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Yemen, officially known as the Republic of Yemen, is an Arab country in Western Asia, occupying South Arabia, the southern end of the Arabian Peninsula. Yemen is the second-largest country in the peninsula, occupying 527,970 km2 (203,850 sq mi). The coastline stretches for about 2,000 km (1,200 mi). It is bordered by Saudi Arabia to the north, the Red Sea to the west, the Gulf of Aden and the Arabian Sea to the south, and Oman to the east and northeast. Although Yemen's constitutionally stated capital is the city of Sana'a, the city has been under rebel control since February 2015. Because of this, Yemen's capital has been temporarily relocated to the port city of Aden, on the southern coast. Yemen's territory includes more than 200 islands; the largest of these is Socotra.
According to economists, Yemen's financial services sector is underdeveloped and dominated by the banking system. Yemen has no public stock exchange. The banking system consists of the Central Bank of Yemen, 15 commercial banks (nine private domestic banks, four of which are Islamic banks; four private foreign banks; and two state-owned banks), and two specialized state-owned development banks. The Central Bank of Yemen controls monetary policy and oversees the transfer of currencies abroad. It is the lender of last resort, exercises supervisory authority over commercial banks, and serves as a banker to the government. Since end 2005 and up to the end of 2010, Tadhamon International Islamic Bank has maintained the top spot between all banks in Yemen (Commercial and Islamic) in terms of total assets, capital and trade business. The largest commercial bank, the Credit and Agricultural Cooperative Bank, which is state-owned, and the Yemen Bank for Reconstruction and Development, which is majority state-owned, are currently being restructured with the goal of eventual privatization. Because of fiscal difficulties in both banks, in 2004 Yemen's government adopted a plan to merge them; the new publicly owned Development Bank will have a minimum capital of US$50 million. Till end April 2011 this step has yet to materialize.
The large volume of non-performing loans, low capitalization, and weak enforcement of regulatory standards hamper Yemen's banking sector as a whole. Numerous banks are technically insolvent. Because many debtors are in default, Yemen's banks limit their lending activities to a select group of consumers and businesses; as a result, the entire banking system holds less than 60 percent of the money supply. The bulk of the economy operates with cash. Legislation adopted in 2000 gave the Central Bank the authority to enforce tougher lending requirements, and in mid-2005 the Central Bank promulgated several new capital requirements for commercial banks aimed at curtailing currency speculation and protecting deposits.
|Agriculture||grain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish, wheat, meat, vegetables and nuts.|
|Manufacture||mining, energy and power. mining, energy and power.|
|Services (Including financial)||No Information|
|Raw iron bar|
Yemen is an oil-exporting and food-importing country on the Arabian Peninsula with persistently high levels of poverty. The impacts of the food, fuel, and financial global crises are likely to further complicate preexisting conditions of internal conflicts, decreasing oil revenues, and governance failure. The latest official growth numbers date back to pre-crisis levels; new estimates are subject to much debate, and the current state of poverty in Yemen remains unclear. In this paper, a consistent economic framework is presented to help close this information gap and to better understand growth and poverty dynamics during crises. Results show that economic growth in Yemen accelerated during the food and fuel crises in 2008 because oil-driven growth dominated the negative growth impacts of the food crisis. However, this oil-driven growth has not been pro-poor; in fact, poverty in both rural and urban areas rises sharply in 2008. The financial crisis in 2009 impacts Yemen mainly through the drop in oil prices and a reduction in remittances and thereby sharply slows growth, including agricultural growth. This growth decline hits households hard and compounds the poverty effects of the food crisis. Model results indicate that poverty has increased to 42.8 percent in 2009, an increase of 8 percentage points from 2005-2006 when it was 34.8 percent. Poverty continues to be much higher in rural areas, where almost half of all people lived in poverty in 2009, compared with 29.9 percent in urban areas. These estimates can be considered conservative because we do not account for conflicts and natural disasters that recently hit the country.
Like some of the Arabic countries, Jordan, which is a small Arabic country located in the Middle East, is characterized by possessing a small industrial base. Strikingly, its economy is among the smallest in the region because of the scarcity of its natural resources. Furthermore, the country is known for high standards of unemployment among its educated and uneducated citizens, especially the youth. Despite these facts, there has been steady growth in the economy. It is noted that the Jordanian economy has mainly grown increasingly over the past 20 years. A great deal of significant economic reforms have been carried out by King Abdullah II Since he has been in power in 1999, these included opening the trade regime, privatizing state-owned companies, and abolishment of most fuel subsidies. Hence, these critical reforms have been the primary motivator for foreign investment in the kingdom in the last few years. The economic growth has improved increasingly as a result of the foreign investment which naturally has led to creating more job opportunities. Undeniably, the rate of unemployment has declined considerably despite the sweeping global financial crisis which cast its light on the whole region.
