cus of economic activity and income.
Encouraged by duty-free access to the US and by tax incentives, US
firms have invested heavily in Puerto Rico since the 1950s. US
minimum wage laws apply. Sugar production has lost out to dairy
production and other livestock products as the main source of income
in the agricultural sector. Tourism has traditionally been an
important source of income, with estimated arrivals of nearly 5
million tourists in 2004. Growth fell off in 2001-03, largely due to
the slowdown in the US economy, recovered in 2004-05, but declined
again in 2006.
Qatar
Oil and gas account for more than 60% of GDP, roughly 85% of
export earnings, and 70% of government revenues. Oil and gas have
given Qatar a per capita GDP about 80% of that of the leading West
European industrial countries. Sustained high oil prices and
increased natural gas exports in recent years have helped build
Qatar's budget and trade surpluses and foreign reserves. Proved oil
reserves of more than 15 billion barrels should ensure continued
output at current levels for 23 years. Qatar's proved reserves of
natural gas exceed 25 trillion cubic meters, more than 5% of the
world total and third largest in the world. Qatar has permitted
substantial foreign investment in the development of its gas fields
during the last decade and is expected to become the world's top
liquefied natural gas (LNG) exporter in 2007. Qatar is also trying
to attract foreign investment in the development of its non-energy
projects by further liberalizing the economy. Qatar has become one
of the world's fastest growing and highest per-capita income
countries.
Romania
Romania began the transition from Communism in 1989 with a
largely obsolete industrial base and a pattern of output unsuited to
the country's needs. The country emerged in 2000 from a punishing
three-year recession thanks to strong demand in EU export markets.
Despite the global slowdown in 2001-02, strong domestic activity in
construction, agriculture, and consumption have kept GDP growth
above 4%. However, macroeconomic gains have only recently started to
spur creation of a middle class and address Romania's widespread
poverty, while corruption and red tape continue to handicap the
business environment. Romanian government confidence in continuing
disinflation was underscored by its currency revaluation in 2005,
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