Currency | Uruguayan peso (UYU, $U) |
---|---|
Calendar year | |
Trade organizations | WTO, ALADI, Mercosur, Andean Community (associate) |
Country group | |
Statistics | |
Population | 3,496,016 (2022) [3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
9.12% (February 2021) [7] | |
Population below poverty line | 11.6% (2020) [8] |
39.7 medium (2018, World Bank) [9] | |
| |
Labor force | |
Labor force by occupation |
|
Unemployment | 11.1% (February 2021) [12] |
Main industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
External | |
Exports | $11.41 billion (2017 est.) [6] |
Export goods | beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool |
Main export partners |
|
Imports | $8.607 billion (2017 est.) [6] |
Import goods | refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones |
Main import partners |
|
FDI stock | |
$879 million (2017 est.) [6] | |
Gross external debt | $28.37 billion (31 December 2017 est.) [6] |
Public finances | |
65.7% of GDP (2017 est.) [6] [note 1] | |
−3.5% (of GDP) (2017 est.) [6] | |
Revenues | 17.66 billion (2017 est.) [6] |
Expenses | 19.72 billion (2017 est.) [6] |
$15.96 billion (31 December 2017 est.) [6] | |
The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.
90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo. [15]
After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, stemming largely from the spillover effects of the economic problems of its large neighbors; Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis.
In the 19th century, the country had similar characteristics to other Latin American countries: caudillismo, civil wars and permanent instability (40 revolts between 1830 and 1903), foreign capitalism's control of important sectors of the economy, a high percentage of illiterate people (more than half the population in 1900). Among foreign investments, investors from Great Britain controlled 22% of the land and many majors parts of the industrial infrastructure, including meatpacking and leather industry, infrastructure for water and gas, and transport systems like trolley and 1100 miles of rail. [15]
José Batlle y Ordóñez, President from 1903 to 1907 and again from 1911 to 1915, set the pattern for Uruguay's modern political development and dominated the political scene until he died in 1929. Batlle introduced widespread political, social, and economic reforms such as a welfare program, government participation in many facets of the economy, and a new constitution. [16]
Batlle nationalized foreign-owned companies and created a modern social welfare system. Income tax for lower incomes was abolished in 1905, secondary schools established in every city (1906), telephone network nationalized, unemployment benefits were introduced (1914), eight-hour working day introduced (1915), etc. [16] [15] By 1929, 84% of manufacturing was concentrated in a handful of industries: meatpacking, leather and wool. [15] Industrial policies further encouraging migration from rural to urban communities, as well as waves of immigrants from southern and eastern Europe. [15] Investment in urban infrastructure in Montevideo and a growing economy, was capped by hosting the first 1930 FIFA World Cup. [15]
Claudio Williman who served between Batlle's two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum (1919–1923). Around 1900 infant mortality rates (IMR) in Uruguay were among the world's lowest, indicating a very healthy population.
The economy of Uruguay started in the early 20th century (1920s-1950s) with government policy focused on import substitution industrialization, where the government encouraged and protected national manufacturers to reduce dependency on imports. [15] Generally, manufacturing prospered during this period with growth of 8.4% a year from 1945 to 1954. [15]
By 1956 the middle class was approximately 40% of the population, with urban services and culture, like mass media and cinema, flourishing. [15] However, the policy of import substitution industrialization began to collapse in the 1950s, leading to economic and social unrest. [15] Many economic histories describe both the 50s and 60s and dictatorship period (70s and 80s) as economic downturn periods, followed by further economic degradation caused by neoliberalism. [15]
The policies of the Colorado Party under Julio María Sanguinetti and Jorge Batlle during the 90s and early 2000s, following global trends of neo-liberalization, facilitated a shift from manufacturing and small-scale agriculture, towards increasing monoculture agriculture and services like finance and tourism. [15] However, these policies faded as the regional economic problems in Argentina and Brazil caused a downturn and unemployment from 1998 to 2003. [15] The economic and social crises that followed allowed for the election of the Broad Front a leftist coalition against the neoliberal policies. [15]
The number of trade unionists has quadrupled since 2003, from 110,000 to more than 400,000 in 2015 for a working population of 1.5 million people. According to the International Trade Union Confederation, Uruguay has become the most advanced country in the Americas in terms of respect for "fundamental labor rights, in particular, freedom of association, the right to collective bargaining and the right to strike".[ citation needed ]
Uruguay has a partially dollarized economy. As of August 2008 [update] almost 60% of bank loans use United States dollars, [17] but most transactions use the Uruguayan peso. [18] Today, the Uruguayan peso is minted in coins of 1, 2, 5, 10, and 50 pesos and in banknotes of 20, 50, 100, 200, 500, 1000, and 2000 pesos.
Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able trade with more distant markets, such as Japan. In 2018, it produced 589 thousand tons of beef. [19] In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008 recession in the developed world.
As timber refining is being kept within the country, forestry has become a growth industry in recent years. In 2018, the country produced 1.36 million tons of rice, 1.33 million tons of soy, 816 thousand tons of maize, 637 thousand tons of barley, 440 thousand tons of wheat, 350 thousand tons of sugar cane, 106 thousand tons of orange, 104 thousand tons of grape, 90 thousand tons of rapeseed, 87 thousand tons of potato, 76 thousand tons of sorghum, 71 thousand tons of tangerine, 52 thousand tons of oats, 48 thousand tons of apple, in addition to smaller yields of other agricultural products. [20]
Liebig Extract of Meat Company ran a very large and influential beef extract factory in Fray Bentos for 100 years.
Not to be confused with Electricity sector in Uruguay
Energy in Uruguay describes energy and electricity production, consumption and import in Uruguay. As part of climate mitigation measures and an energy transformation, Uruguay has converted over 98% of its electrical grid to sustainable energy sources (primarily solar, wind, and hydro). [21] Fossil fuels are primarily imported into Uruguay for transportation, industrial uses and applications like domestic cooking. Four hydroelectric dams provide a lot of the country's energy supply.During the last decades the software industry has developed considerably. Many start-ups have been very successful, such is the case of PedidosYa. Uruguay also exports software; the similar geographic longitude to that of the United States makes it attractive for companies to outsource software development to Uruguayan companies. Other notable Uruguayan software enterprises are: Genexus, Códigos del Sur, Overactive. [22]
Although this is a sector that does not make substantial contributions to the country's economy, in recent years there has been some activity in gold and cement production, and also in the extraction of granite.
Artigas Department is well known for its amethyst and agate quartz varieties mining. During 2010s 20 thousand tons of minerals were extracted with a value of 9 million of US dollars, exported to Germany, United States, Brazil and China. [23]
Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics. These investments laid the way for most of the substantial exports of plastic-based products which have taken a very important role in Uruguay's economy.[ citation needed ]
Despite having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest telecommunication density levels in South America and reach a 100% digitalization of main lines. Although the telecommunications sector has been under a state monopoly for some years, provisions have been made to introduce liberalization and to allow for the entry of more firms into the cellular sector.[ citation needed ]
In 2013, travel and tourism accounted for 9.4% of the country's GDP. [24] Their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este. [25]
"With a population of only three million, Uruguay has rapidly become Latin America's outsourcing hub. In partnership with one of India's largest technology consulting firms, engineers in Montevideo work while their counterparts in Mumbai sleep." - The New York Times, Sep 22, 2006.
Currently in force (Free Trade Agreements / Economic Complementation Agreements) |
Mercosur (signed and effective November 1991) |
ECA N.º 36 MERCOSUR with Bolivia (signed December 1996 and effective February 1997) |
FTA with Mexico (signed November 2003 and effective July 2004) |
ECAa N.º 59 with Ecuador (signed October 2004 and effective April 2005) |
ECA N.º 58 MERCOSUR with Peru (signed August 2005 and effective December 2005) |
ECA N.º 62 MERCOSUR with Cuba (signed July 2006 and effective September 2008) |
Comercial Preference Agreement MERCOSUR with India (signed January 2004 and effective June 2009) |
FTA MERCOSUR with Israel (signed December de 2007 and effective December 2009) |
Partial Agreement N.º 63 with Venezuela (signed December 2012 and effective March 2013) |
Comercial Preference Agreement MERCOSUR with SACU (signed September 2011 and effective April 2016) |
FTA MERCOSUR with Egypt (signed December 2015 and effective September 2017) |
