Global Factbook Flashcards
Importing tomatoes from _ into UK (by sea) causes less environmental damage than growing them at home
Spain
In which year did the UK remove capital controls?
1979
Where do Nissan (Japanese company) have a car manufacturing plant in the UK?
Sunderland
UK saw a decline in cost efficiency of _ industries and hence reduced manufactured exports
Steel Works
From 1995 to 2005 US share of trade in hi-tech goods went down by _
10%
UK have a corporate tax rate of _
20%
_ of UK exports went to IMF classified emerging economies in 2014
11%
UK suffered from _ unemployment as primary industries shrank
Structural
The UK can’t place high emergency tariffs on Chinese steel because they are in the _
EU
Steel production makes up _ of the UK’s economic output
0.1%
End of the 1980s UK economy boomed with spending and inflation, widening _
Deficit
Recession in UK in 2009 and _ led to improvement in current account deficit
1992
UK post-2010 used contractionary policy and successfully kept exports and imports _
Stable
A reverse effect of the J-Curve can be seen from 1996-2001 where revaluation in the UK made the current account go from £-2.5 billion to £0.5 billion and then get worse down to _ billion
£-6
UK gov plans to further reduce the household _ cap
Benefits
In UK government plan to introduce a National Living Wage (NLW) for workers aged 25 and over, to reach _ by 2020
£9
UK reforms are increasing the rigour of GCSEs and A levels, including in _ and science
Maths
Thatcher’s privatisation and trade union reforms met serious opposition in the _
1980s
UK government plan on cutting corporation tax to 19% in 2017 and then again to _ in 2020
18%
UK gov plan to cut a further £10 billion of _
Red tape
In the late 1960s UK government allowed per _ person to be taken abroad
£50
From 2004-2005 HMRC measured that the top _ of the UK had 93% cumulative wealth
50%
_ is more unevenly distributed in the UK than income
Wealth
Gini-coefficient in the UK rose from _ to 0.38 from 1974-2010
0.26
Britain during the times of colonialism, suppressed the Indian _ industry to protect industry in Lancashire
Cotton
Country’s not colonised by UK such as Afghanistan and _ developed much slower than India
Thailand
UK in _ benefited from a decline in terms of trade
1992
Income tax + National Insurance + VAT raise _ of all receipts
3/5
Income tax raises _ of all government receipts
1/4
UK has a progressive tax system with (Personal Tax Allowance i.e. 0% (£11,000), 20% (£43,000), 40% (£150,000) and _)
45%
UK VAT standard raised from 17.5% to _, Home energy 5%, Food 0%
20%
In 1988 indirect revenues were 25% higher than direct tax. In 2014 they were 13% lower mostly due to lower incomes are the financial crisis. Between 2010-15 income tax has been cut and VAT raised. Overall the structure has become less _ (UK)
Progressive
The effect on tax revenue from a fall from the maximum income tax bracket of _ to 40% was not noticeable
45%
NMW is _ adult (increased in 2015 and said to benefit 1.4 million low-paid workers) (UK)
£6.70
NLW in UK is _
£7.20
EU on average collects more tax than the UK, meaning _ inequality after tax is worse in the UK
Income
_ New Labour reforms changed catchment system to giving pupils more choice
1997
2010 Conservative party established academy and free school models (government funded education, provided by _ sector) reducing productive inefficiency
Charitable
New Labour allowed patient to choose _ rather than have one allocated
GP
Conservative party made it such that provision of _ opened up to private and charitable sector, so GPs have competitive choice where to send patients (increased internal markets)
Hospitals
In UK largest item of public expenditure is social protection, second is _
Health
In UK size of public sector greater as a proportion of GDP than other free market economies like US or Japan but lower than that of _
Sweden
In UK more than half of _ expenditure is on state pension
Benefit
Government expenditure in UK rose between 1939 and 1945 due to _
WWII
In UK public spending settled at a high value with the creation of _ 1945-1951
Welfare State
In UK Thatcher sought to reduce state size and increase _ sector between 1982 and 1989
Private
In UK Blair increased spending on Health and _ from 2001 to 2007
Education
Public spending increased in UK because of recession during _ 07-08
Financial crisis
2011 Cameron cut public spending to reduce fiscal deficit and reduce size of the state to be able to cut _
Taxes
In UK public sector _ fell between 1975 and 1985 due to a slowdown in investment in new housing, leading to increases in house prices due to lack of supply
