Datamonitor Country Profiles

...Nigeria is Africa s most populous country wi th close to ### million inhabitants. However, approximately ##% of the populat ion lives on less than the value of one US dollar per day. The Nigerian economy depends heavily on the oil sector, which contributes ##% of export revenues, ##% of government revenues and about a third of gross domestic product. Since ####, economic growth has im proved, recording a CAGR of #.#% over #### ##. In ####, the Nigerian economy was expected to have expanded by around #%. Medium-term prospects look good, with a CAGR of #.#% expected over the #### ## period. President Olusegun Obasanjo s victory in the #### presidential election marked a significant shift in Nigerian politics. The elec tion ended ## years of military rule in the country. Since then, Nigeria has developed into a continental power due to its size, oil resources and military strength. President Ob asanjo s re-election in #### showed that a democratic foundation is slowly being...

...As the center of the Inca Empire, Peru is home to a rich cultural heritage including Machu Picchu, the legendary lost city of the Incas. The Spanish conquistadores defeat of the Incas in the ##th century brought three centuries of European colonialism. In ####, Peru was the last of Spain s Latin American colonies to achieve independence. Since then, Peru has been beset by economic and political instability; however, over t he past half decade, this seem s to have corrected itself. Despite Peru's rich natural resource base , the majority of its population which is mostly comprised of descendants of Peru s indigenous Native American population remains desperately poor. The Peruvian economy s over-dependence on the export of raw commodities such as coffee and copper, which are subject to substantial price and demand shocks, has not helped the country s development. In recent years, Peru has emerged from several decades of political instability and violence, as well as...

...Since gaining independence from communist Yugoslavia in ####, the central European nation of Slovenia has adopted a stable, multi- party democratic system of governance. It is one of the more prosperous nations in the EU , of which it became a member in May ####. Following its accession, Slovenia became the ##t h member of the Eurozone on January #, ####. The country is characteri zed by a stable polity and significantly higher economic output than the other major economies of cont inental Europe, recording a CAGR of #.#% over the period #### ####. The #### parliamentary elections marked the begi nning of a new regime in Slovenia, when for the first time in ## years, the Liberal Democratic Party failed to form a government. Instead, the center-right Slovenian Democrat ic Party, led by Janez Jansa, emerged victorious and formed a coalition government with the New Slovenia-Christian People s Party. The Jansa administration restarted the stalled privatization program and introduced...

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...Egypt is home to an unparallel ed cultural legacy. The pyramids which have stood for more than four millennia symbolize the country s rich heritage as the dominant power in the pre -classical Mediterranean world. The millions of tourist visitors drawn to Egypt s ancient sites each ye ar provide the country s major source of foreign exchange. However, the modern world has been less kind to...

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...Morocco, a constitutional mona rchy with a ## million -strong, predominantly Arab and Muslim population, lies on the north -west coast of Africa. It has strong trading and cultural links with southern Europe, particularly France and Spain. In recent years, economic integration with the Eu ropean economy has increased sharply, assisted by a free trade agreement negotiated with the European Union...

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...For fifty years Israel has be en at the center of the global news agenda. Its conflict with the Arab world in general and the Palestinians in particular, and its close relationship with the US have all come under intense scrutiny. For historical, ethnic and geopolitical reasons, Israel is a unique state. However, it is also a small emerging economy, and shares many of the characteristics of this...

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...Since emerging as a modern sec ular state under the leadership of the charismatic nationalist Kemal Ataturk in the ####s, Turkey has struggled to find its feet in the Western political and economic system. While the economy has atrophied under decades of inwards -oriented state intervent ion, the political system has been characterized by instability and corruption. The present government of the...

...For most of the former commun ist states in Eastern Europe, the transition to democracy was largely peaceful and led to a clear momentum for political and economic liberalization. By contrast, Romania s own bloody revolution presaged a decade of stalled reforms and political instabilit y. Some questioned whether the Socialist politicians who have led Romania for much of the post -communist era...

...Initially at the forefront of Eastern Europe s transition to capitalism, and a darling of the investment community as a result, Poland s economy has shown increasing signs of strain in recent years. Unemployment has risen inexorably since ####, as high real interest rates and deteriora ting fiscal policy sapped investor confidence. In addition, the productivity gap with other OECD members in areas...

