urce of non-oil revenue-is expected
to surpass $23 billion in 2006, exceeding the yearend collection
goal by more than 20%. A nationwide strike between December 2002 and
February 2003 had far-reaching economic consequences - real GDP
declined by around 9% in 2002 and 8% in 2003 - but economic output
since then has recovered strongly. Fueled by higher oil prices,
record government spending helped to boost GDP growth in 2004 and
2005 to approximately 18% and 11%, respectively. Economic growth in
2006 reached around 9%. This spending, combined with recent minimum
wage hikes and improved access to domestic credit, has fueled a
consumption boom - car sales in 2006 increased by around 70% - but
has come at the cost of higher inflation. Despite government
attempts to withdraw liquidity from the economy, Venezuela's money
supply set a record in June 2006, approximately 70% higher than the
previous year. Imports have also jumped significantly.

Vietnam
Vietnam is a densely-populated, developing country that in
the last 30 years has had to recover from the ravages of war, the
loss of financial support from the old Soviet Bloc, and the
rigidities of a centrally-planned economy. Substantial progress was
achieved from 1986 to 1997 in moving forward from an extremely low
level of development and significantly reducing poverty. Growth
averaged around 9% per year from 1993 to 1997. The 1997 Asian
financial crisis highlighted the problems in the Vietnamese economy
and temporarily allowed opponents of reform to slow progress toward
a market-oriented economy. GDP growth averaged 6.8% per year from
1997 to 2004 even against the background of the Asian financial
crisis and a global recession, and growth hit 8% in 2005 and 7.8% in
2006. Since 2001, however, Vietnamese authorities have reaffirmed
their commitment to economic liberalization and international
integration. They have moved to implement the structural reforms
needed to modernize the economy and to produce more competitive,
export-driven industries. Vietnam's membership in the ASEAN Free
Trade Area (AFTA) and entry into force of the US-Vietnam Bilateral
Trade Agreement in December 2001 have led to even more rapid changes
in Vietnam's trade and economic regime. Vietnam's exports to the US
doubled in 2002 and again in 2003. Vietnam joined the World Trade
Organization in January 2007. This should provide an impor