Uruguay's economy is characterized by an export-oriented
agricultural sector, a well-educated work force, and high levels of
social spending. After averaging growth of 5% annually during
1996-98, in 1999-2002 the economy suffered a major downturn,
stemming largely from the spillover effects of the economic problems
of its large neighbors, Argentina and Brazil. For instance, in
2001-02 Argentina made massive withdrawals of dollars deposited in
Uruguayan banks, which led to a plunge in the Uruguayan peso and a
massive rise in unemployment. Total GDP in these four years dropped
by nearly 20%, with 2002 the worst year due to the banking crisis.
The unemployment rate rose to nearly 20% in 2002, inflation surged,
and the burden of external debt doubled. Cooperation with the IMF
helped stem the damage. Uruguay in 2007 improved its debt profile by
paying off $1.1 billion in IMF debt, and continues to follow the
orthodox economic plan set by the Fund in 2005. The construction of
a pulp mill in Fray Bentos, which represents the largest foreign
direct investment in Uruguay's history at $1.2 billion, came online
in November 2007 and is expected to add 1.6% to GDP and boost
already rising exports. The economy has grown strongly since 2004 as
a result of high commodity prices for Uruguayan exports, a strong
peso, growth in the region, and low international interest rates.
Uzbekistan
Uzbekistan is a dry, landlocked country of which 11%
consists of intensely cultivated, irrigated river valleys. More than
60% of its population lives in densely populated rural communities.
Uzbekistan is now the world's second-largest cotton exporter and
fifth largest producer; it relies heavily on cotton production as
the major source of export earnings. Other major export earners
include gold, natural gas, and oil. Following independence in
September 1991, the government sought to prop up its Soviet-style
command economy with subsidies and tight controls on production and
prices. While aware of the need to improve the investment climate,
the government still sponsors measures that often increase, not
decrease, its control over business decisions. A sharp increase in
the inequality of income distribution has hurt the lower ranks of
society since independence. In 2003, the government accepted Article
VIII obligations under the IMF, providing for full currency
convertibility. However, strict currency controls and tightening of
borders have lessened the effects of convertibility and have also
led to some shortages that have further stifled economic activity.
The Central Bank often delays or restricts convertibility,
especially for consumer goods. Potential investment by Russia and
China in Uzbekistan's gas and oil industry may boost growth
prospects. In November 2005, Russian President Vladimir PUTIN and
Uzbekistan President KARIMOV signed an "alliance," which included
provisions for economic and business cooperation. Russian businesses
have shown increased interest in Uzbekistan, especially in mining,
telecom, and oil and gas. In 2006, Uzbekistan took steps to rejoin
the Collective Security Treaty Organization (CSTO) and the Eurasian
Economic Community (EurASEC), both organizations dominated by
Russia. Uzbek authorities have accused US and other foreign
companies operating in Uzbekistan of violating Uzbek tax laws and
have frozen their assets.
Vanuatu
This South Pacific island economy is based primarily on
small-scale agriculture, which provides a living for 65% of the
population. Fishing, offshore financial services, and tourism, with
more than 60,000 visitors in 2005, are other mainstays of the
economy. Mineral deposits are negligible; the country has no known
petroleum deposits. A small light industry sector caters to the
local market. Tax revenues come mainly from import duties. Economic
development is hindered by dependence on relatively few commodity
exports, vulnerability to natural disasters, and long distances from
main markets and between constituent islands. In response to foreign
concerns, the government has promised to tighten regulation of its
offshore financial center. In mid-2002 the government stepped up
efforts to boost tourism through improved air connections, resort
development, and cruise ship facilities. Agriculture, especially
livestock farming, is a second target for growth. Australia and New
Zealand are the main suppliers of tourists and foreign aid.
