User:Tranvea/Zorasan

Economy of Zorasan

Izidhar al-Mina, Zorasan's financial centre.
Currency	Toman
Statistics
GDP	$2.652 trillion (PPP; est 2021) $1.928 trillion (Nominal; est 2021)
GDP rank	13th (PPP) 9th (Nominal)
GDP growth	5.8% (2018) 6.12% (2019) 5.90% (2020) 6.20% (2021f)
GDP per capita	$12,997 (PPP; est 2021) $9,450 (Nominal; est 2021)
GDP by sector	agriculture: 8.05% industry: 61.45% services: 30.5%
Inflation (CPI)	5.32%
Population below poverty line	16.39% 12.85% at risk of poverty or social exclusion 18.3% on less than $5.50/day
Gini coefficient	34.00 medium (2019
Human Development Index	0.784 high
Labour force	55,862,533
Labour force by occupation	agriculture: 16.7% industry/construction: 27.1% services: 56.2%
Unemployment	10% 17.3% youth unemployment rate (15 to 24 year-olds)
Average gross salary	ZRT ~10490 / €934 / $1083 monthly
Average net salary	ZRT ~8169 / €733 / $850 monthly
Main industries	petroleum petrochemicals machinery tourism textile electronics construction shipbuilding autos steel iron mining copper chemicals foodstuffs
External
Exports	$321.1 billion (2020 est.)
Export goods	petroleum petrochemicals machinery apparel Transport equipment metals manufactures electronics foodstuff plastic ships
Main export partners	Shangea 9.96% Gaullica 6.36% Werania 5.45% Senria 5.05% Baekjeong 4.43% Paretia 4.01% Template:Country data Estmere 3% Ajahadya 2.59% Soravia 2.28% Etruria 2%
Imports	$200 billion (2020 est.)
Import goods	pharmaceuticals semi-finished goods transport equipment chemicals foodstuffs
Main import partners	Shangea 11.30% Gaullica 6.69% Werania 5.30% Template:Country data Estmere 5.11% Senria 4.88% Baekjeong 3.40% Paretia 2.89% Gulbistan 2.90%
FDI stock	$188.3 billion (2020 est.) Abroad: $57.44 billion (2020 est.)
Current account	$111.30 billion
Gross external debt	$205.1 billion
Public finances
Public debt	22.5% of GDP (2020)
Budget balance	$98.58 billion
Revenues	$272.8 billion
Expenses	$188.8 billion
Credit rating	FitzAllen & Kings: A- (Domestic) A- (Foreign) A (T&C Assessment) Outlook: Negative
Foreign reserves	$454.98 billion
All values, unless otherwise stated, are in US dollars.

The economy of Zorasan is an emerging market economy, as defined by the Global Institute for Fiscal Affairs, Zorasan is further defined by economists and political scientists as a newly industrialised country. Zorasan has the world's 9th-largest economy by nominal GDP and 13th largest-economy GDP by PPP, and the world's third largest-population at 204.118 million. Zorasan is the largest producer and exporter of petrochemicals, and is among the world's leading producers of agricultural products, construction materials, industrial chemicals, textiles, transportation equipment, certain metals such as copper and iron, consumer electronics and home appliances. Zorasan's economy is widely defined as state capitalist, with major state-owned enterprises (SOEs), state-led and directed industrial strategies, coupled with mixed and private companies. Zorasan's economy also operates a "dual banking system" in which state-owned banks are utilised solely for domestic investment into enterprises, and private banks provide commericial services for individuals.

Zorasan's economic development saw significant changes in the 1980s, following the successful unification process, which was succeeded by various pro-market economic and social reforms. From 1982 to 2002, GDP growth averaged between 10% and 11% annually, with steady improvements in incomes, fiscal and systemic stability and living standards. However, during the 2002-2005 period, GDP growth declined precipitously, as mismanagement and poorly conducted reforms destabilised the country's key industries, notably petrochemicals and manufacturing. Political instability and the onset of the 2005 Global Recession further degraded economic growth. However, Zorasan was one of the first countries to record positive growth in 2007, while varying reforms undid most of the damage inflicted during the early 2000s, with growth averaging 7% and 9% until 2018. Since 2019, growth has averaged between 5.9% and 6.5% and is expected to remain stable for the foreseeable future.

