Trade monitoring
Report by Mongolia
The COVID-19 pandemic lockdowns in Mongolia’s trading partners and the related business contraction of economic entities caused a severe negative impact on the country’s economic growth. The GDP of Mongolia contracted by 9.7% as of the first 6 months of 2020.
Report by Nicaragua
Nicaragua was a Contracting Party of the General Agreement on Tariffs and Trade (GATT) since 28 May 1950 and has been a Member of the World Trade Organization (WTO) since 3 September 1995. In that capacity, it has honoured its commitment to promote and strengthen the multilateral trading system through regulatory and institutional changes which have had a positive effect on trade flows in the country.
Report by the WTO Secretariat
Between fiscal year (FY) 2013/14 and FY 2018/19, Myanmar’s economic growth averaged a robust 7.1% annually. It made progress in reducing poverty and inequality; Myanmar’s per capita GDP grew to over USD 1,300. However, the COVID-19 pandemic significantly impacted the growth rate, which is expected to decline to 1.5% in FY 2019/20. Prudent macro-economic management and the country’s relatively moderate level of economic exposure to the global economy are expected to prevent an economic contraction.
Informe de la Secretaría de la OMC
Este cuarto examen de la política comercial de Nicaragua cubre el periodo 2012-2020. En los últimos años, el crecimiento potencial de la economía de Nicaragua aumentó en medio punto porcentual, según cálculos del FMI, debido a mejoras significativas en infraestructura particularmente transporte, telecomunicaciones y suministro de electricidad. Ello coadyuvó a que el PIB real creciera 4,7% en promedio anual durante 2013- 17. No obstante, la economía nicaragüense se ha visto afectada seriamente por la crisis política y social que inició en abril de 2018 relacionada con reformas al sistema de seguro social. El resultado ha sido pérdida de empleos, una caída en la confianza de los consumidores y de las empresas, que sumado a sanciones financieras internacionales causó caídas en el PIB real de 3,9% en 2018 y 4,0% en 2019. Para 2020 y 2021, el FMI estima que el PIB real tendrá tasas de crecimiento del -5,5% y -0,5%, respectivamente, debido fundamentalmente a los efectos de la pandemia COVID-19.
Report by the WTO Secretariat
Since its previous Review in 2014, Mongolia has maintained a generally open trade regime, and the economy expanded between 2014 and 2019. In 2019, the economy grew by 5.1%, with an improvement in the fiscal balance and an increase in both reserves and GDP per capita. However, affected by the COVID-19 pandemic, exports declined by 40% year-on-year in the first quarter of 2020, and the economy contracted 9.7% in the first half of 2020. Inflation progressed slowly, reflecting an increase in food and utilities prices. The unemployment rate has decreased since 2016, and stood at 7.8% in 2018. Exports, imports, and FDI grew between 2017 and 2019. Mongolia was ranked 92nd overall in the 2019 United Nations Development Programme Human Development Index, up from 108th in 2012. In terms of value-added, the share of services has declined since 2016, to account for 44.8% of GDP in 2019. The share of mining has increased since 2015 to reach 26.0% of GDP in 2019, and that of manufacturing has increased to 10.5%. The share of services in total employment increased to 53.1% in 2019, while that of agriculture decreased to 25.3%.
Report by the WTO Secretariat
Qatar is a hydrocarbon-rich country with a small indigenous population relative to its expatriate community. Some 1.9 million foreign workers constitute approximately 95% of the economically active population. Per capita GDP amounted to USD 62,800 in 2019. As stated in Qatar National Vision 2030, Qatar is pursuing economic diversification in the coming decade, seeking to build an economy less reliant on petroleum resources and with a larger private sector. Construction of infrastructure for the staging of the FIFA World Cup 2022 was a major economic stimulus, but most of these projects were finalized or are about to be completed.
Report by India
The Seventh Trade Policy Review of India is taking place at a time when the world is witnessing an unprecedented health crisis with the contagious COVID-19 hitting economies across the world in rapid succession. Global growth has been severely affected and substantial risks of more severe outcomes remain. In its June 2020 update, the International Monetary Fund (IMF) has projected that global output would contract by 4.9% in 2020-21.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Report by the WTO Secretariat
Singapore’s economy has long been characterized by solid growth, subdued inflation, low unemployment, ample fiscal and monetary reserves, financial stability, and openness to international trade and investment. This strong performance has been underpinned by sound macroeconomic policies, resulting in a substantial increase in living standards over the past two decades. Today Singapore has one of the highest GDPs per capita in Asia (USD 59,819).
Report by the WTO Secretariat
Saudi Arabia’s economy continues to be heavily dependent on oil. The review period witnessed a wide range of cross-cutting and sector-specific policy initiatives aimed at modernizing and diversifying the economy. Continuing such initiatives to improve the competitiveness of the non-oil sector remains important.
Report by the WTO Secretariat
This fourth Trade Policy Review of Nicaragua covers the period 2012-20. In recent years, the potential growth of the Nicaraguan economy increased by half a percentage point according to International Monetary Fund (IMF) estimates, thanks to significant infrastructure improvements, especially to transport, telecommunications and the electricity supply. This additional potential growth contributed to average annual real GDP growth of 4.7% between 2013 and 2017. Nevertheless, the Nicaraguan economy has been severely affected by the political and social crisis that began in April 2018 in connection with reforms to the social security system. The crisis has led to job losses and a fall in consumer and business confidence, which, combined with international financial sanctions, caused real GDP to fall by 3.9% in 2018 and 4.0% in 2019. For 2020 and 2021, the IMF estimates that the growth rates for real GDP will be -5.5% and -0.5% respectively, essentially as a result of the effects of the COVID-19 pandemic.
Report by the WTO Secretariat
The Kyrgyz Republic is a land-locked country in Central Asia. Internal transport is hampered by rugged topography and the need for better infrastructure. Current GDP per capita is about USD 1,400. A significant gap in earnings compared with certain neighbouring countries encourages many Kyrgyz citizens, about one third of the workforce, to make their living abroad. Although agriculture still accounted for 18% of GDP in 2019, down from 32% in 2014, the Kyrgyz Republic is increasingly becoming a services economy. Moreover, the Kyrgyz Republic has a sizable informal economy, particularly in activities related to trade, hospitality, transportation, and agriculture, estimated to equal between 24% and 40% of the official GDP.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.