international oil prices, with oil and gas
accounting for one-third of exports. Only Saudi Arabia and Russia
export more oil than Norway. Norway opted to stay out of the EU
during a referendum in November 1994. The government has moved ahead
with privatization. With arguably the highest quality of life
worldwide, Norwegians still worry about that time in the next two
decades when the oil and gas begin to run out. Accordingly, Norway
has been saving its oil-boosted budget surpluses in a Government
Petroleum Fund, which is invested abroad and now is valued at more
than $43 billion. GDP growth was a lackluster 1% in 2002 and 0.5% in
2003 against the background of a faltering European economy.

Oman
Oman is a small, well-off middle Eastern economy with large oil
and gas resources, a substantial trade surplus, and low inflation.
The government is moving ahead with privatization of its utilities,
the development of a body of commercial law to facilitate foreign
investment, and increased budgetary outlays. Oman continues to
liberalize its markets and joined the World Trade Organization (WTO)
in November 2000. In order to reduce unemployment and limit
dependence on foreign countries, the government is encouraging the
replacement of expatriate workers with local people, i.e., the
process of Omanization. Training in information technology, business
management, and English support this objective. Industrial
development plans focus on gas resources.

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,