were included in Benin's $307
million Millennium Challenge Account grant signed in February 2006.
The 2001 privatization policy continues in telecommunications,
water, electricity, and agriculture. As result of these reforms,
Benin has become the most competitive country in the West African
Economic and Monetary Union, according to the World Economic Forum.
The Paris Club and bilateral creditors have eased the external debt
situation, with Benin benefiting from a G-8 debt reduction announced
in July 2005, while pressing for more rapid structural reforms. An
insufficient electrical supply continues to adversely affect Benin's
economic growth though the government recently has taken steps to
increase domestic power production.

Bermuda
Bermuda enjoys the third highest per capita income in the
world, more than 50% higher than that of the US; the average cost of
a house by the mid-2000s exceeded $1,000,000. Its economy is
primarily based on providing financial services for international
business and luxury facilities for tourists. A number of reinsurance
companies relocated to the island following the 11 September 2001
attacks and again after Hurricane Katrina in August 2005
contributing to the expansion of an already robust international
business sector. Bermuda's tourism industry - which derives over 80%
of its visitors from the US - continues to struggle but remains the
island's number two industry. Most capital equipment and food must
be imported. Bermuda's industrial sector is largely focused on
construction and agriculture is limited, with only 20% of the land
being arable.

Bhutan
The economy, one of the world's smallest and least developed,
is based on agriculture and forestry, which provide the main
livelihood for more than 60% of the population. Agriculture consists
largely of subsistence farming and animal husbandry. Rugged
mountains dominate the terrain and make the building of roads and
other infrastructure difficult and expensive. The economy is closely
aligned with India's through strong trade and monetary links and
dependence on India's financial assistance. The industrial sector is
technologically backward, with most production of the cottage
industry type. Most development projects, such as road construction,
rely on Indian migrant labor. Model education, social, and
environment programs are underway with support from multilateral
development organizations. Each economic program takes into account
the government's desire to protect the country's environment and
cultural traditions. For example, the government, in its cautious
expansion of the tourist sector, encourages visits by upscale,
environmentally conscientious tourists. Complicated controls and
uncertain policies in areas such as industrial licensing, trade,
labor, and finance continue to hamper foreign investment. Hydropower
exports to India have boosted Bhutan's overall growth. New
hydropower projects will be the driving force behind Bhutan's
ability to create employment and sustain growth in the coming years.

Bolivia
Bolivia is one of the poorest and least developed countries
in Latin America. Following a disastrous economic crisis during the
early 1980s, reforms spurred private investment, stimulated economic
growth, and cut poverty rates in the 1990s. The period 2003-05 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 2005, the government passed a controversial
hydrocarbons law 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. After higher prices for mining and
hydrocarbons exports produced a fiscal surplus in 2008, the global
recession in 2009 slowed growth. A decline in commodity prices that
began in late 2008, a lack of foreign investment in the mining and
hydrocarbon sectors, a poor infrastructure, and the suspension of
trade benefits with the United States will pose challenges for the
Bolivian economy.

Bosnia and Herzegovina
The interethnic warfare in Bosnia and
Herzegovina caused production to plummet by 80% from 1992 to 1995
and unemployment to soar. With an uneasy peace in place, output
recovered in 1996-99 at high percentage rates from a low base; but
output growth slowed in 2000-02. Part of the lag in output was made
up in 2003-08 when GDP growth exceeded 5% per year. However, the
country experienced negative GDP growth of almost 3% in 2009 due in
large part to a reduction in exports caused by the global economic
crisis. One of Bosnia's main economic challenges in 2010 has been to
reduce spending on public sector wages and social benefits to meet
the IMF's criteria for obtaining funding for budget shortfalls.
Banking reform accelerated in 2001 as all the Communist-era payments
bureaus were shut down; foreign banks, primarily from Austria and
Italy, now control most of the banking sector. The konvertibilna
marka (convertible mark or BAM)- the national currency introduced in
1998 - is pegged to the euro, and confidence in the currency and the
banking sector has increased. Bosnia's private sector is growing and
foreign investment is slowly increasing, but government spending, at
roughly 50% of GDP, remains high because of redundant government
offices at the state, entity and municipal level. Privatization of
state enterprises, however, has been slow, particularly in the
Federation where political division between ethnically-based
political parties makes agreement on economic policy more difficult.
A sizeable current account deficit and high unemployment rate remain
the two most serious macroeconomic problems. Successful
implementation of a value-added tax in 2006 provided a predictable
source of revenue for the government and helped rein in gray market
activity. National-level statistics have also improved over time but
a large share of economic activity remains unofficial and
unrecorded. Bosnia and Herzegovina became a full member of the
Central European Free Trade Agreement in September 2007.