Investment
In UK fiscal austerity measures in 2010 saw gov cut public sector _ by 1/4
Investment
UK government able to double size of National Debt while almost halving average rate of interest paid on debt, showing post financial crisis gov had no problem financing its _
Deficits
In UK government spending as a % of GDP = _ 2014
44%
In UK aging population puts upward pressure on _
Government Spending
UK had to bail out Lloyds TSB and RBS during _
Financial Crisis
In UK government 2010 used automatic stabilisers to correct fiscal deficit, post-2010 used fiscal _ and saw low growth as a result
Austerity
In UK national Debt during wartime rose above _ of GDP
250%
UK cut public expenditure in 1931 to defend exchange rate value of _
The Pound
The UK Coalition government has a target of allocating _ of GDP to overseas development assistance (ODA)
0.7%
China joined WTO in _
2001
China alleviated from extreme poverty with high _ this century
Growth
1995 to 2005 China’s share of trade in hi-tech goods went up by _
12%
In China _ growth prevented current account deficit
Export led
Chinese currency pegged to dollar, making effects of _ null
Devaluation
_ intervention in China (Ex manipulation) proved effective for an extended period of time
Government
In China 2015 _ GDP spent on Infrastructure and 7,000 miles of railway network build so far
9%
From 1990 to 2005 China contributed more than _ to global poverty reduction
3/4
2002-2007 China’s national mean income rose by 74.4% but Gini also rose by _
5.1%
Yemen, who got 97% of their export earnings through fossil fuels, had relatively constant labour productivity beneath _ US$ from 2000-11. China rather went from 5k to 15k US$
12k
Mexico are dependent on Texas’ _ goods
Manufactured
In USA End of 20th century saw workers displaced in the electrical machinery industry, owing to the growth in _ electrical markets
Asian
End of Bretton-Woods system in _ meant removal of capital controls
1971
2012 Coca-Cola who have HQ in US made _ of profits outside US
70%
In US 2002 _ tariffs ruled illegal by WTO in 2003
Steel
2011 US government raise a quota on duty-free _ to protect domestic producers
Sugar
After sugar quota 2011 price rose _ per pound above average
¢30
US imposed _ tariff on Chinese steel
522%
Hawley-Smoot act passed by Hoover raised import _
Tariffs
Mexico saw their low _ account deficits take a turn for the worst when private financing withdrew during the financial crisis
Current
In 19th century US used deficit to finance _ improvements, after they used it to finance consumption and gov. borrowing
Infrastructure
Tax cuts for high income earners under _ in the 2000s saw cuts in revenues paid by those individuals, however justified on grounds that this would increase tax revenues through encouraging more work
Bush
_ coefficient significantly higher for US than it is for France or Sweden (as public expenditure is lower)
Gini
US government spending % of GDP _ 2014
38%
US has free market approach to health care, provided by private organisations unlike in _
EU
USA took _ approach to fiscal deficit after financial crisis
Automatic
From 2010-unit _ costs in Finland rose much faster than other countries in the Eurozone
Labour
In 2015 labour costs in Finland were 20% more than Germany and 15% more than _
Sweden
Finnish government had little room to increase government spending due to being over allowed budget deficit or raise _ due to financial crisis
Taxes
Between 2007 and 2014 in Finland labour productivity fell by _, also falling relative to US and Eurozone countries
4.4%
In Finland Nokia’s inability to innovate meant it was acquired by Microsoft in _
2013
Finland can’t devalue currency because part of _
Eurozone
Finland government spending % of GDP _ 2014
58%
_ Brazilian population lived in absolute poverty in 2010
8%
_ Brazilian population lived in absolute poverty in 2013
4,8%
Brazil had a Gini-coefficient of 0.55 in _
2013
Key drivers of inequality in Brazil include _ differences, race-discrimination and access to technology
Education
Brazilian gov increasing _ and boosting national income to alleviate inequality
NMW
In Brazil there are _ million children in work
7
Black _ worker earns 41% of white worker’s wage
Brazilian
Brazil had its 1st Female President in _
2011
In Brazil _ for 15+ fell from 20% in 1991 to 10% in 2008
Illiteracy
Brazilian _ emissions stand at 2.2 metric tons per capita in 2011
C02
In Brazil _ energy used was renewable in 2006, in 2012 this went down to 44%
47%
Brazilian HDI in 1980 was 0.545 and placed _
