Richest Countries in the World

There are two standard methods of d


Defining the richest countries in the world. One takes into account the economies that are the largest, as measured by total gross domestic product (GDP). However, the most commonly accepted definition of the wealthiest countries is to determine how rich the average resident of a country is. For this reason, the best method is to use GDP data per capital.

DEFINITIONS:

GDP (gross domestic product) is the sum of the gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

GDP PPP (purchasing power parity) is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. Purchasing power parities (PPPs) are the rates of currency conversion that eliminate the differences in price levels between countries.

GDP (PPP) per capita is GDP on a purchasing power parity basis divided by population. Please note: Whereas PPP estimates for OECD countries are quite reliable, PPP estimates for developing countries are often rough approximations.

GNI (gross national income) is gross domestic product (GDP) plus net receipts of primary income (employee compensation and investment income) from abroad. GDP is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output.

GNI per capita is gross national income divided by mid-year population.

PPP GNI is gross national income converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GNI as a U.S. dollar has in the United States.

The World's Richest Countries, Based on Gross Domestic Product (PPP) Per Capita 2009-2013.

	Country	2009	2010	2011	2012	2013	Estimates Start After
1	Qatar	$77,445.61	$88,313.13	$97,987.01	$102,211.00	$105,091.42	2011
2	Luxembourg	$76,832.29	$78,641.61	$79,777.99	$79,785.04	$79,593.91	2011
3	Singapore	$49,919.56	$56,865.16	$59,594.79	$60,409.98	$61,567.28	2011
4	Norway	$51,922.18	$52,034.15	$53,157.75	$55,008.77	$56,663.47	2012
5	Brunei Darussalam	$50,985.72	$52,091.22	$53,557.21	$54,388.65	$55,111.20	2011
6	Hong Kong	$44,120.22	$47,369.93	$50,296.10	$51,494.15	$53,432.23	2011
7	United States	$45,461.43	$46,811.06	$48,328.25	$49,922.11	$51,248.21	2011
8	United Arab Emirates	$45,913.80	$45,759.38	$47,728.78	$49,011.59	$49,883.58	2009
9	Switzerland	$41,785.02	$43,156.72	$44,451.65	$45,417.81	$46,474.95	2011
10	Australia	$38,595.00	$39,674.44	$40,949.02	$42,640.28	$44,073.81	2011
11	Canada	$38,933.71	$40,223.54	$41,690.04	$42,734.36	$43,593.74	2012
12	Austria	$38,577.30	$39,777.04	$41,556.13	$42,408.58	$43,344.79	2012
13	Ireland	$39,616.12	$39,650.71	$40,894.86	$41,920.73	$42,806.38	2011
14	Netherlands	$39,906.18	$40,888.01	$41,976.87	$42,193.69	$42,493.49	2011
15	Sweden	$35,787.73	$38,230.34	$40,228.87	$41,191.47	$42,037.48	2012
16	Iceland	$38,010.73	$36,572.42	$38,039.16	$39,223.96	$40,401.63	2011
17	Taiwan	$31,782.32	$35,607.45	$37,742.54	$38,749.20	$40,392.86	2012
18	Germany	$34,265.46	$36,172.68	$38,077.22	$39,028.39	$39,993.34	2012
