All values, unless otherwise stated, are in US dollars.
The economy of Uzbekistan, formerly a Soviet-style command economy, has undergone changes that align more with a market economy.[16] Under the administration of Islam Karimovcurrency conversion capacity was restricted, imports were controlled and Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan, and Tajikistan were sporadically closed. Since the election of President Shavkat Mirziyoyev, Uzbekistan economic and social reforms have been implemented to boost growth and modernize the country.[17] International Financial Institutions, including EBRD, Asian Development Bank and the World Bank, are supportive of the reform process and increased their presence in the country.[18]
Uzbekistan is a major producer and exporter of cotton. In 2022, the Cotton Campaign and other agencies, including the US Government, lifted all bans on the import of cotton imposed due to international human rights concerns. [19]
Uzbekistan is also a big producer of gold, with the largest open-pit gold mine in the world. The country has substantial deposits of silver, strategic minerals, gas, and oil.
Since 2016, there have been significant economic reforms in Uzbekistan. The country liberalised the currency in 2017, allowing freer flows of foreign currency and allowing the import and export of goods, and the path to foreign investment.[20] 2019 tax reforms also allowed company consolidation, tax simplification and the professionalisation of the Private sector.[21] The Government is also committed to privatisation of State Owned Enterprises (SOEs), with the domestic IPO of UzAuto predicted in 2022.[22]
The Uzbekistan Economic Forum run by the Ministry of Finance brings together IFIs, businesses, government officials and other stakeholders on an annual basis. The first iteration was in Tashkent, and the Uzbekistan Economic Forum II took place in Samarkand.[23] In December 2022, the Uzbek Government received a loan from the World Bank of almost US$1bn to "implement strategic reforms".[24] Today, the volume of GDP of Uzbekistan has reached 146 billion dollars.
GDP and employment
This is a chart depicting the trend of the gross domestic product in Uzbekistan in constant prices of 1995, estimated by the International Monetary Fund with figures in millions of soum.[25] The chart also shows the consumer price index(CPI) as a measure of inflation from the same source and the end-of-year U.S. dollar exchange rate from the Central Bank of the Uzbekistan database.[26] For purchasing power parity comparisons in 2006, the U.S. dollar is exchanged at 340 som.[27]
Year
GDP (constant prices)
US Dollar Exchange
CPI (2000=100)
1992
330,042
1 soum
0.07
1995
302,790
36 soum
20
2000
356,325
325 soum
100
2003
402,361
980 soum
166
2006
497,525
1,240 soum
226
Uzbekistan: growth of GDP in constant prices 1992–2008
Uzbekistan's GDP, like that of all CIS countries, declined during the first years of transition and then recovered after 1995, as the cumulative effect of policy reforms began to be felt. It showed robust growth, rising by 4% per year between 1998 and 2003, and accelerating thereafter to 7%-8% per year. In 2011 the growth rate rose to 9%.
Given the growing economy, the total number of people employed rose from 8.5 million in 1995 to 13.5 million in 2011.[28] This increase of nearly 25% in the labor force lagged behind the increase in GDP during the same period (64%, see chart), which implied a significant increase in labor productivity. Official unemployment is low: less than 30,000 job seekers were registered in government labor exchanges in 2005-2006 (0.3% of the labor force).[28] Underemployment, on the other hand, is quite high, especially in agriculture, which accounts for fully 28% of all employed, many working part-time on small household plots.
The minimum wage, public-sector wages, and old-age pensions are raised twice a year to ensure that base income is not eroded by inflation. Although no statistics are published on average wages in Uzbekistan, pensions as a proxy for the average wage increased significantly between 1995 and 2006, both in real terms and in U.S. dollars. The monthly old-age pension increased in real (CPI-adjusted) soums by almost a factor of 5 between 1995 and 2006.[28] The monthly pension in U.S. dollars was around $20–$25 until 2000, then dropped to $15–$20 between 2001 and 2004, and now is $64. The minimum wage was raised to $34.31 in November 2011.[29] Assuming that the average wages in the country are at a level of 3-4 times the monthly pension, we estimate the wages in 2006 at $100–$250 per month, or $3–$8 per day.