66th
Brazilian HDI in 2014 was 0.755 and placed _
75th
Brazilian GNI/Capita in 2000 was _ PPP
$8,490
GNI/Capita in 2015 was _ PPP
$14,750
In Ivory Coast _ of people living on under $3.10 in 2008
55%
In Ivory Coast key drivers of inequality include 2002 _, limited access to technology, AIDS and primary product dependency
Civil War
In Ivory Coast gov raising awareness for _, trying to operate free healthcare and committed to Millennium Development Goals to alleviate inequality
AIDS
In Ivory Coast _ female adults receive secondary education in 2013
14%
Women got equal rights in _ in Ivory Coast
2000
In Ivory Coast GNI/Capita in 2000 was _ PPP
$2,250
In Ivory Coast GNI/Capita in 2013 was _ PPP
$3,090
In Ivory Coast GNI growth in 2013 was _
8%
In Ivory Coast HDI was 0.462 in 2014 and placed _
172nd
In Ivory Coast Illegal _ exploitation and agricultural expansion damaging rain forests
Timber
In Ivory Coast C02 emissions in 2011 were _ metric tons per capita
0.3
In Ivory Coast waste collected in capital is _ tons per day
3000
GHG emissions have risen _ in the last century
60%
1998 to 2008 price of computers fell _
88%
2014 to 2015 Amazon worldwide product variety increased by more than _
235 million
2001 to 2005 global containerized trade grew at a compound annual rate of _
12%
In mid-19th century average time containers spent in port went down by more than _
2 Weeks
70s GATT enforced tariff reductions worth more than _ billion
$300
2000s Commodity Price Boom was beneficial to commodity _
Exporters
1990 to 2014 World trade % of GDP increased by _
20%
70s Oil Price crisis could only have come about through a dependence on _
Oil Imports
Following Wall Street Crash world trade fell by _
1/3
2001 at Doha it was said WTO would take more consideration for _ and sustainability
Environment
1997 East Asian Finance Crisis where economies running current account deficits with stagnate GDP, their _ dried up
Credit
The ECB’s base rate is similar to the Bank of England’s, and as evidence both cut aggressively in the wake of the _
Crisis
In 2011 _ million people were not in school
57
Treatment for HIV/_ is spreading and new infections have been reduced
Malaria
Rapid development of Tiger Economies in East Asia in _
1960s
EU have lowered tariffs for _ countries (preferential)
African
TTIP being formed between USA and _
EU
_ Economies gain access to Nafta while African to EU
South American
_ in Central Asia used to solve irrigation problems for former Soviet Union however over usage created desertification
Aral Sea
Transport costs are _ of product costs in developing countries partly because of deficiencies in infrastructure
25-30%
In the _ when Polish labour sought to move from agriculture to industry. Polish economists suggest that the long-run turnover rate was too low because of poor infrastructure
1950’s
Real primary-product prices declined at an average annual rate of _ in the twentieth century
0.6%
Between 1960 and 1989, some _ highly qualified African professionals left the continent
127,000
_ is higher in Morocco than in Algeria, who have consistently outranked Algeria in annual growth rate
TEA
Commodity price _ faced by developing countries increased over the past half century, in the post 2003 period in particular
Volatility
Saudi Arabia up until recently could depend upon an _ only, with the oil price collapse they had to search for other industries to rely on
Oil based economy
Commodity Price boom of early 2000s was the largest since _
1900
1% increase in developed incomes will raise imports of food by 0.6% and imports of manufactures by _
1.9%
Jamaica’s low savings rate is the primary issue of low growth, compared to _. Jamaica have a low savings and low growth rate
Trinidad and Tobago
South Korea in the _ had similar incomes as Sudan, but Korea managed to save and develop while Sudan didn’t
1960s
Between 1970 and 1997 declining terms of trade cost non-oil-exporting countries in Africa the equivalent of _ percent of their combined GDP
119
Some of Africa’s largest economies, Nigeria, Angola, Ethiopia restrict access to the _ to protect dwindling reserves in 2015
Dollar
High imports of 2006 which led to trade imbalances meant a fall in the _ which resulted in capital flight, leading Pakistan to require a ‘rescue loan’ from IMF
Rupee
Capital flight lowered the annual rate of productive capital _ in sub-Saharan Africa by about one percent
Accumulation
Out of 39 countries, those with low corruption had a ratio of gross investment to GDP of 28.5% while those with high corruption had one of _ in 1997
12.3%
