Economy Of Kiribati
The Republic of Kiribati's per capita Gross National Product of US$1,420 (2010)/> makes it one of the poorest countries in the world. Phosphates had been profitably exported from Banaba Island since the turn of the 20th century, but the deposits were exhausted in 1979. The economy now depends on foreign assistance and revenue from fishing licenses to finance its imports and development budget.
The Asian Development Bank’s assessment of Kiribati’s growth potential point identifies constraints imposed by “(i) land area, (ii) geographic dispersion across 5,000 km of ocean, (ii) remoteness from major markets with associated high external transport costs, (iii) high vulnerability to natural forces including climate change and sea-level rise, and (iv) scarce natural resources.”
Read more about Economy Of Kiribati: Government Revenue, Financial Sector, International Development Assistance, GDP and Other Economic Performance Indicators
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