Economic overview

This entry briefly describes five economic components for a given country:

* National Economy, including a brief economic history;

* Domestic Markets, including labor and wage markets, as well as brief commentary on economic sector portfolios;

* Financial Power and Public Finance, including brief discussions of financial market strengths and security, lending/exchange rates (especially if abnormalities exist), and foreign direct investments;

* Trade Power and Influence, including brief commentary on chief imports and exports; and

* Regional Strategy and Efforts, including key partners, regional economic development efforts, and any underlying economic data integrity concerns.

• Afghanistan

  extremely low-income South Asian economy; import drops, currency depreciation, disappearing central bank reserves, and increasing inflation after Taliban takeover; increasing Chinese trade; hit hard by COVID; ongoing sanctions

• Albania

  future hopeful EU member state; oil and gas exporter but investing toward a “blue economy”; COVID-19 and earthquake economic disruptions and declines; experiencing high debt and account balances; strengthening private sector growth and public sector trust

• Algeria

  suffering oil and gas economy; lack of sector and market diversification; political instability chilling domestic consumption; poor credit access and declines in business confidence; COVID-19 austerity policies; delayed promised socio-economic reforms

• American Samoa

  tourism, tuna, and government services-based territorial economy; sustained economic decline; vulnerable tuna canning industry; large territorial government presence; minimum wage increases to rise to federal standards by 2036

• Andorra

  high GDP; low unemployment; non-EU Euro user; co-principality duty-free area between Spain and France; tourist hub but hit hard by COVID-19; modern, non-tax haven financial sector; looking for big tech investments; new member of SEPA and IMF

• Angola

  African oil leader and OPEC member; fairly stable currency; widespread poverty; emerging African finance and investment capital; systemic public corruption and lack of oversight; massive foreign direct investment recipient

• Anguilla

  small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery

• Antigua and Barbuda

  dual island-tourism and construction-driven economy; emerging “blue economy”; limited water supply and susceptibility to hurricanes limit activity; improving road infrastructure; friendly to foreign direct investment; looking at financial innovation in cryptocurrency and blockchain technologies

• Argentina

  large diversified economy; financial risks from debt obligations, rapid inflation, and reduced investor appetites; resource-rich, export-led growth model; increasing trade relations with China; G20 and OAS leader; tendency to nationalize businesses and under-report inflation

• Armenia

  EEU-and CIS-member state but seeking more EU and US trade; business-friendly growth environments; stable monetary regime but vulnerable demand economy; key copper and gold exporter; persistent unemployment; large diaspora and remittances

• Aruba

  small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery

• Australia

  Asian and global economic leader and partner for 3 decades; strong financial sector and highly traded domestic currency support best credit ratings; aging workforce; export-led model; reduced consumer spending offset by government and business; energy investor

• Austria

  one of the strongest EU and euro economies; diversified trade portfolios and relations; enormous trade economy; Russian energy dependence, but investing in alternative energy; aging labor force but large refugee population; large government debt

• Azerbaijan

  oil-based economy; macroeconomic instabilities due to demand shocks; recent state bailout of largest lender; potential economic gains from Nagorno-Karabakh conflict; negatively impacted by COVID-19; investing in human capital to diversify and retain younger generation

• Bahamas, The

  high-income tourism and financial services economy; major income inequality; strong US bilateral relations; several tax relief programs; targeted investment in agriculture, energy, light manufacturing, and technology industries

• Bahrain

  heavily dependent oil/gas economy, has suffered due to lower prices and COVID-19 demand reductions; diversification struggles driven by unemployment and low-skilled labor force; deployed fiscal balancing efforts; emerging tourism industry hit hard by COVID-19 disruptions

• Bangladesh

  one of the fastest growing economies; significant poverty reduction; COVID-19 adversely impacted female labor force participation and undermined previously stable financial conditions; looking to diversify beyond clothing industry; fairly low government debt; new taxation law struggling to increase government revenues

• Barbados

  largest Eastern Caribbean economy; dependent on US imports and currency strength; high Human Development Index; key tourism and financial sectors; declining but still very high public debt; cost-of-living and cost competitiveness vulnerabilities

• Belarus

  declining Russian energy subsidies will end in 2024; growing public debt; strong currency pressures have led to higher inflation; recent price controls on basic food and drugs; public sector wage increases and fragile private sector threaten household income gains and economic growth

• Belgium

  high income economy with strong but moderate growth; high public debt; aging labor force; low labor force participation of low-skilled, migrant, and older workers; strong welfare system; high congestion; complex business permitting and judicial systems

• Belize

  tourism- and agriculture-driven economy; strong post-pandemic rebound; innovative and ecological bond restructuring that significantly lowered public debt and expanded marine protections; central bank offering USD-denominated treasury notes; high mobility across borders

• Benin

  robust economic growth; slightly declining but still widespread poverty; strong trade relations with Nigeria; cotton exporter; COVID-19 has led to capital outflows and border closures; WAEMU member with currency pegged to the euro; recent fiscal deficit and debt reductions

• Bermuda

  small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area

• Bhutan

  hydropower investments spurring economic development; Gross National Happiness economy; sharp poverty declines; low inflation; strong monetary and fiscal policies; stable currency; fairly resilient response to COVID-19; key economic and strategic relations with India; climate vulnerabilities

• Bolivia

  resource-rich economy benefits during commodity booms; has bestowed juridical rights to Mother Earth, impacting extraction industries; increasing Chinese lithium mining trade relations; hard hit by COVID-19; increased fiscal spending amid poverty increases; rampant banking and finance corruption

• Bosnia and Herzegovina

  import-dominated economy; remains consumption-heavy; lack of private sector investments and diversification; jointly addressing structural economic challenges; Chinese energy infrastructure investments; high unemployment; tourism industry impacted by COVID-19