Venezuela
Venezuela remains highly dependent on oil revenues, which
account for roughly 90% of export earnings, more than 50% of the
federal budget revenues, and around 30% of GDP. A nationwide strike
between December 2002 and February 2003 had far-reaching economic
consequences - real GDP declined by around 9% in 2002 and 8% in 2003
- but economic output since then has recovered strongly. Fueled by
high oil prices, record government spending helped to boost GDP in
2006 by about 9% and in 2007 by about 8%. This spending, combined
with recent minimum wage hikes and improved access to domestic
credit, has created a consumption boom but has come at the cost of
higher inflation-roughly 20 percent in 2007. Imports also have
jumped significantly. Embolden by his December 2006 reelection,
President Hugo CHAVEZ in 2007 nationalized firms in the petroleum,
communications, and electricity sectors, which reduced foreign
influence in the economy. Although voters in December 2007 rejected
CHAVEZ's proposed constitutional changes, CHAVEZ still has
significant control of the economy and has indicated he intends to
continue to consolidate and centralize authority over the economy by
implementing "21st Century Socialism."
Vietnam
Vietnam is a densely-populated developing country that in
the last 30 years has had to recover from the ravages of war, the
loss of financial support from the old Soviet Bloc, and the
rigidities of a centrally-planned economy. Economic stagnation
marked the period after reunification from 1975 to 1985. In 1986,
the Sixth Party Congress approved a broad economic reform package
that introduced market reforms and set the groundwork for Vietnam's
improved investment climate. Substantial progress was achieved from
1986 to 1997 in moving forward from an extremely low level of
development and significantly reducing poverty. The 1997 Asian
financial crisis highlighted the problems in the Vietnamese economy
and temporarily allowed opponents of reform to slow progress toward
a market-oriented economy. GDP growth averaged 6.8% per year from
1997 to 2004 even against the background of the Asian financial
crisis and a global recession. Since 2001, Vietnamese authorities
have reaffirmed their commitment to economic liberalization and
international integration. They have moved to implement the
structural reforms needed to modernize the economy and to produce
more competitive, export-driven industries. The economy grew 8.5% in
2007. Vietnam's membership in the ASEAN Free Trade Area (AFTA) and
entry into force of the US-Vietnam Bilateral Trade Agreement in
December 2001 have led to even more rapid changes in Vietnam's trade
and economic regime. Vietnam's exports to the US increased 900% from
2001 to 2007. Vietnam joined the WTO in January 2007, following over
a decade long negotiation process. WTO membership has provided
Vietnam an anchor to the global market and reinforced the domestic
economic reform process. Among other benefits, accession allows
Vietnam to take advantage of the phase-out of the Agreement on
Textiles and Clothing, which eliminated quotas on textiles and
clothing for WTO partners on 1 January 2005. Agriculture's share of
economic output has continued to shrink, from about 25% in 2000 to
less than 20% in 2007. Deep poverty, defined as a percent of the
population living under $1 per day, has declined significantly and
is now smaller than that of China, India, and the Philippines.
Vietnam is working to create jobs to meet the challenge of a labor
force that is growing by more than one-and-a-half million people
every year. In an effort to stem high inflation which took off in
2007, early in 2008 Vietnamese authorities began to raise benchmark
interest rates and reserve requirements. Hanoi is targeting an
economic growth rate of 7.5-8% during the next four years.
Virgin Islands
Tourism is the primary economic activity, accounting
for 80% of GDP and employment. The islands hosted 2.6 million
visitors in 2005. The manufacturing sector consists of petroleum
refining, textiles, electronics, pharmaceuticals, and watch
assembly. One of the world's largest petroleum refineries is at
Saint Croix. The agricultural sector is small, with most food being
imported. International business and financial services are small
but growing components of the economy. The islands are vulnerable to
substantial damage from storms. The government is working to improve
fiscal discipline, to support construction projects in the private
sector, to expand tourist facilities, to reduce crime, and to
protect the environment.
Wake Island
Economic activity is limited to providing services to
military personnel and contractors located on the island. All food
and manufactured goods must be imported.
Wallis and Futuna
The economy is limited to traditional subsistence
agriculture, with about 80% of labor force earnings from agriculture
(coconuts and vegetables), livestock (mostly pigs), and fishing.
About 4% of the population is employed in government. Revenues come
from French Government subsidies, licensing of fishing rights to
Japan and South Korea, import taxes, and remittances from expatriate
workers in New Caledonia.