19	Kuwait	$37,704.42	$36,290.74	$38,332.08	$39,888.76	$39,861.23	2011
20	Denmark	$35,444.34	$36,330.97	$37,340.58	$37,657.20	$38,521.26	2011
21	Belgium	$35,662.09	$36,716.96	$37,611.05	$37,883.06	$38,286.44	2012
22	Japan	$32,323.32	$34,280.08	$34,853.04	$36,265.75	$37,525.38	2012
23	United Kingdom	$34,877.64	$35,708.02	$36,525.41	$36,941.06	$37,501.70	2010
24	Finland	$33,054.44	$34,455.81	$35,993.69	$36,395.01	$37,012.46	2011
25	France	$33,121.23	$33,959.54	$35,089.79	$35,547.96	$35,941.52	2011
26	Korea	$27,709.93	$29,717.18	$31,220.48	$32,272.12	$33,580.49	2011
27	Israel	$28,916.89	$30,101.30	$31,466.29	$32,312.42	$33,282.21	2012
28	Saudi Arabia	$25,938.31	$27,313.87	$29,400.68	$31,275.49	$32,469.34	2010
29	The Bahamas	$29,512.91	$29,629.83	$30,414.74	$31,382.41	$32,397.94	2008
30	New Zealand	$27,375.74	$27,899.40	$28,667.35	$29,730.30	$30,803.76	2011
31	Spain	$29,545.86	$29,751.37	$30,477.65	$30,557.47	$30,620.15	2012
32	Italy	$29,067.71	$29,817.11	$30,422.23	$30,136.38	$30,094.06	2012
33	Oman	$25,591.17	$31,341.16	$28,148.41	$29,166.39	$29,924.88	2009
34	Bahrain	$27,220.37	$27,129.38	$27,735.31	$28,743.82	$29,832.89	2010
35	Slovenia	$27,213.55	$27,719.77	$28,435.78	$28,195.24	$28,013.94	2011
36	Malta	$24,504.30	$25,499.53	$26,369.76	$27,022.36	$27,786.99	2008
37	Czech Republic	$25,234.06	$26,110.64	$27,111.90	$27,190.92	$27,662.99	2010
38	Seychelles	$22,100.16	$23,007.76	$24,394.85	$25,229.48	$26,168.91	2011
39	Barbados	$24,073.62	$24,391.56	$24,989.02	$25,372.68	$25,854.24	2010
40	Equatorial Guinea	$25,749.77	$24,728.42	$25,669.92	$25,929.18	$25,117.18	2010
41	Slovak Republic	$21,052.94	$22,218.63	$23,365.99	$24,249.11	$24,971.88	2012
42	Greece	$28,069.82	$26,960.70	$25,509.98	$24,505.04	$23,930.22	2011
43	Portugal	$22,660.00	$23,384.64	$23,657.82	$23,385.17	$23,185.21	2012
44	Lithuania	$16,594.66	$17,345.36	$20,342.57	$21,615.34	$22,787.84	2011
45	Estonia	$17,835.49	$18,679.75	$20,657.05	$21,713.22	$22,731.03	2012
46	Poland	$18,028.68	$18,961.84	$20,012.74	$20,591.75	$21,005.39	2012
47	Trinidad and Tobago	$19,733.46	$19,923.67	$19,738.31	$20,087.13	$20,746.28	2010
48	Hungary	$18,291.32	$18,798.10	$19,570.72	$19,637.59	$19,998.05	2011
49	Chile	$15,211.11	$16,147.11	$17,309.84	$18,419.04	$19,474.74	2009
50	Latvia	$14,828.72	$15,182.51	$16,717.35	$18,254.66	$19,384.91	2012
51	Argentina	$14,683.71	$16,061.65	$17,659.54	$18,112.33	$18,709.31	2010
52	Russia	$14,834.48	$15,687.18	$16,767.87	$17,708.74	$18,670.53	2012
53	Antigua and Barbuda	$18,977.55	$17,591.02	$17,433.40	$18,026.66	$18,625.96	2009
54	Croatia	$17,548.35	$17,422.11	$17,849.81	$17,810.14	$18,066.82	2010
55	Malaysia	$14,168.64	$15,112.55	$16,008.99	$16,922.37	$17,775.70	2012
56	Botswana	$14,167.56	$15,183.79	$16,105.21	$16,820.29	$17,595.63	2008
57	Gabon	$13,513.39	$14,411.19	$15,530.02	$16,547.59	$17,586.34	0
58	Panama	$11,863.85	$12,689.90	$14,112.47	$15,616.75	$16,993.82	2010