• Botswana

  good economic governance and financial management; diamond-driven growth model declining; rapid poverty reductions; high unemployment, particularly among youth; COVID-19 sharply contracted the economy and recovery is slow; public sector wages have posed fiscal challenges

• Brazil

  industrial-led economic growth model; recovering from 2014-2016 recession when COVID-19 hit; industry limited by Amazon rainforest but increasing deforestation; new macroeconomic structural reforms; high income inequality; left UNASUR to join PROSUR

• British Indian Ocean Territory

  small island territory economy; economic activity mainly on Diego Garcia with national military installations; recently settled disputes with Mauritius have increased oil exports; established marine reserve has limited commercial fishing

• British Virgin Islands

  British Caribbean island territorial economy; strong tourism and services industries; vulnerable to hurricanes; navigating public debt insolvency since 2008 Crisis; considered a tax haven; high electrification costs; major rum exporter

• Brunei

  almost exclusively an oil and gas economy; high income country; expansive and robust welfare system; the majority of the population works for the government; promulgating a nationalized halal brand; considering establishment of a bond market and stock exchange

• Bulgaria

  upper-middle-income EU economy; improving living standards and very robust economic growth; coal-based infrastructure; legacy structural vulnerabilities and widespread corruption; increasing Russian economic relations, particularly through energy trade

• Burkina Faso

  highly agrarian, low-income economy; limited natural resources; widespread poverty; terrorism disrupting potential economic activity; improving trade balance via increases in gold exports; economy inflating after prior deflation; growing public debt but still manageable

• Burma

  prior to COVID-19 and the February 2021 military coup, massive declines in poverty, rapid economic growth, and improving social welfare; underdevelopment, climate change, and unequal investment threaten progress and sustainability planning; since coup, foreign assistance has ceased from most funding sources

• Burundi

  highly agrarian, low-income Sub-Saharan economy; declining foreign assistance; increasing fiscal insolvencies; dense and still growing population; COVID-19 weakened economic recovery and flipped two years of deflation

• Cabo Verde

  tourism-dominated economy benefits from the country’s relative close proximity to Europe; 2009 Financial Crisis halted economic growth for seven years; leveraging export-based growth; COVID-19 decimated economic growth and recovery; high external debt

• Cambodia

  one of the fastest growing economies; tourism and clothing exports; substantial manufacturing and construction sectors; COVID-19 declines and the suspension of EU market preferential access; massive reductions in poverty, but rural areas remain disproportionately poor

• Cameroon

  largest CEMAC economy with many natural resources; recent political instability and terrorism reducing economic output; systemic corruption; poor property rights enforcement; increasing poverty in northern regions

• Canada

  one of the world’s largest economies; leading global financier and macroeconomic partner; largest US trading partner; key timber and oil and gas industries; Canada sends over half its development aid to the World Bank; key “blue economy” developer

• Cayman Islands

  dominant offshore banking territory; services sector accounts for over 85% of economic activity; recently adopted a fiscal responsibility framework to combat tax evasion and money laundering; large tourism sector; does not have any welfare system; high standard of living

• Central African Republic

  enormous natural resources; extreme poverty; weak public institutions and infrastructure; political and gender-based violence have led to displacement of roughly 25% of population; Bangui-Douala corridor blockade reduced activity and tax collection; strong agricultural performance offset COVID-19 downturn

• Chad

  primarily oil-based economy, vulnerable to regional competition and international price shocks; increasing extreme poverty and minimal human capital capacities; one of the most environmentally disrupted economies; high maternal and infant mortality rates destabilizing labor force potentials

• Chile

  export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences

• China

  one of the world’s top two economies; sustained growth due to export relations, its manufacturing sector, and low-wage workers; only major economy to avoid COVID-19 economic decline; recovery efforts slowing due to longstanding poverty imbalances and other institutional issues; state-sponsored economic controls

• Christmas Island

  high-income Australian territorial economy; development through government services and phosphate mining; operates Australia’s Immigration Detention Centre; increasing tourism and government investments; sustained environmental protections

• Colombia

  prior to COVID-19, one of the most consistent growth economies; declining poverty; large stimulus package has mitigated economic fallout, but delayed key infrastructure investments; successful inflation management; sound flexible exchange rate regime; domestic economy suffers from lack of trade integration and infrastructure

• Comoros

  small trade-based island economy; declining remittances; new structural and fiscal reforms; adverse cyclone and COVID-19 impacts; manageable debts; fragile liquidity environment; large foreign direct investment; state-owned enterprises suffering

• Congo, Democratic Republic of the

  very poor, large, natural resource-rich sub-Saharan country; possesses the world’s second largest rainforest; increasing Chinese extractive sector trade; massive decrease in government investments; increasing current account deficit and public debts

• Congo, Republic of the

  primarily an oil- and natural resources-based economy; recovery from mid-2010s oil devaluation has been slow and curtailed by COVID-19; extreme poverty increasing, particularly in southern rural regions; attempting to implement recommended CEMAC reforms; increasing likelihood of debt default

• Cook Islands

  high-income self-governing New Zealand territorial economy; tourism-based activity but diversifying; severely curtailed by COVID-19 pandemic; copra and tropical fruit exporter; recently received economic recovery support from Asian Development Bank

• Costa Rica

  trade-based upper middle-income economy; green economy leader, having reversed deforestation; investing in blue economy infrastructure; declining poverty until hard impacts of COVID-19; lingering inequality and growing government debts have prompted a liquidity crisis

• Cote d'Ivoire

  one of West Africa’s most influential, stable, and rapidly developing economies; poverty declines in urban but increases in rural areas; strong construction sector and increasingly diverse economic portfolio; increasing but manageable public debt; large labor force in agriculture

• Croatia

  tourism-based economy that was one of the hardest hit by COVID-19 economic disruptions; newest euro user since 2023, helping recover from a 6-year recession; public debt increases due to COVID-19 and stimulus packages; weak exports; continuing emigration; new liquefied natural gas import terminal

