tern Haiti in September 2004 further impoverished Haiti.

Heard Island and McDonald Islands
No indigenous economic activity,
but the Australian Government allows limited fishing around the
islands.

Holy See (Vatican City)
This unique, noncommercial economy is
supported financially by an annual contribution from Roman Catholic
dioceses throughout the world (known as Peter's Pence); by the sale
of postage stamps, coins, medals, and tourist mementos; by fees for
admission to museums; and by the sale of publications. Investments
and real estate income also account for a sizable portion of
revenue. The incomes and living standards of lay workers are
comparable to those of counterparts who work in the city of Rome.

Honduras
Honduras, one of the poorest countries in the Western
Hemisphere with an extraordinarily unequal distribution of income
and massive unemployment, is banking on expanded trade under the
U.S.-Central America Free Trade Agreement (CAFTA) and on debt relief
under the Heavily Indebted Poor Countries (HIPC) initiative. The
country has met most of its macroeconomic targets, and began a
three-year IMF Poverty Reduction and Growth Facility (PGRF) program
in February 2004. Growth remains dependent on the economy of the US,
its largest trading partner, on commodity prices, particularly
coffee, and on reduction of the high crime rate.

Hong Kong
Hong Kong has a free market, entrepot economy, highly
dependent on international trade. Natural resources are limited, and
food and raw materials must be imported. Gross imports and exports
(i.e., including reexports to and from third countries) each exceed
GDP in dollar value. Even before Hong Kong reverted to Chinese
administration on 1 July 1997, it had extensive trade and investment
ties with China. Hong Kong has been further integrating its economy
with China because China's growing openness to the world economy has
made manufacturing in China much more cost effective. Hong Kong's
reexport business to and from China is a major driver of growth. Per
capita GDP is comparable to that of the four big economies of
Western Europe. GDP growth averaged a strong 5% from 1989 to 1997,
but Hong Kong suffered two recessions in the past six years because
of the Asian financial crisis in 1998 and the global downturn in
2001 and 2002. Although the Severe Acute Respiratory Syndrome (SARS)
outbreak also ba