Construction activity (about 10% of GDP) has increased due to recent[ when? ] tax incentives. Romania is becoming an increasingly popular choice for British property investors, according to recent[ when? ] research from Currencies Direct. The latest[ when? ] Global Emerging Markets Index from the foreign exchange company shows that Romania has made the top ten for the first time, reaching number nine. The monthly index is based on the number of foreign exchange transfers undertaken by the firm to emerging market regions for property purchases. According to Currencies Direct, Romania has seen significant increases in house prices in recent years[ when? ] and its interest rate has dropped from a level of 154 per cent in 1997 to 8.9 per cent in 2005.
The construction industry in Romania contributed an estimated 5.95% in 2006 to the country's gross domestic product (GDP). Business Monitor International released Romania Infrastructure Report Q2 2007 in which they forecast an average industry growth rate of 6.84% over the 2007-2011 period.
The construction industry has been receiving funds from foreign institutions including European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB). Furthermore, the Romanian Ministry of Environment and Water Management is making efforts to align the Romanian environment standards with the European standards. One of the ongoing projects in the country is the construction work on the various sections of the Bucharest-Brasov motorway. An increasing number of foreign companies are showing interest in electrical production capacities in the country. Companies include Germany's Siemens, U.S-based AES Corporation and Geneva-based Societe Bancaire Private.
However, the construction industry is subject to a number of risks, which can affect its growth. The rising budgetary deficit, for example, has had an increasingly adverse impact on the availability of funds for the infrastructure sector.
Despite the drawbacks, BMI ranked Romania 12th out of the 13 states included from the Emerging Europe for the infrastructure business environment. The construction industry is forecast to reach a value of RON36.2 billion (US$13.41 billion) by 2011, from an estimated RON20.88 billion (US$7.43 billion) in 2006.
Prior to the start of the crisis, the Romanian construction industry was one of the most vibrant in the European Union, but this changed dramatically in 2009, when construction output fell by 15%, with a similar reduction following in 2010. In 2011 Romanian construction market should finally lead to a measure of stabilisation on the market, but growth is not likely to return before 2012.[ needs update ] PMR Ltd released "Construction sector in Romania 2011- Development forecasts for 2011–2013" report in which they forecast stabilisation and return to the overall construction market in 2012.
Romanian civil engineering construction has registered considerably better performance in 2011 compared to the residential and non-residential segments, which posted decreases. The reason behind this is increased capital expenditure on infrastructure projects, particularly road and railway construction. Despite the strong economic downturn Romania experienced in 2009 and 2010, the value of civil engineering works has not decreased greatly, compared to the decreases in non-residential and residential construction. According to the latest PMR report, entitled Construction sector in Romania 2012 - Development forecasts for 2012–2014, civil engineering increased by nearly 16% in 2011, reaching RON 35 billion (€8.3 billion).
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised upper-middle-income country according to the World Bank, and is a member of the European Union (EU), World Trade Organization (WTO), Organization for Security and Co-operation in Europe (OSCE) and Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (416%) starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $67.9 billion or $171.185 billion, GDP per capita of $24,595, average gross monthly salary of 1,349 leva, and net average monthly salary of $1,505 (2019). The national currency is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
The economy of Cambodia currently follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $24.57 billion in 2018. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.
The economy of Croatia is a developing high-income service based economy with the tertiary sector accounting for 60% of total gross domestic product (GDP). After the collapse of socialism, Croatia went through a process of transition to a market-based economy in the 1990s, but its economy suffered badly during the Croatian War of Independence. After the war the economy began to improve, before the financial crisis of 2007–08 the Croatian economy grew at 4-5% annually, incomes doubled, and economic and social opportunities dramatically improved.
The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation, that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union, but uses its own currency, the Czech koruna, instead of the euro. It is a member of the OECD. The Czech Republic ranks 13th in inequality-adjusted human development and 14th in World Bank Human Capital Index ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe’s most flourishing economies".
The economy of Indonesia is the largest in Southeast Asia and is one of the emerging market economies of the world. Indonesia is a member of G20 and classified as a newly industrialised country. It is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Estimated at US$40 billion in 2019, Indonesia’s Internet economy is expected to cross the US$130 billion mark by 2025. Indonesia still depends on domestic market and government budget spending and its ownership of state-owned enterprises. The administration of prices of a range of basic goods also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms, but the currency saw a sharp depreciation between 2013 and 2016. It possesses oil reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market the Federal Republic of Yugoslavia, and a Greek economic embargo hindered economic growth until 1996.
