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|WTO, CAFTA-DR, SICA|
|Population||6.83 million (2021 est.)|
GDP per capita
GDP per capita rank
GDP by sector
Population below poverty line
|38.0 medium (2017)|
|2.91 million (2019 est.)|
Labor force by occupation
|Unemployment||6.9% (2016 est.)|
|food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals|
|91st (easy, 2020)|
|Exports||$5.804 billion (2012 est.)|
|offshore assembly exports, coffee, sugar, textiles and apparel, gold, ethanol, chemicals, electricity, iron and steel manufactures|
Main export partners
|Imports||$10.44 billion (2012 est.)|
|raw materials (such as thread from US ), consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity|
Main import partners
Gross external debt
|$17.24 billion (2019 est.)|
|Revenues||US$5.89 billion (2017 est.)|
|Expenses||US$6.52 billion (2017 est.)|
|Economic aid||US$300 million (2010 est.)|
|US$3.57 billion (31 December 2017)|
All values, unless otherwise stated, are in US dollars.
The economy of El Salvador has experienced relatively low rates of GDP growth relative to other developing countries. Rates have not risen above the low single digits in nearly two decades – part of broader environment of macroeconomic instability which the integration of the US dollar has done little to improve.One problem that the Salvadoran economy faces is the inequality in the distribution of income. In 2011, El Salvador had a Gini Coefficient of .485, which although similar to that of the United States, leaves 37.8% of the population below the poverty line, due to lower aggregate income. The richest 10% of the population receives approximately 15 times the income of the poorest 40%.
As of 3 November 2014, the IMF reports official reserve assets to be $3.192B. Foreign currency reserves (in convertible foreign currencies) are $2.675B. Securities are $2.577B with total currency and deposits at $94.9M. Securities with other national central banks (BIS and IMF) are $81.10M. Securities with banks headquartered outside the reporting country $13.80M. SDRs are at $245.5M. Gold reserves (including gold deposits and, if appropriate, gold swapped) reported at $271.4M with volume in millions of fine Troy ounces at $200k. Other reserve assets are financial derivatives valued at $2.7M.
Having this hard currency buffer to work with, the Salvadoran Government undertook a monetary integration plan beginning 1 January 2001, by which the U.S. dollar became legal tender alongside the colón, and all formal accounting was undertaken in U.S. dollars. This way, the government has formally limited its possibility of implementing open market monetary policies to influence short term variables in the economy. Since 2004, the colón stopped circulating and is now never used in the country for any type of transaction; however some stores still have prices in both colons and U.S. dollars. In general, people were unhappy with the shift from the colón to the U.S. dollar, because wages are still the same but the price of everything increased. Some economists claim this rise in prices would have been caused by inflation regardless even had the shift not been made. Some economists also contend that now, according to Gresham's Law, a reversion to the colón would be disastrous to the economy. The change to the dollar also precipitated a trend toward lower interest rates in El Salvador, helping many to secure credit in order to buy a house or a car; over time, displeasure with the change has largely disappeared, though the issue resurfaces as a political tool when elections are on the horizon.
In June 2021, President Nayib Bukele said he would introduce legislation to make Bitcoin legal tender in El Salvador.The Bitcoin Law was passed by the Legislative Assembly of El Salvador on 9 June 2021, with a majority vote of 62 out of 84. Bitcoin will officially become legal tender ninety days after the publication of the law in the official gazette. As part of the law foreigners can gain permanent residence in El Salvador if they invest 3 Bitcoin into the country.
Fiscal policy has been one of the biggest challenges for the Salvadoran government. The 1992 peace accords committed the government to heavy expenditures for transition programs and social services. The stability adjustment programs (PAE, for the initials in Spanish) initiated by President Cristiani's administration committed the government to the privatization of banks, the pension system, electric and telephone companies. The total privatization of the pension system has implied a serious burden for the public finances, because the newly created private Pension Association Funds did not absorb coverage of retired pensioners covered in the old system. As a result, in July 2017, the Government of El Salvador wanted to take $500 million from the privatized pension system to cover retired pensioners from the old not privatized system, but the Supreme Court of El Salvador declared this move unconstitutional.