Since the 1980s, the overarching objective of Zorasani economic policy has been diversification of the economy, to lessen dependence on petrochemical exports for economic output. This objective has been unchanged since its inception in the 1980s and has been key in the development of Zorasan as one of the ten largest global economies, and lifting an estimated 66.96 million people out of poverty. Zorasani economic policy has been rooted in the use of financial reserves and capital secured via petrochemical exports to invest and facilitate the emergence of rival industries, particularly the emergence of industrial manufacture, textiles, shipbuilding and electronics.

With a total worth of $36.4 trillion, Zorasan has the second most identified-valuable natural resources in the world. The country has the largest proven petroleum reserves, 354.103 billion barrels, and is the largest exporter of petroleum in the world. It also has the fourth-largest proven natural gas reserves and is considered the leading energy superpower. However, due to three-decades of near constant focus on economic diversification, Zorasan has also emerged as one of the largest manufacturing economies and exporter of finished goods. With its young and fast growing population, the country is also one of the world's fastest-growing consumer markets.

Macroeconomic trends

According to FitzAllen & Kings and the Global Institute for Fiscal Affairs, Zorasan's macroeconomic trends have remained "relatively stable since 1981/82" with the notable except of the early to mid 2000s, when socio-economic and political instability undermined progress of the preceding twenty-years. Political scientists have described Zorasan's overall economic strategy as driven primarily by "two insecurities"; the limited provision for social and wider economic development from petrochemicals and second, the need to provide sufficient national employment to maintain its one-party state political system. The nature of Zorasan's founding in 1980, following near-forty years of conflict, resulted in the neccesity of establishing export-focus industries to fund reconstruction and modernisation of various regions. Prior to unification, all of Zorasan's predecessor states from independence in 1946, operated rentier economic models, which were steadily dismantled over the succeeding years. The GIFA has described Zorasan's diversification strategy as a "pursuit of modernisation, industrialisation and mass employment on an unprecedented scale outside of Shangea." The pursuit of diversification has left a tanigable legacy on the socio-political nature of Zorasan's economy - where revenues from petrochemical exports have been funneled into the development of labour-intensive industries, over the development of a modern social welfare system.

The economic reforms implemented in 1981/82 were integral in propelling Zorasan into becoming one of the world's major economies. Through highly regulated use of domestic direct investments, coupled with pro-market reforms of banking, finance in benefit of medium-sized and large private enterprises, Zorasan has succeeded in reducing petrochemicals as percentage of GDP by value from 89% to 65% from 1982 to 2019. It is estimated that by 2050, petrochemicals may represent 30% of GDP. The reforms enabled the economic development of Izidhar al-Mina and Bandar-e Sattari as major financial hubs, while Zahedan, Borazjan and Soltanabad have likewise emerged as some of the world's leading manufacturing centres. Economic development in Zorasan however, is unbalanced and stark disparities exist between the coastal regions, select urban regions and inland regions.

Economic development in Zorasan is guided by the central government, through various state organs, notably the State Commission for Economic and Social Development, State Commission for Industrial Diversification and Modernisation and the Union Council for Enterprise and Commerce, these three bodies are subordinate to the National Revolutionary Command Council, the leading decision making body of the Zorasani state. Prior to the early 2000s, the Zorasani government guided development through Five-Year Plans, but these were abolished in wake of the Turfan, and were replaced with general "economic directives" which drew on macroeconomic data, private business interests and studies by key academic and think-tank institutions. The 2020 Economic Directive states that the "national objective is to maintain the progression toward elevation from a middle-income economy to a high-income economy, reduce poverty, maintain diversification and promote a stable consumption-driven economic system."

Like Shangea, Senria and Baekjeong before it, Zorasan has witnessed consistent steady growth, raising the living standards and incomes of its citizens, constructing new competitive industries, producing goods consumed globally. Between 1982 and 2020, per capita GDP in Zorasan grew from $218 to $12,997. The current account surplus increased from $12.80 billion in 1982 to %460 billion in 2020, an increase of over 3000%. Zorasan has grown from being near entirely dependent upon petrochemical exports for economic output and revenues (89% of GDP value) to developing one of the most dynamic and diversified economies (petrochemicals falling to 55% of GDP value in 2020). Zorasan's non-petrochemical industries produced $380 billion of valued goods in 2020, a 43% increase from 1990. Zorasan's industrial development saw success in lifting non-petrochemical industries from low-wage sectors like textiles and basic foodstuffs, to labour-intensive production of locomotives, ships, and sophisiticated consumer electronics, home appliances and automobiles.