According to the forecast by the Asian Development Bank, the GDP in Uzbekistan in 2009 was expected to grow by 7%.[30] Meanwhile, in 2010 the Uzbekistan GDP growth is predicted at 6,5%.[30]
Work force and vocational training
Literacy in Uzbekistan is almost universal, but in order to meet labor force needs, hundreds of students are sent to the United States, Europe, and Japan for university degrees, after which they commit to working for the government for 5 years. About 60% of students who study abroad find employment with foreign companies upon completing their degrees despite their commitment to work for the government.
In addition, Uzbekistan subsidizes studies for students at Westminster International University in Tashkent—one of the few Western-style institutions in Uzbekistan. In 2002, the government "Istedod" Foundation (formerly as "Umid" Foundation) paid for 98 out of 155 students studying at Westminster. For the following academic year, Westminster admitted 360 students, with Istedod paying for 160 students. Tuition is $5,200 per academic year.
In 2008 Management Development Institute of Singapore at Tashkent opened to provide high quality education with international degrees. Tuition fee was $5000 in 2012.
In 2009 Turin Polytechnik University was opened. It is the only university in Central Asia that prepares high quality employees for industries. With the closing or downsizing of many foreign firms, it is relatively easy to find qualified employees, though salaries are very low by Western standards. Salary caps, which the government implements in an apparent attempt to prevent firms from circumventing restrictions on withdrawal of cash from banks, prevent many foreign firms from paying their workers as much as they would like. Labor market regulations in Uzbekistan are similar to those of the Soviet Union, with all rights guaranteed but some rights unobserved. Unemployment is a growing problem, and the number of people looking for jobs in Russia, Kazakhstan, and Southeast Asia is increasing each year. Uzbekistan's Ministry of Labor does not publish information on Uzbek citizens working abroad, but Russia's Federal Migration Service reports 2.5 million Uzbek migrant workers in Russia. There are also indications of up to 1 million Uzbek migrants working illegally in Kazakhstan.[31] Uzbekistan's migrant workers may thus be around 3.5-4 million people, or a staggering 25% of its labor force of 14.8 million.[28] The U.S. Department of State also estimates that between three and five million Uzbek citizens of working age live outside Uzbekistan.[32]
After acknowledging the need for more higher education to support labor market needs,[33]new programs were opened and cooperation commenced with foreign universities.[34] Moreover, private higher education providers started to emerge on the market to provide students with necessary skills, knowledge and competencies required on the labor market. One of the private universities in Tashkent TEAM University aims at development of skills necessary for starting entrepreneurial activities, thus contributing to development of businesses and private enterprises.
Prices and monetary policy
Uzbekistan experienced galloping inflation of around 1000% per year immediately after independence (1992–1994). Stabilization efforts implemented with active guidance from the International Monetary Fund rapidly paid off, as inflation rates were brought down to 50% in 1997 and then to 22% in 2002. Since 2003 annual inflation rates averaged less than 10%.[27]
The severe inflationary pressures that characterized the early years of independence inevitably led to a dramatic depreciation of the national currency. The exchange rate of Uzbekistan's first currency, the "notional" rouble inherited from the Soviet period and its successor, the transient "coupon soum" introduced in November 1993 in a ratio of 1:1 to the rouble, went up from 100 roubles/US$ in the early 1992 to 3,627 roubles (or coupon soum) in mid-April 1994. On July 1, 1994, the "coupon soum" was replaced with the permanent new Uzbek soum (UZS) in a ratio of 1000:1, and the starting exchange rate for the new national currency was set at 7 soum/US$, implying an almost two-fold depreciation since mid-April. Within the first six months, between July and December 1994, the national currency depreciated further to 25 soum/US$ and continued depreciating at a fast clip until December 2002, when the exchange rate had reached 969 soum/US$, i.e., 138 times the starting exchange rate eight and a half years earlier or nearly 10,000 times the exchange rate in early 1992, soon after the declaration of independence.[26] Then the depreciation of the soum virtually stopped in response to the government's stabilization program, which at the same time dramatically reduced the inflation rates. During the four years that followed (2003–2007) the exchange rate of the soum to the US dollar increased only by a factor of 1.33, from 969 soum to around 1,865 soum in May 2012.