The government lost the revenues from contributors and absorbed completely the costs of coverage of retired pensioners. This has been the main source of fiscal imbalance. ARENA governments have financed this deficit with the emission of bonds, something the leftist party FMLN has opposed. Debates surrounding the emission of bonds have stalled the approval of the national budget for many months on several occasions, reason for which in 2006 the government will finance the deficit by reducing expenditure in other posts. The emission of bonds and the approval of a loans need a qualified majority (3/4 of the votes) in the parliament. If the deficit is not financed through a loan it is enough with a simple majority to approve the budget (50% of the votes plus 1). This would facilitate an otherwise long process in Salvadoran politics.
Despite such challenges to keep public finances in balance, El Salvador still has one of the lowest tax burdens in the American continent (around 11% of GDP). The government has focused on improving the collection of its current revenues with a focus on indirect taxes. Leftist politicians criticize such a structure since indirect taxes (like the value added tax) affect everyone alike, whereas direct taxes can be weighed according to levels of income and are therefore more punitive toward productive people. However, some basic goods are exempt from the indirect taxes. A 10% value-added tax (VAT), implemented in September 1992, was raised to 13% in July 1995. The VAT is the biggest source of revenue, accounting for about 52.3% of total tax revenues in 2004.
Remittances from Salvadorans working in the United States sent to family members are a major source of foreign income and offset the substantial trade deficit of around $2.9 billion. Remittances have increased steadily in the last decade and reached an all-time high of $2.9 billion in 2005—approximately 17.1% of gross national product (GNP).
In recent years inflation has fallen to single digit levels, and total exports have grown substantially.
In 2018, El Salvador produced 7 million tons of sugarcane, being heavily dependent on this product. In addition to sugarcane, the country produced 685 thousand tons of maize, 119 thousand tons of coconut, 109 thousand tons of sorghum, 93 thousand tons of beans, 80 thousand tons of coffee, 64 thousand tons of orange, in addition to smaller yields of other agricultural products such as watermelon, yautia, apple, manioc, mango, banana, rice etc.
The ultimate goal was to develop a rural middle class with a stake in a peaceful and prosperous future for El Salvador. At least 525,000 people—more than 12% of El Salvador's population at the time and perhaps 25% of the rural poor—benefited from agrarian reform, and more than 22% of El Salvador's total farmland was transferred to those who previously worked the land but did not own it. But when agrarian reform ended in 1990, about 150,000 landless families still had not benefited from the reform actions.
The 1992 peace accords made provisions for land transfers to all qualified ex-combatants of both the FMLN and ESAF, as well as to landless peasants living in former conflict areas. The United States undertook to provide $300 million for a national reconstruction plan. This included $60 million for land purchases and $17 million for agricultural credits. USAID remains actively involved in providing technical training, access to credit, and other financial services for many of the land beneficiaries.
El Salvador's energy industry is diversified across fossil fuels, hydro, other renewables (mainly geothermal) for local electricity production, along with a reliance on imports for oil. El Salvador has an installed capacity of 1,983 MW generating 5,830 GWh of electricity per year, 52% of this comes from renewable sources including 29% from geothermal (produced from the country's many volcanoes), 23% from hydro and the rest is from fossil fuels.
El Salvador historically has been the most industrialized nation in Central America, though a decade of war eroded this position. In 1999, manufacturing accounted for 22% of GDP. The industrial sector has shifted since 1993 from a primarily domestic orientation to include free zone (maquiladora) manufacturing for export. Maquila exports have led the growth in the export sector and in the last 3 years have made an important contribution to the Salvadoran economy.
El Salvador has 0.9 million fixed telephone lines, 0.5 million fixed broadband lines and 9.4 million mobile cellular subscriptions.Much of the population is able to access the internet through their smartphones and mobile networks, which liberal government regulation promotes mobile penetration over fixed line including the deployment of 5G coverage (which testing of began in 2020). Transition to digital transmission of TV/radio networks was done in 2018 with the adaptation of the ISDB-T standard. There are hundreds of privately owned national TV networks, cable TV networks (that also carry international channels), and radio stations available; while there is also 1 government owned broadcast station.