• Cuba

  still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption

• Curacao

  high-income island economy; developed infrastructure; tourism and financial services-based economy; investing in information technology incentives; oil refineries service Venezuela and China; unique COVID-19 stimulus support applied to government debts rather than household support

• Cyprus

  services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries

• Czechia

  high income, diversified EU economy; advanced services and automotive exporter; mostly intra-EU trader; low unemployment; usually maintains a positive trade balance; large investments in systems innovation and information technologies

• Denmark

  diversified EU trade-based economy; environmental regulatory innovator; dominant services sector; increased government spending but retaining budget surpluses; currently high inflation; unique "flexicurity" labor market

• Djibouti

  food import-dependent Horn of Africa economy driven by various national military bases and port-based trade; fairly resilient from COVID-19 disruptions; major re-exporter; increasing Ethiopian and Chinese trade relations; investing in infrastructure

• Dominica

  highly agrarian OECS island economy; ECCU-member state; large banana exporter; improved oversight of its citizenship-by-investment program; emerging ecotourism, information and communications, and education industries

• Dominican Republic

  surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining poverty

• Ecuador

  highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity

• Egypt

  Africa’s second largest economy; 2030 Vision to diversify markets and energy infrastructure; improving fiscal, external, and current accounts; underperforming private sector; poor labor force participation; expanded credit access

• El Salvador

  growth-challenged Central American economy buttressed via remittances; dense labor force; fairly aggressive COVID-19 stimulus plan; new and lower banking reserve requirements; earthquake, tropical storm, and crime disruptions; widespread corruption

• Equatorial Guinea

  growing CEMAC economy and new OPEC member; large oil and gas reserves; targeting economic diversification and poverty reduction; still recovering from CEMAC crisis; improving public financial management; persistent poverty; hard-hit by COVID-19

• Eritrea

  largely agrarian economy with a significant mining sector; substantial fiscal surplus due to tight controls; high and vulnerable debts; increased Ethiopian trade and shared port usage decreasing prices; financial and economic data integrity challenges

• Estonia

  advanced service-based EU and OECD economy; regional trade and telecommunications leader; recently rejected Baltic sea rail tunnel from Tallinn to Helsinki; flat income taxation; substantial welfare system; balanced budget culture; business-friendly climate

• Eswatini

  landlocked southern African economy; South African trade dependent and currency pegging; CMA and SACU member state; COVID-19 economic slowdown; growing utilities inflation; persistent poverty and unemployment; HIV/AIDS labor force disruptions

• Ethiopia

  growing Horn of Africa construction- and services-based economy; port access via Djibouti and Eritrea; widespread but declining poverty; COVID-19, locust invasion, and Tigray crisis disruptions; public investment increases; second largest African labor force

• Falkland Islands (Islas Malvinas)

  British South American territorial economy; longstanding fishing industry; surging tourism prior to COVID-19 and Brexit; recent offshore hydrocarbon discoveries threaten ecotourism industries; no central bank and must have British approval on currency shifts

• Faroe Islands

  high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries

• Fiji

  tourism-based Pacific island economy, susceptible to sea-level rises; new energy infrastructure investments; major foreign direct investment; COVID-19 crippled tourism sector; privatizing state-owned enterprises; military coups have destabilized labor force

• Finland

  highly industrialized, export-based EU economy and euro user; high per capita GDP; major timber, metals, engineering, telecommunications, and electronics industries; manageable public debts; rigid labor laws impose higher regulatory burdens

• France

  high-income, advanced and diversified EU economy and euro user; strong tourism, aircraft manufacturing, pharmaceuticals, and industrial sectors; ongoing pension reform protests; high public debts and COVID-19 spending increases; global environmental leader

• French Polynesia

  small, territorial-island tourism-based economy; large French financing; lower EU import duties; Pacific Islands Forum member; fairly resilient from COVID-19; oil-dependent infrastructure

• French Southern and Antarctic Lands

  very small, fishing-based, domestic economic activity; military base servicing

• Gabon

  natural resource-rich, upper-middle-income, Central African economy; sparsely populated but high urbanization; young labor force; oil, manganese, and rubber exporter; foreign investment dependent; data integrity issue on poverty and income

• Gambia, The

  small West African economy; COVID-19 reversed robust growth trends; good fiscal management; substantial foreign direct investment and remittances; G20 Debt Service Suspension Initiative participant; widespread poverty; increasing Chinese relations

• Georgia

  COVID-19 crippled tourism, transportation, and construction sectors; rising unemployment, public debts and poverty; foreign investment and domestic bond issuance

• Germany

  leading EU service-based export-driven economy; highly skilled and educated labor force; fairly fiscally conservative; energy-related economic disruptions due to Russian gas cessations; increased defense spending and rising debts

• Ghana

  West African trade and agrarian economy; COVID-19 reversed nearly 4 decades of continuous growth; major diamond, gold, cocoa, and oil exporter; high public debts; financial and energy sector reform programs adding to fiscal pressures; high remittances

• Gibraltar

  British territorial high-income economy; Brexit caused significant economic disruption to longstanding financial services, shipping, and tourism industries; ongoing negotiations to rejoin EU Schengen Area; independent taxation authority

• Greece

  tourism- and shipping-based EU economy; clientelism economic culture and systemic corruption; new structural reforms for fiscal solvency; high public debts and unemployment; increasing Chinese port control; oil and gas disputes with Turkey

• Greenland

  large self-governing Danish territorial economy; preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; growing tourism; hydropower-fueled but environmentally fragile economy

• Grenada

  small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentives

• Guam

  small Pacific island US territorial economy; upper income, tourism-based economy; hard-hit by COVID-19 disruptions; relaunched many industries via vaccination tourism; domestic economy relies on multiple military bases; environmentally fragile economy

