Yemen

Overall Score: 53.7 World Rank: 133

Yemen Quick Facts

Population: 26.7million

GDP: $61.8 million

GDP Growth: 4.4%

GDP Per Capita: $2.316

Unemployment: 17.2%

inflation: 11.1%

Foreign Direct Investment: $-133.million

7 Major Sources Of Economic Progress

Legal System

Auditing and investigative bodies are not sufficiently independent of executive authorities. The judiciary is nominally independent, but it is susceptible to interference from the executive branch.

Competitive Markets

Over the historic period, Yemen's defense expenditure registered a growth rate of 1056%, increasing from us $148 billion in 2010 to US$220 billion in 2014. The defense industry it provides an overview of key players, together with insights.

limits On Government Regulation

The rigid labor market perpetuates high unemployment and underemployment. In 2014, government efforts to reduce energy subsides, which are very high and a major drain on the budget, sparked violent protests.

An Effieient Capital Market

The underdeveloped financial system is dominated by banks and subject to state influence. nonperforming loans burden the banking sector. obtaining credit for entrepreneurial activity remains difficult. The capital market is rudimentary, with no stock exchange in place.

Monetary Stablility

These declines undermine an already weak economic system. Government corruption is standard. The judiciary is semi-independent, but government weakness makes enforcing the law difficult. The economy is open to trade, but the investment regime remains closed. An underdeveloped financial sector and strict business regulations make it difficult to form and finance new ventures.

Low Tax Rates

The top individual income tax rate is 20 percent, and the top corporate tax rate is 20 percent. Other taxes include a general sales tax and a property tax. The overall tax burden equals 7 percent of gross domestic product.

Free Trade

Yemen’s average tariff rate is 6.2 percent. Yemen joined the WTO in 2014. Courts do not resolve business disputes in a timely manner. The underdeveloped financial system is dominated by banks and subject to state influence.