DEVELOPED ECONOMIES

country profile

australia
Key facts about Australia
Internationally Very rich in natural The world’s Main exports are Iron
competitive, advanced resources, energy largest Ore, Coal, Petroleum
market economy, and member and agriculture exporter Gas, Gold, and
of the Commonwealth of wool Aluminium Oxide

Experiences net Economy structure Challenges include ageing The driest inhabited
inwards FDI is agriculture: 3.6%, population, pressure on continentso therefore
infrastructure, and
(US$10.9 bn industry: 25.3%, environmental issues such as very vulnerable
in 2019) services: 71.2% floods, droughts, and bushfires to climate change

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $1.331 trn Unemployment 4.9%
Real GDP per capita $51,743 Average unemployment 2014-19 5.7%
Average real GDP growth 2014-19 2.48% Youth unemployment 10.7%
Trade Average youth unemployment 2014-19 12.54%
Trade balance (% of GDP) +4% Labour force participation rate 80.6%
Average trade balance 2014-19 (% of GDP) 0.125% Monetary policy
Chief trade partners China, Japan, US Base rate 0.1%
Fiscal policies Quantitative Easing to date $90.6 bn
Government spending this year $433.93 bn CPI Inflation rate 2.1%
Budget balance (% of GDP) -5.9% Average inflation 2014-19 1.78%
Government debt (% of GDP) 97% Healthcare
Average tax revenue (% of GDP) 2014-19 28% Healthcare as a percentage of government spending 2014-19 17.39%
Top rate of income tax 45% Private spending on healthcare per capita, PPP $1,453

Key micro and macro policies

Key goals for policy include creating jobs and rebuilding the economy, guaranteeing essential
services
The Australian government also aims to improve women’s safety and economic security, and
greater economic and environmental resilience
Key policy measures include personal income tax cuts, business tax incentives, new
apprenticeships and training places, more infrastructure
Policies will also focus on improving productivity, because of the link between productivity
and living standards
Record funding for schools, hospitals, aged care, mental health and the National Disability
Insurance Scheme.
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country profile

germany
Key facts about Germany
Europe’s Highly Leading exporter Significant Experiences
largest competitive in of machinery, vehicles, imports are cars, net inwards
economy manufacturing chemicals and medicines, and FDI ($700m
household equipment petroleum in 2020)

Economy structure Highly skilled Demographic Significant

is 0.7% agriculture, workforce challenge of low pressure on its
30.7% industry and fertility rates and welfare system
68.6% services high net immigation

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $3.806 bn Unemployment 3.7%
Real GDP per capita $53,812 Average unemployment 2014-19 4.03%
Average real GDP growth 2014-19 1.8% Youth unemployment 7.5%
Trade Average youth unemployment 2014-19 6.74%
Trade balance (% of GDP) 5.821% Labour force participation rate 84.4%
Average trade balance 2014-19 (% of GDP) 6.766% Monetary policy
Chief trade partners EU partners, US, China Base rate 0.0% (ECB rate)
Fiscal policies Quantitative Easing to date €1,850 bn
Government spending this year €413.4 bn CPI Inflation rate 2.5%
Budget balance (% of GDP) -5.4% Average inflation 2014-19 1.167%
Government debt (% of GDP) 75.32% Healthcare
Average tax revenue (% of GDP) 2014-19 37.82% Healthcare as a percentage of government spending 2014-19 19.63%
Top rate of income tax 45% Private spending on healthcare per capita, PPP $1,360

Key micro and macro policies

Large upcoming government investment initiative, with a focus on transport infrastructure and
digital infrastructure

Economic restructuring to be carried out with a climate-friendly approach

Support for artificial intelligence and digitalisation of the economy e.g. support for 5G and 6G
communication technology

Significant central government support for federal states in relation to childcare and education

Social insurance contributions are planned to remain stable despite sharp increases in social
spending
DEVELOPED ECONOMIES
country profile

japan
Key facts about Japan
Economic stagnation 2011 Japan’s Aging population: ‘Abenomics’: monetary Main exports are cars
in the 1990’s, and strongest-ever 34% of government easing, “flexible” and vehicle parts,
slow growth since earthquake destroyed spending is on social fiscal policy, and integrated circuits,
2000 many resources security structural reform personal appliances
of the economy and ships