• Guatemala

  growing Central American economy; unique South Korean business relations; high poverty, inequality, and malnutrition; low government revenues impede educational, sanitation, and healthcare efforts; high migration, child labor, and remittances

• Guernsey

  high-income English Channel island economy; strong financial sector but stressed due to COVID-19 disruptions; manufacturing, tourism, and construction industries suffered but expected to recover; stable inflation; maintains independent taxation authority

• Guinea

  growing but primarily agrarian West African economy; major mining sector; improving fiscal and debt balances prior to COVID-19; economy increasingly vulnerable to climate change; slow infrastructure improvements; gender wealth and human capital gaps

• Guinea-Bissau

  extremely poor West African economy; ethnically diverse labor force; increasing government expenditures; slight inflation due to food supply disruptions; major cashew exporter; systemic banking instabilities and corruption; vulnerable to oil price shocks

• Guyana

  small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources

• Haiti

  small Caribbean island economy and OECS-member state; extreme poverty and inflation; enormous income inequality; ongoing civil unrest due to recent presidential assassination; US preferential market access; very open to foreign direct investment

• Holy See (Vatican City)

  limited, tourism-based economy; euro user but issues commemorative stamps and coins; solar energy producer; some printing industry to support museums and religious needs

• Honduras

  second-fastest-growing Central American economy; COVID-19 and two hurricanes crippled activity; high poverty and inequality; declining-but-still-high violent crime disruption; systemic corruption; coffee and banana exporter; enormous remittances

• Hong Kong

  high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programs

• Hungary

  high-income EU and OECD economy; decreasing government spending; increasing judicial independence concerns; flat income taxation; increasingly dependent on energy imports; strong tourism and automotive manufacturing

• Iceland

  high-income European economy; frozen EU accession application but Schengen Area member; major tourism, fishing, and aluminum industries; complex regulatory environment; large FDI recipient; highly educated workforce

• India

  largest South Asian economy; still informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributing to lower private consumption and inflation; new social and infrastructure equity efforts

• Indonesia

  one of the fastest growing economies and largest in Southeast Asia; upper middle-income country; human capital and competitiveness phase of its 20-year development plan; COVID-19 reversed poverty reduction trajectory; strengthening financial resilience

• Iran

  traditionally state-controlled economy but reforming state-owned financial entities; strong oil/gas, agricultural, and service sectors; recent massive inflation due to exchange rate depreciation, international sanctions, and investor uncertainty; increasing poverty

• Iraq

  oil-dependent Middle Eastern economy; COVID-19 disruption and domestic economy fragility post-US presence; poverty increases; currency devaluation leading to inflation; import-dependent for most sectors; evaluating fiscal and monetary restructuring

• Ireland

  strong, export-based EU economy; multinational-business-friendly environment known for resilience, even amid COVID-19 disruptions; real wage growth beyond other OECD members; high livings standards; strong social equity and cohesion; aging labor force

• Isle of Man

  high-income British island economy; known financial services and tourism industries; taxation incentives for technology and financial firms to operate; historic fishing and agriculture industries are declining; major online gambling and film industry locale

• Israel

  high-income, technology- and industrial-based economy; recent debt spikes; high inequality and poverty disparities persist; significant tariff and regulatory burdens, especially in agriculture; hard-hit by COVID-19; quantitative easing in effect

• Italy

  core EU economy; strong services, manufacturing, and tourism sectors; hard hit by COVID-19 disruptions but starting to recover; large EU exporter but data skews due to inflated port entry valuation; corruption somewhat stymies foreign direct investment

• Jamaica

  upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of Ukraine

• Japan

  fourth-largest, trade-oriented, and diversified economy; highly indebted country; slow wage growth and declining labor force; still heavily hydrocarbon-reliant; central bank keeping negative interest rates amid modest inflation; increased military spending; stagnant tourism sector

• Jersey

  British territorial island economy; strong offshore banking and finance sectors; low asset taxation; strong tourism sector prior to COVID-19 and Brexit; one of the most expensive places to live; minimal welfare system; historical cider industry

• Jordan

  low growth, upper middle-income Middle Eastern economy; high debt and unemployment, especially for youth and women; key US foreign assistance recipient; natural resource-poor and import-reliant

• Kazakhstan

  oil and gas giant, with growing international investment; domestic economy hit hard by COVID-19 disruptions; reforming civil society and improving business confidence; legacy state controls and Russian influence inhibit growth and autonomy

• Kenya

  fast growing, third largest Sub-Saharan economy; strong agriculture and emerging services and tourism industries; current account deficit and high debt; broadband and mobile-money platform investments; surging inflation due to oil and food hikes; new investor-friendly incentives; environmentally fragile economy

• Kiribati

  small, growing, environmentally fragile, Pacific island economy; major financial support from remittances, aid, and phosphate mining fund; tourism and fishing industries; poor business climate; inadequate anticorruption efforts; poor fiscal management

• Korea, North

  one of the last centrally planned economies; hard hit by COVID-19, crop failures, international sanctions, and isolationist policies; declining growth and trade, and heavily reliant on China; poor exchange rate stability; economic data integrity issues

• Korea, South

  strong export-driven East Asian economy; sustainable and social policy leader; foreign aid financier; automotive manufacturing; app-based developer and exporter; global healthcare technology leader; aging workforce; largest semiconductor producer

• Kosovo

  small-but-growing European economy; non-EU member but unilateral euro user; very high unemployment, especially youth; vulnerable reliance on diaspora tourism services, curtailed by COVID-19 disruptions; unclear public loan portfolio health

• Kuwait

  small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program

• Kyrgyzstan

  landlocked, lower-middle-income Central Asian economy; natural resource rich; growing hydroelectricity and tourism; high remittances; corruption limits investment; COVID-19 and political turmoil hurt GDP, limited public revenues, and increased spending