59	Uruguay	$12,775.64	$14,049.00	$15,112.32	$15,910.80	$16,728.30	2005
60	Saint Kitts And Nevis	$16,804.93	$16,703.39	$16,415.52	$16,240.96	$16,495.30	2003
61	Mauritius	$13,443.85	$14,120.57	$14,908.40	$15,591.97	$16,350.47	2011
62	Belarus	$12,703.78	$13,897.84	$15,056.27	$15,633.70	$16,307.68	2010
63	Lebanon	$14,104.49	$15,097.20	$15,449.48	$15,756.94	$16,126.73	2007
64	Mexico	$13,265.43	$13,945.35	$14,616.14	$15,311.77	$15,931.75	2012
65	Turkey	$12,177.09	$13,293.92	$14,543.16	$15,001.41	$15,578.38	2011
66	Bulgaria	$12,645.06	$12,965.22	$13,812.32	$14,311.58	$14,870.19	2012
67	Kazakhstan	$11,515.31	$12,312.74	$13,253.30	$13,892.83	$14,750.46	2012
68	Dominica	$13,022.86	$13,301.28	$13,855.21	$14,166.15	$14,579.73	2011
69	Libya	$14,396.12	$15,044.72	$5,903.80	$12,066.45	$14,474.75	2008
70	Grenada	$13,182.39	$13,261.79	$13,608.65	$13,696.75	$13,948.43	2009
71	Venezuela	$12,497.81	$12,280.68	$12,868.12	$13,615.82	$13,633.61	2010
72	Saint Lucia	$12,516.09	$12,642.01	$13,010.51	$13,103.72	$13,381.42	2011
73	Romania	$11,923.27	$11,964.66	$12,519.98	$12,808.08	$13,251.92	2011
74	Costa Rica	$10,551.82	$11,336.50	$11,926.78	$12,606.29	$13,205.99	2011
75	Iran	$12,102.84	$12,789.17	$13,311.98	$13,127.14	$13,008.37	2010
76	Suriname	$10,754.42	$11,197.04	$11,815.34	$12,397.85	$12,989.56	2007
77	Brazil	$10,383.31	$11,216.10	$11,666.00	$11,875.26	$12,340.18	2010
78	Montenegro	$10,252.43	$10,597.57	$11,628.15	$11,800.31	$12,101.08	2011
79	Saint Vincent and the Grenadines	$11,373.04	$11,246.56	$11,522.11	$11,776.12	$12,081.34	2001
80	South Africa	$10,218.95	$10,562.60	$11,028.58	$11,375.48	$11,750.37	2011
81	Peru	$8,619.49	$9,358.03	$10,062.28	$10,719.48	$11,403.04	2009
82	Colombia	$9,202.93	$9,582.59	$10,314.83	$10,791.73	$11,284.22	2009
83	Azerbaijan	$9,619.12	$10,116.65	$10,213.21	$10,478.23	$11,003.54	2011
84	Macedonia	$9,576.94	$9,963.69	$10,444.03	$10,579.03	$10,945.61	2011
85	Thailand	$8,482.04	$9,215.49	$9,390.12	$10,125.58	$10,848.74	2011
86	Serbia	$10,124.79	$10,117.79	$10,404.78	$10,404.84	$10,787.58	2011
87	Timor-Leste	$7,559.29	$8,185.97	$9,028.30	$9,872.85	$10,783.70	2009
88	Ecuador	$8,526.58	$8,791.22	$9,552.16	$10,055.89	$10,517.91	2010
89	Tunisia	$9,143.82	$9,457.23	$9,359.29	$9,774.74	$10,200.29	2010
90	China	$6,781.15	$7,553.38	$8,391.12	$9,161.97	$10,011.48	2012
91	Dominican Republic	$8,260.45	$8,859.72	$9,286.57	$9,646.07	$9,845.60	2004
92	Maldives	$7,768.81	$8,289.15	$8,913.04	$9,234.85	$9,579.23	2006
93	Turkmenistan	$6,249.51	$6,804.24	$7,842.01	$8,718.20	$9,394.35	2007
94	Jamaica	$8,788.88	$8,742.90	$9,027.45	$9,159.24	$9,323.34	2010
95	Belize	$7,907.53	$8,109.40	$8,302.55	$8,753.51	$8,963.61	2012
96	Marshall Islands	$7,941.18	$8,394.30	$8,604.00	$8,683.18	$8,793.02	2011
97	Guyana	$6,685.73	$7,050.04	$7,569.11	$7,938.78	$8,488.39	2002
98	Bosnia and Herzegovina	$7,659.98	$7,832.80	$8,115.22	$8,215.95	$8,406.07	2010