Has few natural Japan was the first World’s highest public Economy structure
resources and is country to ratify debt: interest payments is agriculture: 1.1%,
dependent on imported the Trans Pacific on this debt account industry: 30.1%,
energy and raw Partnership for 24% of government services: 68.7%.
materials spending

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $5.065 trn Unemployment 3.0%
Real GDP per capita $42,939 Average unemployment 2014-19 2.95%
Average real GDP growth 2014-19 0.82% Youth unemployment 4.3%
Trade Average youth unemployment 2014-19 4.83%
Trade balance (% of GDP) 0.171% Labour force participation rate 8.6%
Average trade balance 2014-19 (% of GDP) 0.29% Monetary policy
Chief trade partners US, China, Australia, S Korea Base rate -0.1%
Fiscal policies Quantitative Easing to date in excess of $45 bn
Government spending this year €0.97 tn CPI Inflation rate 0.2%
Budget balance (% of GDP) -8.9% Average inflation 2014-19 0.82%
Government debt (% of GDP) 233.7% Healthcare
Average tax revenue (% of GDP) 2014-19 31.02% Healthcare as a percentage of government spending 2014-19 23.65%
Top rate of income tax 45% Private spending on healthcare per capita, PPP $716

Key micro and macro policies

Aiming for a budget surplus to tackle the huge public debt

Key reforms to the fiscal system include raising sales taxes from 8% to 10%

Focus for spending is on 4 key areas: digital transformation, a greener society, the revival
of regions and childcare support to cope with the fast-ageing population
Improving economic relations and diplomacy with the US, to help counteract the rising
economic power of China
Japan is continually updating its immigration policy to allow workers with relevant skills into
the country, to help tackle the impact of ageing population
DEVELOPED ECONOMIES
country profile

norway
Key facts about Norway
Has a large state A member of Abundant natural The world’s second Has the world’s
sector, and an the European resources: oil and largest exporter largest sovereign
wealth fund to save
extensive social Economic Area, gas, fish, forests, of seafood, after revenue from state
safety net but not the EU and minerals China oil resources

Domestic electricity Exports are Significant imports Economy structure

production relies petroleum and cars, refined petroleum, is agriculture: 2.3%,
broadcasting industry: 33.7%,
almost entirely on natural gas, fish, equipment and
hydropower and aluminum services: 64%.
natural gas

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $362 bn Unemployment 4.9%
Real GDP per capita $63,293 Average unemployment 2014-19 4.07%
Average real GDP growth 2014-19 1.77% Youth unemployment 11.5%
Trade Average youth unemployment 2014-19 10.05%
Trade balance (% of GDP) -0.589% Labour force participation rate 83.4%
Average trade balance 2014-19 (% of GDP) 4.65% Monetary policy
Chief trade partners EU, UK, US Base rate 0.0%
Fiscal policies Quantitative Easing to date $0
Government spending this year $171 bn CPI Inflation rate 2.9%
Budget balance (% of GDP) -1.0% Average inflation 2014-19 2.48%
Government debt (% of GDP) 53.5% Healthcare
Average tax revenue (% of GDP) 2014-19 39% Healthcare as a percentage of government spending 2014-19 17.44%
Top rate of income tax 22% Private spending on healthcare per capita, PPP $1,000

Key micro and macro policies

“Fiscal rule” limits spending of state revenues from oil and fund investments so that it must
equal the expected real rate of return on the sovereign wealth fund

The fund announced its first investment in renewable energy infrastructure in 2021
Other key areas for policy include immigration and integration of ethnic minorities, maintaining
the country’s extensive social safety net with an ageing population, and preserving
economic competitiveness
Norway continues to be one of the world’s top 6 foreign aid donors, and has pledged to
continue with its international spending

Broad policy theme of diversifying the economy, to reduce reliance on oil and gas
DEVELOPED ECONOMIES
country profile

singapore
Key facts about Singapore
A tiny former Imports all Southeast Major goods exports: Significant imports
colony, now resources, Asia’s leading electronics, petroleum are integrated
independent with products, chemicals, circuits, unrefined
one of the world’s including water financial and medical devices, petroleum, gold,
busiest ports and food technology hub pharmaceuticals gas turbines

Experiences net Economy structure Household Challenges are

inwards FDI ($718 bn is 0.0% agriculture, consumption is only dependence on foreign
in 2019) 24.8% industry and 35% of GDP, while labour and an ageing
75.2% services Exports is 173% population