• Laos

  lower middle-income, socialist Southeast Asian economy; one of the fastest growing economies; declining but still high poverty; natural resource rich; new anticorruption efforts; already high and growing public debt; service sector hit hard by COVID-19

• Latvia

  high-income, EU-member Baltic economy; export-driven; Russian invasion of Ukraine has caused a temporary labor force surge and impacted growth due to Russian trade reliance; highly developed transit services

• Lebanon

  upper middle-income Middle Eastern economy; economic activity hurt by economic depression, COVID-19, and port explosion; hyperinflation and sharp poverty increases; banks have ceased lending; new financing facility helping with recovery

• Lesotho

  lower middle-income economy surrounded by South Africa; environmentally fragile and politically unstable; key infrastructure and renewable energy investments; dire poverty; urban job and income losses due to COVID-19; systemic corruption

• Liberia

  low-income West African economy; food scarcity, especially in rural areas; high poverty and inflation; bad recession prior to COVID-19 due to Ebola crisis; growing government debt; longest continuously operated rubber plantation; large informal economy

• Libya

  upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures

• Liechtenstein

  high-income European economy; Schengen Area participant; key European financial leader; integrated with Swiss economy and franc currency user; one of the highest GDP per capita countries; relies on US and Eurozone markets for exports

• Lithuania

  high-income, EU-member, largest Baltic economy; privatized most state-owned enterprises; unmoved youth emigration; systemic corruption; issued Europe’s first bank-backed digital coin (LBCOIN); highly educated workforce; lowest EU household debt

• Luxembourg

  high-income, EU-member European economy; global financial and information storage leader; high government spending; one of highest GDP per capita countries; unique audit accountancy based on company sizing; aging labor force; hit by COVID-19

• Macau

  high-income, Chinese special administrative region economy; known for apparel exports and gambling tourism; currency pegged to Hong Kong dollar; significant recession due to 2015 Chinese anticorruption campaign; COVID-19 further halved economic activity

• Madagascar

  low-income East African island economy; natural resource rich; extreme poverty; return of political stability has helped growth; sharp tax revenue drop due to COVID-19; leading vanilla producer; environmentally fragile

• Malawi

  low-income East African economy; primarily agrarian; investing in human capital; urban poverty increasing due to COVID-19; high public debt; endemic corruption and poor property rights; poor hydroelectric grid; localized pharmaceutical industry

• Malaysia

  upper middle-income Southeast Asian economy; implementing key anticorruption policies; major electronics, oil, and chemicals exporter; trade sector employs over 40% of jobs; key economic equity initiative; high labor productivity

• Maldives

  upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic began

• Mali

  low-income Saharan economy; recession due to COVID-19 and political instability; extreme poverty; environmentally fragile; high public debt; agricultural and gold exporter; terrorism and warfare are common

• Malta

  high-income, EU-member European economy; diversified portfolio; euro user; dependent on food and energy imports; strong tourism, trade, and manufacturing sectors; high North African immigration; large welfare system; educated workforce

• Marshall Islands

  upper middle-income Pacific island economy; US aid reliance; large public sector workforce; produces coconut oil as a substitute to diesel fuel; becoming offshore banking locale; fishing rights seller; import-dependent

• Mauritania

  lower middle-income West African economy; primarily agrarian; rising urbanization; poor property rights; systemic corruption; endemic social and workforce tensions; wide-scale terrorism; foreign over-fishing; environmentally fragile

• Mauritius

  upper middle-income Indian Ocean island economy; diversified portfolio; investing in maritime security; strong tourism sector decimated by COVID-19; expanding in information and financial services; environmentally fragile

• Mexico

  one of the world’s largest economies; USMCA buttresses its manufacturing sector; has underperformed growth targets for three decades; COVID-19 disrupted export-based economy; corruption and cartel-based violence undermine economic stability

• Micronesia, Federated States of

  lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption

• Moldova

  upper middle-income Eastern European economy; sustained growth reversed by COVID-19; significant remittances; Russian energy and regional dependence; agricultural exporter; declining workforce due to emigration and low fertility

• Monaco

  high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises

• Mongolia

  lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; Chinese border closures and COVID-19 hurt; growth and poverty decline mainly in rural areas

• Montenegro

  upper middle-income Balkan economy; unsanctioned euro user; controversial religious property ownership law; persistent corruption; major infrastructure investments and high expenditures; growing offshore banking destination

• Montserrat

  formerly high-income economy; volcanic activity destroyed much of original infrastructure and economy; new capital and port is being developed; key geothermal and solar power generation; key music recording operations

• Morocco

  lower middle-income North African economy; ongoing recovery from recent drought; rebounding via tourism, manufacturing, and aeronautics industries; major US free trade agreement; developing energy exporter 

• Mozambique

  low-income East African economy; mostly rural labor force; natural resource rich; strong South African ties; Islamist terrorism in north endangers newly discovered natural gas; currently in court over massive (possibly unauthorized) debt

• Namibia

  upper middle-income, export-driven Sub-Saharan economy; natural resource rich; Walvis Bay port expansion for trade; high potential for renewable power generation and energy independence; major nature-based tourist locale; natural resource rich; shortage of skilled labor

• Nauru

  upper-middle-income Pacific island country; phosphate resource exhaustion made island interior uninhabitable; licenses fishing rights; houses Australia’s Regional Processing Centre; former known tax haven; largely dependent on foreign subsidies

• Nepal

  low-income South Asian economy; post-conflict fiscal federalism increasing stability; COVID-19 hurt trade and tourism; widening current account deficits; environmentally fragile economy from earthquakes; growing Chinese relations and investments

• Netherlands

  high-income European economy; core EU member; chemical, oil, and machinery exporter; some age-based income inequality; substantial amount of independent contractor employees; manageable public debt; key international aid funder.