99	Albania	$7,184.52	$7,497.85	$7,848.17	$8,052.18	$8,290.46	2008
100	Namibia	$6,504.63	$6,967.91	$7,399.34	$7,771.70	$8,159.88	2008
101	Tonga	$6,938.53	$7,116.17	$7,344.26	$7,547.99	$7,753.90	2006
102	Algeria	$6,826.15	$7,059.57	$7,271.85	$7,477.07	$7,736.90	2011
103	El Salvador	$6,805.30	$6,962.90	$7,222.11	$7,437.93	$7,648.21	2007
104	Iraq	$5,818.71	$6,155.52	$6,618.65	$7,079.89	$7,604.93	2004
105	Ukraine	$6,312.71	$6,685.64	$7,210.44	$7,373.99	$7,532.92	2011
106	Micronesia	$6,527.70	$6,800.70	$7,103.74	$7,346.28	$7,532.58	2011
107	Bhutan	$4,956.71	$5,514.57	$6,009.46	$6,664.71	$7,187.72	0
108	Paraguay	$5,302.07	$5,957.25	$6,223.86	$6,136.46	$6,787.73	2011
109	Egypt	$6,093.20	$6,343.95	$6,454.82	$6,544.87	$6,652.92	2010
110	Angola	$5,650.77	$5,748.94	$5,923.85	$6,346.74	$6,650.29	2000
111	Sri Lanka	$4,759.84	$5,169.52	$5,676.37	$6,106.59	$6,550.22	2011
112	Georgia	$4,757.85	$5,064.02	$5,502.30	$5,929.75	$6,355.74	2011
113	Samoa	$5,690.52	$5,767.88	$5,989.75	$6,148.96	$6,282.41	2011
114	Jordan	$5,686.33	$5,767.22	$5,907.01	$6,042.29	$6,198.91	2010
115	Mongolia	$3,791.84	$4,020.34	$4,770.43	$5,371.64	$6,134.48	2011
116	Armenia	$4,978.66	$5,105.12	$5,404.94	$5,838.26	$6,128.16	2011
117	Kiribati	$5,634.97	$5,685.90	$5,816.54	$5,973.05	$6,125.06	2009
118	Swaziland	$5,647.84	$5,766.38	$5,835.24	$5,781.53	$5,806.66	2008
119	Morocco	$4,602.44	$4,782.70	$5,074.65	$5,265.18	$5,537.51	2011
120	Guatemala	$4,823.08	$4,907.30	$5,092.57	$5,208.96	$5,335.95	2005
121	Bolivia	$4,447.65	$4,603.57	$4,850.65	$5,099.27	$5,330.64	1981
122	Indonesia	$4,102.35	$4,353.81	$4,668.65	$4,977.09	$5,302.03	2010
123	Vanuatu	$4,718.47	$4,751.07	$4,811.64	$4,916.21	$5,093.80	2009
124	Fiji	$4,438.80	$4,471.24	$4,628.75	$4,785.63	$4,947.38	2007
125	Congo - Brazzaville	$4,132.77	$4,426.16	$4,543.38	$4,666.56	$4,937.41	2004
126	Honduras	$4,188.74	$4,313.15	$4,475.32	$4,609.60	$4,741.16	2001
127	Philippines	$3,713.18	$3,980.01	$4,152.00	$4,429.59	$4,691.15	2011
128	Nicaragua	$3,830.59	$3,975.03	$4,228.43	$4,458.43	$4,641.61	2007
129	Cape Verde	$3,547.84	$3,730.33	$3,947.20	$4,132.81	$4,313.48	2008
130	India	$3,039.28	$3,378.15	$3,666.90	$3,829.70	$4,060.22	2010
131	Uzbekistan	$2,796.84	$3,021.17	$3,272.77	$3,555.08	$3,820.65	2010
132	Vietnam	$2,939.37	$3,143.00	$3,358.62	$3,547.77	$3,750.00	2010
133	Moldova	$2,851.23	$3,097.60	$3,381.86	$3,415.03	$3,613.35	2012
134	Ghana	$2,560.45	$2,732.61	$3,112.88	$3,305.10	$3,501.53	0
135	Solomon Islands	$2,763.01	$2,894.28	$3,188.88	$3,345.35	$3,458.50	2010
136	Tuvalu	$3,262.94	$3,162.08	$3,252.77	$3,338.15	$3,423.06	2011
137	Lao P.D.R.	$2,356.57	$2,545.28	$2,769.60	$3,011.21	$3,260.59	2011
138	Pakistan	$2,642.04	$2,702.39	$2,785.76	$2,880.67	$2,969.68	2011
139	Papua New Guinea	$2,194.12	$2,333.41	$2,582.26	$2,797.33	$2,896.83	2010
140	Nigeria	$2,272.34	$2,419.82	$2,582.18	$2,720.01	$2,883.44	2006
