Category: World Economy

The economy of Tanzania is classified as a lower-middle-income economy, characterized by a diverse range of key sectors that contribute significantly to its gross domestic product (GDP). Among the most prominent sectors are manufacturing, tourism, agriculture, and financial services, each playing a vital role in the country’s economic landscape. Manufacturing in Tanzania encompasses a variety…

The economy of Tajikistan has historically been anchored in the agriculture and services sectors, which together form the backbone of the country’s economic activity. Agriculture remains a vital source of employment and income for a significant portion of the population, with cotton cultivation being particularly prominent due to the country’s favorable climatic conditions and Soviet-era…

During the early years of its independence, Syria’s economy was predominantly agrarian, with agriculture serving as the cornerstone of economic activity and employment. The country’s fertile lands, particularly in the Euphrates River valley and the western coastal regions, supported the cultivation of a variety of crops such as wheat, barley, cotton, and fruits, which not…

Switzerland’s economy is widely acknowledged as one of the most advanced in the world, distinguished by a highly-developed free market system that fosters innovation, efficiency, and economic stability. The Swiss economic model combines a strong tradition of private enterprise with a regulatory framework that encourages competition and entrepreneurship while maintaining social cohesion. This balanced approach…

The economy of Sweden is characterized by its highly developed and export-oriented nature, underpinned by abundant natural resources that have historically shaped its trade patterns and industrial development. Among these resources, timber, hydropower, and iron ore have played pivotal roles in establishing a robust resource base that supports Sweden’s foreign trade orientation. The extensive forests…

Suriname’s economy has historically been anchored in the extraction and exportation of bauxite, a mineral rich in aluminium oxide, which served as the foundation for its industrial activities. The country possessed significant bauxite reserves, and mining operations focused on extracting this resource to produce aluminium oxide, a key intermediate in aluminium manufacturing. Alongside aluminium oxide,…

The economy of Sudan has historically been anchored by agriculture and oil exports, complemented by contributions from the mining and manufacturing sectors. Agriculture has played a foundational role, employing approximately 80% of the country’s workforce and accounting for about one-third of the gross domestic product (GDP). This sector primarily consists of subsistence farming, which sustains…

The mixed economy of Sri Lanka was valued at LKR 29.89 trillion, which was approximately equivalent to US$99 billion by gross domestic product (GDP) in 2024. When measured by purchasing power parity (PPP), the valuation of Sri Lanka’s economy was significantly higher, reaching US$342.6 billion. This disparity between nominal GDP and PPP reflects the relatively…

The economy of Spain is classified as a highly developed social market economy, combining free-market capitalism with social policies that establish a comprehensive welfare state. It ranks as the world’s 12th largest economy by nominal gross domestic product (GDP) and holds the position of the sixth-largest economy within Europe. When excluding Russia, Spain becomes the…

South Sudan emerged as the world’s newest country and Africa’s 55th nation on 9 July 2011, following decades of conflict and a comprehensive peace agreement that ended the Second Sudanese Civil War. This historic event marked the culmination of a referendum held in January 2011, in which an overwhelming majority of South Sudanese voted for…

The economy of South Korea is characterized as a highly developed mixed economy, demonstrating a sophisticated integration of market mechanisms with government intervention. As of 2025, its nominal gross domestic product (GDP) was valued at approximately ₩2.61 quadrillion, equivalent to US$1.87 trillion, reflecting the substantial scale and complexity of its economic activities. This valuation underscores…

The economy of South Africa stands as the largest on the African continent, distinguished by its classification as a mixed economy, an emerging market, and an upper-middle-income economy. It is one of only eight countries in Africa to hold this status, reflecting a complex economic structure that integrates elements of both free-market capitalism and government…

Somalia is classified by the United Nations as a least developed country, reflecting its status among the world’s most economically challenged nations. The majority of its population relies heavily on agriculture and livestock for their livelihoods, with pastoralism and subsistence farming forming the backbone of economic activity. This reliance on traditional sectors underscores the limited…

The Solomon Islands has a per capita Gross Domestic Product (GDP) of approximately $3,200, a figure that places the country within the classification of a lesser developed nation. This relatively low per capita income reflects the economic challenges faced by the country, which include limited industrialization, a reliance on primary sectors, and infrastructural constraints. The…

Slovenia’s Gross National Income (GNI) per capita stands at $23,520, reflecting the average income earned by its residents and indicating a relatively high standard of living compared to many other countries. This figure encapsulates the total domestic and foreign income claimed by residents of Slovenia, providing a comprehensive measure of economic well-being. The country’s economy…

The economy of Slovakia underwent significant transformation following its accession to the European Union in 2004, a milestone that fundamentally reshaped the country’s economic landscape. Joining the EU facilitated greater integration into European markets, increased foreign investment, and access to structural funds aimed at modernizing infrastructure and industry. This integration was further deepened when Slovakia…

The economy of Singapore is distinguished by its status as a highly developed mixed market economy that incorporates dirigiste characteristics, reflecting a unique blend of significant government intervention alongside the operation of free market mechanisms. This hybrid economic model allows the government to play an active role in strategic sectors and economic planning, while simultaneously…