West Bank
The West Bank - the larger of the two areas comprising the
Palestinian Authority (PA) - has experienced a general decline in
economic conditions since the second intifada began in September
2000. The downturn has been largely a result of Israeli closure
policies - the imposition of closures and access restrictions in
response to security concerns in Israel - which disrupted labor and
trading relationships. In 2001, and even more severely in 2002,
Israeli military measures in PA areas resulted in the destruction of
capital, the disruption of administrative structures, and widespread
business closures. International aid of at least $1.14 billion to
the West Bank and Gaza Strip in 2004 prevented the complete collapse
of the economy and allowed some reforms in the government's
financial operations. In 2005, high unemployment and limited trade
opportunities - due to continued closures both within the West Bank
and externally - stymied growth. Israel's and the international
community's financial embargo of the PA when HAMAS ran the PA during
March 2006 - June 2007 has interrupted the provision of PA social
services and the payment of PA salaries. Since June the Fayyad
government in the West Bank has restarted salary payments and the
provision of services but would be unable to operate absent high
levels of international assistance.
Western Sahara
Western Sahara depends on pastoral nomadism, fishing,
and phosphate mining as the principal sources of income for the
population. The territory lacks sufficient rainfall for sustainable
agricultural production, and most of the food for the urban
population must be imported. Incomes in Western Sahara are
substantially below the Moroccan level. The Moroccan Government
controls all trade and other economic activities in Western Sahara.
Morocco and the EU signed a four-year agreement in July 2006
allowing European vessels to fish off the coast of Morocco,
including the disputed waters off the coast of Western Sahara.
Moroccan energy interests in 2001 signed contracts to explore for
oil off the coast of Western Sahara, which has angered the
Polisario. However, in 2006 the Polisario awarded similar
exploration licenses in the disputed territory, which would come
into force if Morocco and the Polisario resolve their dispute over
Western Sahara.
World
Global output rose by 5.2% in 2007, led by China (11.4%),
India (9.2%), and Russia (8.1%). The 14 other successor nations of
the USSR and the other old Warsaw Pact nations again experienced
widely divergent growth rates; the three Baltic nations continued as
strong performers, in the 8%-10% range of growth. From 2006 to 2007
growth rates slowed in all the major industrial countries except for
the United Kingdom (3.1%). Analysts attribute the slowdown to
uncertainties in the financial markets and lowered consumer
confidence. Worldwide, nations varied widely in their growth
results. Externally, the nation-state, as a bedrock
economic-political institution, is steadily losing control over
international flows of people, goods, funds, and technology.
Internally, the central government often finds its control over
resources slipping as separatist regional movements - typically
based on ethnicity - gain momentum, e.g., in many of the successor
states of the former Soviet Union, in the former Yugoslavia, in
India, in Iraq, in Indonesia, and in Canada. Externally, the central
government is losing decisionmaking powers to international bodies,
notably the EU. In Western Europe, governments face the difficult
political problem of channeling resources away from welfare programs
in order to increase investment and strengthen incentives to seek
employment. The addition of 80 million people each year to an
already overcrowded globe is exacerbating the problems of pollution,
desertification, underemployment, epidemics, and famine. Because of
their own internal problems and priorities, the industrialized
countries devote insufficient resources to deal effectively with the
poorer areas of the world, which, at least from an economic point of
view, are becoming further marginalized. The introduction of the
euro as the common currency of much of Western Europe in January
1999, while paving the way for an integrated economic powerhouse,
poses economic risks because of varying levels of income and
cultural and political differences among the participating nations.
The terrorist attacks on the US on 11 September 2001 accentuated a
growing risk to global prosperity, illustrated, for example, by the
reallocation of resources away from investment to anti-terrorist
programs. The opening of war in March 2003 between a US-led
coalition and Iraq added new uncertainties to global economic
prospects. After the initial coalition victory, the complex
political difficulties and the high economic cost of establishing
domestic order in Iraq became major global problems that continued
through 2007.
