Category: World Economy

Libya’s economy has historically been heavily dependent on the petroleum sector, which has served as the cornerstone of the nation’s economic structure. Oil and gas exports have consistently accounted for over 95% of Libya’s export earnings, underscoring the country’s reliance on hydrocarbon resources as its primary source of foreign exchange. This dominance of petroleum is…

The economy of Liberia has remained extremely underdeveloped, with a gross domestic product (GDP) estimated at only $3.222 billion as of 2019. This modest economic output can be largely attributed to the severe disruptions caused by the First Liberian Civil War, which lasted from 1989 to 1996, and the Second Liberian Civil War, spanning from…

The economy of Lesotho is characterized by a diverse array of sectors, with tourism, manufacturing, mining, and agriculture forming its primary economic activities. These sectors collectively contribute to the country’s gross domestic product and employment, although their relative importance has shifted over time. A significant aspect of Lesotho’s economic landscape is its dependence on remittances…

Since 2019, Lebanon’s economy has been engulfed in a profound and multifaceted crisis that has dramatically reshaped its financial landscape. This crisis is marked by a collapse of the banking sector, a severe liquidity shortage, and the sovereign default on its debt obligations. The banking collapse severely undermined public confidence in the financial system, leading…

The economy of Latvia is characterized by its openness and integration within the European framework, functioning as an open economy deeply embedded in the European Single Market. This integration facilitates the free movement of goods, services, capital, and labor between Latvia and other member states, enhancing trade opportunities and economic cooperation. Latvia’s strategic location in…

The economy of Laos is classified as a lower-middle income developing economy, reflecting its moderate levels of income and developmental status relative to other countries. This classification indicates that while the nation has made significant strides in economic growth and human development, it still faces challenges typical of developing economies, such as infrastructure deficits, limited…

The economy of Kyrgyzstan is characterized by a multifaceted structure encompassing trade, light manufacturing, mining, and agriculture, each contributing significantly to the country’s overall economic activities. Trade serves as a fundamental driver, facilitating the exchange of goods both within the region and internationally, while light manufacturing supports domestic consumption and export markets through the production…

Kuwait’s economy is predominantly driven by its petroleum sector, which forms the cornerstone of the nation’s economic structure. The country’s vast oil reserves have positioned it as one of the leading oil producers and exporters in the world, making the hydrocarbon industry the primary source of government revenue and foreign exchange earnings. This heavy reliance…

In 2010, the Republic of Kiribati recorded a per capita Gross National Product (GNP) of US$1,420, positioning it as the poorest nation within the Oceania region. This relatively low level of national income per person reflected the country’s limited economic diversification and the challenges it faced in generating sustainable domestic revenue streams. Historically, the economy…

The economy of Kenya operates predominantly within a market-based framework, characterized by a relatively limited presence of state-owned enterprises. This orientation towards a market-driven system reflects the country’s broader economic liberalization policies that have been implemented over several decades, aimed at fostering private sector growth and reducing direct government intervention in commercial activities. Despite the…

Kazakhstan’s economy stands as the largest in Central Asia, both in absolute terms and on a per capita basis, underscoring its substantial influence within the regional economic landscape. Since gaining independence following the dissolution of the Soviet Union in 1991, the country has attracted over US$370 billion in foreign investments by 2023, reflecting its growing…

The World Food Programme classifies the economy of Jordan as an upper-middle income economy, reflecting the nation’s moderate level of economic development relative to global standards. Despite this classification, Jordan faces significant structural challenges due to its scarcity of natural resources and limited agricultural land. The country’s terrain and climatic conditions restrict the availability of…

The economy of Japan is recognized as a highly developed mixed economy, often described as an East Asian model due to its unique combination of advanced industrial and service sectors alongside a significant degree of government intervention. This hybrid system integrates market-driven mechanisms with strategic state involvement, which has historically facilitated rapid industrialization and technological…

The economy of Jamaica is predominantly service-oriented, with the services sector accounting for approximately 71% of the country’s Gross Domestic Product (GDP). This significant contribution underscores the central role that services such as tourism, finance, retail, and communications play in the nation’s economic framework. The dominance of services reflects a structural shift from traditional agriculture…

The economy of Ivory Coast has demonstrated notable stability and growth in recent years, following a prolonged period marked by political instability and economic challenges that spanned several decades. This resurgence reflects a broader recovery from the setbacks experienced during the late twentieth century, when the country grappled with economic contraction and declining living standards….

The economy of Italy is classified as a highly developed social market economy, characterized by a blend of free-market capitalism alongside extensive social welfare programs and regulatory frameworks. This classification reflects Italy’s commitment to balancing economic efficiency with social equity, ensuring that market mechanisms operate within a context that promotes social protection and public services….