From 1996 until the spring of 2003, the official and so-called "commercial" exchange rate – both set administratively by the Central Bank – were highly overvalued. Many businesses and individuals were unable to buy dollars legally at these "low" rates, so a widespread black market developed to meet hard currency demand. The spread between the official exchange rate and the curb rate widened especially after the Russian financial crisis of August 1998: at the end of 1999 the curb rate stood at 550soum/US$ compared with the official rate of 140soum/US$, a gap by nearly a factor of 4 (up from a factor of "only" 2 in 1997 and the first half of 1998).[35] By mid-2003, the government's stabilization and liberalization efforts had reduced the gap between the black market, official, and commercial rates to approximately 8% and it quickly disappeared as the soum was made convertible after October 2003. Today, four foreign currencies—the U.S. dollar, the euro, the pound sterling, and the yen—are freely exchanged in commercial booths all around the cities, while other currencies, including the Russian rouble and the Kazakh tenge, are bought and sold by individual ("black market") money changers, who are allowed to operate openly without harassment. The foreign exchange regime since October 2003 is characterized as "controlled floating rate".[36] Liberalization of the trade regime remains a prerequisite for Uzbekistan to proceed to an IMF-financed program. In 2012, "black market" rate is again significantly higher than official rate, 2,850soum/US$ vs. 1,865soum/US$ (as of mid-June 2011). This curb rate is often referred to as 'bazar rate', because money changers operate at or near 'bazars' - large farmer markets.
Tax collection rates remained high, due to the use of the banking system by the government as a collection agency. Technical assistance from the World Bank, Office of Technical Assistance at the U.S. Treasury Department, and UNDP is being provided in reforming the Central Bank and Ministry of Finance into institutions capable of conducting market-oriented fiscal and monetary policy.
134 thousand tons of plum (17th largest producer in the world);
In addition to smaller productions of other agricultural products.[37]
At the end of 2013, the government announced through the Central Bank of the Republic of Uzbekistan that it predicted agriculture as playing a major component of the country's economic development in the future.[38]Agriculture in Uzbekistan employs 28% of labor force and contributes 24% of GDP (2006 data).[28] Another 8% of GDP is from processing of domestic agricultural output.[39]Cotton, once Uzbekistan's star cash earner, has lost much its luster since independence as wheat began to gain prominence from considerations of food security for the rapidly growing population. Areas cropped to cotton were reduced by more than 25% from 2 million hectares in 1990 to less than 1.5 million hectares in 2006, while wheat cultivation jumped 60% from around 1 million hectares in 1990 to 1.6 million hectares in 2006. Cotton production dropped from 3 million tons annually in the pre-independence decade to around 1.2 million tons since 1995, but even at these reduced levels Uzbekistan produces 3 times as much cotton as all the other Central Asian countries and Azerbaijan combined. Cotton exports tumbled from highs of around 45% of Uzbekistan's total exports in the early 1990s to 17% in 2006. Uzbekistan is the largest producer of jute in West Asia and it also produces significant quantities of silk (Uzbek ikat), fruit, and vegetables, with food products contributing nearly 8% of total exports in 2006. Virtually all agriculture requires irrigation, but because of budgetary constraints there has been practically no expansion of irrigated area since independence: it remains static at 4.2 million hectares, the level reached by 1990 after rapid growth during the Soviet period.