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $339 bn Unemployment 2.9%
Real GDP per capita $101,280 Average unemployment 2014-19 4.35%
Average real GDP growth 2014-19 2.83% Youth unemployment 10.6%
Trade Average youth unemployment 2014-19 10.13%
Trade balance (% of GDP) 31.19% Labour force participation rate 68.04%
Average trade balance 2014-19 (% of GDP) 26.73% Monetary policy
Chief trade partners China, Malaysia, US Base rate 5.25%
Fiscal policies Quantitative Easing to date $73.6 bn (Oct 2020)
Government spending this year $75.26 bn CPI Inflation rate 1.8%
Budget balance (% of GDP) -4.4% Average inflation 2014-19 0.27%
Government debt (% of GDP) 109% Healthcare
Average tax revenue (% of GDP) 2014-19 13.3% Healthcare as a percentage of government spending 2014-19 15.28%
Top rate of income tax 22% Private spending on healthcare per capita, PPP $2,204

Key micro and macro policies

Very open trade policy due to need for imports, resulting in key focus on trade for GDP growth

The exchange rate is the main tool of monetary policy - more effective to maintain focus on
trade than base rates
Significant government spending to support digital industries with education, management and
infrastructure
Green Plan 2030 targets electric vehicles, rising petrol duty and government Green Bonds for
infrastructure

Management of mix of local and foreign workers

DEVELOPED ECONOMIES
country profile

SOUTH KOREA
Key facts about South Korea
Rapid real GDP Major firms Daewoo, GDP remains Major goods exports: Significant imports
growth since Hyundai, and reliant on exports integrated circuits, arecrude petroleum,
1960 averaging Samsung are rather than cars and vehicle parts, integrated circuits,
family- owned refined petroleum, natural gas, coal
7.9% p.a. ‘chaebols’ consumption ships, office machinery

Experiences Economy structure Challenges are slower Also suffers rising

net outwards FDI is agriculture 2.2%, growth, inflexible labour inequality, poverty
($23mn in 2019) industry: 39.3%, market, dominance of among the elderly and
services: 58.3% the chaebols low productivity

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $1.483 trn Unemployment 3.80%
Real GDP per capita $43,058 Average unemployment 2014-19 3.75%
Average real GDP growth 2014-19 2.8% Youth unemployment 3.94%
Trade Average youth unemployment 2014-19 3.68%
Trade balance (% of GDP) 3.7% Labour force participation rate 75.5%
Average trade balance 2014-19 (% of GDP) 5.1% Monetary policy
Chief trade partners China, US, Vietnam, Japan Base rate 0.5%
Fiscal policies Quantitative Easing to date $4.5 billion–6.2 billion
Government spending this year $490 bn CPI Inflation rate 2.0%
Budget balance (% of GDP) -5.4% Average inflation 2014-19 1.15%
Government debt (% of GDP) 46.7% Healthcare
Average tax revenue (% of GDP) 2014-19 25.23% Healthcare as a percentage of government spending 2014-19 14%
Top rate of income tax 45% Private spending on healthcare per capita, PPP $1,335

Key micro and macro policies

From 1960 growth policies encouraged saving and investment over consumption, kept wages
low, and directed resources to export-oriented industries
Recent restructuring of some chaebols, improving labour market flexibility, and opening up to
more foreign investment and imports
South Korea is a key development partner of the World Bank Group, helping developing econo-
mies with sustainable growth
The World Bank Group Korea Office is becoming a global hub for innovation and technology
for sustainable development
Fiscal focus on economic turnaround, developing future growth engines, stronger social safety
nets, greater safety and quality of life
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country profile

United kingdom
Key facts about the United Kingdom
A leading trading Comparative Left the EU Major goods exports: Significant imports are
power and financial advantage in (Brexit) in Jan cars, gas turbines, gold, cars, crude and
centre, and the third banking, insurance, gold, crude refined petroleum,
2020 broadcasting
largest economy and business petroleum, packaged
in Europe services medicines equipment

Experiences net Economy structure A global leader Challenges are low

outwards FDI is agriculture: 0.7%, in renewable productivity, high
($13.69 bn in 2019) industry: 20.2%, energy government debt
services: 79.2% investment and outocmes
of Brexit