Yemen was the home of the Sabaeans (biblical Sheba), a trading state that flourished for over a thousand years and probably also included parts of modern-day Ethiopia and Eritrea. In 275 AD, the region came under the rule of the later Jewish-influenced Himyarite Kingdom. Christianity arrived in the fourth century, whereas Judaism and local paganism were already established. Islam spread quickly in the seventh century and Yemenite troops were crucial in the expansion of the early Islamic conquests. Administration of Yemen has long been notoriously difficult. Several dynasties emerged from the ninth to 16th centuries, the Rasulid dynasty being the strongest and most prosperous. The country was divided between the Ottoman and British empires in the early twentieth century. The Zaydi Mutawakkilite Kingdom of Yemen was established after World War I in North Yemen before the creation of the Yemen Arab Republic in 1962. South Yemen remained a British protectorate known as the Aden Protectorate until 1967. The two Yemeni states united to form the modern republic of Yemen in 1990.
Yemen is a developing country, and the poorest country in the Middle East. Under the rule of President Ali Abdullah Saleh, Yemen was described as a kleptocracy. According to the 2009 international corruption Perception Index by Transparency International, Yemen ranked 164 out of 182 countries surveyed. In the absence of strong state institutions, elite politics in Yemen constituted a de facto form of collaborative governance, where competing tribal, regional, religious, and political interests agreed to hold themselves in check through tacit acceptance of the balance it produced. The informal political settlement was held together by a power-sharing deal between three men: president Ali Abdullah Saleh, who controlled the state; Major General Ali Mohsen al-Ahmar, who controlled the largest share of the Republic of Yemen Armed Forces; and Abdullah ibn Husayn al-Ahmar, figurehead of the Islamist Islah party and Saudi Arabia's chosen broker of transnational patronage payments to various political players, including tribal sheikhs. The Saudi payments have been intended to facilitate the tribes' autonomy from the Yemeni government and to give the Saudi government a mechanism with which to weigh in on Yemen's political decision-making.
Yemen has been in a state of political crisis since 2011. starting with street protests against poverty, unemployment, corruption, and president Saleh's plan to amend Yemen's constitution and eliminate the presidential term limit, in effect making him president for life. President Saleh stepped down and the powers of the presidency were transferred to Vice President Abd Rabbuh Mansur Hadi, who was formally elected president on 21 February 2012 in a one-man election. The transitional process was disrupted by conflicts between the Houthis and al-Islah, as well as the al-Qaeda insurgency. In September 2014 the Houthis took over Sana'a, later declaring themselves in control of the government in a coup d'état. Since then, a Saudi-led intervention has caused a new civil war to take place.
Abd Rabbuh Mansur Hadi
Ali Muhammad Mujawar
The rial or riyal is the currency of Yemen. It is technically divided into 100 fils, although coins denominated in fils have not been issued since Yemeni unification.
In the 18th and 19th century, the riyal was traditionally associated with the Maria Theresa thaler, currency that was widely in use in Yemen owing to the Mocha coffee trade with the French, and a Yemeni request that its products be paid with thalers.
As Yemen progressed, it developed its own legal currency. After the union between the North (the Yemen Arab Republic) and the South (the People's Democratic Republic of Yemen) in 1990, both the northern rial and the southern dinar remained legal tender during a transitional period, with 1 dinar exchanged for 26 rials. On 11 June 1996, the dinar was withdrawn from circulation. In 1993, the first coins were issued for the Republic of Yemen. The value of rial against the United States dollar dropped significantly compared to 12.01 rials per dollar in the early 1990s. Since the mid-1990s the Yemeni rial has been freely convertible. Though it dropped from YER 20 to approximately YER 215 against the U.S. dollar since then, the rial has been stable for several years. However, since 2010 the Central Bank had to intervene several times, resulting in a serious decline of foreign reserves. By late 2013, the Economic Intelligence Unit expects reserves to decline to approximately 1.3 months of imports over the following years, despite information that Saudi Arabia would transfer $1 billion to the Yemeni Central Bank.
|National Song||"National anthem of Yemen"|
|Currency||Yemeni rial (YER)|
|GDP / GDP Rank||69.185 Billion USD|
|GDP Growth Rate||-28.1 Percent|
|GDP Per Captial||$2374.858 (PPP)|
< 1.0% Christians
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Predominantly Arab; But Also Afro-Arab
President – Abdrabbuh Mansur Hadi
Prime Minister – Maeen Abdulmalik Saeed
|Website||Go to the web|
|Public Debt||85.358 Percent|
|Unemployment Rate||17.057 Percent|
|Labor Force (Occupation)||-|