Government intervention in agriculture is reflected in the persistence of state orders for the two main cash crops, cotton and wheat. Farmers receive binding directives on the area to be cropped to these commodities and are obliged to surrender their harvest to designated marketers at state-fixed prices. The incomes of farmers and agricultural workers are substantially lower than the national average because the government pays them less than the world prices for their cotton and wheat, using the difference to subsidize capital intensive industrial concerns, such as factories producing automobiles, airplanes, and tractors. Consequently, many farmers focus on production of fruits and vegetables on their small household plots, because the prices of these commodities are determined by supply and demand, not by government decrees. Farmers also resort to smuggling cotton and especially wheat across the border with Kazakhstan and Kyrgyzstan in order to obtain higher prices.
The government's pricing for the main cash crops, cotton and wheat, is apparently responsible for the exceptionally rapid growth of the cattle herd in recent years, as the prices of milk and meat, like those of fruits and vegetables, are also determined by market forces. The number of cattle increased from 4 million head in 1990 to 7 million head in 2006, and virtually all these animals are maintained by rural families with just 2-3 head per household.[28] Sales of own-produced milk, meat, and vegetables in town markets are an important source for augmenting rural family incomes.
The Soviet practice of using "volunteer labor" to help gathering the cotton harvest continues in Uzbekistan where schoolchildren, university students, medical professionals, and state employees are driven en masse out to the fields every year.[31] A recent article posted by a domestic news agency (admittedly with strong anti-government leanings) describes Uzbekistan's cotton as "riches gathered by the hands of hungry children".[40]
Natural resources and energy
In 2019, the country was the 5th largest world producer of uranium;[41] 12th largest world producer of gold;[42] 7th largest world producer of rhenium;[43] 12th largest world producer of molybdenum;[44] 21st largest world producer of phosphate,[45] and the 19th largest world producer of graphite[46]
Minerals and mining are important economic sectors. Gold and cotton are major foreign exchange earners, unofficially estimated at 20% of total exports.[32] Uzbekistan is the world's seventh-largest gold producer, mining about 80 tons per year, and holds the fourth-largest reserves in the world. Uzbekistan has an abundance of natural gas, used both for domestic consumption and export; oil used for domestic consumption; and significant reserves of copper, lead, zinc, tungsten, and uranium. Energy use is generally high since the controlled prices do not stimulate consumers to conserve energy. Uzbekistan was a partner country of the EUINOGATE energy programme, which focused on enhancing energy security, convergence of member state energy markets on the basis of EU internal energy market principles, supporting sustainable energy development, and attracting investment for energy projects of common and regional interest.[47]
The country's largest steel manufacturer is Uzmetkombinat.[48] The company planned an IPO in 2023.[49]
External trade and investment
Uzbekistan export destinations in 2006
Since the 2017 liberalisation of the foreign exchange market, Uzbekistan has seen rapid growth in exports. Traditional export products such as gas and cotton are now kept domestically for processing. They have been replaced by a vast growth in exports in areas such as fruit,[50] textiles[51] and home appliances. In recent years textile export has doubled in revenue to almost US$3bn worth of goods exports.[52] Home appliance manufacturer Artel has seen exports rise from $5.6m in 2017, to around $100m in 2021.[53]
Before this, the system of multiple exchange rates combined with the highly regulated trade regime caused both imports and exports to drop each from about US$4.5 billion in 1996 to less than US$3 billion in 2002.[28] The success of stabilization and currency liberalization in 2003 has led to significant increases in exports and imports in recent years, although imports have increased much less rapidly: while exports had more than doubled to US$15.5 by 2011, imports had risen to US$6.5 billion only, reflecting the impact of the government's import substitution policies designed to maintain hard currency reserves. Draconian tariffs, sporadic border closures, and border crossing "fees" have a negative effect on legal imports of both consumer products and capital equipment.
Daewoo Gentra is currently a flagship of UzDaewooAuto.