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $2.708 trn Unemployment 4.7%
Real GDP per capita $44,929 Average unemployment 2014-19 4.75%
Average real GDP growth 2014-19 1.88% Youth unemployment 13.5%
Trade Average youth unemployment 2014-19 13.41%
Trade balance (% of GDP) -0.36% Labour force participation rate 82.6%
Average trade balance 2014-19 (% of GDP) -0.95% Monetary policy
Chief trade partners EU, US, China Base rate 0.1%
Fiscal policies Quantitative Easing to date $1,221 bn
Government spending this year $1,625 bn CPI Inflation rate 3.1%
Budget balance (% of GDP) -10.8% Average inflation 2014-19 1.53%
Government debt (% of GDP) 144% Healthcare
Average tax revenue (% of GDP) 2014-19 32.65% Healthcare as a percentage of government spending 2014-19 19.2%
Top rate of income tax 45% Private spending on healthcare per capita, PPP $987

Key micro and macro policies

Planned government spending of £118.8 billion on capital investment (such as roads and
buildings)

Personal taxes frozen; plans to use rises in Corporation Tax to begin to reduce budget deficit

The Bank of England has signalled its intention to keep monetary policy very steady, with no
significant changes to the inflation target or the base rate of interest

Incentives to business for investment through tax benefits, and for apprenticeship schemes
Policies used to develop competitive advantage in the ‘green’ economy: “The Ten Point Plan for
a Green Industrial Revolution” including commitment to 250 000 jobs and a carbon-neutral
economy by 2050
DEVELOPED ECONOMIES
country profile

USA
Key facts about the USA
The world’s The economy is In recent years the Major goods exports: Significant imports:
largest mostly based on US has engaged in crude petroleum, cars, crude oil,
a trade war with cars and vehicle parts, computers, broadcasting
economy free market ideals equipment, packaged
and policies China and other integrated circuits,
competitiors aircraft medicines

In 2020, inward Economy structure Many in the labour Other challenges

FDI of $118 bn is agriculture: 0.9%, market lack the are ageing
equalled industry: 19.1%, education and skills infrastructure, high
outward FDI services: 80% of those at the top medical and
pension costs

Key macroeconomic data (figures from July 2021)

GDP Unemployment
Real GDP $20.937 trn Unemployment 5.9%
Real GDP per capita $63,415 Average unemployment 2014-19 4.73%
Average real GDP growth 2014-19 2.42% Youth unemployment 15.06%
Trade Average youth unemployment 2014-19 10.26%
Trade balance (% of GDP) -2.85% Labour force participation rate 77.2%
Average trade balance 2014-19 (% of GDP) -2.86% Monetary policy
Chief trade partners Canada, Mexico, China, Japan Base rate 0.25%
Fiscal policies Quantitative Easing to date $8.1 trn
Government spending this year $10.3 trn CPI Inflation rate 5.4%
Budget balance (% of GDP) -13.5% Average inflation 2014-19 1.55%
Government debt (% of GDP) 160% Healthcare
Average tax revenue (% of GDP) 2014-19 25.6% Healthcare as a percentage of government spending 2014-19 22.5%
Top rate of income tax 37% Private spending on healthcare per capita, PPP $5,268

Key micro and macro policies

Biden’s proposals include delivery of clean drinking water, a renewed electric grid, and high-
speed broadband to all Americans
Other key aims include modernising schools and child care facilities, revitalising manufacturing,
and creating good-quality jobs in modern environments
The American Families Plan aims to add at least four years of free public education and close equity
gaps; the US government has also voted to pay Child Benefit for the first time, of $300 per month

There are also plans to support child care, paid leave, nutrition and healthy food incentives,
and to extend tax cuts for families with children and American workers

The US President is campaigning to double the national minimum wage

DEVELOPing ECONOMIES
country profile

senegal
Key facts about Senegal

• Listed by the UN as one of the world’s least developed economies

• Moved from ‘low income’ to ‘lower-middle income’ in 2019
• Listed as ‘heavily indebted poor country’ (HIPC)
• Services remain the main contributor to GDP, and the primary sector (agriculture, in
particular) is the most dynamic engine of growth
• Oil and gas developments have been delayed due to the global health crisis and are not
expected to contribute to revenues and exports before 2035
• The pandemic has significantly changed the country’s economic outlook; it is estimated
that growth fell by 0.7% in 2020, setting back services (tourism and transport) and
exports
• A vulnerable health care system, and a large informal sector pose challenges
• The significant crowding in of private investment is central to increasing Senegal’s
productive capacity and supporting export growth