...Since splitting from the C zech Republic in ####, Slovakia s record on economic and political reforms has been rather mixed. Under the five -year rein of the mercurial populist Vladimir Meciar, the country became increasingly marginalized. Meciar s resistance to economic reform frigh tened off foreign investors, whilst the gradual erosion of democracy and minority rights saw Bratislava increasingly...

...Thailand, formerly known as Siam, has a long history as an independent kingdom. However, this outwards display of stability has not been matched at the level of government. Since becoming a constitutional monarchy in the early ####s, civilian governments have been characterized by s hort shelf -lives and endemic corruption. Seventeen military coups (up until the last one in ####) have also served...

...The Philippines stretches over a #,### island archipelago in the Pacific Ocean, and has a young and rapidly growing population, presently numbering some ## million. Almost five centuries of Western occupation, first by Spain and then by the US, has helped to shape the country s cu lture. Nevertheless, it retains a distinctively Asian identity. In the ####s and ####s the Philippines was caught...

...New Zealand - along with its Antipodean neighbor Australia - constitute the most geographically remote of the settler colonies established by the United Kingdom (UK) in the fifteenth to nineteenth centuries. In fact New Zealand is a relatively recent creation, with UK control ove r the two major islands that constitute the country s territory established only in #### by the treaty of Waitangi,...

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...In #### France was riding high, with a successful economy, falling unemployment and a world cup soccer victory in front of a jubilant home crowd. Six years on, things are looking less rosy. The French economy has taken a hit from the global slowdown since ####, with economic growth still lackluster and unemployment again edging upwards. Moreover, the strong showing of the xenophobic National Front...

...The United Kingdom (UK), as the second largest member of the European Union (EU) and the world s fourth largest economy, remains a significant economic and political force. Relative economic decline throughout most of the twentieth century has been reversed in recent years, whilst its membership of the UN Security Council, EU, NATO and G# allow it to maintain a strong presence on the international...

...The United States (US) dominates the world economy. It has successfully regained the mantle of technological leader through the early adoption and propagation of information and communications technology (ICT). Its cultural dominance is ensured by the enduring popularity of US music and films globally, and now by the growing spread of the internet. Meanwhile, its military might is absolute, and...

...For much of the post-war period, Japan was one of the world economy s star performers. Japanese firms were at the frontier of technological change, helping Japan to become the leading producer and exporter of a range of consumer goods. With consistently high rates of growth throughout the ####s and ####s, the Japanese economy became the world s second largest and seemed likely to some observers...

...Spain is an increasingly prosperous and self-confident country. Participation in the European Union (EU) has facilitated a rapid catch-up in living conditions. Democratic political institutions, introduced in the mid-####s, have bedded down well. Power has been devolved to a number of autonomous regions, moving Spain from one of the most centralized countries in Europe to an almost federal constitution....

...Germany has emerged from its twentieth century nightmare a stable and prosperous democracy at the heart of Europe. With the reunification of East and West Germany and the enlargement of the EU to take in some of the former communist countries of the Warsaw Pact, the redefinition of Europe, with Germany at its core, is complete. However, all is not well in Europe s largest economy. Growth has stagnated...

...Colombia is currently embroiled in a long-running civil conflict between Marxist rebel groups, rightist paramilitaries and the beleaguered armed forces. A four-year peace process between the authorities and the main rebel group broke down in February ####, amid allegations that the rebels had merely used the intervening calm to rearm and regroup. The breakdown in the peace process aided the election...

...Chile occupies a #,### km long, ### km wide ribbon of land running from Peru to Cape Horn down the Pacific coast of South America, bounded by the ocean to the west and the Andes mountains to the east. Its population of a little over ## million is chiefly made up of people of mixed European and indigenous heritage. Traditionally the economy has been vulnerable to shifts in commodity prices, and...

...Modern Australia traces its roots back to a British penal colony, established at Sydney in ####. Throughout the intervening period its links with Britain have remained strong, with the retention of the British monarch as head of state the most obvious example. As economic logic has gradually moved it closer to both the US and its east Asian neighbors, it has struggled to shed the colonial ties...

...China has emerged from a turbulent twentieth century increasingly prosperous and confident. Following the gradual introduction of market-style reforms from the late ####s onwards, two and a half decades of rapid economic growth have lifted millions out of poverty and seen China climb the global economic league table. With its accession to the WTO in late ####, China s integration into the global...