Until 2017, according to EBRD transition indicators,[54] Uzbekistan's investment climate remains among the least favorable in the CIS, with only Belarus and Turkmenistan ranking lower. The unfavorable investment climate has caused foreign investment inflows to dwindle to a trickle. It is believed that Uzbekistan has the lowest level of foreign direct investment per capita in the CIS. Since Uzbekistan's independence, U.S. firms have invested roughly $500 million in the country, but due to declining investor confidence, harassment, and currency convertibility problems, numerous international investors have left the country or are considering leaving.[32] In 2005, the Central Bank has revoked the license of the nascent Biznes Bank citing unspecified violations of local currency exchange rules. The revocation prompted immediate bankruptcy procedures, under which clients' deposits stay arrested for two month. No interest was accrued during that two-month period. In 2006, the Government of Uzbekistan forced out Newmont Mining Corporation (at the time the largest U.S. investor) from its gold mining joint venture in the Muruntau gold mine. Newmont and the government resolved their dispute, but the action adversely affected Uzbekistan's image among foreign investors. The government attempted the same with British-owned Oxus Mining. Coscom, a U.S.-owned telecommunications company, involuntarily sold its stake in a joint venture to another foreign company. GM-DAT, a Korean subsidiary of GM, is the only known U.S. business to have entered Uzbekistan in over two years. It recently signed a joint-venture agreement with UzDaewooAuto to assemble Korean-manufactured cars for export and domestic sale. Other large U.S. investors in Uzbekistan include Case IH, manufacturing and servicing cotton harvesters and tractors; Coca-Cola, with bottling plants in Tashkent, Namangan, and Samarkand; Texaco, producing lubricants for sale in the Uzbek market; and Baker Hughes, in oil and gas development.
Banking
Uzbekistan's banks have demonstrated reasonably stable performance in a largely state-dominated local economy. Sector stability is currently supported by rapid economic growth, low exposure to external financial markets and the strong external and fiscal position of the sovereign. However, the sector remains vulnerable to possible economic shocks due to weak corporate governance and risk management, fast recent asset growth, significant directed lending and acquisitions of problem assets. Banks’ foreign currency obligations, specifically those arising from trade finance, are particularly vulnerable due to existing foreign exchange constraints.[55]
According to Fitch Ratings, there are notable risks of asset quality deterioration in case of a reversal in economic trends. The funding base is mainly short-term, largely sourced from corporate current accounts, while retail funds account for only a small 25% of total deposits. Longer-term funding is provided by the Ministry of Finance and other state agencies, which comprise a notable proportion of sector liabilities. Foreign funding is small, estimated at 10% of the total liabilities, and plans for further borrowings are moderate. Liquidity management is constrained be the lack of deep capital markets, and banks generally tend to hold substantial cash reserves on their balance sheets. The quality of capital is sometimes compromised by less conservative regulatory requirements for recognition of credit impairment and by investments in non-core assets.