Development Challenges
Improving resilience to fiscal, Enhancing competitiveness and job Boosting and
environmental, and social risks in creation by improving digital and protecting human
order to safeguard investments in physical connectivity at the national capital for
human capital and household and regional levels, and increasing productivity
livelihoods the efficiency of labour markets growth

fact box
Location West Africa HDI 0.512
Population 15,854,323 (2018) Capital Dakar
GDP (nominal) $28.02 billion Main Export Oil
GDP per capita (PPP) $3,675 Main Import Fuel
Gini 40.3 Currency West African CFA Franc (XOF)

2015 2016 2017 2018 2019 2020 2021

% change in 6.4 6.2 6.7 6.2 6.7 6.9 7.4
real GDP
Inflation rate 0.1 0.8 1.3 0.5 1.3 1.9 2.5
%
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country profile

Rwanda
Key facts about Rwanda

• With support from the IMF and the World Bank, Rwanda has made important economic
and structural reforms and sustain its economic growth rates over the last decade
• Rwanda aspires to reach Middle Income Country (MIC) status by 2035 and High-Income
Country (HIC) status by 2050
• The economic boom preceding the pandemic was driven mostly by large public
investments (12.3% of GDP) for implementation of the National Strategy of Transformation.
Strong growth was expected to continue in 2020
• Strong economic growth was accompanied by substantial improvements in living
standards and a 65% drop in child mortality

Development Challenges
Rwanda’s public-sector led development Debt-to-GDP ratio Low domestic savings,
model has shown limitations, as public debt rose to 56.7% in skills, and the high cost
has increased significantly in recent years, 2019 (from 19.4% of energy are some of the
leading to substantial fiscal deficits financed in 2010) major constraints to private
mainly through external borrowing investment

Promoting domestic savings The poverty reduction momentum has weakened in recent years, increasing
is viewed as critical. Inclusive the urgency to design a medium-term public investment strategy to
growth also remains a critical achieve a more efficient allocation of resources geared toward projects
challenge critical for broad-based and inclusive economic recovery following the
pandemic

fact box
Location Southern Africa HDI 0.543
Population 12,374,397 (2019) Capital Kigali
GDP (nominal) $11.061 billion Main Export Coffee
GDP per capita (PPP) $873 Main Import Food products
Gini 43.7 Currency Rwandan Franc (RWF)

2015 2016 2017 2018 2019 2020 2021

% change in 8.9 6.0 6.1 8.6 7.4 7.3 7.1
real GDP
Inflation rate 2.5 7.2 8.3 -0.3 2.3 5.3 5.3
%
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country profile

botswana
Key facts about Botswana

• One of the world’s poorest countries at independence in 1966, it rapidly became one of the
world’s development successes
• Significant mineral (diamond) wealth, good governance, prudent economic management
and a relatively small population of slightly more than two million, have made it an upper
middle-income country with a transformation agenda of becoming a high-income country
by 2036
• However, export dependency on diamonds has slowed growth due to diamond market
volatility due to growing competition from synthetic diamonds
• Reduced export revenue, tourism exports and high public sector wage bills have caused
fiscal deficits of 11.3% in 2020/21

Development Challenges
There is an urgent need to increase the range of Continuing to improve living standards and poverty
exports and income streams to fund future reduction through a combination of increasing
development agricultural incomes, including subsidies

Continuing to reduce inequality through regional convergence due to fast Controlling unemployment
growth in rural areas and improving the quality of infrastructure (water which stands at 24.5% with youth
and electricity), essential basic services (education, health, and social unemployment (32.4%) posing
safety nets), as well as accelerating reforms to the business environment a critical challenge
and effective support for entrepreneurship

fact box
Location East Africa HDI 0.735
Population 2,254,068 Capital Gaborone
GDP (nominal) $17.197 billion Main Export Diamonds
GDP per capita (PPP) $18,113 Main Import Fuel
Gini 53.3 Currency Pula

2015 2016 2017 2018 2019 2020 2021

% change in real -1.7 4.3 2.9 4.5 4.0 3.2 4.9
GDP
Inflation rate % 3.1 2.8 3.3 3.2 3.8 3.7 4.3