Bribes on telecommunications contracts and power stations were estimated at _ and 3% of total value, however actual costs were 14-20% higher than necessary in 1993
2%
2005 _ pay approximately $1 million a day in bribes to medical staff
Romanians
The 1980s population growth, on average, acted as a brake on economic growth as measured by the growth rate of per capita of _
GDP
Countries in Latin America and the Caribbean had dependency ratios of above 90/100 in _
1970
_ of the deforestation in the world today is attributed to agriculture, and agriculture demand is directly tied to food demand from population increases
80%
After mid _ debt crisis in Africa, debt overhang frustrated investment in social and physical infrastructure
1970s
2013 Serbia and Ukraine both had Total debt service (% of exports of goods, services and primary income) greater than _
42%
Exchange rate in _ was weak with an increase in the strength of Swiss Franc which meant people with foreign currency debt had to effectively pay more on their mortgage repayments, limiting income for saving and hence investment
Hungary
As seen in _ nations (political rivalries saw states use the Mukhabarat, a funded security apparatus, which raised huge budget deficits) which led to the Arab Spring
Arab
2008 Only _ of 72 non-democracies had lower levels of corruption than the median democracy
16
2002 _ Fáil promised to create a “world class healthcare service” through expanding coverage but didn’t follow through
Fianna
1983 John Golding used the filibuster technique to delay the passing of the _ Privatisation bill
BT
China fear internal revolution, South Korea fear external _
Revolution
2004 Levels of corruption declined in _ even as Kagame cemented his increasingly autocratic control
Rwanda
2010 _ have the highest corruption perception score (5.8) in Africa and thus is the most clean and is democratic
Botswana
Bombing of Germany had a sustained impact in _ Germany
East
2014 Armed forces personnel as a percentage of labour force for North Korea is _
9%
2014 GDP per person in Afghanistan is $8250 while deaths by battle is 12,250 meaning loss of GDP is _ million
$101
Between 1960 and 1991, total annual military expenditures by developing countries rose from US $27 billion to _ billion
US $121
FDI during Guatemala’s civil war (1990) was 0.6% of GDP, in _ it was 1.2%
2000
1997 _ of rural Ugandans have savings, but almost none in financial institutions
30%
1998 Iran’s power plants have a technical inefficiency of _ (where 0% would be the most ideal) SFA
27.3%
1990 In Vietnam between _ and 94 per cent of farm household received credit from informal sources
68
Problem of _ tuning is the reason the UK abandoned the use of fiscal policy after the 1970s
Fine
_ broke down after the financial crisis, the gap increased. Banks borrowed from the Bank of England but rather than lending to customers invested in government bonds. Thus Banks used QE to purchase these government bonds to drive down the return and re-encourage lending to customers
Traction
_ also suggests that reducing inequality through tax and transfer policies does not harm growth, so long as the chosen policies are well designed and implemented
OECD
The pre-_ asset bubble raised confidence and animal spirits
2007
Japan aging population puts pressure on government _
Expenditure
Between 2007-09 many economies were forced to _ banks that were at risk of failing, increasing fiscal deficits
Nationalise
_, Spain and Portugal had high structural deficits and hence had to use fiscal austerity as cyclical deficits weren’t the only issue
Greece
2008-2014 Greek real GDP plummeted and unemployment rate rose dramatically above _
25%
Ireland saw a fall in their AD after the financial crisis and through monetary policy saw AD increase in 2015 however not back up to _ level
2007
Global growth _ in 2015, 3.4% in 2016 and 3.6% in 2017
3.1%
The slowdown of the _ economy, lower commodity prices and strains on large emerging markets will weigh on growth prospects in the future
Chinese
Brazil, Russia and _ eastern countries expected to help pick up global growth in the next two years, despite slowdown in China
Middle
In 2015 growth in emerging markets account for _ of global growth
70%
Recent gradual slowdown in _ sees economic activity move away from investment and towards consumption
China
China’s slowdown and _ is leading to diminishing confidence and increased volatility in financial markets
Speculation
Manufacturing activity and trade remain weak _
Globally
Economic distress in developing economies is leading to a massive decline in _
Imports