El Salvador's IT Industry's history started early with several IT outsourcing companies such as Gpremper and an early search engine that predated Google in 1995 called "Buscaniguas".The industry has since expanded with companies such as Creativa Consultores, Applaudo Studios, and Elaniin providing software and website design services to clients globally while employing thousands of people. The startup scene has also been growing with firms such as HugoApp employing 600 locals and providing delivery and ride sharing services to nearly 1 million users in the Central American/CAFTA region. In 2020, the government announced its "Digital Agenda 2020" a plan to digitize government services, digitize identities, make it easier to start businesses, attract foreign investment and improve the education system. Finally, the passing of the Bitcoin Law in 2021 made El Salvador the first country in the world to adopt a cryptocurrency (Bitcoin) as legal tender, this move seeks to improve access to financial services to the non-banked and under banked while also making El Salvador a hub for innovation.
In the 21st century, numerous call centers serving North American markets have been developed in El Salvador, including Ubiquity Global Services and Synnex. The industry benefits from the availability of a large English speaking work force, composed of deportees from the United States.
A challenge in El Salvador has been developing new growth sectors for a more diversified economy. As many other former colonies, for many years El Salvador was considered a mono exporter economy. This means, an economy that depended heavily on one type of export. During colonial times, the Spanish decided that El Salvador would produce and export indigo, but after the invention of synthetic dyes in the 19th century, Salvadoran authorities and the newly created modern state turned to coffee as the main export of the economy.
Since the cultivation of coffee required the highest lands in the country, many of these lands were expropriated from indigenous reserves and given or sold cheaply to those that could cultivate coffee. The government provided little or no compensation to the indigenous peoples. On occasions this compensation implied merely the right to work for seasons in the newly created coffee farms and to be allowed to grow their own food. Such policies provided the basis of conflicts that would shape the political situation of El Salvador in the years to come.
ARENA governments have followed policies that intend to develop other exporting industries in the country as textiles and sea products. Tourism is another industry Salvadoran authorities regard as a possibility for the country. But rampant crime rates, lack of infrastructure and inadequate social capital have prevented these possibilities from being properly exploited. The government is also developing ports and infrastructure in La Unión in the east of the country, in order to use the area as a "dry canal" for transporting goods from Gulf of Fonseca in the Pacific Ocean to Honduras and the Atlantic Ocean in the north. Currently there are fifteen free trade zones in El Salvador. The largest beneficiary has been the maquila industry, which provides 88,700 jobs directly, and consists primarily of cutting and assembling clothes for export to the United States.
El Salvador signed the Central American Free Trade Agreement (CAFTA), negotiated by the five countries of Central America and the Dominican Republic, with the United States in 2004. In order to take advantage of CAFTA-DR, the Salvadoran government is challenged to conduct policies that guarantee better conditions for entrepreneurs and workers to transfer from declining to growing sectors in the economy. El Salvador has already signed free trade agreements with Mexico, Chile, the Dominican Republic, and Panama, and increased its exports to those countries. El Salvador, Guatemala, Honduras, and Nicaragua also are negotiating a free trade agreement with Canada, and negotiations started on 2006 for a free trade agreement with Colombia.
El Salvador's balance of payments continued to show a net surplus. Exports in 1999 grew 1.9% while imports grew 3%, narrowing El Salvador's trade deficit. As in the previous year, the large trade deficit was offset by foreign aid and family remittances. Remittances are increasing at an annual rate of 6.5%, and an estimated $1.35 billion will enter the national economy during 1999.
Private foreign capital continued to flow in, though mostly as short-term import financing and not at the levels of previous years. The Central American Common Market continued its dynamic reactivation process, now with most regional commerce duty-free. In September 1996, El Salvador, Guatemala, and Honduras opened free trade talks with Mexico. This trade alliance is also known as the Northern Triangle in relation to the Central American economies that are grouped together by proximity and location. Although tariff cuts that were expected in July 1996 were delayed until 1997, the government of El Salvador is committed to a free and open economy.
Total U.S. exports to El Salvador reached $2.1 billion in 1999, while El Salvador exported $1.6 billion to the United States. U.S. support for El Salvador's privatization of the electrical and telecommunications markets has markedly expanded opportunities for U.S. investment in the country. More than 300 U.S. companies have established either a permanent commercial presence in El Salvador or work through representative offices in the country. The Department of State maintains a country commercial guide for U.S. businesses seeking detailed information on business opportunities in El Salvador.
