Portal:Business and Economics/Selected economy
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India's economic reforms economy is the fourth largest in the world as measured by purchasing power parity (PPP), with a gross domestic product (GDP) of US $3.611 trillion.[1] India is the second fastest growing major economy in the world, with a GDP growth rate of 8.4%[2] at the end of the first quarter of 2005–2006.
The economy is diverse and encompasses agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and are playing an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global companies for the outsourcing of their customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering.
India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate.
Libya's socialist-oriented economy depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa.
Current GDP per capita of Libya soared by 676% in the Sixties and further 480% in the Seventies. However such fantastic growth rates proved unsustainable in the face of global oil recession and international sanctions. Consequently current GDP per capita shrank by 42% in the Eighties. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the Nineties.
The government dominates Libya's socialist-oriented economy through complete control of the country's oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and 30% of the gross domestic product. Oil revenues constitute the principal source of foreign exchange. Much of the country's income has been lost to waste, corruption, conventional armaments purchases, and attempts to develop weapons of mass destruction, as well as to large donations made to developing countries in attempts to increase Qadhafi's influence in Africa and elsewhere. Despite the country's relatively high per capita GDP, the government's mismanagement of the economy has led to high inflation and increased import prices, resulting in a decline in the standard of living.
The economy of the Republic of Ireland is modern, relatively small, and trade-dependent with growth averaging a robust 10% in 1995–2000 (a more modest growth of 4.9% in 2005 est.). Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 46% of GDP, about 80% of exports, and employs 29% of the labour force. Although exports remain the primary engine for the Republic's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Inflation stands at 2.3% as of 2005, but this is only a recent recovery from rates of between 4% and 5%. House price inflation has been a particular economic concern (average house price was €255,776 in February 2005 [1]) as well as service charges (utilities, insurance, healthcare, legal representation, etc.). Dublin, the nation's capital, was ranked 22nd in a worldwide cost of living survey in 2004 [2] - a rise of two places on 2003. Ireland has been reported to be the Second richest country in the EU (if not Europe) next to Luxembourg.
See also: Economic history, Transportation, Rail transport, Roads, Communications, Taxation, Health care, Education, Central Bank