Unemployment rate % 18.0 17.7 17.7 17.8 17.8 24.5

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country profile

vietnam
Key facts about Vietnam

• Economic and political reforms since 1986 have transformed one of the world’s poorest nations
into a lower middle-income country, lifting 45 million people out of poverty
• GDP grew by 2.9 percent in 2020, one of the few countries in the world to do so during the
pandemic due to export orientated manufacturing and robust domestic demand
• 55.5 percent of the population is under 35 years of age but the population is rapidly ageing. And
Vietnam’s emerging middle class, currently accounting for 13 percent of the population, is
expected to reach 26 percent by 2026
• Rapid growth and industrialisation have had detrimental impacts on the environment and natural
assets: electricity consumption has tripled over the past decade; reliance on fossil fuels, the
power sector itself accounts for nearly two-thirds of the country’s greenhouse gas emissions

Development Challenges
There is an urgent need to accelerate the clean Exploitation of natural assets such as sand, fisheries,
energy transition and demand for water continues and timber could negatively affect prospects for
to increase, while water productivity is low long-term growth

Pollution is a critical problem: marine plastics from The government is working to lower the environmental
the Mekong river, air pollution and water pollution all footprint of the country’s growth and adapt to climate
have significant costs on productivity of key sectors change. Key strategies and plans to stimulate green
and human health. Much of Vietnam’s population growth and sustainable use of its natural assets are
and economy is highly vulnerable to climate impacts in place

fact box
Location East Asia HDI 0.704
Population 96,208,984 (2019) Capital Hanoi
GDP (nominal) $340.602 billion Main Export Electronic products
GDP per capita (PPP) $10,755 Main Import Computers
Gini 35.7 Currency Dong (VND)

2015 2016 2017 2018 2019 2020 2021

% change in real 6.7 6.2 6.8 7.1 6.9 6.6 6.5
GDP
Inflation % change 0.9 3.2 3.5 3.5 2.6 3.0 3.2

Unemployment rate % 2.1 2.1 2.1 1.9 1.8

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country profile

Dominican Republic
Key facts about Dominican Republic

• Tourism, remittances, foreign direct investment, mining revenues, free-trade zones, and
telecommunications have helped make the DR one of the fastest-growing economies in
the Latin America and the Caribbean (LAC) region
• DR has an ambition of achieving high-income status by 2030
• The COVID-19 pandemic caused its first recession in nearly 17 years, with especially
negative implications for poor households, women and informal workers
• Over the past decade, economic growth in the DR has substantially reduced poverty rates
and supported the expansion of the middle class, however disparities in access to
economic opportunities and public services remain deep

Development Challenges
Poverty rates are persistently Investment in human capital will be vital: the 2020 Human Capital
high in rural areas, and Index estimates that a child born in the DR today will be only half
women face disproportionate as productive over her lifetime as she would have been had she
challenges nationwide received a complete education and proper healthcare

The DR has made great strides in expanding access to education The DR remains at high risk
and healthcare, but the uneven quality of these services remains from hurricanes, flooding,
a major obstacle to broad-based economic growth and human and other extreme weather
capital development events

fact box
Location Central America HDI 0.756
Population 10,878,246 (2018) Capital Santa Domingo
GDP (nominal) $96.291 billion Main Export Ferronickel
GDP per capita (PPP) $20,625 Main Import Fuel
Gini 43.7 Currency Dominican peso

2015 2016 2017 2018 2019 2020 2021

% change in real 6.9 67 4.7 7.0 4.8 4.7 4.5
GDP
Inflation rate % 0.8 1.6 3.3 3.6 1.4 2.2 2.9

Unemployment % 7.9 7.9 6.1 6.1 5.9

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country profile

Guyana
Key facts about Guyana

• GDP growth for 2020 was forecasted to be 85.6%, however Covid 19 reduced this figure
to 30.9%
• Guyana is a middle-income country and has one of the highest emigration rates in the world
• Guyana is covered with dense forests, and is home to fertile agricultural lands and
abundant natural resources: gold, bauxite, sugar, rice, timber, and shrimp are among its
leading exports
• Guyana is among the top 20 largest oil and gas reserve holders in the world and is projected
to be among the world’s largest per capita oil producers by 2025
• In recent years, Guyana has been the subject of several huge oil discoveries: around nine
billion barrels of oil is recoverable

