growth, the Thai economy grew 6.9% in
2003 and 6.1% in 2004 despite a sluggish global economy. Bangkok has
pursued preferential trade agreements with a variety of partners in
an effort to boost exports and to maintain high growth. In late
December 2004, a major tsunami took 8,500 lives in Thailand and
caused massive destruction of property in the southern provinces of
Krabi, Phangnga, and Phuket. In 2006, investment stagnated as
investors, spooked by the Thaksin administration's political
problems, stayed on the sidelines. The military coup in September
brought in a new economic team, led by the former central bank
governor. In December, the Thai Board of Investment reported the
value of investment applications from January to November had
declined by 27% year-on-year. On the positive side, exports have
performed at record levels, rising nearly 17% in 2006.
Export-oriented manufacturing - in particular automobile production
- and farm output are driving these gains.

Togo
This small, sub-Saharan economy is heavily dependent on both
commercial and subsistence agriculture, which provides employment
for 65% of the labor force. Some basic foodstuffs must still be
imported. Cocoa, coffee, and cotton generate about 40% of export
earnings, with cotton being the most important cash crop. Togo is
the world's fourth-largest producer of phosphate. The government's
decade-long effort, supported by the World Bank and the IMF, to
implement economic reform measures, encourage foreign investment,
and bring revenues in line with expenditures has moved slowly.
Progress depends on follow-through on privatization, increased
openness in government financial operations, progress toward
legislative elections, and continued support from foreign donors.
Togo is working with donors to write a PRGF that could eventually
lead to a debt reduction plan.

Tokelau
Tokelau's small size (three villages), isolation, and lack
of resources greatly restrain economic development and confine
agriculture to the subsistence level. The people rely heavily on aid
from New Zealand - about $4 million annually - to maintain public
services, with annual aid being substantially greater than GDP. The
principal sources of revenue come from sales of copra, postage
stamps, souvenir coins, and handicrafts. Money is also remitted to
families from relatives in New Zealand.

Tonga
Tonga, a smal