Botswana
Botswana has maintained one of the world's highest economic
growth rates since independence in 1966, though growth fell below 5%
in 2007-08, and turned sharply negative in 2009, with industry
falling nearly 30%. Through fiscal discipline and sound management,
Botswana transformed itself from one of the poorest countries in the
world to a middle-income country with a per capita GDP of $13,100 in
2010. Two major investment services rank Botswana as the best credit
risk in Africa. Diamond mining has fueled much of the expansion and
currently accounts for more than one-third of GDP, 70-80% of export
earnings, and about half of the government's revenues. Botswana's
heavy reliance on a single luxury export was a critical factor in
the sharp economic contraction of 2009. Tourism, financial services,
subsistence farming, and cattle raising are other key sectors.
Although unemployment was 7.5% in 2007 according to official
reports, unofficial estimates place it closer to 40%. The prevalence
of HIV/AIDS is second highest in the world and threatens Botswana's
impressive economic gains. An expected leveling off in diamond
mining production within the next two decades overshadows long-term
prospects.

Bouvet Island
no economic activity; declared a nature reserve

Brazil
Characterized by large and well-developed agricultural,
mining, manufacturing, and service sectors, Brazil's economy
outweighs that of all other South American countries, and Brazil is
expanding its presence in world markets. Since 2003, Brazil has
steadily improved its macroeconomic stability, building up foreign
reserves, and reducing its debt profile by shifting its debt burden
toward real denominated and domestically held instruments. In 2008,
Brazil became a net external creditor and two ratings agencies
awarded investment grade status to its debt. After record growth in
2007 and 2008, the onset of the global financial crisis hit Brazil
in September 2008. Brazil experienced two quarters of recession, as
global demand for Brazil's commodity-based exports dwindled and
external credit dried up. However, Brazil was one of the first
emerging markets to begin a recovery. Consumer and investor
confidence revived and GDP growth returned to positive in 2010,
boosted by an export recovery. Brazil's strong growth and high
interest rates make it an attractive destination for foreign
investors. Large capital inflows over the past year have contributed
to the rapid appreciation of its currency and led the government to
raise taxes on some foreign investments. President Dilma ROUSSEFF
has pledged to retain the previous administration's commitment to
inflation targeting by the Central Bank, a floating exchange rate,
and fiscal restraint.

British Indian Ocean Territory
All economic activity is concentrated
on the largest island of Diego Garcia, where a joint UK-US military
facility is located. Construction projects and various services
needed to support the military installation are performed by
military and contract employees from the UK, Mauritius, the
Philippines, and the US. There are no industrial or agricultural
activities on the islands. The territory earns foreign exchange by
selling fishing licenses and postage stamps.

British Virgin Islands
The economy, one of the most stable and
prosperous in the Caribbean, is highly dependent on tourism
generating an estimated 45% of the national income. More than
934,000 tourists, mainly from the US, visited the islands in 2008.
In the mid-1980s, the government began offering offshore
registration to companies wishing to incorporate in the islands, and
incorporation fees now generate substantial revenues. Roughly
400,000 companies were on the offshore registry by yearend 2000. The
adoption of a comprehensive insurance law in late 1994, 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.
Livestock raising is the most important agricultural activity; poor
soils limit the islands' ability to meet domestic food requirements.
Because of traditionally close links with the US Virgin Islands, the
British Virgin Islands has used the US dollar as its currency since
1959.

Brunei
Brunei has a small well-to-do economy that encompasses a
mixture of foreign and domestic entrepreneurship, government
regulation, welfare measures, and village tradition. Crude oil and
natural gas production account for just over half of GDP and more
than 90% of exports. Per capita GDP is among the highest in Asia,
and substantial income from overseas investment supplements income
from domestic production. The government provides for all medical
services and free education through the university level and
subsidizes rice and housing. A new monetary authority was
established in January 2011 with responsibilities that include
monetary policy, monitoring of financial institutions, and currency
trading activities. Other plans for the future include upgrading the
labor force, reducing unemployment, strengthening the banking and
tourist sectors, increasing agricultural production, and, in
general, further widening the economic base beyond oil and gas.