Hurricane Mitch hit El Salvador in late October 1998, generating extreme rainfall of which caused widespread flooding and landslides. Roughly 650 km² were flooded, and the Salvadoran Government pronounced 374 people dead or missing. In addition, approximately 55,900 people were rendered homeless. The areas that suffered the most were the low-lying coastal zones, particularly in the floodplain of the Lempa and San Miguel Grande Rivers. Three major bridges that cross the Lempa were swept away, restricting access to the eastern third of the country and forcing the emergency evacuation of many communities. The heavy rainfall, flooding, and mudslides caused by Hurricane Mitch also severely damaged El Salvador's road network. Along with the three major bridges over the Lempa River, 12 other bridges were damaged or destroyed by the Mitch flooding.
The largest single-affected sector was El Salvador's agriculture. Nearly 18% of the total 1998–99 basic grain harvest was lost. Coffee production was hit particularly hard; 3% of the harvest was lost in addition to 8.2% that was lost earlier in the year due to El Niño. Major losses of sugarcane, totaling 9% of the estimated 1998–99 production, were sustained primarily in the coastal regions. Livestock losses amounted to $1 million, including 2,992 head of cattle. In addition to these losses, El Salvador also had to face the threat of disease outbreak. The Ministry of Health recorded a total of 109,038 medical cases related to Hurricane Mitch between 31 October and 18 November 1998; 23% of these cases were respiratory infections, followed by skin ailments, diarrhea, and conjunctivitis.
Reconstruction from Mitch was still underway when, in early 2001, the country experienced a series of devastating earthquakes that left nearly 2,000 people dead or missing, 8,000 injured, and caused severe dislocations across all sectors of Salvadoran society. Nearly 25% of all private homes in the country were either destroyed or badly damaged, and 1.5 million persons were left without housing. Hundreds of public buildings were damaged or destroyed, and sanitation and water systems in many communities put out service. The total cost of the damage was estimated at between $1.5 billion and $2 billion, and the devastation thought to equal or surpass that of the 1986 quake that struck San Salvador. Given the magnitude of the disaster, reconstruction and economic recovery will remain the primary focus of the Salvadoran Government for some time to come.
The Hurricane Mitch disaster prompted a tremendous response from the international community governments, nongovernmental organizations (NGOs), and private citizens alike. Sixteen foreign governments—including the U.S., 19 international NGOs, 20 Salvadoran embassies and consulates, and 20 private firms and individuals provided El Salvador with in-kind assistance. The Government of El Salvador reports that 961 tons of goods and food were received. The Ministry of Foreign Affairs estimates that contribution in cash given directly to the Salvadoran Government totaled $4.3 million. The U.S. Government has provided $37.7 million in assistance through USAID and the U.S. Departments of Agriculture and Defense.
Following the 2001 earthquakes, the U.S. embassy assumed a leading role in implementing U.S.-sponsored assistance. The U.S. Government responded immediately to the emergency, with military helicopters active in initial rescue operations, delivering emergency supplies, rescue workers, and damage assessment teams to stricken communities all over the country. USAIDs Office of Foreign Disaster Assistance had a team of experts working with Salvadoran relief authorities immediately after both quakes, and provided assistance totaling more than $14 million. In addition, the Department of Defense provided an initial response valued at more than $11 million. For long-term reconstruction, the international community offered a total aid package of $1.3 billion, over $110 million of it from the United States.
The following table shows the main economic indicators in 1980–2017.
|GDP in $|
|10.10 Bln.||11.91 Bln.||15.39 Bln.||23.42 Bln.||29.60 Bln.||37.34 Bln.||40.00 Bln.||42.63 Bln.||44.03 Bln.||42.97 Bln.||44.09 Bln.||46.00 Bln.||47.73 Bln.||49.39 Bln.||51.00 Bln.||52.73 Bln.||54.67 Bln.||57.00 Bln.|
|GDP per capita in $|
(Percentage of GDP)
The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.
The economy of the Central African Republic is one of the world's least developed, with an estimated annual per capita income of just $805 as measured by purchasing power parity in 2019.
The economy of Chile is a market economy and high-income economy as ranked by the World Bank, and is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean.
The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP and moderate inflation, though with a high unemployment rate: 11.49% in 2019. Costa Rica's economy emerged from recession in 1997 and has shown strong aggregate growth since then. The estimated GDP for 2017 is US$61.5 billion, up significantly from the US$52.6 billion in 2015 while the estimated 2017 per capita is US$12,382.