...Austria suffered a century of upheavals during the twentieth century, enduring the loss of a sprawling empire, defeat in two world wars and an unenviable position at the heart of the post-war division of Europe. The collapse of the Soviet Union in the early ####s allowed Austria to align itself more closely with its western European neighbors, joining the EU in ####. Further EU expansion to the...

...Italy is home to some of Europe s most beautiful cities, a reminder of its rich classical heritage. However, the modern Italian state is a comparatively recent phenomenon, unified only in the second half of the nineteenth century. In the post-war period Italy has become increasingly prosperous. Entry into the European Economic Community (now EU) as a founder member in the ####s tied it firmly into...

...In purely geographic terms Canada is the world s second largest country, although its population is only a little over ## million the vast majority of whom live within spitting distance of the US border. Most of the country is an empty wilderness, albeit one rich in natural resources such as oil, natural gas and timber. Canada is sometimes dismissed as boring or unadventurous. However, Canadians...

...Belgium s small size and awkward position between France and Germany made for tough times during the nation-state power politics and rivalry of the nineteenth and early twentieth centuries. However, in the post-war era of European integration and growing continental trade flows, Belgium has punched above its weight. With both the European Commission and NATO headquarters calling the Belgian capital...

...Brazil s victory in the #### soccer world cup, its fifth in the history of the competition, cemented its reputation as the finest exponents of the game. Soccer is the beautiful game, and no nation plays it more beautifully. Unfortunately, success on the soccer pitch has no t been matched in the more prosaic field of economic development. A significant portion of the ### million -strong population...

... during the ####s have left the Czech economy in good shape. Privatization of inefficient state -run enterprises and the injection of foreign capital and know -how have turned the economy around. On the political fr ont, the Czech Republic s pre -war tradition of stable parliamentary democracy has served it well. The political system has seen relatively...

...Denmark occupi es a strategically important position on the north coast of Germany at the entrance to the Baltic sea. During the eighth and ninth centuries this proved an excellent location from which to pillage Britain and other parts of Europe in a series of Viking rai ds. In the twenty -first century, it places Denmark at the center of the modern Western European economy, with strong trade links...

...Classical Greece was the cradle of Western civilization. In the intervening millennia it has been outshone by imperial Rome, conquered by the Ottoman Empire and impoverished by marginalization and misrule. However, with entry into the European Union (EU) in the early ####s , Greece started the long transition from modest Balkans nation to modern Western European state. EU aid and structural reforms...

...Hungary has emer ged from a decade of economic and political transition at the forefront of the former communist economies in Eastern Europe. In the run -up to European Union (EU) membership achieved in May #### inwards investment has streamed into the economy over the last ten years, helping to improve external competitiveness and power strong economic growth, particularly since the mid...

...Finland s geographical position at the juncture of Scandinavia and Russia has led to a historically troubled relationship with its neighbors, as first Sweden and then Russia have sought to dominate the country over the course of the last nine hundred years. Up until the early ####s Finland continued to live in the shadow of the Soviet Union. With the collapse of communism in Russia and the resulting...

...Indonesia is a vast polyglot state covering an archipelago that straddles the Indian and Pacific oceans. It achieved independence from the Netherlands in ####, and has the world s largest Muslim population. Throughout the Cold War, and particularly following the #### military coup which ushered in the fiercely anti-communist regime of General Suharto, Indonesia was a key regional ally of the US....

...Hong Kong enjoys a unique historical and economic situation. Its remarkable transformation into one of the world s most important trading entities is a testament to the hard work of its people and the stability of its institutions. Since the territory was transferred from British rule to Beijing in ####, there have been few obvious changes. Indeed, the one country, two systems political settlement...

... magazine placed Ireland at the top of a global quality of life ranking . It s not difficult to see why. Over the course of the last decade Ireland has undergone a dramatic economic transformation. Average real GDP growth over the ####-#### period averaged more than #% per year, built on record levels of inwards investment and double-digit export growth. With rising incomes, falling unemployment...

...Mexico s economy has become increasingly interwoven with that of the US since it acceded to NAFTA in ####. Investment flows have increased exponentially whist both imports from and exports to the US have doubled. US manufacturing firms have taken advantage of cheap and abundant Mexican labor across the border, and for much of the second half of the ####s the northern portion of Mexico was gripped...

...Norway has benefited from three decades of North Sea oil revenues that have transformed this large and sparsely populated Nordic nation into one of the world s wealthiest countries. The accumulated bounty lends Norway a fiscal comfort zone that the euro-zone economies, struggling to balance the books and escape their self- imposed fiscal straitjacket, can only dream of. However, the growth of the...

