Category: World Economy

Zimbabwe’s economy operates on a unique monetary framework that is based on a gold standard system, which underpins the country’s financial stability and currency valuation. This gold-backed system aims to provide a more stable and reliable monetary environment by linking the value of the national currency to a fixed quantity of gold, thereby reducing inflationary…

Zambia is classified as a developing country and achieved middle-income status in 2011, marking a significant milestone in its economic development trajectory. This transition reflected improvements in various economic indicators, including gross national income per capita, which allowed Zambia to move beyond the low-income classification that had characterized much of its post-independence history. The attainment…

The economy of Yemen has long been characterized by its weakness and underdevelopment, a condition that has been significantly exacerbated by the outbreak of the Yemeni Civil War. This conflict has not only caused profound political instability but has also precipitated a severe humanitarian crisis, further undermining the country’s already fragile economic foundations. Prior to…

The economy of Vietnam is distinguished by its classification as a developing mixed socialist-oriented market economy, a distinctive system that integrates elements of socialism with market-based mechanisms. This hybrid model reflects the country’s efforts to balance state control and planning with the efficiencies and dynamism of market forces. The socialist orientation manifests in the continued…

The economy of Venezuela is predominantly centered on the petroleum sector, as the country possesses the largest proven crude oil reserves in the world. This vast endowment of hydrocarbon resources has historically shaped Venezuela’s economic trajectory, positioning it as a major player in the global energy market. Since the discovery of oil in the early…

The economy of Vatican City is predominantly supported by revenues generated through the sale of postage stamps, coins, medals, and a variety of tourist souvenirs. These items, often bearing religious or papal significance, attract collectors and visitors from around the world, forming a significant source of income. Additionally, the Vatican derives considerable revenue from fees…

Vanuatu’s economy has long been characterized by its strong reliance on agriculture, which serves as the primary livelihood for approximately 80 percent of the population. This widespread engagement in agricultural activities reflects both the rural nature of the country and the limited industrial development present within the islands. The agricultural sector encompasses a diverse range…

The economy of Uzbekistan, originally organized as a Soviet-style command economy, underwent a significant transformation following the dissolution of the Soviet Union. Under this system, economic activity was centrally planned and controlled by the state, with little room for market forces or private enterprise. However, over time, Uzbekistan has progressively shifted toward a market economy…

The economy of Uruguay has long been distinguished by its export-oriented agricultural sector, which forms the backbone of the country’s economic activities. Agriculture plays a pivotal role in Uruguay’s economic structure, with key exports including beef, soybeans, rice, wheat, and dairy products. This sector benefits from the country’s fertile land and temperate climate, which support…

The economy of Ukraine is classified as a developing, upper-middle income, mixed economy that experienced a period of rapid growth beginning in 2000 and continuing until the onset of the 2008–2009 Ukrainian financial crisis. During this initial decade of the 21st century, Ukraine’s gross domestic product (GDP) expanded steadily, driven by a combination of factors…

The economy of Uganda holds considerable promise for rapid growth and development, underpinned by a wealth of natural resources that provide a strong foundation for economic activities. Among these resources, fertile land plays a crucial role in supporting agricultural productivity, which has traditionally been the backbone of the country’s economy. The availability of consistent rainfall…

Tuvalu is a Polynesian island nation situated in the central Pacific Ocean, geographically positioned approximately midway between Hawaii and Australia. According to the 2017 national census, the country had a population of 11,192 individuals. This small population size, combined with Tuvalu’s remote location, has had a profound influence on the development and structure of its…

The economy of Turkmenistan has been navigating a recovery phase following the significant downturn experienced in 2014, which was precipitated by a sharp decline in global hydrocarbon prices. This downturn marked the onset of the country’s worst economic crisis since the immediate post-independence period, severely affecting its growth trajectory and economic stability. Several interrelated factors…

Turkey’s integration into European economic and political structures has been a gradual process marked by several key milestones. In 1950, Turkey became one of the early members of the Council of Europe, an organization dedicated to promoting human rights, democracy, and the rule of law across the continent. This membership laid the groundwork for Turkey’s…

The economy of Tunisia has been undergoing a significant transformation marked by a gradual process of liberalization following several decades during which the state exercised heavy direction and maintained active participation in economic activities. For much of the post-independence period, Tunisia’s economic model was characterized by substantial government intervention, with state-owned enterprises dominating key sectors…

The economy of Trinidad and Tobago stands as the wealthiest in the Caribbean region, distinguished by its substantial economic output and high standards of living. When measured by gross domestic product based on purchasing power parity (GDP PPP) per capita, the country ranks as the third-richest in the entire Americas, surpassed only by a few…

Tonga’s economy is characterized by a significant nonmonetary sector, reflecting traditional subsistence practices and informal economic activities that operate outside formal market transactions. A substantial portion of the country’s economic sustenance derives from remittances sent by approximately half of the Tongan population residing abroad, primarily in countries such as Australia, New Zealand, and the United…

