Economy Summary Puerto Rico has been one of the most dynamic and competitive economies in Latin America and the Caribbean region until recent years, Puerto Rico's economy relies mainly on federal aid from the United State government. Puerto Rico's economy was dominated by sugar production up until the s. The leading industries include: Followed by the service industry:
Its economic structure relies mainly on services and manufacturing. Within the service sector, the most important contributors are the wholesale, retail sales and transportation sectors. Manufacturing is the most important sub-sector within the industry sector. Most of them are family-owned enterprises.
Agriculture contributes the remaining share of total GDP and it employs around 4. As a result, unemployment in the north is lower and per capita income in higher compared to the south.
Italy suffers from political instability, economic stagnation and lack of structural reforms. Prior to the financial crisis, the country was already idling in low gear. In fact, Italy grew an average of 1. The global crisis had a deteriorating effect on the already fragile Italian economy. Inthe economy suffered a hefty 5.
Since then, Italy has shown no clear trend of recovery. In fact, in and the economy recorded contractions of 2. Going forward, the Italian economy faces a number of important challenges, one of which is unemployment.
The unemployment rate has increased constantly in the last seven years. Init reached The stubbornly high unemployment rate highlights the weaknesses of the Italian labor market and growing global competition. InItaly was the second biggest debtor in the Eurozone and the fifth largest worldwide.
It transformed itself from an agricultural country to one of the most industrialized economies in the world. The force behind the post-war economic miracle was the development of small- and medium-sized companies in export-related industries.
In the following decades, the economy has had both ups and downs. Being a country with very few natural resources, Italy is strongly dependent on oil imports. The economy was hit hard by the two oil crises during the s. As a result, it experienced a stage of stagflation—weak economic growth combined with high unemployment and a high inflation rate.
The economy began to recover in the early s due to the implementation of a recovery plan. Restrictive monetary policies brought inflation down, while fiscal- and growth-oriented policies reduced public spending and tightened the budget deficit. Before the s, most of the Italian state-owned companies were a key drivers of growth.
However, in the mids, the state sector started to create distortion in the economy. The mismanagement of public spending led to a deterioration of public finances and triggered excessive corruption. A round of privatization was carried out at the end of the s and beginning of the s.
The diminishing role of the state in the economy created more space for private investment. The Euro was officially introduced into the economy on 1 January Italy was hit by the financial crisis in Since then, the economy has underperformed.
In a bid to face the recession, the government has passed two major austerity packages. The incumbent government of Matteo Renzi is focusing on mitigating the effects of the financial crisis. His administration has introduced economic and structural reforms; the most important are the senate reform, labor reform and electoral law.
Following the financial crisis inItaly, like the other periphery countries, experienced a sudden stop in private capital inflows as the level of government debt became unsustainable. Since Italy is part of the Eurozone, it cannot rebalance its current account by adjusting the exchange rate.
TARGET2 replaced the private capital flows with public capital flows and allowed the troubled countries to run current account deficits and avoid balance of payments crises.Puerto Rico's economy is affected by the same factors affecting the US economy.
The downturn in the US economy that began in negatively impacted the Puerto Rican economy more severely than the mainland economy. Economic History After World War II, Italy experienced a shift in its economic structure.
It transformed itself from an agricultural country to one of the most industrialized economies in the world.
It transformed itself from an agricultural country to one of the most industrialized economies in the world. Terremotia’s economy relies mainly on agriculture (forestry, fishing, dairy, cattle and wine) and mining, with tourism rapidly gaining importance. It has a population of 12 million and its largest city is the commercial centre, Mercator de Terremotia, with the population of million, followed by the capital, Villa de Terremotia with a population of million.
With natural attractions that include state and county parks and the Zolfo Springs recreation area, much of Hardee County’s economy relies mainly on forestry, fishing, hunting and tourism. As summer heat and humidity extend into more months because of climate change, the tourism season will shorten, affecting the economy.
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