...In the fifteenth and sixteenth century, Portugal was a significant world power. However, a gradual decline in prestige and influence occurred during the subsequent centuries, characterized by the loss of Brazil, its most significant colonial possession, and occupation by other European powers. By the middle of the twentieth century Portugal was languishing under a repressive dictatorship and living...

...September #### was a traumatic month for Sweden. The run-up to a closely-fought referendum campaign on joining the European single currency was tragically interrupted by the murder of the foreign minister, Anna Lindh. Ms Lindh, a popular figure in Sweden s left-leaning Social Democrat government, was an enthusiastic pro- European. However, notwithstanding potential sympathy votes, euro-entry was...

...Like Asia s ot her great trading cities Bombay/Mumbai, Hong Kong and Shanghai, Singapore is a legacy of centuries of East -West trade. Since achieving independence in ####, Singapore s economic fortunes have risen inexorably along with the expansion in global trade. Expor ts are now equivalent to more than ###% of GDP. For much of the ####s the economy boomed on the back of financial intermediation...

...Initially at the forefront of Eastern Europe s transition to capitalism, and a darling of the investment community as a result, Poland s economy has shown increasing signs of strain in recent years. Unemployment has risen inexorably since ####, as high real interest rates and deteriorating fiscal policy sapped investor confidence. In addition, the productivity gap with other OECD members in areas...

...The Phil ippines stretches over a #,### island archipelago in the Pacific Ocean, and has a young and rapidly growing population, presently numbering some ## million. Almost five centuries of Western occupation, first by Spain and then by the US, have helped to shap e the country s culture. Nevertheless, it retains a distinctively Asian identity. In the ####s and ####s the Philippines was caught...

...Switzerland s high standard of living and tradition of political and economic stability have long made it the envy of the world. It is home to numerous international bodies, including the World Trade Organization (WTO) and the International Labor Organization (ILO), and also provides the base for a number of blue-chip multinationals. Its long-standing and notoriously secretive banking industry...

...Since obtaining independence from the UK in ####, India has largely succeeded in maintaining a stable parliamentary democracy, no mean feat in a country regularly beset by civil strife and hamstrung by poverty and illiteracy. And, as the #### parliamentary elections demonstrated, it is a democracy with teeth, capable of delivering verdicts that go against the predictions of the political classes....

...Pakistan has struggled to find a coherent identity and role since its creation as a Muslim homeland in largely Hindu South Asia in ####. Unlike India, where a fairly stable and workable form of parliamentary democracy has firmly taken root, Pakistani politics has been characterized by chronic instability. The army, which has ruled for much of Pakistan s existence and took power most recently in...

...Under the ##-year leadership of the outspoken prime minister, Dr Mahathir Mohammad, Malaysia underwent a radical economic transformation. Traditional dependence on volatile export commodities has given way to a vibrant manufacturing economy specializing in electronic goods and components. The construction of the world s tallest buildings, the Petronas towers, in the Malaysian capital Kuala Lumpur...

...The division of Korea into capitalist South and communist North is one of the surviving relics of the Cold War global political carve-up. The divergent fates of the two Koreas is also a telling parable about the comparative economic performance of socialist central planning as opposed to capitalism. However, it s not as simple a parable as some would suggest. For much of its forty-year economic...

...Since emer ging as a modern secular state under the leadership of the charismatic nationalist Kemal Ataturk in the ####s, Turkey has struggled to find its feet in the Western political and economic system. While the economy atrophied under decades of inwards-oriented state intervention, the political system was characterized by instability and corruption. However, the present government of the...

...Argentina is successfully clawing its way back from the brink. This marks a real turnaround on the situation at the start of the decade, when total economic and social meltdown seemed a real possibility. Two years of economic and political turmoil saw half the population shunted into poverty, as unemployment soared, the currency and banking sector collapsed, and five presidents came and went. ...

...Thailand, formerly known as Siam, has a long history as an independent kingdom. However, this outwards display of stability has not been matched at the level of government. Since becoming a constitutional monarchy in t he early ####s, civilian governments have been characterized by short shelf- lives and endemic corruption. Seventeen military coups (up until the last one in ####) have also served...

...Taiwan was created in #### when Chiang Kai- shek s Nationalist forces retreated from the Chinese mainland to the island then known as Formosa following their defeat by Mao s communists in China s long civil war. The Nationalists, or Koumintang, created an autocratic but increasingly prosperous state on the island. Real growth rates in excess of #% per year helped to raise living standards...