The economy of Togo has confronted numerous and persistent challenges, positioning the country among the poorest nations worldwide. Despite efforts to stimulate growth and development, Togo’s economic landscape remains constrained by structural weaknesses and external pressures that have hindered progress over several decades. According to data provided by the International Monetary Fund (IMF), Togo is…

The economy of Timor-Leste is classified by the World Bank as a lower-middle income economy, reflecting its transitional status as a developing nation working to improve its economic infrastructure and social services. This classification situates Timor-Leste above the low-income threshold but still facing significant challenges in achieving higher income levels and sustainable economic growth. The…

The United States possesses a highly developed mixed economy, distinguished by its status as the world’s largest economy by nominal gross domestic product (GDP) and the second largest by purchasing power parity (PPP) as of 2025. This dual ranking reflects the country’s immense economic output measured in current U.S. dollars and adjusted for relative cost…

The United Kingdom possesses a highly developed social market economy, characterized by a blend of free-market capitalism alongside a comprehensive welfare state and regulatory framework. Between 2017 and 2025, the UK ranked as the sixth-largest national economy globally when measured by nominal gross domestic product (GDP), underscoring its significant economic scale on the world stage….

The United Arab Emirates (UAE) is classified as a high-income developing market economy, reflecting its substantial wealth combined with ongoing efforts to modernize and diversify its economic base. This classification denotes a nation that, while possessing significant financial resources and infrastructure, continues to develop its institutional frameworks and market mechanisms to achieve sustained economic growth….

The economy of the Philippines is classified as an emerging market and is recognized as a newly industrialized country within the Asia-Pacific region. This classification reflects the country’s transition from an agriculture-based economy to one increasingly dominated by manufacturing and services, alongside ongoing industrialization and urbanization. As a newly industrialized country, the Philippines exhibits characteristics…

The economy of the Netherlands is characterized by its highly developed market structure, which places significant emphasis on trade and logistics, manufacturing, services, innovation and technology, as well as sustainable and renewable energy sectors. This multifaceted economic foundation supports a diverse range of industries and reflects the country’s strategic geographic position and historical role as…

The government of the Marshall Islands has historically been the largest employer within the country, accounting for 30.6% of the total workforce. This figure, however, reflects a gradual decline in government employment since 1988, when the share stood higher by 3.4 percentage points. The reduction in government employment over the decades can be attributed to…

In ancient times, the Maldives established a reputation as a significant exporter of various natural products that were highly sought after in international markets. Among these exports were cowries, which served not only as currency in many parts of Asia and Africa but also as decorative items and symbols of wealth. The islands also produced…

The Gambian economy has long been heavily reliant on agriculture, which forms the cornerstone of its economic activities and serves as the primary source of livelihood for the majority of its population. Agriculture in the Gambia encompasses both crop cultivation and livestock rearing, with a significant proportion of the rural population engaged in subsistence farming….

The economy of the Federated States of Micronesia (FSM) has traditionally been grounded in subsistence agriculture and fishing, activities that continue to form the backbone of the livelihoods of the majority of its population. These practices reflect the deep-rooted cultural and historical dependence on the natural environment, where small-scale farming and coastal fishing provide essential…

The economy of the Dominican Republic holds a prominent position within the Latin American and Caribbean regions, ranking as the seventh largest economy in Latin America and standing as the largest in both the Caribbean and Central America. This ranking underscores the country’s significant regional economic stature, reflecting its diverse and expanding economic activities. The…

The economy of the Democratic Republic of the Congo (DRC) underwent a severe and protracted decline during the years leading up to and throughout the First and Second Congo Wars, which spanned from 1996 to 2003. Despite the country’s extraordinary endowment of natural resources and immense mineral wealth, these conflicts devastated economic infrastructure, disrupted production,…

The economy of the Czech Republic is characterized by its status as a developed, export-oriented social market economy that emphasizes services, manufacturing, and innovation. This economic structure supports a high-income welfare state that aligns closely with the European social model, which combines free-market capitalism with social policies that promote social justice and equitable wealth distribution….

The economy of the Comoros is predominantly anchored in subsistence agriculture and fishing, which together form the backbone of the nation’s limited economic activity. This reliance reflects the relatively underdeveloped state of industrial and commercial sectors within the country, where manufacturing and large-scale trade remain minimal. The predominance of small-scale farming and artisanal fishing underscores…

The economy of the Central African Republic (CAR) registered a gross domestic product (GDP) of approximately $2.321 billion in 2019, reflecting the overall scale and output of its economic activities at that time. Despite this figure, the country’s economic performance remains modest when compared to global standards, underscoring the challenges faced by this landlocked nation….

The economy of the Bahamas has long been predominantly reliant on two principal sectors: tourism and offshore banking. Tourism serves as the cornerstone of economic activity, drawing millions of visitors annually to the archipelago’s pristine beaches, luxury resorts, and vibrant cultural attractions. This sector not only generates substantial foreign exchange earnings but also provides employment…

The economy of Thailand has demonstrated a strong reliance on exports, which accounted for approximately 58 percent of the country’s gross domestic product (GDP) in 2021. This significant dependence on international trade underscores Thailand’s integration into the global market and its role as a major exporter of goods such as electronics, automobiles, agricultural products, and…