Day 6

Today marks the halfway point of our summit, and we'll be looking at your national economy. Please use these questions in your answers.

~ What is your country's GDP, and where does it rank in the world (nominal)?
Illu'a's GDP is at 244,635,265,836 USD, or 81,545,088,612 :AINERO:. It is 34th in the world, excluding other AIN nations.

~ Describe your national economy - what is the biggest industry, what is the weakest industry etc.
The largest industry in Illu'a is information and communication technology. Following close behind is lumber and tourism. Smaller but still large industries include clean energy, manufacturing, marine technology, and agriculture.

~ Is the public sector bigger than the private sector? If so, why?
The private sector is larger. Some systems like health care have government funding, but many businesses run on their own. Free market principles are accepted in Illu'a, especially with political pressure from nearby Lower Columbia.

~ How did the Global Recession of the last three years affect your national economy?
The Global Recession has greatly slowed down tourism, one of the main industries in Illu'a. It has increased the unemployment rate in Illu'a up to 7.8% and made a few banks in Illu'a close. After a small government bailout was implemented in November 2009, the economy is slowly recovering, especially tourism.

~ What state is your economy currently in? (is it in recession, or growing steadily, for example)
It is growing steadily. Many people in Illu'a feel that the worst times are over.

~ What is your country's GDP, and where does it rank in the world (nominal)?

GDP (Arcacia) = ARD$71,500,000,000 (USD$95,739,930,000; 31,913,310,000)

Rank (excluding other AIN nations) = 56th

GDP (Lycanthia) = ARD$19,110,000,000 (USD$25,588,672,200; 8,529,557,400)

Rank (excluding other AIN nations) = 91st

~ Describe your national economy - what is the biggest industry, what is the weakest industry etc.

The strongest industries in Arcacia are tourism and science & technology. The weakest are manufacturing and mining.

The strongest industries in Lycanthia are tourism and agriculture. The weakest are manufacturing and mining.

~ Is the public sector bigger than the private sector? If so, why?

In both countries the private sector is larger than the public sector.

~ How did the Global Recession of the last three years affect your national economy?

Arcacia was largely unaffected, being one of the few countries to escape recession, recording 0.25% growth per year over the last 3 years.

Lycanthia was hit hard. Very hard. The economy completely collapsed. This resulted in the country becoming a protectorate of Arcacia. If it hadn't been for the GFC, Lycanthia would not have needed Arcacia to step in.

~ What state is your economy currently in? (is it in recession, or growing steadily, for example)

Arcacia's economy is still growing with 0.25% growth reported in the last quarter and a further 0.25% growth projected. Economist predict steady growth over the next financial year.

Lycanthia has stabilised, with no growth reported in the last quarter, 0.25% recession the previous quarter and 0.25% growth projected for next quarter. Economist predict steady growth over the next financial year.

If anyone doesn't mind, I'm taking GDPs posted as your national budget.

Sure, go ahead. Is that how they're measured in the normal world?

~ What is your country's GDP, and where does it rank in the world (nominal)?
27th with 330,862,267,264,015 $ of GDP

~ Describe your national economy - what is the biggest industry, what is the weakest industry etc.
Biggest: Wood exploitation - High Tech industries - Research
Weakest: Agriculture, we are importing 50% of all the food in the country.

~ Is the public sector bigger than the private sector? If so, why?
Yes, we are a socialist nation.

~ How did the Global Recession of the last three years affect your national economy?
Not a lot since we are a socialist nation.

~ What state is your economy currently in? (is it in recession, or growing steadily, for example)
Growing by approximatively 5% from last year.

5% growth? That's enormous.

[EDIT]Have updated Arcacia and Lycanthia as I had initially divided instead of multiplied when converting between Arcacian and US Dollar values.

Yeah, it's because of the gas (petroleum) exploitation that started this year. (more coming soon)

Ah.

~ What is your country's GDP, and where does it rank in the world (nominal)?
3,128,675,342,120,163 5th in the world

~ Describe your national economy - what is the biggest industry, what is the weakest industry etc.
Our biggest industry is Manufacturing, which is going to lower by 0.09% this year due to the U.S imposing Trade Sanctions on Toys and Automobiles

Our weakest industry is oil extraction - due to the minor amounts

~ Is the public sector bigger than the private sector? If so, why?
No, we are very capitalistic

~ How did the Global Recession of the last three years affect your national economy?
Minorly, due to the fact of the increase of manufacturing demands, during a war late last year

~ What state is your economy currently in? (is it in recession, or growing steadily, for example)

5th in the World, ya right...

Why is America sanctioning your products?

Thomas wrote:Why is America sanctioning your products?

To increase American (Made in United States) made products