Oil prices declined since 2015 reflecting expectations of sustained increases in production by _ members
OPEC
Low oil prices strain _ positions of fuel exporters
Fiscal
Low oil price had impact on _ in oil and gas extraction
Investment
Emerging economies have seen limited pass through of price fall in oil to _
Consumers
Prospects of increasing _ in US as well as financial volatility in emerging economies has led to declining capital flows to those economies
Interest rates
Core inflation rates remain well below inflation objectives in _ economies
Advanced
Growth in advanced economies projected to rise by _ in 2016 to 2.1% in 2017
0.2%
Growth in emerging markets is projected to rise from _ in 2015 to 4.3% and 4.7% in 2016 and 2017
4%
India expected to continue growing at a robust pace while _ slowdown
China
Aggregate GDP in _ and Caribbean expected to contract reflecting recession in Brazil
Latin America
_ tensions and domestic strife weigh on higher growth projected for Middle East
Geopolitical
_ caught in slipstream of Russia’s recession and geopolitical tensions however expected to expand
CIS
_ Africa will see gradual pickup in growth, however not as large as possible due to adjustment to high borrowing costs and lower commodity prices
Sub-Saharan
Current large refugee inflow into _ which is presenting challenges to the absorptive capacity of European Union labour markets
EU
Developing countries have to alleviate infrastructure _, create an innovation-friendly business environment and diversify exports away from commodities
Bottlenecks
Well targeted aid adds _ to growth of poorest countries
0.5%
Ceteris paribus aid may have added _ growth rate of the poorest countries of the world during the past 30 years
1%
Much of sub-saharan Africa and Bolivia qualify for _
HIPC
Developing world 280/1,000 children died before 5th birthday in 1950. By 2011 this went down to 95 in low-income and 46 in middle-income, _ in high-income
6
Smallpox killed _ million people a year and has been eradicated
5
Literary aged 15 older in world _ in 1970 and 82% in 2015
63%
Child mortality rates in developing countries remain more than _ times higher than those found in the rich countries
10
In sub-Saharan Africa the private rate of return to primary education is over _
37%
In world the private rate of return to primary education Is over _
26%
In world the private rate of return to secondary education is over _
17%
In world the private rate of return to higher education is over _
19%
Daily wage rates in Ivory Coast have been _ lower among men whose health status makes them likely to lose a day of work per month
19%
Elimination of deformity from _ was estimated to more than triple earnings of workers in India
Leprosy
Taller men earn more in _ (Strauss)
Brazil
A 1% increase in height is associated with a _ increase in wages in Brazil
7%
A 1% increase in height is associated with a _ increase in wages in USA
1%
By _, their numbers had increased into the hundreds (development banks)
2000
Some privately owned finance companies refuse to consider loans of less than $20,00 or _
$50,000
Over _ million borrowers from MFI’s by 2010
200
_ found that most of its borrowers from SME were middle class entrepreneurs rather than microenterprise graduates
BRAC
Grameen has over _ million borrowers
8.25
Grameen has over 2,400 branch offices and works in _ villages
78,000
Grameen offers zero-interest loans for _
Beggars
Grameen repayment rate is reported to be _
98%
_ of Bangladeshis are functionally landless
60%
Credit for women had a positive effect on children’s health in _ (Pitt)
Bangladesh
There was backlash in conservative _ culture of rural Bangladesh because of rising women’s incomes
Islamic
_ of loans went for livestock and poultry raising, 25% for processing and light manufacturing, and 23% for trading and shop keeping (Grameen)
46%
Cattle owned after Grameen bank setup increased by _ per year
26%
Working capital of borrowers tripled on average within _ months after Grameen
27
Use of mobile phones have increased dramatically in sub-Saharan _
Africa
A 10% rise in mobile phone subscriptions in emerging markets leads to between a 0.6% and _ increase in GDP
1.2%
The cost per transaction undertaken by mobile banking is lower than conventional banking, as little as _ compared to $3 according to some estimates
$0.46
Over the past few years China has built a new skyscraper every _, more than 30 airports, metros in 25 cities, the three longest bridges in the world, more than 6,000 miles of high speed railway lines and 26,000 miles of motorway
5 Days
Investment in China has surged to _ of GDP
