Category: World Economy

The economy of Paraguay operates as a market-oriented system, with a pronounced reliance on agricultural production and exports. Agriculture has historically formed the backbone of the Paraguayan economy, shaping its economic structure and labor market. Over the past decades, this sector has remained pivotal, providing employment to a significant portion of the population and contributing…

The economy of Papua New Guinea (PNG) remains largely underdeveloped, with a significant portion of its population living below the poverty line. Despite the country’s abundant natural resources and economic potential, widespread poverty persists, reflecting challenges in translating resource wealth into broad-based economic prosperity. According to projections by the Asian Development Bank, Papua New Guinea’s…

The economy of Panama is predominantly anchored in the tourism and services sector, which accounts for nearly 80% of the country’s Gross Domestic Product (GDP). This sector not only represents the largest share of economic activity but also serves as the primary generator of foreign income for Panama. The dominance of services reflects the country’s…

The economy of Palestine encompasses the full range of economic activities carried out within the Palestinian territories, including the West Bank and the Gaza Strip. These activities span various sectors such as agriculture, manufacturing, services, and trade, each contributing to the overall economic framework of the region. The Palestinian economy operates under complex political and…

The economy of Palau is predominantly anchored in three main sectors: tourism, fishing, and subsistence agriculture. Tourism serves as the cornerstone of economic activity, capitalizing on the nation’s pristine natural environment, vibrant marine biodiversity, and cultural heritage to attract visitors primarily from East Asia and the United States. Fishing constitutes another critical component, with both…

The economy of Pakistan is classified as a developing economy, reflecting its ongoing transition from a primarily agrarian base toward greater industrialization and service sector expansion. As of 2024, Pakistan ranks as the 26th-largest economy globally when measured by gross domestic product (GDP) using purchasing power parity (PPP), which accounts for relative cost of living…

The economy of Oman has been predominantly centered around its oil sector, which serves as the primary engine driving national income and development. Alongside petroleum, traditional economic activities such as fishing and trading have historically been concentrated in the Sultanate’s extensive coastal regions, where access to the Arabian Sea and the Gulf of Oman facilitated…

The economy of Norway is characterized by a highly developed mixed economic system that integrates extensive state ownership alongside a vibrant private sector. This hybrid model allows the government to maintain control over key strategic industries, including energy, telecommunications, and transportation, while simultaneously fostering a competitive market environment. State-owned enterprises play a crucial role in…

Since gaining independence from the Socialist Federal Republic of Yugoslavia in 1991, North Macedonia underwent a significant transformation in its economic structure, moving toward a more liberalized market economy with a progressively improved business environment. This transition was marked by the loss of access to key protected markets and the cessation of substantial transfer payments…

The economy of North Korea operates under a centrally planned system fundamentally shaped by the state ideology of Juche, which emphasizes self-reliance and independence. While market allocation mechanisms have historically played a minimal role in the country’s economic organization, their influence has incrementally increased in recent years, particularly as of 2024. This limited incorporation of…

The economy of Nigeria is classified as a middle-income, mixed economy and emerging market, distinguished by a diverse array of expanding sectors. Key industries such as manufacturing, financial services, communications, technology, and entertainment have experienced significant growth, contributing to the country’s evolving economic landscape. This diversification reflects Nigeria’s efforts to reduce dependence on traditional sectors…

In 2023, Niger’s gross domestic product (GDP) was recorded at approximately $16.617 billion US dollars, according to official data provided by the World Bank. This figure reflects the overall economic output of the country and serves as a key indicator of its economic size and performance. Niger’s economy is predominantly driven by internal markets and…

The economy of Nicaragua has long been predominantly centered on the agricultural sector, which serves as the foundation of the country’s economic activities. Agriculture not only provides employment for a significant portion of the population but also contributes substantially to export revenues and rural livelihoods. Key agricultural products include coffee, bananas, sugar, beef, and seafood,…

New Zealand’s economy is characterized as a highly developed free-market economy, reflecting a system in which private enterprise operates with minimal government intervention and where market forces largely determine production, distribution, and pricing of goods and services. This economic framework has allowed New Zealand to cultivate a dynamic and adaptable economic environment, fostering innovation and…

The economy of Nepal is classified as developing and remains predominantly reliant on agriculture and remittances from foreign workers. Agriculture serves as the principal economic activity, employing approximately 65% of the population and contributing 31.7% to the nation’s gross domestic product (GDP). This sector is characterized by a diverse range of crops, including staple grains…

The economy of Nauru is notably small, reflecting the island nation’s limited population, which stood at approximately 11,550 people as of 2019. This modest population size inherently constrains the scale of economic activities and domestic markets, resulting in an economy that is both narrow in scope and heavily reliant on external factors. Historically, the cornerstone…

The economy of Namibia is characterized by a dual structure consisting of two primary sectors: a modern market sector and a traditional subsistence sector. The modern market sector serves as the main engine of economic growth and wealth generation within the country, encompassing industries such as mining, manufacturing, finance, and services. This sector is largely…

Myanmar’s economy is recognized as the seventh largest among the countries in Southeast Asia, reflecting its significant role within the regional economic landscape. This ranking takes into account various economic indicators, including gross domestic product (GDP), trade volumes, and industrial output, positioning Myanmar behind larger economies such as Indonesia, Thailand, and Vietnam but ahead of…