Development Challenges
Controlling emigration rates – roughly half of To manage the expected resource windfall, Guyana
nationals with tertiary education leave Guyana needs to improve the quality and capacity of public
and more than 39% of its citizens reside and private institutions; make revenue collection and
abroad– making it among the largest recipients management more efficient and transparent; and adopt
of remittances relative to GDP in this area sound macroeconomic and fiscal management policies

As the government begins to develop the oil and gas sector, Human development is needed to raise
ensuring governance mechanisms that adhere to international literacy and numeracy rates among
environmental and social standards is critical to avoid many young learners to improve labour
of the issues resource-rich countries have faced productivity rates

fact box
Location South America HDI 0.682
Population 743,700 (2019) Capital Georgetown
GDP (nominal) $6.806 billion Main Export Sugar
GDP per capita (PPP) $17,359 Main Import Fuel
Gini 44.6 Currency Guyanese dollar

2015 2016 2017 2018 2019 2020 2021

% change in 3.1 3.4 2.2 4.1 4.5 30.9 17.0
real GDP
Inflation rate -1.0 0.8 1.9 1.2 0.3 2.4 3.4
%
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country profile

Central African
Republic
Key facts about Central African Republic

• CAR is one of the poorest and most fragile countries in the world despite its abundant
natural resources
• CAR ranks at the bottom of the human capital and human development indices
• Institutions are weak, citizens have limited access to basic services, the infrastructure is
woefully inadequate, and gender-based violence (GBV) is widespread
• sound performance of the agricultural sector helped reduce the downturn in economic
activity in 2020

Development Challenges
Poverty remains high and projections suggest It is expected that in 2021, 2.8 million Central
that roughly 71% of the population was living Africans—more than half of the country’s
below the international poverty line ($1.90 per population—will need humanitarian assistance,
day, in terms of PPP) in 2020 with 1.9 million people in acute need

Maternal mortality is among the world’s highest (882 per The Central African Republic has one
100, 000 live births), while the under-five child mortality of the lowest education and gender
rate is the sixth highest in the world, with 116 out of every equality indicators in the world, and
1,000 children dying before their fifth birthday (UNICEF, life expectancy is just 53 years
2020), highlighting the severity of the health situation

fact box
Location Central Africa HDI 0.397
Population 4,666,368 (2018) Capital Bangui
GDP (nominal) $2.321 billion Main Export Timber
GDP per capita (PPP) $823 Main Import Refined petroleum
Gini 56.3 Currency Central African fra

2015 2016 2017 2018 2019 2020 2021

% change in 4.3 4.8 4.5 3.8 4.6 4.8 4.9
real GDP
Inflation rate 37.1 4.6 4.1 3.0 1.1 0.1 -0.1
%
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country profile

PERU
Key facts about Peru

• Over the past decade, Peru has been one of the region’s fastest-growing economies, with
an average growth rate 5.9 percent in a context of low inflation (averaging 2.9 percent)
• Prudent macroeconomic policies and structural reforms in different areas created a
scenario of high growth and low inflation
• Classified by the World Bank as an upper middle income economy, it derives income from
tourism and the Amazon Rainforest
• In response to Covid, the government launched a global program of economic
compensation and aid to protect the vulnerable population and support businesses, which
includes cash transfers, postponement of tax payments and credit guarantees for the
private sector, mobilising resources equivalent to 20 percent of GDP

Development Challenges
GDP growth needs to be accelerated, The government must strengthen provision of public services
promoting shared prosperity, and providing and regulatory quality, generate protection plans, provide
citizens with protection against external improved connectivity infrastructure and formulate policies
shocks to reduce rigidities in factor and product markets

The public deficit increased to 8.9 Healthcare expenditures, social transfers and payroll subsidies,
percent in 2020, from 1.6 percent estimated at 7 percent of GDP, raised government expenditures causing
the previous year, after revenues public debt to reach 35 percent of GDP by the end of 2020, above the
fell dramatically legal limit of 30 percent

fact box
Location Latin America HDI 0.777
Population 32,824,358 (2020) Capital Lima
GDP (nominal) $195.761 billion Main Export Copper
GDP per capita (PPP) $11,516 Main Import Raw materials for industry
Gini 41.5 Currency Sol

2015 2016 2017 2018 2019 2020 2021

% change in real 3.3 6.0 5.5 6.0 4.3 3.2 3.5
GDP
Inflation rate % 3.6 3.6 2.8 1.3 1.4 1.6 1.9

Unemployment rate % 4.4 5.2 5.0 4.8 6.2