50%
China’s debt as a share of GDP has increased since 2008 from 125% to _
200%
Governments in _ bowed to political pressures from powerful land owning groups
Latin America
3 million agricultural households benefited from land reform in _ (1947)
Japan
Ownership issues in the _ meant Chinese peasants didn’t have their land, and had no incentive to invest in it
1980s
Ratio of travel exports to GDP in selected less developed countries in 2010 in Maldives was _
50.4%
_ economies transitioning into Market economies have enjoyed cheap flights in from Europe
Eastern European
In _ for cultural tourism only 7% of what tourist spend reaches the poor
Cambodia
_ introducing Pro-Poor tourism which calls upon the skills of the poor to entertain or service tourists and helps spread some of the tourism benefit to the poor
St Lucia
_ Inward looking industrialisation from Latin America, India, Pakistan
1960s
Export Promotion adopted by South Korea, Taiwan, Singapore and Hong Kong joined by _ and Turkey which switched from IS strategy
Brazil
In _ Uruguay round agreed that developed countries cut tariffs on manufactures by 40%, trade in agricultural products were to be liberalised, Textile quotas phased out in 2005
1995
China intervened heavily to encourage _ exports
Industrial
South _ used import substitution (protected) for a short while before export promotion in these successful industries
Korea
In 2009 1/3 FDI inflows to developing countries were to China, _ to Africa
5%
_ repatriation rate of MNCs in developing countries according to UNCTAD
2/3
MNCs could subvert the political process of host nations as occurred with International Telephone and Telegraph in the _ in Chile
1970s
China’s one child policy was reformed in _ to allow couples to have two children if either parent is an only child (phased out in 2015)
2013
Growth in South Korea and _ saw an elimination of poverty early on and hence growth which these low-income groups benefited from
Taiwan
Growth in South Korea, Taiwan and China all saw some elements of gov _ which didn’t pertain to the Washington Consensus
Intervention
New consensus designed with _ and governmental responsibility to tackle this in mind
Poverty
The New Consensus view represents in part a renewed recognition that markets do fail; that at times these failures cannot be addressed without a significant and ongoing role for _– that market failure can be significantly worse than government failure
Government
World Bank primarily concerned with providing finance for internal _ projects (lending takes place at market interest rate)
Investment
_ formed in 1960 to lend to very poor countries interest free with long repayment periods
IDA
World bank supports trade _
Liberalisation
World Bank’s early efforts to finance large scale infrastructure investment delivered relatively _ benefits in terms of increased GDP
Small
While government intervention was successful in South Korea, it was a failure in _
Argentina
World trade volumes fell _ in 2009, the largest drop in decades
14.4%
Developing countries still suffered a _ decline in the value of their exports in 2009
31%
FDI inflows to developing and transition economies declined by _ in 2009
27%
FDI flows to Africa fell by _ compared to 2008 mainly due to contraction in global demand and falling commodity prices
19%
The share of these so-called emerging investors in FDI to Africa increased on average from _ in the 1996-99 period to 21% in 2000-2008 period
18%
Aid from developed countries saw a _ decrease in real terms from 2011 to 2012
4%
Remittances to developing countries from migrant workers had reached a record _ billion in 2008 (though less than 10% of this went to the low-income countries)
$336
1959 to 1976 labour productivity increased from (unloading and loading) 0.627 tons per man hour to _ tons per man hour
4243
E-Commerce sales went from $2.5 billion In 2012 to _ billion in 2014 forecasted to grow to $17.5 billion in 2018
$5
_ post-soviet states were the result of the fall of socialism
15
_ of US counties cited a growing number of immigrants as a factor in the rising costs for hospitals
67%
Around _ of UK exports go to EU
50%
CET on machinery stood at _ in 2012
4.2%
UK trade deficit sits at around _ billion in Jan 2016
-3.5
Firms from US has _ of all FDI stock in 2015 in UK
27%
FDI _ of total UK GDP (net inflows) 2015
27%
Transatlantic Trade and Investment Partnership should reduce prices by 0.6% and save UK consumer _ billion per year
£6.3
Exit EU would in optimistic case reduce UK income by 1.1.% of GDP in pessimistic case would fall by _ of GDP
3.1%