• New Caledonia

  upper-middle-income French Pacific territorial economy; large tourism presence that was hit hard by COVID-19; nickel and other metals mining operations; continuing French subsidies; large exporter of nickel to China

• New Zealand

  high-income Pacific island economy; strong agriculture, manufacturing, tourism, and energy sectors; reliant on Chinese market for exports; sustained growth; low unemployment; high living standards; sharp growth post COVID-19 lockdown

• Nicaragua

  low-income Central American economy; until 2018, nearly 20 years of sustained GDP growth; recent struggles due to COVID-19, political instability, and hurricanes; significant remittances; increasing poverty and food scarcity since 2005; sanctions limit investment

• Niger

  low-income Sahel economy; major instability and humanitarian crises limit economic activity; COVID-19 eliminated recent antipoverty gains; economy rebounding since December 2020 Nigerian border reopening and new investments; uranium resource rich

• Nigeria

  one of the largest West African economies; oil-dependent exports, revenues, and credit; COVID-19 and oil price shocks have resulted in slowing growth, high inflation, increasing unemployment; frequent disruptions due to political instability, especially in the north

• Niue

  upper-middle-income self-governing New Zealand territorial economy; massive emigration; postage stamps, small-scale agricultural processing, and subsistence farming; depends on New Zealand subsidies; EU preferential market access not utilized

• Norfolk Island

  high-income Australian territorial economy; key tourism and re-exportation industries; small labor force and declining participation creating more part-time jobs; former tax haven; increasing medical cannabis exporter; little transportation infrastructure

• North Macedonia

  growing upper middle-income European economy; EU accession stalled due to Bulgarian dispute; new NATO member; private consumption-driven growth; investment declined due to COVID-19; regional economic power gains since Greek naming resolution

• Northern Mariana Islands

  US Pacific island commonwealth economy; growing Chinese and Korean tourist destination; hit hard by 2018 typhoon; dependent on energy imports; exempt from some US labor and immigration laws; longstanding garment production

• Norway

  high-income non-EU European economy; aging labor force; large state-owned energy company constrains budget and spending; largest oil sovereign wealth fund; major fishing, forestry, and extraction industries; large welfare system

• Oman

  high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation

• Pakistan

  lower middle-income South Asian economy; extremely high debt; endemic corruption; major currency devaluation; major food insecurity and inflation; environmentally fragile agricultural sector; regional disputes with India and Afghanistan hinder investment

• Palau

  high-income Pacific island economy; major subsistence agriculture and fishing industries; reliant on US aid; strong tourism has prompted sustainability oversight mechanism; severely disrupted by COVID-19

• Panama

  upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub

• Papua New Guinea

  lower middle-income Pacific island economy; primarily informal agrarian sector; natural resource-rich; key liquified natural gas exporter; growing young workforce; slow post-pandemic recovery; increasingly impoverished citizenry; sustainable inflation

• Paraguay

  upper middle-income South American economy; COVID-19 hit while still recovering from 2019 Argentina-driven recession; global hydroelectricity leader; major corruption and money-laundering locale; highly agrarian economy; significant income inequality

• Peru

  upper middle-income South American economy; hit hard by political instability and COVID-19 but rebounding quickly; second-largest cocaine producer; current account balance improving; persistent income inequality; diversified exporter

• Philippines

  diversified, growing East Asian economy; major semiconductor, ship-building, and electronics exporter; significant remittances; COVID-19 hit consumption and investments hard; regional tensions with China; major geothermal energy user

• Pitcairn Islands

  small South Pacific British island territorial economy; exports primarily postage stamps, handicraft goods, honey, and tinctures; extremely limited infrastructure; dependent upon UK and EU aid; recent border reopening post-COVID-19

• Poland

  diversified, high-growth European economy; COVID-19 led to first recession in nearly 3 decades, albeit small; EU and NATO member; bolstering US relations; economic concentration in western region; aging labor force; growing debt

• Portugal

  fast-growing, high-income European economy; EU and NATO member; heavy Chinese infrastructure ownership; key tourism, banking, and telecommunications sectors; declining populations; major energy exporter

• Puerto Rico

  US Caribbean island territorial economy; hit hard by COVID-19 and hurricanes; declining labor force and job growth after a decade of continuous recession; capital-based industry and tourism; high poverty; energy import-dependent

• Qatar

  high-income, oil-and-gas-based Middle Eastern economy; better regional integration after 2021 terrorism resolution; infrastructure investments ahead of 2022 World Cup; Islamic finance leader; citizenship-based labor force growth

• Romania

  high-income, service- and industrial-based European economy; EU member but non-euro user until convergence criteria met; sustained growth prior to COVID-19; major FDI recipient; flat taxation structure; digital hub of Eastern Europe

• Russia

  natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions

• Rwanda

  fast-growing Sub-Saharan economy; major public investments; trade and tourism hit hard by COVID-19; increasing poverty after 2 decades of declines; Ugandan competition for regional influence; major coffee exporter; contested GDP figures

• Saint Barthelemy

  high-income French Caribbean territorial economy; duty-free luxury commerce and tourism industries; import-dependent for food, water, energy, and manufacturing; large Brazilian and Portuguese labor supply; environmentally fragile

• Saint Helena, Ascension, and Tristan da Cunha

  upper middle-income, British Atlantic Ocean territorial economy; native (but pegged to British pound) currency user on 2 of 3 islands; significant UK financial support; unique land/farming commune structure; military-related economic activity; sport fishing locale

• Saint Kitts and Nevis

  high-income, tourism-based Caribbean OECS economy; better debt balancing; CARICOM and ECCU member; growing offshore financial and telecommunications hub; environmentally fragile; unique citizenship-driven growth model

• Saint Lucia

  upper middle-income, tourism-based Caribbean island economy; environmentally fragile; energy import-dependent; major banana producer; well-educated labor force; key infrastructure, IT, and communications investments