As of 2018, Mozambique’s economy registered a gross domestic product (GDP) of approximately $14.396 billion, reflecting a trajectory of development that gained momentum following the conclusion of the Mozambican Civil War. This protracted conflict, which spanned from 1977 to 1992, had severely disrupted economic activities and infrastructure, leaving the country in a state of economic…

The economy of Morocco functions as a market economy fundamentally governed by the principles of supply and demand. Since 1993, the country has embarked on a policy of privatisation, a strategic shift that aligned Morocco’s economic framework with broader global trends observed in many Western countries during that period. This transition aimed to reduce state…

The economy of Montenegro is classified as a transition economy, reflecting its ongoing efforts to stabilize, diversify, and expand its economic output following decades of political and economic transformation. This characterization stems from Montenegro’s shift away from a centrally planned system toward a market-oriented economy, a process that has involved extensive structural reforms aimed at…

The economy of Mongolia has historically been anchored in agriculture and livestock herding, which have long constituted the backbone of its economic activities. Pastoral nomadism and animal husbandry have shaped the livelihoods of the majority of the population, with livestock products such as meat, wool, and cashmere playing a central role in both subsistence and…

The economy of Monaco has long been anchored by its robust tourism and banking sectors, which together form the backbone of the principality’s financial stability and international reputation. Situated on the French Riviera along the Mediterranean Sea, Monaco benefits from a prime geographic location that has established it as a favored resort destination. This coastal…

The economy of Moldova is classified as an emerging upper-middle income economy, reflecting its ongoing development and gradual integration into the global market. This classification indicates that Moldova has achieved a level of economic performance characterized by moderate income per capita, improving infrastructure, and expanding industrial and service sectors, although it still faces challenges related…

The economy of Mexico is classified as a developing mixed-market economy, reflecting a blend of private enterprise and government intervention across various sectors. As of 2024, it ranks as the 13th largest economy globally when measured by both nominal gross domestic product (GDP) and purchasing power parity (PPP), underscoring its significant role in the international…

The economy of Mauritius is characterized as a mixed developing economy that integrates diverse sectors including agriculture, exports, financial services, and tourism. Historically, agriculture played a dominant role in the country’s economic structure, with sugar production serving as the backbone of the economy for many decades. However, the Mauritian economy has evolved significantly over time,…

The economy of Mauritania in 2006 remained predominantly anchored in the sectors of agriculture, mining, and livestock, which continued to serve as the backbone of the nation’s economic activities. This economic structure persisted despite significant demographic transformations that had unfolded over previous decades. Notably, recurring droughts during the 1970s and 1980s had profound social and…

The economy of Malta is distinguished by its highly industrialised and service-oriented nature, embodying a modern and diversified economic framework that has evolved significantly over recent decades. This transformation reflects a deliberate shift from traditional sectors towards more sophisticated industries, encompassing manufacturing, finance, information and communications technology (ICT), and tourism. The International Monetary Fund (IMF)…

The economy of Mali has historically been and continues to be predominantly based on agriculture, with the majority of the rural population engaged in subsistence farming. This agricultural reliance reflects the country’s demographic and geographic realities, where a significant portion of Mali’s inhabitants live in rural areas and depend on small-scale farming for their livelihoods….

The economy of Malaysia is characterized as an emerging and developing market that has attained upper-middle income status, underpinned by a highly industrialized and mixed economic structure. This diverse economy combines elements of free market capitalism with significant government intervention and planning, allowing for both private enterprise and state-owned enterprises to coexist and contribute to…

As of 2019, Malawi’s economy had a gross domestic product (GDP) valued at approximately $7.522 billion, a figure that reflects its classification as a low-income country within the global economic landscape. This relatively modest GDP underscores the challenges faced by Malawi in achieving substantial economic growth and development. The country’s economic structure is predominantly agrarian,…

As of 2020, Madagascar’s economy registered a gross domestic product (GDP) of approximately US$9.769 billion, reflecting its status as a market-oriented economy with a diverse yet predominantly agrarian base. Agriculture has historically formed the backbone of the Malagasy economy, providing livelihoods for a significant portion of the population and contributing substantially to national output. Alongside…

Luxembourg’s labour productivity has consistently ranked among the highest in Europe, a fact underscored by data published by the Organisation for Economic Co-operation and Development (OECD) in 2012. This elevated productivity level reflects the country’s efficient use of labor resources, advanced technological infrastructure, and a highly skilled workforce. The combination of these factors has enabled…

Lithuania possesses the largest economy among the three Baltic states, a distinction that underscores its significant role in the regional economic landscape. It is a member of several major international organizations, including the European Union (EU), the World Trade Organization (WTO), and the Organisation for Economic Co-operation and Development (OECD), reflecting its integration into the…

The economy of Liechtenstein is predominantly industrial, with manufacturing serving as the cornerstone of its economic activity. This industrial base is diverse and highly specialized, encompassing sectors such as precision instruments, electronics, machinery, and metal products. Despite the dominance of industry, a small but meaningful agricultural sector persists, contributing to the country’s economic fabric through…