The economy of Morocco is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, Morocco has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the 5th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the 1st most competitive economy in North Africa, in its African Competitiveness Report 2014-2015.
The economy of Pakistan is the 23rd largest in the world in terms of purchasing power parity (PPP), and 42nd largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million, giving it a nominal GDP per capita of $1,357 in 2019, which ranks 154th in the world and giving it a PPP GDP per capita of 5,839 in 2019, which ranks 132nd in the world for 2019. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and is one of the Next Eleven countries identified by Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICS countries, among the world's largest economies in the 21st century. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.
The economy of Romania is a fast developing, high-income mixed economy with a very high Human Development Index and a skilled labour force, ranked 15th in the European Union by total nominal GDP and 10th largest when adjusted by purchasing power parity.
The economy of South Korea is a highly developed mixed economy dominated by family-owned conglomerates called chaebols. It is the 4th largest GDP in Asia and the 12th largest in the world. South Korea is known for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just a few generations. This economic growth has been described as the Miracle on the Han River, which has brought South Korea to the ranks of elite countries in the OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century.
The economy of India is characterised as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 139th by GDP (nominal) and 118th by GDP (PPP) in 2018. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.
The Construction industry of India is an important indicator of the development as it creates investment opportunities across various related sectors. With a share of around 8.2%, the construction industry has contributed an estimated ₹670,778 crores to the national GDP at factor cost in 2011–12. The industry is fragmented, with a handful of major companies involved in the construction activities across all segments; medium-sized companies specializing in niche activities; and small and medium contractors who work on the subcontractor basis and carry out the work in the field. In 2011, there were slightly over 500 construction equipment manufacturing companies in all of India. The sector is labor-intensive and, including indirect jobs, provides employment to more than 49.5 million people. The construction sector is visualized to play a powerful role in economic growth, in addition to producing structures that adds to productivity and quality of life. economic development is a term that economics politician and other have used frequently in the 20th century, modernization westernization and specially industrialisation are other terms people have used while discussing economic development. economic development has a direct relationship with the environment. government undertaking to meet go abroad economic objectives such as price stability,high employment and sustainable growth,such efforts include financial and economic policies,regulations of financial industry trade and tax policies.
Romania has been successful in developing dynamic telecommunications, aerospace, and weapons sectors. Industry and construction accounted for 32% of gross domestic product (GDP) in 2018, a comparatively large share even without taking into account related services. The sector employed 26.4% of the workforce. With the manufacture of over 600,000 vehicles in 2018, Romania was Europe's sixth largest producer of automobiles. Dacia is producing more than 1,000,000 cars a year.
In 2003, the service sector constituted 55% of gross domestic product (GDP), and the sector employed 62.6(cia.gov)% of the workforce. The subcomponents of services are financial, renting, and business activities (20.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%).
The term international real estate describes a relatively new phenomenon, beginning in the 1980s and keeping pace with globalization. The term encompasses real property development, sales and leasing transactions across national borders. International real estate could be viewed as one of the most dynamic branches of real estate although it is, by definition, influenced by fluctuating market value in various sectors between countries, as can be evidenced by the 2008 global credit crisis.
The economy of the Republic of Ireland is primarily a knowledge economy, focused on services into high-tech, life sciences, financial services and agribusiness including agrifood. Ireland is an open economy, and ranks first for high-value foreign direct investment (FDI) flows. In the global GDP per capita tables, Ireland ranks 5th of 187 in the IMF table and 6th of 175 in the World Bank ranking.
The economy of Algeria expanded by 4% in 2014, up from 2.8% in 2013. Growth was driven mainly by the recovering oil and gas sector and further economic expansion of 3.9% is forecast in 2015 and 4.0% in 2016.
The economy of Chongqing, China, has developed rapidly since it was separated from the Sichuan province and became a centrally-administered municipality in 1997. In 2019, it was the sixth-largest Chinese city economy and ranked as China's third-largest municipal economy. In China’s overall layout, Chongqing is also important for connecting China’s underdeveloped western region with its more advanced eastern region, as well as promoting the economy of the mid-lower reaches of Yangtze river and the central western region.
The economy of Delhi is the 13th largest among states and union territories of India. The nominal GSDP of the NCT of Delhi for 2017-18 was estimated at ₹6.86 lakh crore (US$96 billion) recording an annual growth of 8.1%. Growth rate in 2014-15 was 9.2%.In 2017-18, the tertiary sector contributed 85% of Delhi's GSDP followed by the secondary and primary sectors at 12% and 3% respectively. The services sector recorded an annual growth of 7.3%.