ECA N.º 72 MERCOSUR with Colombia (signed July 2017 and effective December 2017) |
FTA with Chile signed October 2016 and effective December 2018) |
Concluded (not in force) |
FTA MERCOSUR with State of Palestine (signed December 2011) |
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green. [33]
Year | GDP (in Bil. US$PPP) | GDP per capita (in US$ PPP) | GDP (in Bil. US$nominal) | GDP per capita (in US$ nominal) | GDP growth (real) | Inflation rate (in Percent) | Unemployment (in Percent) | Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 14.8 | 5,050.0 | 12.2 | 4,139.9 | 6.0% | 63.5% | n/a | n/a |
1981 | 16.6 | 5,594.3 | 13.6 | 4,589.0 | 1.9% | 34.0% | n/a | n/a |
1982 | 15.9 | 5,347.4 | 11.1 | 3,727.4 | -9.4% | 19.0% | n/a | n/a |
1983 | 15.6 | 5,198.1 | 6.1 | 2,033.0 | -5.9% | 49.2% | 14.5% | n/a |
1984 | 15.9 | 5,273.5 | 5.8 | 1,920.9 | -1.5% | 55.3% | 14.0% | n/a |
1985 | 16.5 | 5,422.0 | 5.7 | 1,865.1 | 0.3% | 72.2% | 13.1% | n/a |
1986 | 18.0 | 5,912.7 | 7.0 | 2,302.5 | 7.5% | 76.4% | 10.1% | n/a |
1987 | 19.6 | 6,381.1 | 8.8 | 2,864.7 | 5.9% | 63.6% | 9.1% | n/a |
1988 | 20.4 | 6,599.9 | 9.1 | 2,946.4 | 0.5% | 62.2% | 8.6% | n/a |
1989 | 21.4 | 6,896.1 | 9.6 | 3,088.0 | 1.1% | 80.4% | 8.0% | n/a |
1990 | 22.3 | 7,136.0 | 11.2 | 3,573.1 | 0.3% | 112.5% | 8.5% | n/a |
1991 | 23.8 | 7,594.2 | 13.4 | 4,281.1 | 3.5% | 102.0% | 8.9% | n/a |
1992 | 26.3 | 8,333.4 | 15.5 | 4,890.2 | 7.9% | 68.5% | 9.0% | n/a |
1993 | 27.7 | 8,705.4 | 18.0 | 5,659.5 | 2.7% | 54.1% | 8.3% | n/a |
1994 | 30.3 | 9,449.3 | 21.0 | 6,530.0 | 7.3% | 44.7% | 9.2% | n/a |
1995 | 30.5 | 9,448.7 | 23.2 | 7,176.4 | -1.4% | 42.2% | 10.3% | n/a |
1996 | 32.8 | 10,095.7 | 24.6 | 7,580.6 | 5.6% | 28.3% | 11.9% | n/a |
1997 | 35.0 | 10,665.0 | 26.0 | 7,925.9 | 5.0% | 19.8% | 11.6% | n/a |
1998 | 37.0 | 11,183.4 | 27.6 | 8,329.1 | 4.5% | 10.8% | 10.1% | n/a |
1999 | 36.8 | 11,042.6 | 26.1 | 7,814.5 | -1.9% | 5.7% | 11.2% | n/a |
2000 | 36.9 | 11,030.1 | 24.8 | 7,406.0 | -1.9% | 4.8% | 13.4% | n/a |
2001 | 36.3 | 10,837.5 | 22.7 | 6,776.8 | -3.8% | 4.4% | 15.2% | n/a |
2002 | 34.0 | 10,170.0 | 14.8 | 4,425.1 | -7.7% | 14.0% | 16.8% | n/a |
2003 | 35.0 | 10,480.1 | 13.1 | 3,926.7 | 0.8% | 19.4% | 17.2% | n/a |
2004 | 37.7 | 11,289.8 | 14.9 | 4,456.8 | 5.0% | 9.2% | 13.3% | n/a |
2005 | 41.8 | 12,471.6 | 18.9 | 5,638.0 | 7.5% | 4.7% | 12.1% | n/a |
2006 | 44.9 | 13,360.9 | 21.3 | 6,347.3 | 4.1% | 6.4% | 10.8% | n/a |
2007 | 49.1 | 14,616.2 | 25.5 | 7,587.9 | 6.5% | 8.1% | 9.4% | n/a |
2008 | 53.6 | 15,945.2 | 33.0 | 9,808.9 | 7.2% | 7.9% | 7.9% | 46.4% |
2009 | 56.3 | 16,653.9 | 34.4 | 10,181.7 | 4.2% | 7.1% | 7.8% | 46.4% |
2010 | 61.4 | 18,069.7 | 43.8 | 12,899.7 | 7.8% | 6.7% | 7.0% | 40.8% |
2011 | 65.9 | 19,306.8 | 52.3 | 15,331.1 | 5.2% | 8.1% | 6.3% | 41.6% |
2012 | 66.8 | 19,489.1 | 55.6 | 16,213.8 | 3.5% | 8.1% | 6.3% | 49.8% |
2013 | 70.4 | 20,475.3 | 62.1 | 18,049.7 | 4.6% | 8.6% | 6.5% | 50.1% |
2014 | 74.2 | 21,491.9 | 61.9 | 17,908.8 | 3.2% | 8.9% | 6.6% | 50.8% |
2015 | 74.9 | 21,614.5 | 57.4 | 16,565.8 | 0.4% | 8.7% | 7.5% | 57.8% |
2016 | 76.9 | 22,092.5 | 57.2 | 16,448.8 | 1.7% | 9.6% | 7.9% | 55.8% |
2017 | 79.1 | 22,637.3 | 64.4 | 18,431.4 | 1.6% | 6.2% | 7.9% | 56.7% |
2018 | 81.4 | 23,204.0 | 64.3 | 18,338.8 | 0.5% | 7.6% | 8.4% | 58.3% |
2019 | 83.1 | 23,617.2 | 61.0 | 17,341.4 | 0.4% | 7.9% | 8.9% | 61.0% |
2020 | 79.0 | 22,361.7 | 53.7 | 15,208.0 | -6.1% | 9.8% | 10.4% | 68.3% |
2021 | 85.9 | 24,233.1 | 59.3 | 16,735.3 | 4.4% | 7.7% | 9.4% | 65.1% |
2022 | 96.8 | 27,232.8 | 71.2 | 20,017.6 | 5.3% | 9.1% | 7.9% | 61.2% |
2023 | 103.8 | 29,109.3 | 73.0 | 20,463.9 | 3.6% | 7.8% | 7.9% | 62.6% |
2024 | 108.9 | 30,425.7 | 74.8 | 20,919.5 | 2.7% | 6.4% | 7.9% | 63.9% |
2025 | 113.7 | 31,668.3 | 77.6 | 21,620.1 | 2.5% | 5.8% | 7.9% | 64.1% |
2026 | 118.4 | 32,882.5 | 79.6 | 22,122.0 | 2.2% | 4.5% | 7.9% | 64.9% |
2027 | 123.3 | 34,153.7 | 82.0 | 22,710.1 | 2.2% | 4.5% | 7.9% | 64.7% |
The following table shows the economic rankings of Uruguay compared to the world:
Index | Source | Rank | Published |
---|---|---|---|
Quality of Life Index | Numbeo [34] | 44° | 2023 |
Human Development Index | UNDP [35] | 58° | 2023 |
Democracy Index | Economist Intelligence Unit [36] | 11° | 2022 |
Global Peace Index | Vision of Humanity [37] | 46° | 2020-2022 |
Prosperity Index | Legatum [38] | 37° | 2021 |
