dget surpluses in a Government Petroleum
Fund, which is invested abroad and now is valued at more than $150
billion. After lackluster growth of 1% in 2002 and 0.5% in 2003, GDP
growth picked up to 3.3% in 2004.

Oman
Oman is a middle-income economy in the Middle East with notable
oil and gas resources, a substantial trade surplus, and low
inflation. The government is privatizing its utilities and
diversifying its economy to attract foreign investment. Oman
continues to liberalize its markets and joined the World Trade
Organization (WTO) in November 2000. To reduce unemployment and
limit dependence on foreign countries, the government is encouraging
the replacement of expatriate workers with local people, i.e.,
Omanization. Training in information technology, business
management, and English support this objective. Industrial
development plans focus on gas resources, metal manufacturing,
petrochemicals, and international transshipment ports.

Pacific Ocean
The Pacific Ocean is a major contributor to the world
economy and particularly to those nations its waters directly touch.
It provides low-cost sea transportation between East and West,
extensive fishing grounds, offshore oil and gas fields, minerals,
and sand and gravel for the construction industry. In 1996, over 60%
of the world's fish catch came from the Pacific Ocean. Exploitation
of offshore oil and gas reserves is playing an ever-increasing role
in the energy supplies of the US, Australia, NZ, China, and Peru.
The high cost of recovering offshore oil and gas, combined with the
wide swings in world prices for oil since 1985, has led to
fluctuations in new drillings.

Pakistan
Pakistan, an impoverished and underdeveloped country, has
suffered from decades of internal political disputes, low levels of
foreign investment, and a costly, ongoing confrontation with
neighboring India. However, IMF-approved government policies,
bolstered by generous foreign assistance and renewed access to
global markets since 2001, have generated solid macroeconomic
recovery the last three years. The government has made substantial
macroeconomic reforms since 2000, although progress on more
politically sensitive reforms has slowed. For example, in the third
and final year of its $1.3 billion IMF Poverty Reduction and Growth
Facility, Islamabad has continued to require waivers for energy
sector reforms. Wh