141	Djibouti	$2,435.53	$2,484.57	$2,578.72	$2,676.96	$2,778.25	1999
142	Cambodia	$1,942.74	$2,068.02	$2,239.24	$2,402.33	$2,579.06	2008
143	Kyrgyz Republic	$2,225.12	$2,219.92	$2,379.48	$2,376.49	$2,567.82	2010
144	Sudan	$2,151.61	$2,178.85	$2,682.99	$2,544.63	$2,550.10	2006
145	Cameroon	$2,147.11	$2,193.22	$2,274.91	$2,366.24	$2,473.13	2010
146	Sao Tome and Principe	$2,057.05	$2,140.62	$2,251.73	$2,337.21	$2,432.93	2010
147	Tajikistan	$1,819.78	$1,941.58	$2,079.45	$2,228.60	$2,373.96	2011
148	Yemen	$2,452.37	$2,598.59	$2,306.66	$2,282.67	$2,351.46	2008
149	Lesotho	$1,749.83	$1,879.65	$2,024.32	$2,137.53	$2,244.10	2006
150	Mauritania	$1,863.56	$1,936.86	$2,006.72	$2,121.62	$2,230.44	2009
151	Bangladesh	$1,664.04	$1,774.11	$1,909.46	$2,039.48	$2,174.32	2010
152	Senegal	$1,880.53	$1,934.95	$1,974.90	$2,026.55	$2,086.38	2011
153	Chad	$1,648.25	$1,841.12	$1,844.22	$1,923.70	$2,061.63	2004
154	The Gambia	$1,812.31	$1,903.57	$1,810.67	$1,864.39	$2,008.23	2010
155	Kenya	$1,614.61	$1,680.77	$1,740.58	$1,802.38	$1,884.57	2010
156	Zambia	$1,425.19	$1,516.53	$1,614.79	$1,721.65	$1,841.64	2010
157	Ivory Coast	$1,670.53	$1,683.79	$1,590.70	$1,726.65	$1,839.67	2009
158	Benin	$1,559.98	$1,575.72	$1,620.35	$1,666.74	$1,717.82	2011
159	Tanzania	$1,322.92	$1,392.88	$1,469.19	$1,566.71	$1,670.21	2006
160	Rwanda	$1,201.01	$1,278.08	$1,384.04	$1,485.91	$1,591.71	2010
161	Sierra Leone	$1,030.78	$1,072.07	$1,131.30	$1,344.25	$1,559.95	2011
162	Myanmar	$1,198.80	$1,254.53	$1,324.61	$1,405.03	$1,490.53	2006
163	Burkina Faso	$1,188.62	$1,261.22	$1,302.26	$1,399.50	$1,488.33	2010
164	Uganda	$1,280.57	$1,326.62	$1,399.98	$1,414.93	$1,459.62	2010
165	Haiti	$1,205.54	$1,163.46	$1,234.93	$1,242.82	$1,358.10	0
166	Nepal	$1,148.06	$1,198.00	$1,249.11	$1,308.07	$1,347.62	2011
167	South Sudan			$2,206.23	$1,006.16	$1,324.10	2008
168	Comoros	$1,189.13	$1,204.44	$1,231.65	$1,257.99	$1,296.77	2003
169	Guinea-Bissau	$1,150.00	$1,181.08	$1,244.52	$1,222.76	$1,268.46	2004
170	Mozambique	$953.29	$1,014.19	$1,089.85	$1,169.17	$1,262.96	2010
171	Ethiopia	$972.26	$1,041.47	$1,119.36	$1,190.56	$1,258.60	2008
172	Guinea	$1,041.14	$1,049.25	$1,086.34	$1,121.36	$1,162.18	2009
173	Togo	$970.35	$1,000.40	$1,048.17	$1,096.21	$1,145.94	2010
174	Mali	$1,065.86	$1,108.75	$1,128.03	$1,100.24	$1,136.77	2010
175	Afghanistan	$855.91	$912.23	$967.53	$1,053.81	$1,072.19	2007
176	Madagascar	$939.73	$931.79	$944.47	$955.31	$972.07	2006
177	Malawi	$782.72	$821.35	$850.82	$857.67	$893.84	2009
178	Niger	$674.52	$733.68	$742.43	$815.35	$853.43	2009
179	Central African Republic	$738.10	$751.95	$773.98	$800.22	$827.93	2004
180	Eritrea	$680.18	$683.08	$735.17	$776.79	$792.13	2006
181	Liberia	$564.75	$582.63	$625.74	$672.56	$716.04	2009
182	Burundi	$566.80	$582.15	$604.96	$625.43	$648.58	0
183	Zimbabwe	$428.91	$472.75	$529.63	$558.58	$589.46	2008
184	Congo - Kinshasa	$311.89	$328.87	$348.53	$368.91	$394.25	1983