Corruption Perceptions Index | Transparency [39] | 14° | 2023 |
Economic Freedom Index | Heritage [40] | 34° | 2022 |
Global Competitiveness Report | World Economic Forum [41] | 54° | 2019 |
Cost of Living Index | Expatistan [42] | 30° | 2023 |
Debt Rating [43] | Moodys | BAA2 | 2021 |
S&P | BBB | 2017 | |
Fitch | BBB- | 2020 | |
Developed Country Recognition | World Bank | High Income | 2023 |
United Nations | Very High HDI | 2021 (2022 report) | |
Index of Geopolitical Gains and Losses after Energy Transition (GeGaLo Index) | Overland et al. [44] | 6 out of 156 | 2019 |
The economy of the Dominican Republic is the seventh 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 mining, 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 is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market 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 Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.
The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals.
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, it plans to be a newly industrialised nation by 2030. Major industries include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The economy of Laos is a lower-middle income developing economy. Being one of the socialist states, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group. According to the Human Development Report 2011, Latvia belongs to the group of very high human development countries. Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, and manufacturing of machinery and electronic devices.
The economy of Nepal is developing category and largely dependent on agriculture and remittances. Until the mid-20th century Nepal was an isolated pre-industrial society, which entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The country has, however, made progress toward sustainable economic growth since the 1950s. The country was opened to economic liberalization, leading to economic growth and improvement in living standards when compared to the past. The biggest challenges faced by the country in achieving higher economic development are the frequent changes in political leadership, as well as corruption.
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 Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American 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 gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.
The economy of Tajikistan is dependent upon agriculture and services. Since independence, Tajikistan has gradually followed the path of transition economy, reforming its economic policies. With foreign revenue precariously dependent upon exports of cotton and aluminium, the economy is highly vulnerable to external shocks. Tajikistan's economy also incorporates a massive black market, primarily focused on the drug trade with Afghanistan. Heroin trafficking in Tajikistan is estimated to be equivalent to 30-50% of national GDP as of 2012.
The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.
The economy of Fiji is one of the most developed among the Pacific islands. Nevertheless, Fiji is a developing country endowed with forest, mineral and fish resources. The country has a large agriculture sector heavily based on subsistence agriculture. Sugar exports and the tourism industry are the main sources of foreign exchange. There are also light manufacturing and mining sectors.
The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 120 miles from Georgetown. Making the first commercial grade crude oil draw in December 2019, sending it abroad for refining.
The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in 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. Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves, although it remains a historically poor country. The Bolivian economy has had a historic single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy has kept the labor supply in flux and prevented industries from flourishing. Rampant inflation and corruption previously created development challenges, but in the early twenty-first century the fundamentals of its economy showed unexpected improvement, leading Moody's Investors Service to upgrade Bolivia's economic rating in 2010 from B2 to B1. The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.
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