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The economy of Djibouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with little development in the agricultural and industrial sectors. The country has a harsh climate, a largely unskilled labour force, and limited natural resources. The country's most important economic asset is its strategic location, connecting the Red Sea and the Gulf of Aden. As such, Djibouti's economy is commanded by the services sector, providing services as both a transit port for the region and as an international transshipment and refueling centre.
The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history. As of 2021, the oil sector provides about 92% of foreign exchange earnings. Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution (1958) which overthrew the Hashemite Iraqi monarchy. It had become the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970s, which included irrigation projects, railway and highway construction, and rural electrification.
The economy of Yemen has significantly weakened since the breakout of the Yemeni Civil War and the humanitarian crisis, which has caused instability, escalating hostilities, and flooding in the region. At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, Yemen has relied heavily on aid from multilateral agencies to sustain its economy for the past 24 years. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms: reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.
A subsidy or government incentive is a type of government expenditure targeted towards individuals and households, as well as businesses with the aim of stabilising the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks such as COVID-19.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against.
Economic sanctions are commercial and financial penalties applied by states or institutions against states, groups, or individuals. Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange. Sanctions can be intended compel or deterrence.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs.
Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises. Their stated purpose is to adjust the country's economic structure, improve international competitiveness, and restore its balance of payments.
United States sanctions are imposed against countries that are perceived to violate the interests of the United States. Sanctions are used with the intent of damaging another country's economy in response to unfavorable policy. The United States has imposed two-thirds of the world's sanctions since the 1990s. Numerous US unilateral sanctions against various countries around the world have been criticized by different commentators. It has imposed economic sanctions on more than 20 countries since 1998.
Port security is part of a broader definition concerning maritime security. It refers to the defense, law and treaty enforcement, and counterterrorism activities that fall within the port and maritime domain. It includes the protection of the seaports themselves and the protection and inspection of the cargo moving through the ports. Security risks related to ports often focus on either the physical security of the port, or security risks within the maritime supply chain.
Maritime security is an umbrella term informed to classify issues in the maritime domain that are often related to national security, marine environment, economic development, and human security. This includes the world's oceans but also regional seas, territorial waters, rivers and ports, where seas act as a “stage for geopolitical power projection, interstate warfare or militarized disputes, as a source of specific threats such as piracy, or as a connector between states that enables various phenomena from colonialism to globalization”. The theoretical concept of maritime security has evolved from a narrow perspective of national naval power projection towards a buzzword that incorporates many interconnected sub-fields. The definition of the term maritime security varies and while no internationally agreed definition exists, the term has often been used to describe both existing, and new regional and international challenges to the maritime domain. The buzzword character enables international actors to discuss these new challenges without the need to define every potentially contested aspect of it. Maritime security is of increasing concern to the global shipping industry, where there are a wide range of security threats and challenges. Some of the practical issues clustered under the term of maritime security include crimes such as piracy, armed robbery at sea, trafficking of people and illicit goods, illegal fishing or marine pollution. War, warlike activity, maritime terrorism and interstate rivalry are also maritime security concerns.
Piracy in the Gulf of Guinea affects a number of countries in West Africa as well as the wider international community. By 2011, it had become an issue of global concern. Pirates in the Gulf of Guinea are often part of heavily armed criminal enterprises, who employ violent methods to steal oil cargo. In 2012, the International Maritime Bureau, Oceans Beyond Piracy and the Maritime Piracy Humanitarian Response Program reported that the number of vessels attacks by West African pirates had reached a world high, with 966 seafarers attacked during the year. According to the Control Risks Group, pirate attacks in the Gulf of Guinea had by mid-November 2013 maintained a steady level of around 100 attempted hijackings in the year, a close second behind the Strait of Malacca in Southeast Asia. Piracy in the Gulf of Guinea continues to be a concern to the shipping industry, which is affected significantly. At the same time, governments in the region generally highlight that the fight against piracy requires a broad understanding of maritime security throughout the Gulf of Guinea.
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Piracy in Somalia has been a threat to international shipping since the beginning of the country's civil war in the early 1990s. Since 2005, many international organizations have expressed concern over the rise in acts of piracy. Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6 to $6.9 billion a year in global trade in 2011 according to Oceans Beyond Piracy (OBP).
Poverty in Norway had been declining from World War II until the Global Financial Crisis. It is now increasing slowly, and is significantly higher among immigrants from the Middle East and Africa. Before an analysis of poverty can be undertaken, the definition of poverty must first be established, because it is a subjective term. The measurement of poverty in Norway deviates from the measurement used by the OECD. Norway traditionally has been a global model and leader in maintaining low levels on poverty and providing a basic standard of living for even its poorest citizens. Norway combines a free market economy with the welfare model to ensure both high levels of income and wealth creation and equal distribution of this wealth. It has achieved unprecedented levels of economic development, equality and prosperity.
International piracy law is international law that is meant to protect against piracy. Throughout history and legal precedents, pirates have been defined as hostis humani generis, Latin for "the enemy of all mankind". The United Nations has codified much of the law in the United Nations Convention on the Law of the Sea (UNCLOS), which defines different types of piracy and ways to combat it.
Piracy kidnappings occur during piracy, when people are kidnapped by pirates or taken hostage. Article 1 of the United Nations International Convention against the Taking of Hostages defines a hostage-taker as "any person who seizes or detains and threatens to kill, to injure, or to continue to detain another person in order to compel a third party namely, a State, an international intergovernmental organization, a natural or Juridical person, or a group of people, to do or abstain from doing any act as an explicit or implicit condition tor the release of the hostage commits the offense of taking of hostages ("hostage-taking") within the meaning of this Convention." Kidnappers often try to obtain the largest financial reward possible in exchange for hostages, but piracy kidnappings can also be politically motivated.
The Yermak-McFaul Expert Group on Russian Sanctions is an international group of independent experts working on the implementation of sanctions against Russia and Belarus as a response to the Russian invasion of Ukraine. The Yermak-McFaul Expert Group publishes documents, strategies and roadmaps that contain plans and recommendations for sanctions against Russia and Belarus and monitors their effectiveness. The Group's work is used by the officials of the sanction coalition. Many experts of the Group were sanctioned by Russia.
References
- ↑ Programme (PDF). Roundtable on 'Economic Terrorism'. Geneva Centre for Security Policy. July 11–12, 2005. Archived from the original (PDF) on September 27, 2007.
- ↑ Freeman, Kevin D. (2012), Secret weapon : how economic terrorism brought down the U.S. stock market and why it can happen again, Blackstone Audio, Inc., ISBN 9781455161058, OCLC 1035047214 , retrieved 2019-07-22
- ↑ "Iran's foreign minister says U.S. policy is 'economic terrorism'". www.msn.com. Retrieved 2019-07-22.
- ↑ Amy Zalman, Economic Impact of Terrorism and the September 11 Attacks
- ↑ "Economic Impact of Piracy in the Gulf of Aden on Global Trade" (PDF). United States Department of transportation.
