pendent on the economy of the US, its largest trading
partner, and on reduction of the high crime rate, as a means of
attracting and maintaining investment.

Hong Kong
Hong Kong has a free market economy highly dependent on
international trade. The territory has become more closely linked to
mainland China over the past few years. Even before Hong Kong
reverted to Chinese administration on 1 July 1997, it had extensive
trade and investment ties with China. Hong Kong's service industry
over the past decade has grown rapidly as its manufacturing industry
has moved to the mainland. Hong Kong also has stepped up its efforts
to gain approval to offer more mainland financial services in a bid
to remain competitive with China's growing financial centers. Hong
Kong's 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. Per capita GDP exceeds that of the four big economies of
Western Europe. GDP growth averaged a strong 5% from 1989 to 2006,
but Hong Kong suffered two recessions in the past eight years
because of the Asian financial crisis in 1997-1998 and the global
downturn in 2001-2002. Although the Severe Acute Respiratory
Syndrome (SARS) outbreak in 2003 also battered Hong Kong's economy,
a solid rise in exports, a boom in tourism from the mainland because
of China's easing of travel restrictions, and a return of consumer
confidence resulted in the resumption of strong growth from late
2003 through 2006. Moreover, several large initial public offerings
of Chinese companies on the Hong Kong stock exchange since late 2005
have helped to boost Hong Kong's status as a financial hub and have
contributed to the improved performance of the market in late 2006.

Howland Island
no economic activity

Hungary
Hungary has made the transition from a centrally planned to
a market economy, with a per capita income nearly two-thirds that of
the EU-25 average. Hungary continues to demonstrate strong economic
growth and acceded to the EU in May 2004. The private sector
accounts for over 80% of GDP. Foreign ownership of and investment in
Hungarian firms are widespread, with cumulative foreign direct
investment totaling more than $60 billion since 1989. Hungarian
sovereign debt was upgraded in 2000 - together with the Czech
Repub