Retail
Uzbekistan's retail sector remains dominated by traditional markets, known as bozorlar, where individual vendors sell food, housewares, clothing, and other consumer goods. But the country's retail sector is rapidly modernizing.[56] The construction of modern supermarkets and malls has accelerated in recent years.[57] The country's retail market was estimated at $17 billion in 2017 and rising incomes, population growth, and a move from informal to formal retail are expected to drive continued expansion of the sector.[58] Major supermarket chains include local players Korzinka.uz and Makro (Uzbekistan) and the French multinational chain Carrefour, which will open its first store in Uzbekistan in 2021.[59] The country's first modern shopping malls are located in Tashkent, and include the Samarkand Darvoza and Compass developments. The sector has also seen growth in online retail.[60] In 2021, Korzinka acquired a US$40m stake in Anglesey Food, the Singapore mother entity of Korzinka.[61] In 2021, the company also signed a signed $12 million in debt financing to promote food security and sustain the livelihoods of more than 5,000 employees and 1,200 farm workers in Uzbekistan.[62]
According to the Organized Crime and Corruption Reporting Project (OCCRP), Vlast, and iStories, after February 24, 2022, Uzbekistan significantly increased its exports of cotton pulp and nitrocellulose, key components for making explosives and gunpowder, to Russia. According to Ekonomichna Pravda, at least two large Uzbek exporters have been working with Russian military-industrial complex enterprises. Documents from the Russian Federal Tax Service confirm that at least three Russian companies - Bina Group, Khimtrade, and Lenakhim - sold imported cotton pulp to military plants in Russia. Among them: Kazan Powder Plant (a strategic defense-industrial enterprise that produces gunpowder and charges for various types of weapons, subject to US sanctions), Tambov Powder Plant (a defense-industrial enterprise that produces ammunition and special chemicals, It is subject to US and Ukrainian sanctions), Perm Powder Plant (an enterprise involved in the production of Topol-M and Bulava intercontinental ballistic missiles, as well as Kornet ATGMs and Grad and Smerch multiple rocket launchers. It is under Ukrainian sanctions).[65][66][67]
Miscellaneous data
The following table shows the main economic indicators in 1993–2017.[68]
Year
GDP
(in Bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP
(in Bil. US$ nominal)
GDP growth (real)
Inflation (in Percent)
Government debt (Percentage of GDP)
1993
51.2
1,748
6.9
−2.6%
534.2%
...
1995
50.1
1,649
12.7
−0.9%
304.6%
...
2000
65.8
2,005
17.2
3.8%
25.0%
42%
2005
95.7
2,764
17.9
7.0%
10.7%
28%
2006
106.1
3,020
21.3
7.5%
13.1%
21%
2007
119.3
3,349
28.0
9.5%
11.1%
16%
2008
132.5
3,672
35.9
9.0%
13.1%
12%
2009
144.2
3,946
41.9
8.1%
12.3%
11%
2010
156.2
4,277
49.8
8.5%
12.3%
10%
2011
171.5
4,655
60.2
8.3%
12.4%
10%
2012
180.5
4,854
67.5
8.2%
11.9%
11%
2013
190.6
5,244
73.2
8.0%
11.7%
11%
2014
199.8
5,669
80.8
8.0%
9.1%
11%
2015
209.1
6,076
85.7
7.9%
8.5%
9%
2016
216.5
6,519
85.7
7.8%
8.0%
11%
2017
221.6
6,929
62.1
5.3%
12.5%
25%
Household income or consumption by percentage share:
Lowest 10%: 2.8%
Highest 10%: 29.6% (2003)
Distribution of family income – Gini index: 36.8 (2003)
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 trade surplus was $30 billion, compared to $48 billion in 2012.
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Chad suffers from the landlocked country's geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including livestock herding. Of Africa's Francophone countries, Chad benefited least from the 50% devaluation of their currencies in January 1994. Financial aid from the World Bank, the African Development Bank, and other sources is directed mainly at improving agriculture, especially livestock production. Because of a lack of financing, the development of oil fields near Doba, originally due to finish in 2000, was delayed until 2003. It was finally developed and is now operated by ExxonMobil. Regarding gross domestic product, Chad ranks 147th globally with $11.051 billion as of 2018.
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 US$20,000, total revenue of US$1.5 billion, 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 US$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 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 Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.
The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.
Syria's economic situation has been turbulent and their economy has deteriorated considerably since the beginning of the Syrian civil war, which erupted in March 2011.
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 Vietnam is a developing mixed socialist-oriented market economy. It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
The economy of Zimbabwe is a gold standard based economy. Zimbabwe has a $44 billion dollar informal economy in PPP terms which translates to 64.1% of the total economy. Agriculture and mining largely contribute to exports. The economy is estimated to be at $73 billion at the end of 2023.
The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
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 Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. The economy grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before. Real GDP growth is expected to average 6.5% in 2024–25.
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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36,412,350 (2023) [3] 
$38.4 billion (1 September 2024 est.) [6] 
