st
trade with Russia, has slowly rebounded from the 1998 Russian
financial crisis. Unemployment dropped from 11% in 2003 to 8% in
2004. Growing domestic consumption and increased investment have
furthered recovery. Trade has been increasingly oriented toward the
West. Lithuania has gained membership in the World Trade
Organization and joined the EU in May 2004. Privatization of the
large, state-owned utilities, particularly in the energy sector, is
nearing completion. Overall, more than 80% of enterprises have been
privatized. Foreign government and business support have helped in
the transition from the old command economy to a market economy.

Luxembourg
This stable, high-income economy - in between France,
Belgium, and Germany - features solid growth, low inflation, and low
unemployment. The industrial sector, initially dominated by steel,
has become increasingly diversified to include chemicals, rubber,
and other products. Growth in the financial sector, which now
accounts for about 22% of GDP, has more than compensated for the
decline in steel. Most banks are foreign-owned and have extensive
foreign dealings. Agriculture is based on small family-owned farms.
The economy depends on foreign and cross-border workers for more
than 30% of its labor force. Although Luxembourg, like all EU
members, has suffered from the global economic slump, the country
enjoys an extraordinarily high standard of living.

Macau
Macau's well-to-do economy has remained one of the most open
in the world since its reversion to China in 1999. Apparel exports
and tourism are mainstays of the economy. Although the territory was
hit hard by the 1998 Asian financial crisis and the global downturn
in 2001, its economy grew 9.5% in 2002 and 15.6% in 2003. During the
first three quarters of 2004, Macau registered year-on-year GDP
increases of more than 20 percent. A rapid rise in the number of
mainland visitors because of China's easing of restrictions on
travel, increased public works expenditures, and significant
investment inflows associated with the liberalization of Macau's
gaming industry drove the recovery. The budget also returned to
surplus in 2002 because of the surge in visitors from China and a
hike in taxes on gambling profits, which generated about 70% of
government revenue. The three companies awarded gambling licenses
have pledged to invest $2.2 billion in t