India's Economic Reforms

The reform process in India was initiated with the aim of accelerating the pace of economic growth and eradication of poverty. The process of economic liberalization in India can be traced back to the late 1970s. However, the reform process began in earnest only in July 1991. It was only in 1991 that the Government signaled a systemic shift to a more open economy with greater reliance upon market forces, a larger role for the private sector including foreign investment, and a restructuring of the role of Government.

The reforms of the last decade and a half have gone a long way in freeing the domestic economy from the control regime. An important feature of India's reform programme is that it has emphasized gradualism and evolutionary transition rather than rapid restructuring or "shock therapy". This approach was adopted since the reforms were introduced in June 1991 in the wake a balance of payments crisis that was certainly severe. However, it was not a prolonged crisis with a long period of non-performance.

The economic reforms initiated in 1991 introduced far-reaching measures, which changed the working and machinery of the economy. These changes were pertinent to the following:

Dominance of the public sector in the industrial activity

Discretionary controls on industrial investment and capacity expansion

Trade and exchange controls

Limited access to foreign investment

Public ownership and regulation of the financial sector 

The reforms have unlocked India's enormous growth potential and unleashed powerful entrepreneurial forces. Since 1991, successive governments, across political parties, have successfully carried forward the country's economic reform agenda. 

• Reforms in Industrial Policy

      Industrial policy was restructured to a great extent and most of the central government industrial controls were dismantled. Massive deregulation of the industrial sector was done in order to bring in the element of competition and increase efficiency. Industrial licensing by the central government was almost abolished except for a few hazardous and environmentally sensitive industries. The list of industries reserved solely for the public sector -- which used to cover 18 industries, including iron and steel, heavy plant and machinery, telecommunications and telecom equipment, minerals, oil, mining, air transport services and electricity generation and distribution was drastically reduced to three: defense aircrafts and warships, atomic energy generation, and railway transport. Further, restrictions that existed on the import of foreign technology were withdrawn.

• Reforms in Trade Policy 

         It was realized that the import substituting inward looking development policy was no longer suitable in the modern globalising world.  

Before the reforms, trade policy was characterized by high tariffs and pervasive import restrictions. Imports of manufactured consumer goods were completely banned. For capital goods, raw materials and intermediates, certain lists of goods were freely importable, but for most items where domestic substitutes were being produced, imports were only possible with import licenses. The criteria for issue of licenses were non-transparent, delays were endemic and corruption unavoidable. The economic reforms sought to phase out import licensing and also to reduce import duties.

Import licensing was abolished relatively early for capital goods and intermediates which became freely importable in 1993, simultaneously with the switch to a flexible exchange rate regime. Quantitative restrictions on imports of manufactured consumer goods and agricultural products were finally removed on April 1, 2001, almost exactly ten years after the reforms began, and that in part because of a ruling by a World Trade Organization dispute panel on a complaint brought by the United States.