As of the year 2025, the economy of Sierra Leone was valued at a gross domestic product (GDP) of approximately $8.39 billion. This figure reflects the total monetary value of all goods and services produced within the country’s borders over the course of the year. Since the end of the Sierra Leone Civil War in…

The economy of Seychelles is characterized by a diverse range of sectors that collectively contribute to its overall economic framework. Among the most significant are fishing and tourism, which serve as the backbone of the country’s economic activity. Fishing, particularly tuna fishing, has long been a vital industry due to Seychelles’ strategic location in the…

The economy of Serbia is classified as a developing upper-middle income economy, a designation that reflects its transitional status characterized by moderate to high income levels relative to global standards. This classification situates Serbia in a phase where economic structures are evolving from primarily agrarian or industrial bases toward more diversified and service-oriented activities, with…

The Central Bank of West African States, known by its French acronym BCEAO (Banque Centrale des États de l’Afrique de l’Ouest), is headquartered in Dakar, Senegal. This institution serves as the central monetary authority for the eight member countries of the West African Economic and Monetary Union (WAEMU), including Senegal. Its presence in Dakar underscores…

São Tomé and Príncipe’s economy has historically revolved around cocoa production, which has served as the cornerstone of its economic activity for decades. Cocoa cultivation dominated the agricultural sector and constituted the primary source of export earnings and employment for the population. This reliance on a single commodity shaped the country’s economic structure, making it…

The economy of Saudi Arabia has long been predominantly dependent on its petroleum sector, which constitutes a critical pillar of the nation’s financial structure. Oil contributes approximately 30% of the country’s Gross Domestic Product (GDP), highlighting its central role in economic output. Moreover, petroleum accounts for about 55% of government revenue, a figure that underscores…

The economy of San Marino is classified as a developed free-market system, distinguished by its reliance on a diverse range of industries that collectively sustain its economic vitality. Among these, tourism, banking, and manufacturing stand out as the principal sectors driving economic activity. Tourism plays a significant role due to San Marino’s historical heritage, picturesque…

The economy of Samoa is predominantly reliant on a combination of agricultural exports, development aid, and private financing originating from overseas sources. Agricultural exports form the backbone of the country’s external trade, while development aid from international donors and remittances from the Samoan diaspora provide critical financial inflows that support both public and private sector…

The economy of Saint Vincent and the Grenadines has traditionally been heavily dependent on agriculture, with the country recognized as the world’s leading producer of arrowroot. This particular crop has long held a prominent place in the agricultural sector, reflecting the nation’s specialization in niche products. In addition to arrowroot, Saint Vincent and the Grenadines…

Saint Lucia’s economic structure has undergone a significant transformation over the past several decades, evolving from a predominantly single-crop agricultural economy to one that is largely centered on tourism and financial services. Historically, the island’s economy was heavily reliant on agriculture, with bananas serving as the principal export commodity and the backbone of economic activity….

The economy of Saint Kitts and Nevis has traditionally been anchored in the cultivation and processing of sugar cane, a sector that once formed the backbone of the federation’s economic activity. For many decades, sugar production not only provided employment to a significant portion of the population but also generated substantial export revenues. However, in…

Rwanda’s economy has undergone rapid industrialisation in recent years, largely driven by a series of successful governmental policies aimed at fostering economic growth and diversification. These policies have focused on creating a conducive environment for investment, improving infrastructure, and promoting sectors beyond traditional agriculture, which historically dominated the country’s economic landscape. The government’s strategic emphasis…

The economy of Russia is characterized as an emerging and developing, high-income, industrialized, mixed market-oriented economy. This classification reflects the country’s transition from a centrally planned system to one that incorporates significant market mechanisms alongside substantial state involvement. Russia’s economic structure combines elements of private enterprise with government control, particularly in strategic sectors such as…

The economy of Romania is classified as a developing mixed economy characterized by a high degree of complexity, reflecting a diverse range of sectors that include agriculture, industry, and services. This mixed economic structure combines elements of market-based capitalism with significant state involvement in certain strategic industries, enabling Romania to adapt to both domestic and…

The economy of Qatar ranks among the highest globally in terms of GDP per capita, consistently placing within the top ten richest countries according to data compiled by major international organizations such as the World Bank, the United Nations, and the International Monetary Fund (IMF) during the years 2015 and 2016. This remarkable economic standing…

The economy of Portugal was ranked 36th in the World Competitiveness Ranking for 2024, as assessed by the Swiss institute IMD, reflecting the country’s relative position in global economic performance and competitiveness. This ranking takes into account various factors such as economic performance, government efficiency, business efficiency, and infrastructure, highlighting Portugal’s standing among other nations…

The economy of Poland is classified as an emerging and developing high-income industrialized mixed economy, reflecting a dynamic blend of market-oriented reforms and substantial public sector involvement. It ranks as the sixth-largest economy within the European Union when measured by nominal Gross Domestic Product (GDP) and holds the position of the fifth-largest economy based on…

The economy of Peru is classified by the World Bank as an emerging, mixed economy with an upper middle income status, reflecting a diverse structure that combines elements of market-driven enterprise with significant government participation in certain sectors. Characterized by a high level of foreign trade, Peru’s economic framework integrates extensive international commerce, which plays…