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product. Colombia has experienced a historic economic boom over the last decade. Throughout the 20th century Colombia was Latin America's 4th and 3rd largest economy measured by Real GDP at chained PPPs, and between 2012-2014 it became the 3th largest in Latin America (nominal) GDP. As of 2018 the GDP (PPP) per capita has increased to over US$14,000, and GDP (PPP) increased from US$250 billion in 1990 to nearly US$800 billion. Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018, decreasing an average of 1.35% per year since 1990.
The economy of the Dominican Republic is the eighth largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector has recently overtaken agriculture as the leading employer of Dominicans, agriculture remains an important sector in terms of domestic consumption and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD, total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy contributing $8.2 billion in 2020. Most of these funds are used to cover household expenses such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate which directs short-term investment and stimulates long-term investment in the economy it is currently 8.30% as of June 2021.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador’s economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of country's GDP. The total trade amounted to 98% of the Ecuador’s GDP in 2017. The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. When Ecuador was part of OPEC, it was one of the smallest members and produced about 531,300 barrels per day of petroleum in 2017. It is the world's largest exporter of bananas and a major exporter of shrimp. Exports of non-traditional products such as cut flowers and canned fish have grown in recent years. In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology have led to the economic development of other sectors like textile, processed food, metallurgy and the service sectors. Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing. From 2015 until 2018 GDP growth averaged just 0.6%. Ecuador's president, Lenín Moreno, has launched a radical transformation of Ecuador’s economy since taking office in May 2017. The aim is to increase the private sector’s weight, in particular the oil industry.
El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. As of 2021, the country had a population of approximately 6,825,935.
The economy of Georgia is an emerging free market economy. Its gross domestic product fell sharply following the collapse of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer, and has consistently ranked the country at the top of its ease of doing business index.
The economy of Honduras is based mostly on agriculture, which accounts for 14% of its gross domestic product (GDP) in 2013. Leading export coffee (US$340 million) accounted for 22% of total Honduran export revenues. Bananas, formerly the country's second-largest export until being virtually wiped out by 1998's Hurricane Mitch, recovered in 2000 to 57% of pre-Mitch levels. Cultivated shrimp is another important export sector. Since the late 1970s, towns in the north began industrial production through maquiladoras, especially in San Pedro Sula and Puerto Cortés.
The economy of Hungary is a high-income mixed economy, ranked as the 9th most complex economy according to the Economic Complexity Index. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) with a very high human development index and a skilled labour force, with the 13th lowest income inequality in the world. The Hungarian economy is the 57th-largest economy in the world with $265.037 billion annual output, and ranks 40th in the world in terms of GDP per capita measured by purchasing power parity. Hungary has an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the EU and 21% was extra-EU trade. Hungary's productive capacity is more than 80% privately owned, with 39.1% overall taxation, which funds the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%. In 2009 Hungary, due to strong economic difficulties, had to request the help of the IMF for about €9 billion.
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 Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the global recession of 2009, when the country's economy actually contracted by 1.5%, due to decreased export demand in the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The economy of Yemen is one of the poorest and least-developed in the world. At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, Yemen has relied heavily on aid from multilateral agencies to sustain its economy for the past 24 years. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms: reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.
The economy of Guyana is the fastest growing in the world with a projected GDP growth of 26.2% in 2020. Guyana had a per capita gross domestic product of $8,300 in 2016 and an average GDP growth of 4.2% over the previous decade. Crude oil production started in 2019.
The economy of Bolivia is the 95th-largest economy in the world in nominal terms and the 87th-largest economy in terms of purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.703, it is ranked 114th.
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 4.1% in 2016.
Coffee production in El Salvador has fueled the Salvadoran economy and shaped its history for more than a century. Rapidly growing in the 19th century, coffee in El Salvador has traditionally provided more than 50% of the country's export revenues, reaching a peak in 1980 with a revenue of more than $615 million. With the political and economic turmoil resulting from a civil war in the 1980s, the coffee industry has struggled to recover entirely, and by 1985 earned around $403 million from coffee. Brazil has been buying to sell the goods of El Salvador.
Argentina is a developing country. It is the second-largest national economy in South America, behind Brazil.
El Salvador has been a member of the International Monetary Fund (IMF) since 1946. Their quota currently consists of 287.20 million SDR. The country has received loans from the IMF in the past, but most recently has received only standby loans and currently has no outstanding payments. As of June 2017, the standby arrangements total 1,442,300 SDR while the government has only drawn upon 132,250 SDR.