...Venezuela remains locked in an economically destabilizing political crisis. The reform agenda of its populist president Hugo Chavez has brought millions of his middle- class opponents onto the streets, triggered a brief coup in ####, and le d to a referendum on his rule in ####, which the president won convincingly. Amid the turmoil, capital flight and strikes have damaged the country s economic...

...For most of the former communist states in Eastern Europe, the transition to democracy was largely peaceful and led to a clear momentum for political and economic liberalization. By contrast, Romania s own bloody revolution presaged a decade of stalled reform s and political instability. Some questioned whether the Socialist politicians who led Romania for much of the post-communist era most...

...Slovakia and the Czech Republic formerly joined as Czechoslovakia split in #### in the so-called velvet divorce. Like many divorcees, Slovakia initially struggled to adapt to its new- found single status. However, the country has since accelerated to the forefront of the transition states, pushing through ambitious economic and political reforms to achieve European Union (EU) membership...

...Many have an image of Vietnam indelibly colored by memories of the US conflict with the country s communist forces in the ####s and ####s, or by Hollywood treatments of the war. However, Vietnam has moved on considerably since the conflict ended in a communist victory in the mid-####s. A program of liberal economic reforms dating back to the mid- ####s has led to a strong growth performance during...

...This report provides a detailed analysis on the Ukraine, providing an overview of its political, economic and business environment, represented both textually and in graph and tabular formats. By combining macroeconomic and market data, this country profile gives access to country data points, trends and analysis including# the country's political and government make-up the country's...

...This report provides a detailed analysis on Egypt, providing an overview of its political, economic and business environment, represented both textually and in graph and tabular formats. By combining macroeconomic and market data, this country profile gives access to country data points, trends and analysis including# the country's political and government make-up the country's economic...

...Bulgaria, with an eight- million strong population, is located on the Balkan peninsular between Romania and Turkey. Under communist rule between #### and ####, Bulgaria was one of the Soviet Union s most loyal allies. Following the wave of regime changes that swept Eastern Europe in the wake of the collapse of the Berlin Wall, free elections were held in ####. The first half of the ####s was...

...Russia entered the twentieth century in an impoverished and quasi- feudal state, a ramshackle empire ruled over by a corrupt and ineffective authoritarian monarchy. With a disastrous entry into World War One only making matters worse, a committed cadre of communist agitators with Lenin and Trotsky at its helm seized power in ####, withdrawing from the war and commencin g a radical transformation...

...South Africa emerged from the long shadow of the apartheid years in the early ####s, embracing a new culture of opportunity and reconciliation. The inspirational leadership of Nelson Mandela, and his personal credo of tolerance and forgiveness, eased the transition with a minimum of violence and recrimination. With some justification, South Africa claims to carry the torch for the entire continent....

...Austria suffered a century of upheavals during the twentieth century, endur ing the loss of a sprawling empire, defeat in two world wars and an unenviable position at the heart of the post-war division of Europe. The collapse of the Soviet Union in the early ####s allowed Austria to align itself more closely with its western European neighbors, joining the European Union (EU) in ####. Further...

...After gaining independence in the early ####s from the Soviet Union, Estonia, Latvia and Lithuania began implementing economic reforms and by #### had launched their individual currencies. Owing to the same geographical location and similar poli cies of the respective governments, dynamics of their economies have moved in tandem. Their governments started liberalizing and significant numbers...

...Belgium sits at the center of Western European pol itical and security institutions, with both the European Commission and North Altlantic Treaty Organisation (NATO) headquarters located in the country s capital Brussels. Belgium has an open economy, with strong trade links to German, French, British and D utch markets. The country has reaped considerable rewards from its membership of the EU...

...Brazil is the largest and most populous country in Latin Am erica, and fifth largest in the world. Over the years, the country has experienced widespread corruption, political instability, poor economic growth and abject poverty. However, since Luiz Inacio Lula da Silva's (popularly known as Lula) accession to the presidency in January ####, the social and economic scenario has improved. Riding...

...Canada is the world s second largest country by area mass , although its population is only a little over ## million. Since obtaining independence within the British Commonwealth in the early ####s, Canada s links with the UK have diminished, though the British monarch remains the head of state. Economic and cultural ties with the US now predominate; the US accounts for around ##% of Canada s...