• Saint Martin

  high-income French Caribbean territorial economy; extremely reliant on tourism, with severe COVID-19 impacts; near-total destruction from Hurricane Irma in 2017; some offshore banking; import-dependent; duty-free commerce; yachting destination

• Saint Pierre and Miquelon

  high-income, French North American territorial economy; primarily fishing exports; substantial French Government support; highly seasonal labor force; euro user; increasing tourism and aquaculture investments

• Saint Vincent and the Grenadines

  upper middle-income Caribbean island economy; key agriculture and tourism sectors; environmentally fragile; diversifying economy across services, science and knowledge, and creative industries; CARICOM member and US Caribbean Basin Initiative beneficiary

• Samoa

  ower middle-income Pacific island economy; enormous fishing and agriculture industries; significant remittances; growing offshore financial hub; recently hosted Pacific Games to drive tourism and infrastructure growth

• San Marino

  high-income, non-EU European economy; surrounded by Italy, which is the dominant importer and exporter; open border to EU and a euro user; strong financial sector; high foreign investments; low taxation; increasingly high and risky debt

• Sao Tome and Principe

  ower middle-income Central African island economy; falling cocoa production due to drought and mismanagement; joint oil venture with Nigeria; government owns 90% of land; high debt, partly from fuel subsidies; tourism gutted by COVID-19

• Saudi Arabia

  high-income, oil-based Middle Eastern economy; OPEC leader; diversifying portfolio; declining per-capita incomes; young labor force; key human capital gaps; heavy bureaucracy and increasing corruption; substantial poverty; low innovation economy

• Senegal

  lower middle-income, services-driven West African economy; key mining, construction, agriculture, and fishing industries; tourism and exports hit hard by COVID-19; large informal economy; developing offshore oil and gas fields; systemic corruption

• Serbia

  upper middle-income Balkan economy; current EU accession candidate; hit by COVID-19; pursuing green growth development; manageable public debt; new anticorruption efforts; falling unemployment; historic Russian relations; energy import-dependent

• Seychelles

  high-income Indian Ocean island economy; rapidly growing tourism sector; major tuna exporter; offshore financial hub; environmentally fragile and investing in ocean rise mitigation; recently discovered offshore oil potential; successful anticorruption efforts

• Sierra Leone

  low-income West African economy; primarily subsistent agriculture; key iron and diamond mining activities suspended; slow recovery from 1990s civil war; systemic corruption; high-risk debt; high youth unemployment; natural resource rich

• Singapore

  high-income, service-based Southeast Asian economy; renowned for financial markets and Asian Infrastructure Exchange; business-driven regulations; low unemployment; electronics, oil, and chemicals exporter; continuing education investment

• Sint Maarten

  high-income, tourism-based Dutch autonomous constituent economy; severe hurricane- and COVID-19-related economic recessions; multilateral trust fund helping offset economic downturn; no property taxation; re-exporter to Saint Martin

• Slovakia

  high-income, EU-member European economy; major electronics and automobile exporter; new anticorruption and judiciary reforms; low unemployment; low regional innovation; strong financial sector

• Slovenia

  high-income, fast-growing EU-member economy; high human capital; key health infrastructure investments; high government spending; key Croatian investments; high-technology and manufacturing sectors; growing financial hub

• Solomon Islands

  lower middle-income Pacific island economy; natural resource rich; primarily subsistence agriculture and fishing; land rights conflicts; fairly low public debt; underdeveloped financial sector; large, state-owned enterprise presence

• Somalia

  low-income African Horn economy; 30 years of war and instability crippled economic potential; high remittances for basic survival; new fiscal federalism approach; cleared some unsustainable debt; environmentally fragile; digitally driven urbanization efforts

• South Africa

  upper middle-income South African economy; hard hit by COVID-19; poor utilities management; key rare earth goods exporter; high income inequality; hosts Africa’s largest stock exchange; rising unemployment, especially youth; land rights changes

• South Sudan

  low-income, oil-based Sahelian economy; extreme poverty and food insecurity; COVID-19 and ongoing violence threaten socioeconomic potential; environmentally fragile; ongoing land and property rights issues; natural resource rich but lacks infrastructure

• Spain

  high-income core EU economy; diversified trade portfolio; continental tourism locale; high government spending and debt; prone to political financing corruption; negatively impacted by COVID-19; important port and customs infrastructure; key clothing/footwear supplier

• Sri Lanka

  lower middle-income South Asian island economy; extremely high public debts; rapid inflation; facing domestic food, fuel, and medicine shortages; tourism industry disrupted by COVID-19; known garment and commodities exporter; low foreign exchange reserves

• Sudan

  low-income Sahel economy; one of the world’s major agricultural exporters; shared oil pipeline exports with South Sudan; transitional government increasing human capital investment; food prices hit hard by COVID-19; ongoing Gezira Scheme irrigation project

• Suriname

  upper middle-income South American economy; new floating currency regime; key aluminum goods, gold, and hydrocarbon exporter; new IMF plan for economic recovery and fiscal sustainability; controversial hardwood industry

• Svalbard

  high-income Norwegian island economy; major coal mining, tourism, and research sectors; recently established northernmost brewery; key whaling and fishing base; home to the Global Seed Vault

• Sweden

  small, open, competitive, and thriving economy that remains outside of the euro zone; has achieved an enviable standard of living, with its combination of free-market capitalism and extensive welfare benefits

• Switzerland

  high-income, non-EU European economy; renowned banking and financial hub; extremely low unemployment; highly skilled but aging workforce; key pharmaceutical and precision manufacturing exporter; fairly high public debt

• Syria

  low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation

• Taiwan

  high-income East Asian economy; most technologically advanced computer microchip manufacturing; increasing Chinese interference threatens market capabilities; minimum wages rising; longstanding regional socioeconomic inequality

• Tajikistan

  lower middle-income Central Asian economy; key gold, cotton, and aluminum exporter; declining poverty; sustained high growth; very limited private sector; substantial illicit drug trade; significant remittances; environmentally fragile