• Financial sector reforms 

     

Financial sector reforms have long been regarded as an integral part of the overall policy reforms in India. India has recognized that these reforms are imperative for increasing the efficiency of resource mobilization and allocation in the real economy and for the overall macroeconomic stability. The reforms have been driven by a thrust towards liberalization and several initiatives such as liberalization in the interest rate and reserve requirements have been taken on this front. At the same time, the government has emphasized on stronger regulation aimed at strengthening prudential norms, transparency and supervision to mitigate the prospects of systemic risks. Today the Indian financial structure is inherently strong, functionally diverse, efficient and globally competitive. During the last fifteen years, the Indian financial system has been incrementally deregulated and exposed to international financial markets along with the introduction of new instruments and products.

Reasons of Greece Economic Crisis

 

If the news about Greece's debt crisis has left you wondering about how the country could have gotten itself into such an economic pickle, one thing is clear -- it didn't happen overnight, and there's no single cause.

The roots of the crisis run deep with many contributing factors, including the highest pension spending in the European Union. But there are also political and cultural factors.

Greece: How People Are Dealing With the Financial Crisis

Hours before a midnight deadline tonight when Greece will default on a $1.7 billion payment to the International Monetary Fund, German Chancellor Angela Merkel said there will be no new negotiations about Greece's bailout.

Here are some of the changes Greek workers have experienced and will face head-on with austerity measures imposed by creditors from the last five year.

   

1. Inefficient Pension System

Greece spent 17.5 percent of its economic output on pension payments, the most in the E.U., according to the most recent Eurostat data from 2012. But with existing cuts, that figure has fallen to 16 percent, Reuters reported. Italy, France and Austria each spent about 15 percent of their GDP on pensions in 2012, according to Eurostat.

Greece's struggle to pay pensioners is even more evident this week with banks closed and Greeks unable to withdraw more than 60 euros from ATMs.

Not only is the pension system pricey, but it is highly fragmented and political, Trade unions, such as those that may represent the police or military, can exert political power and reap better pension benefits.

2. Benefits

Government employees have had some of the best worker benefits in Greece. For example, an unmarried daughter used to receive her dead father's pension, Tsoukas said, though that specific practice stopped after the bailout agreement was made in 2010.

Some workers received atypical bonuses for showing up to work on time, but these bonuses were paid so workers were not paid higher pensionable salary. Either way, it's a practice that austerity measures eliminated.

"These were bizarre bonuses with bizarre names and misnomers, not because people regularly attended work," Tsoukas said. "It was a cheap way to give people more money without necessarily encumbering itself with paying higher pensions.

3. Early Retirement

In 2013, Greece's retirement age was raised by two years to 67. According to government data, however, the average Greek man retires at 63 and the average woman at 59.

And some police and military workers have retired as early as age 40 or 45, Tsoukas said.

There are also unique benefits for some workers. Female employees of state-owned banks with children under 18 could retire as early 43, he said.

"These kinds of exemptions were made -- particularly young mothers with young children who were able to take advantage of this and work 15 or 20 years for a reduced pension," he said.

4. High Unemployment and Work Culture Issues

A man who gave his first name as Apostolis, 39, who works in a store in Athens selling organic products, told ABC News he's concerned that his boss does not have the money to pay him tomorrow. Still, he said, "It's not too serious. First of all I could go a bit earlier in the evening and go to the beach to surf. Secondly, I will have a ready excuse not to pay electricity and water bill.

The unemployment rate is 25.6 percent in Greece.

John Challenger, CEO of global outplacement and executive coaching consultancy Challenger, Gray and Christmas, told ABC News that entrepreneurism is in dire straits in Greece. He said he's not surprised by the shop worker's response.

"It’s kind of endemic and built into that culture that if I don’t get paid, I can’t pay you. It’s not the right foundation culturally for the economy to come out of this tailspin," Challenger said.