The economy of Israel is characterized as a highly developed free-market system, distinguished by its advanced economic infrastructure and capabilities that support a diverse and dynamic range of industries. This sophisticated economic framework has enabled Israel to sustain a prosperous society, allowing it to maintain a comprehensive welfare state that underpins social services and promotes…

The economy of Iraq has been predominantly driven by the oil sector, which in 2024 accounted for approximately 89% of the country’s foreign exchange earnings. This overwhelming reliance on petroleum exports reflects the central role that oil has played in Iraq’s economic framework for decades. Historically, the oil sector has contributed an even more dominant…

As of April 2023, the Wikipedia section detailing the economy of Iran was identified as requiring an update, signaling that recent developments or newly available data might not yet be incorporated into the existing narrative. Iran’s economy is characterized as a mixed system with a centrally planned framework, wherein a substantial public sector plays a…

The economy of Indonesia is characterized by a mixed economic system with dirigiste, or state-directed, features, which combine elements of both free-market capitalism and significant government intervention. This hybrid structure has enabled Indonesia to emerge as one of the leading market economies globally, and it stands as the largest economy in Southeast Asia. The state’s…

The economy of India is classified as a developing mixed economy, distinguished by a substantial degree of public sector involvement, particularly in industries deemed strategic for national interests. This model blends elements of both private enterprise and government control, reflecting a deliberate balance between market-driven growth and state intervention. The Indian state has historically maintained…

The economy of Iceland is distinguished by its relatively small scale and pronounced volatility, with significant fluctuations observed in key economic indicators over time. This volatility is partly attributable to the country’s limited population base and its openness to international markets, which expose it to external shocks and cyclical changes. In 2011, Iceland’s gross domestic…

The economy of Hungary is classified as a developing, high-income mixed economy, reflecting a blend of private enterprise and government intervention. According to the International Monetary Fund (IMF), Hungary ranks as the 53rd-largest economy globally out of 188 countries, with an annual gross domestic product (GDP) output of approximately $265.037 billion. This positioning underscores Hungary’s…

The economy of Honduras has historically been predominantly based on agriculture, which in 2013 accounted for approximately 14% of the country’s gross domestic product (GDP). This agricultural foundation reflects the country’s reliance on the cultivation and export of various crops, with coffee standing out as the leading export commodity. In that year, coffee exports were…

Haiti’s economy operates as a free market system characterized by notably low labor costs, which have historically supported a range of economic sectors including agriculture and manufacturing. The availability of inexpensive labor has attracted certain industries seeking cost-effective production bases, allowing Haiti to participate in global supply chains despite its numerous challenges. Agriculture remains a…

Guyana’s economy has emerged as one of the fastest growing in the world, demonstrating a remarkable gross domestic product (GDP) growth rate of 19.9% in the year 2021. This extraordinary expansion significantly outpaced global averages and underscored the transformative changes occurring within the country’s economic landscape. The rapid growth in 2021 reflected both the impact…

The economy of Guinea is predominantly based on agriculture and other rural activities, which form the backbone of the country’s productive sectors. A significant proportion of the population engages in subsistence farming, livestock rearing, and fishing, reflecting the rural character of the economy. These activities not only provide livelihoods for the majority of Guineans but…

The economy of Guinea-Bissau is characterized by a mixed structure comprising both state-owned enterprises and private sector companies. This dual composition reflects the country’s post-colonial economic framework, where the government maintains control over certain strategic sectors while encouraging private enterprise to stimulate growth and employment. Despite efforts to diversify the economy, the public sector continues…

The economy of Guatemala is characterized as a developing economy with a pronounced reliance on agriculture, particularly traditional crops such as coffee, sugar, and bananas. These agricultural products have historically formed the backbone of the country’s export sector and have played a pivotal role in shaping its economic landscape. Despite this dependence on agriculture, Guatemala’s…

Nutmeg has long stood as one of Grenada’s most significant exports, underscoring its pivotal role in the nation’s trade economy. The spice not only contributes substantially to export revenues but also symbolizes Grenada’s agricultural heritage and international trade identity. Its prominence in the export sector reflects the country’s historical and ongoing cultivation of nutmeg trees,…

The economy of Greece is classified as an advanced, high-income economy, reflecting its developed infrastructure, diversified industrial base, and integration into global markets. It ranks as the 50th-largest economy in the world when measured by nominal gross domestic product (GDP), with an annual nominal GDP of $267.348 billion. This ranking situates Greece among the mid-sized…

The economy of Ghana is distinguished by a diverse and resource-rich composition, encompassing a broad range of sectors that contribute to its overall economic profile. Among these sectors, manufacturing plays a significant role, particularly in the production and export of digital technology goods, reflecting the country’s growing engagement with modern technological industries. Additionally, Ghana has…

The economy of Germany is distinguished by its highly developed social market system, which integrates the principles of free-market capitalism with comprehensive social policies designed to ensure both fair competition and social security. This model facilitates a dynamic economic environment where private enterprise operates within a framework of regulatory oversight and welfare provisions, thereby balancing…

The economy of Gabon has long been shaped by its strong economic ties with France, a relationship rooted in the colonial era and sustained through continued political, cultural, and financial linkages. France’s influence permeates various sectors of Gabon’s economy, including trade, investment, and infrastructure development, reflecting a legacy of dependency and cooperation that has persisted…

The economy of France is distinguished by its status as a highly developed social market economy, characterized by a significant degree of state participation, particularly in strategic sectors such as energy, transportation, and defense. This model combines a robust market-based economic framework with government intervention aimed at ensuring social welfare and economic stability. The French…