• Tanzania

  emerging lower middle-income East African economy; resource-rich and growing tourism; strong post-pandemic recovery from hospitality, electricity, mining, and transit sectors; declining poverty; stable inflation; gender-based violence economic and labor force disruptions

• Thailand

  upper middle-income Southeast Asian economy; substantial infrastructure; major electronics, food, and automobile parts exporter; globally used currency; extremely low unemployment, even amid COVID-19; ongoing Thailand 4.0 economic development

• Timor-Leste

  lower middle-income Southeast Asian economy; government expenditures funded via oil fund drawdowns; endemic corruption undermines growth; foreign aid-dependent; wide-scale poverty, unemployment, and illiteracy

• Togo

  low-income West African economy; primarily agrarian economy; has a deep-water port; growing international shipping locale; improving privatization and public budgeting transparency; key phosphate mining industry; extremely high rural poverty

• Tokelau

  small New Zealand territorial island economy; labor force can work in New Zealand or Australia; significant remittances; largely solar-powered infrastructure; reliant on New Zealand funding; stamp, coin, and crafts producer

• Tonga

  upper middle-income Pacific island economy; enormous diaspora and remittance reliance; key tourism and agricultural sectors; major fish exporter; rapidly growing Chinese infrastructure investments; rising methamphetamine hub

• Trinidad and Tobago

  high-income Caribbean economy; major hydrocarbon exporter; key tourism and finance sectors; high inflation and growing public debt; long foreign currency access delays; large foreign reserves and sovereign wealth fund

• Tunisia

  lower middle-income North African economy; drafting reforms for foreign lenders; high unemployment, especially for youth and women; hit hard by COVID-19; high public sector wages; high public debt; protectionist austerity measures; key EU trade partner

• Turkey (Turkiye)

  upper middle-income, diversified Middle Eastern economy; economic instability from 2016 attempted coup and 2018 currency recession; hit hard by COVID-19, increasing poverty and unemployment; endemic corruption; large agriculture labor force

• Turkmenistan

  upper middle-income Central Asian economy; has 10% of global natural gas reserves, exporting to Russia and China; natural resource rich; authoritarian and dominated by state-owned enterprises; major central-south Asian pipeline development

• Turks and Caicos Islands

  British Caribbean island territorial economy; GDP and its tourism industry hit hard by COVID-19 disruptions; major biodiversity locale; US dollar user; fossil fuel dependent; negative trade balance; increasing unemployment

• Tuvalu

  upper middle-income but very fragile Pacific island economy; currency pegged to Australian dollar; public revenues from international aid, fishing licenses, and national trust fund; pursuing Te Kakeega sustainable development; significant remittances

• Uganda

  low-income, primarily agrarian East African economy; COVID-19 hurt economic growth and poverty reduction; lower oil prices threaten prior sector investments; endemic corruption; natural resource rich; high female labor force participation but undervalued

• Ukraine

  lower middle-income non-EU Eastern European economy; major wheat producer; industrial and energy exporter; big fiscal reallocations toward defenses; seeking $2 billion in monthly US wartime aid to combat Russia; mass war-related emigration and homelessness

• United Arab Emirates

  historically oil-driven Middle Eastern economy; diversifying into a trade-oriented logistics and supply chain leader; weak domestic business growth; declining real estate sector; new Israeli technology trade improving resilience; key aid donor

• United Kingdom

  high-income, diversified non-EU European economy; sixth-largest importer and exporter globally; global financial and diplomatic leader; vulnerable private consumption-led growth; increased regional trade barriers post-Brexit; inflation hurting trade values

• United States

  high-income, diversified North American economy; NATO leader; largest importer and second-largest exporter; home to leading financial exchanges; high and growing public debt; rising socioeconomic inequalities; historically low interest rates; hit by COVID-19

• Uruguay

  high-income, export-oriented South American economy; South America’s largest middle class; low socioeconomic inequality; growing homicide rates; growing Chinese and EU relations; 2019 Argentine recession hurt; key milk, beef, rice, and wool exporter

• Uzbekistan

  lower middle-income Central Asian economy; CIS Free Trade Area member but no intention of EAEU membership; key natural gas, cotton, and gold exporter; landlocked and environmentally fragile; positive growth through COVID-19, but poverty increasing

• Vanuatu

  Pacific island agriculture- and tourism-based economy; environmentally vulnerable to cyclones; poor property rights administration; corruption-prone; subsidizing loss-prone state enterprises in agriculture, banking, and airports

• Venezuela

  South American economy; ongoing hyperinflation since mid-2010s; chaotic economy due to political corruption, infrastructure cuts, and human rights abuses; in debt default; oil exporter; hydropower consumer; rising Chinese relations

• Vietnam

  lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption

• Virgin Islands

  high-income, tourism-based American territorial economy; severe COVID-19 economic disruptions; major rum distillery; high public debt; sluggish reopening of large oil refinery; environmentally susceptible to hurricanes; many informal industries

• Wallis and Futuna

  lower-middle-income, agrarian French dependency economy; heavily reliant on French subsidies; licenses fishing rights to Japan and South Korea; major remittances from New Caledonia; aging workforce; import-dependent; deforestation-fueled fragility

• Yemen

  low-income Middle Eastern economy; infrastructure, trade, and economic institutions devastated by civil war; oil/gas-dependent but decreasing reserves; massive poverty, food insecurity, and unemployment; high inflation

• Zambia

  lower middle-income Sub-Saharan economy; major copper exporter; high public debt is held mostly by China; systemic corruption; one of youngest and fastest growing labor forces; regional hydroelectricity exporter; extreme rural poverty

• Zimbabwe

  low income Sub-Saharan economy; political instability, protest crackdowns, and COVID-19 have damaged economic potential; reliant on natural resource extraction and agriculture; endemic corruption; ongoing hyperinflation