Yemen
Yemen, one of the poorest countries in the Arab world,
reported average annual growth in the range of 3-4% from 2000
through 2007. Its economic fortunes depend mostly on declining oil
resources, but the country is trying to diversify its earnings. In
2006 Yemen began an economic reform program designed to bolster
non-oil sectors of the economy and foreign investment. As a result
of the program, international donors pledged about $5 billion for
development projects. In addition, Yemen has made some progress on
reforms over the last year that will likely encourage foreign
investment. Oil revenues probably increased in 2007 as a result of
higher prices.
Zambia
Zambia's economy has experienced modest growth in recent
years, with real GDP growth in 2005-07 between 5-6% per year.
Privatization of government-owned copper mines in the 1990s relieved
the government from covering mammoth losses generated by the
industry and greatly improved the chances for copper mining to
return to profitability and spur economic growth. Copper output has
increased steadily since 2004, due to higher copper prices and
foreign investment. In 2005, Zambia qualified for debt relief under
the Highly Indebted Poor Country Initiative, consisting of
approximately USD 6 billion in debt relief. Zambia experienced a
bumper harvest in 2007, which helped to boost GDP and agricultural
exports and contain inflation. Although poverty continues to be
significant problem in Zambia, its economy has strengthened,
featuring single-digit inflation, a relatively stable currency,
decreasing interest rates, and increasing levels of trade.
Zimbabwe
The government of Zimbabwe faces a wide variety of
difficult economic problems as it struggles with an unsustainable
fiscal deficit, an overvalued official exchange rate,
hyperinflation, and bare store shelves. Its 1998-2002 involvement in
the war in the Democratic Republic of the Congo drained hundreds of
millions of dollars from the economy. The government's land reform
program, characterized by chaos and violence, has badly damaged the
commercial farming sector, the traditional source of exports and
foreign exchange and the provider of 400,000 jobs, turning Zimbabwe
into a net importer of food products. The EU and the US provide food
aid on humanitarian grounds. Badly needed support from the IMF has
been suspended because of the government's arrears on past loans and
the government's unwillingness to enact reforms that would stabilize
the economy. The Reserve Bank of Zimbabwe routinely prints money to
fund the budget deficit, causing the official annual inflation rate
to rise from 32% in 1998, to 133% in 2004, 585% in 2005, passed
1000% in 2006, and 26000% in November 2007. Private sector estimates
of inflation in 2007 are well above 100,000%. Meanwhile, the
official exchange rate fell from approximately 1 (revalued)
Zimbabwean dollar per US dollar in 2003 to 30,000 per US dollar in
2007.
This page was last updated on 18 December 2008
======================================================================
@2117 Pipelines (km)
Afghanistan
gas 466 km (2007)
Albania
gas 339 km; oil 207 km (2007)
Algeria
condensate 1,532 km; gas 13,861 km; liquid petroleum gas
2,408 km; oil 6,878 km (2007)
Angola
gas 234 km; liquid petroleum gas 85 km; oil 896 km;
oil/gas/water 5 km (2007)