5. Tax Evasion

The country has struggled to collect taxes from citizens, especially the wealthy, which is a problem when Greece's national debt is 177 percent of its GDP. Italy’s debt is about 133 percent of its GDP as of 2014, according to Eurostat. Greece's far-left government has said it wants to target wealthy tax evaders, but creating a more equitable tax system has been challenging.

What is Euro Zone ?

The eurozone, officially called the euro area is a monetary union of 19 of the 28 European union (EU)
 member states which have adopted the euro (€) as their common currency and sole legal tender. The other nine members of the European Union continue to use their own national currencies.

Member states

State	Adopted	Population (thousand, 2012)	Nominal GNI nominal (million USD, 2012)	Relative GNI of total (nominal)	GNI per capita nominal (USD, 2012)	Pre-Euro currency	Exceptions	ISO code
Austria	1999-01-01[15]	8,430	404,279	3.18%	47,031	Schilling		AT
Belgium	1999-01-01[15]	11,128	498,767	3.93%	44,820	Franc		BE
Cyprus	2008-01-01[16]	1,129	22,799	0.18%	26,110	Pound	Northern Cyprus[a]	CY
Estonia	2011-01-01[17]	1,329	21,684	0.17%	16,310	Kroon		EE
Finland	1999-01-01[15]	5,414	252,262	1.99%	40,838	Markka		FI
France	1999-01-01[15]	65,697	2,749,098	21.64%	41,850	Franc	New Caledonia[b]  French Polynesia[b]  Wallis and Futuna[b]	FR
Germany	1999-01-01[15]	80,426	3,632,832	28.60%	45,170	Mark		DE
Greece	2001-01-01[18]	11,093	263,029	2.07%	23,710	Drachma		GR
Ireland	1999-01-01[15]	4,587	179,390	1.41%	48,787	Pound		IE
Italy	1999-01-01[15]	59,540	2,067,214	16.27%	34,720	Lira	Campione d'Italia[c]	IT
Latvia	2014-01-01[19]	2,034	28,598	0.23%	14,060	Lats		LV
Lithuania	2015-01-01[20]	2,944	44,060	0.35%	14,900	Litas		LT
Luxembourg	1999-01-01[15]	531	38,125	0.30%	93,174	Franc		LU
Malta	2008-01-01[21]	419	8,274	0.07%	19,730	Lira		MT
Netherlands	1999-01-01[15]	16,755	806,108	6.35%	48,110	Guilder	Aruba[d]  Curaçao[e]  Sint Maarten[e]  Caribbean Netherlands[f]	NL
Portugal	1999-01-01[15]	10,515	217,521	1.71%	20,690	Escudo		PT
Slovakia	2009-01-01[22]	5,408	93,032	0.73%	17,200	Koruna		SK
Slovenia	2007-01-01[23]	2,057	46,965	0.37%	22,830	Tolar		SI
Spain	1999-01-01[15]	46,761	1,371,856	10.80%	33,711	Peseta		ES
Eurozone		333,253	12,701,834	100%	38,115

What Is a Tariff?

Simply put, a tariff is a tax on imported goods.  As a result, tariffs are different from regular taxes, since taxes apply to all units of a good equally regardless of their place of origin.  Not surprisingly, the purpose of a tariff is usually to protect domestic producers from foreign competition.  Therefore, it's important to both understand the market impact of a tariff and also the welfare implications for consumers, producers, and society overall.

India - Tariff rate:-

Tariff rate in India was 10.22 as of 2009. Its highest value over the past 19 years was 82.96 in 1990, while its lowest value was 8.55 in 2008.

Definition:- Simple mean applied tariff is the unweighted average of effectively applied rates for all products subject to tariffs calculated for all traded goods. Data are classified using the Harmonized System of trade at the six- or eight-digit level. Tariff line data were matched to Standard International Trade Classification (SITC) revision 3 codes to define commodity groups. Effectively applied tariff rates at the six- and eight-digit product level are averaged for products in each commodity group. When the effectively applied rate is unavailable, the most favored nation rate is used instead. To the extent possible, specific rates have been converted to their ad valorem equivalent rates and have been included in the calculation of simple mean tariffs. Manufactured products are commodities classified in SITC revision 3 sections 5-8 excluding division 68.