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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.
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services.
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 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.
Agriculture is a sector of the Nigerian economy, accounting for up to 35% of total employment in 2020. According to the FAO, agriculture remains the foundation of the Nigerian economy, providing livelihoods for most Nigerians and generating millions of jobs. Along with crude oil, Nigeria relies on the agricultural products it exports to generate most of its national revenue. The agricultural sector in Nigeria comprises four sub-sectors: crop production, livestock, forestry, and fishing.
Agriculture is one of the dominant parts of Senegal's economy, even though Senegal lies within the drought-prone Sahel region. As only about 5% of the land is irrigated, Senegal continues to rely on rain-fed agriculture. Agriculture occupies about 75% of the workforce. Despite a relatively wide variety of agricultural production, the majority of farmers produce for subsistence needs. Millet, rice, corn, and sorghum are the primary food crops grown in Senegal. Production is subject to drought and threats of pests such as locusts, birds, fruit flies, and white flies. Moreover, the effects of climate change in Senegal are expected to severely harm the agricultural economy due to extreme weather such as drought, as well as increased temperatures.
The primary form of agriculture in Sri Lanka is rice production. Rice is cultivated during Maha and Yala seasons. Tea is cultivated in the central highlands and is a major source of foreign exchange. Vegetables, fruits and oilseed crops are also cultivated in the country. There are two Agriculture Parks abbreviated as A. Parks established by the Department of Agriculture. Out of the total population in Sri Lanka, 27.1% engages in agricultural activities. Agriculture accounted for 7.4% of the GDP in 2020.
For millennia, agriculture has played an important role in the Chinese economy and society. By the time the People's Republic of China was established in 1949, virtually all arable land was under cultivation; irrigation and drainage systems constructed centuries earlier and intensive farming practices already produced relatively high yields. But little prime virgin land was available to support population growth and economic development. However, after a decline in production as a result of the Great Leap Forward (1958–60), agricultural reforms implemented in the 1980s increased yields and promised even greater future production from existing cultivated land.
Agriculture in Indonesia is one of the key sectors within the Indonesian economy. In the last 50 years, the sector's share in national gross domestic product has decreased considerably, due to the rise of industrialisation and service sector. Nevertheless, for the majority of Indonesian households, farming and plantation remains as a vital income generator. In 2013, the agricultural sector contributed 14.43% to national GDP, a slight decline from 2003's contribution which was 15.19%. In 2012, the agricultural sector provides jobs to approximately 49 million Indonesians, representing 41% of the country's total labor force.
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee, cavendish banana, pineapple and pineapple products, coconut, sugar, and mango. The sector continues to face challenges, however, due to the pressures of a growing population. As of 2022, the sector employs 24% of the Filipino workforce and it accounted for 8.9% of the total GDP.
Agriculture in Ghana consists of a variety of agricultural products and is an established economic sector, providing employment on a formal and informal basis. It is represented by the Ministry of Food and Agriculture. Ghana produces a variety of crops in various climatic zones which range from dry savanna to wet forest which run in east–west bands across Ghana. Agricultural crops, including yams, grains, cocoa, oil palms, kola nuts, and timber, form the base of agriculture in Ghana's economy. In 2013 agriculture employed 53.6% of the total labor force in Ghana.
Agriculture in Ethiopia is the foundation of the country's economy, accounting for half of gross domestic product (GDP), 83.9% of exports, and 80% of total employment.
Benin is predominantly a rural society, and agriculture in Benin supports more than 70% of the population. Agriculture contributes around 35% of the country's gross domestic product (GDP) and 80% of export income. While the Government of Benin (GOB) aims to diversify its agricultural production, Benin remains underdeveloped, and its economy is underpinned by subsistence agriculture. Approximately 93% of total agricultural production goes into food production. The proportion of the population living in poverty is about 35.2%, with more rural households in poverty (38.4%) than urban households (29.8%). 36% of households depend solely upon agricultural (crop) production for income, and another 30% depend on crop production, livestock, or fishing for income.
Agriculture was the foundation of the economy in Ivory Coast and its main source of growth. In 1987 the agricultural sector contributed 35 percent of the country's GDP and 66 percent of its export revenues, provided employment for about two-thirds of the national work force, and generated substantial revenues despite the drop in coffee and cocoa prices. From 1965 to 1980, agricultural GDP grew by an average 4.6 percent per year. Growth of agricultural GDP from coffee, cocoa, and timber production, which totaled nearly 50 percent of Ivory Coast's export revenues, averaged 7 percent a year from 1965 to 1980.
Agriculture in Lebanon is the third most productive sector in the country after the tertiary and industrial sectors. It contributes 3.1% of GDP and 8 percent of the effective labor force. The sector includes an informal Syrian labor and is dependent on foreign labor for its productivity. Main crops include cereals, fruits and vegetables, olives, grapes, and tobacco, along with sheep and goat herding. Mineral resources are limited and are only exploited for domestic consumption. Lebanon, which has a variety of agricultural lands, from the interior plateau of the Beqaa Valley to the narrow valleys leading downward to the sea, enables farmers to grow both European and tropical crops. Tobacco and figs are grown in the south, citrus fruits and bananas along the coast, olives in the north and around the Shouf Mountains, and fruits and vegetables in the Beqaa Valley. More exotic crops include avocados, grown near Byblos, and hashish. Although the country benefits from favorable farming conditions and diverse microclimates, it relies on food imports, which make up 80% of its consumption.
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. GDP per capitaArchived 4 May 2012 at the Wayback Machine 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.
Agriculture in Jordan contributed substantially to the economy at the time of Jordan's independence, but it subsequently suffered a decades-long steady decline. In the early 1950s, agriculture constituted almost 40 percent of GNP; on the eve of the Six-Day War, it was 17 percent.
Agriculture in Panama is an important sector of the Panamanian economy. Major agricultural products include bananas, cocoa beans, coffee, coconuts, timber, beef, chicken, shrimp, corn, potatoes, rice, soybeans, and sugar cane.
Agriculture in Saudi Arabia is focused on the export of dates, dairy products, eggs, fish, poultry, fruits, vegetables, and flowers to markets around the world after achieving self-sufficiency in the production of such products. The government of Saudi Arabia is heavily involved in the agriculture industry and subsidizing corporate farming and the Ministry of Environment, Water and Agriculture is primarily responsible for agricultural policy. In the private sector, farmers receive long-term interest-free government loans and low-cost water, fuel, electricity, and duty-free imports of raw materials and machinery.
Since becoming an independent country, Ivory Coast has transitioned from an economy dominated by agriculture—coffee and cocoa in particular—to a diversified economy with a large service sector. From 1960 to 1976, government policy focused on investing revenues from agricultural export into infrastructure. From 1976 to 1980, factors such as a boom-bust in coffee and cocoa prices, over-investment funded by foreign debt, and a devaluation of the US Dollar led Ivory Coast to the brink of financial crisis. Decreased revenues from coffee and cocoa exports continued into the 80's and early 90's, increasing the burden of foreign debt and eventually requiring lender negotiation. This resulted in the privatization of many state-owned enterprises with mixed levels of success. In 1994, the economy began a comeback due to devaluation of the CFA franc, increased export revenues, financial reforms, and debt rescheduling. Since then the economy has been impacted by and rebounded from political crises such as the 1999 coup d'état and the 2011 election crisis.
References
- ↑ Margaret Buchanan-Smith (2000) Role of Early Warning Systems in the Decision-Making Process Overseas Development Institute