Argentina
gas 28,657 km; liquid petroleum gas 41 km; oil 5,607 km;
refined products 3,052 km; unknown (oil/water) 13 km (2007)
Armenia
gas 2,036 km (2007)
Australia
condensate/gas 469 km; gas 26,719 km; liquid petroleum gas
240 km; oil 3,720 km; oil/gas/water 110 km (2007)
Austria
gas 2,722 km; oil 663 km; refined products 157 km (2007)
Azerbaijan
gas 3,857 km; oil 2,436 km (2007)
Bahrain
gas 20 km; oil 52 km (2007)
Bangladesh
gas 2,644 km (2007)
Belarus
gas 5,250 km; oil 1,528 km; refined products 1,730 km (2007)
Belgium
gas 1,562 km; oil 158 km; refined products 535 km (2007)
Bolivia
gas 4,860 km; liquid petroleum gas 47 km; oil 2,475 km;
refined products 1,589 km; unknown (oil/water) 247 km (2007)
Brazil
condensate/gas 244 km; gas 12,070 km; liquid petroleum gas
351 km; oil 5,214 km; refined products 4,410 km (2007)
Brunei
gas 672 km; oil 463 km (2007)
Bulgaria
gas 2,500 km; oil 339 km; refined products 156 km (2007)
Burma
gas 2,790 km; oil 558 km (2007)
Cameroon
gas 27 km; liquid petroleum gas 5 km; oil 1,110 km (2007)
Canada
crude and refined oil 23,564 km; liquid petroleum gas 74,980
km (2006)
Chad
oil 250 km (2007)
Chile
gas 2,550 km; gas/liquid petroleum gas 42 km; liquid petroleum
gas 539 km; oil 1,002 km; refined products 757 km; unknown
(oil/water) 97 km (2007)
China
gas 26,344 km; oil 17,240 km; refined products 6,106 km (2007)
Colombia
gas 4,329 km; oil 6,140 km; refined products 3,145 km (2007)
Congo, Democratic Republic of the
gas 62 km; oil 71 km (2007)
Congo, Republic of the
gas 89 km; liquid petroleum gas 4 km; oil 758
km (2007)
Costa Rica
refined products 242 km (2007)
Cote d'Ivoire
condensate 102 km; gas 245 km; oil 112 km (2007)
Croatia
gas 1,556 km; oil 583 km (2007)
Cuba
gas 49 km; oil 230 km (2007)
Czech Republic
gas 7,010 km; oil 547 km; refined products 94 km
(2007)
Denmark
condensate 11 km; gas 4,073 km; oil 617 km; oil/gas/water 2
km (2007)
Ecuador
extra heavy crude oil 578 km; gas 71 km; oil 1,389 km;
refined products 1,185 km (2007)
Egypt
condensate 483 km; condensate/gas 74 km; gas 6,466 km; liquid
petroleum gas 957 km; oil 5,518 km; oil/gas/water 37 km; refined
products 895 km (2007)
Equatorial Guinea
condensate 42 km; condensate/gas 5 km; gas 80 km;
oil 54 km (2007)
Estonia
gas 859 km (2007)
Finland
gas 694 km (2007)
France
gas 14,665 km; oil 3,032 km; refined products 4,947 km (2007)
Gabon
gas 384 km; oil 1,427 km (2007)
Georgia
gas 1,591 km; oil 1,253 km (2007)
Germany
condensate 37 km; gas 25,094 km; oil 3,546 km; refined
products 3,828 km (2007)
Ghana
oil 13 km; refined products 316 km (2007)
Greece
gas 1,166 km; oil 94 km (2007)
Guatemala
oil 480 km (2007)
Hungary
gas 4,397 km; oil 990 km; refined products 335 km (2007)
India
condensate/gas 9 km; gas 7,488 km; liquid petroleum gas 1,861
km; oil 7,883 km; refined products 6,422 km (2007)
Indonesia
condensate 963 km; condensate/gas 81 km; gas 9,003 km; oil
7,471 km; oil/gas/water 77 km; refined products 1,365 km (2007)
Iran
condensate 7 km; condensate/gas 397 km; gas 19,161 km; liquid
petroleum gas 570 km; oil 8,438 km; refined products 7,936 km (2007)
Iraq
gas 2,250 km; liquid petroleum gas 918 km; oil 5,509 km;
refined products 1,637 km (2007)
Ireland
gas 1,855 km (2007)
Israel
gas 160 km; oil 442 km; refined products 261 km (2007)
Italy
gas 18,863 km; oil 1,258 km (2007)
Japan
gas 3,939 km; oil 170 km; oil/gas/water 104 km (2007)
Jordan
gas 426 km; oil 49 km (2007)
Kazakhstan
condensate 658 km; gas 11,082 km; oil 10,376 km; refined
products 1,095 km (2007)
Kenya
refined products 900 km (2007)
Korea, North
oil 154 km (2007)
Korea, South
gas 1,482 km; refined products 827 km (2007)
Kuwait
gas 269 km; oil 540 km; refined products 57 km (2007)
Kyrgyzstan
gas 254 km; oil 16 km (2007)
Laos
refined products 540 km (2007)
Latvia
gas 948 km; oil 82 km; refined products 415 km (2007)
Lebanon
gas 43 km (2007)
Libya
condensate 882 km; gas 3,425 km; oil 6,956 km (2007)
Liechtenstein
gas 20 km (2007)
Lithuania
gas 1,695 km; oil 228 km; refined products 121 km (2007)
Luxembourg
gas 155 km (2007)
Macedonia
gas 268 km; oil 120 km (2007)
Malaysia
condensate 282 km; gas 5,273 km; oil 1,750 km;
oil/gas/water 19 km; refined products 114 km (2007)
Mexico
gas 22,705 km; liquid petroleum gas 1,875 km; oil 8,688 km;
oil/gas/water 228 km; refined products 6,520 km (2006)
Moldova
gas 1,980 km (2007)
Morocco
gas 720 km; oil 439 km (2007)
Mozambique
gas 964 km; refined products 278 km (2007)
Netherlands
condensate 81 km; gas 7,394 km; oil 578 km; refined
products 716 km (2007)
New Zealand
condensate 331 km; gas 1,896 km; liquid petroleum gas
172 km; oil 288 km; refined products 260 km (2007)
Nicaragua
oil 54 km (2007)
Nigeria
condensate 124 km; gas 3,071 km; liquid petroleum gas 156
km; oil 4,347 km; refined products 3,949 km (2007)
Norway
condensate 508 km; gas 6,529 km; oil 2,444 km; oil/gas/water
457 km (2007)
Oman
gas 4,126 km; oil 3,558 km (2007)
Pakistan
gas 10,398 km; oil 2,076 km (2007)
Papua New Guinea
oil 264 km (2007)
Peru
gas 1,181 km; gas/liquid petroleum gas 61 km; liquid natural
gas 106 km; liquid petroleum gas 517 km; oil 1,749 km; refined
products 13 km (2007)
Philippines
gas 565 km; oil 135 km; refined products 105 km (2007)
Poland
gas 13,552 km; oil 1,384 km; refined products 777 km (2007)
Portugal
gas 1,098 km; oil 11 km; refined products 188 km (2007)
Qatar
condensate 322 km; condensate/gas 209 km; gas 1,970 km; liquid
petroleum gas 87 km; oil 741 km (2007)
Romania
gas 3,674 km; oil 2,424 km (2007)
Russia
condensate 122 km; gas 158,699 km; oil 72,347 km; refined
products 13,658 km (2007)
Saudi Arabia
condensate 212 km; gas 1,880 km; liquid petroleum gas
1,183 km; oil 4,521 km; refined products 1,148 km (2007)
Senegal
gas 43 km (2007)
Serbia
gas 1,921 km; oil 393 km (2007)
Singapore
gas 139 km; refined products 8 km (2007)
Slovakia
gas 6,769 km; oil 416 km (2007)
Slovenia
gas 840 km; oil 11 km (2007)
South Africa
condensate 100 km; gas 1,177 km; oil 992 km; refined
products 1,379 km (2007)
Spain
gas 7,858 km; oil 622 km; refined products 3,445 km (2007)
Sudan
gas 156 km; oil 4,070 km; refined products 1,613 km (2007)
Suriname
oil 50 km (2007)
Sweden
gas 798 km (2007)
Switzerland
gas 1,781 km; oil 94 km; refined products 7 km (2007)
Syria
gas 2,794 km; oil 2,000 km (2007)
Taiwan
condensate 25 km; gas 661 km (2007)
Tajikistan
gas 549 km; oil 38 km (2007)
Tanzania
gas 287 km; oil 891 km (2007)
Thailand
gas 4,381 km; refined products 320 km (2007)
Trinidad and Tobago
condensate 245 km; gas 1,320 km; oil 563 km
(2007)
Tunisia
gas 2,665 km; oil 1,235 km; refined products 353 km (2007)
Turkey
gas 7,511 km; oil 3,636 km (2007)
Turkmenistan
gas 6,441 km; oil 1,361 km (2007)