Economy of Ibica
 Elizabeth City, the financial center of Ibica | |
| Currency | Ibican dollar (ID) |
|---|---|
| October 1, 2018 – September 30, 2019 | |
| Statistics | |
| GDP |  $6.62 trillion (2019 est.) |
GDP growth |
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GDP per capita | $53,396 (2019 est.) |
GDP by sector |
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GDP by component |
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Labour force by occupation |
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Main industries |
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| External | |
Export goods |
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Import goods |
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| Public finances | |
| Economic aid | donor: ODA, $35.26 billion (2017) |
All values, unless otherwise stated, are in US dollars. | |
The economy of Ibica is a highly developed mixed economy. Ibica has one of the most technologically powerful economies in the world and its firms are at or near the forefront in technological advances. It has free trade agreements with several nations. The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It is one of the world's largest producer of petroleum and natural gas.
The Elizabeth City Stock Exchange is one of the world's largest stock exchanges by market capitalization and trade volume. Foreign investments made in Ibica total almost $1.0 trillion. The Ibican economy is ranked first in international ranking on venture capital and Global Research and Development funding. Consumer spending comprised 68% of the economy in 2018, Ibica has one of the world's largest consumer market. The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. Ibica is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.
Employment
The nation's private sector employs 91% of working Ibicans. Government accounts for 8% of all workers. Over 99% of all employing organizations in the are small businesses. The 20 million small businesses in Ibica account for 64% of newly created jobs (those created minus those lost).
The proportion of Ibicans employed by small business versus large business has remained relatively the same year by year as some small businesses become large businesses and just over half of small businesses survive for more than 5 years. Amongst large businesses, several of the largest companies and employers in the world are Ibican companies.
Employment by sector
Ibican employment, as estimated in 2012, is divided into 79.7% in the service sector, 19.2% in the manufacturing sector, and 1.1% in the agriculture sector.
Ibican non-farm employment by industry sector February 2013.
Composition of economic sectors
Ibica is one of the world's largest manufacturers, with a 2013 industrial output of US$2.4 trillion. Its main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
Ibica is a world leader in airplane manufacturing, which represents a large portion of industrial output. Ibican companies such as Aegis Aerodynamics and Aviontier, Inc. produce a majority of the world's civilian and military aircraft in factories across Ibica.
Agricultural products include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products, forest products, and fish.
Energy, transportation, and telecommunications
Transportation
Road
The Ibican economy is heavily dependent on road transport for moving people and goods. Personal transportation is dominated by automobiles, which operate on a network of 4 million miles (6.4 million km) of public roads, including one of the world's longest highway systems at 57,000 miles (91,700 km). The world's second-largest automobile market, Ibica has the highest rate of per-capita vehicle ownership in the world, with 765 vehicles per 1,000 Ibican. About 40% of personal vehicles are vans, SUVs, or light trucks.
Rail
Mass transit accounts for 9% of total Ibican work trips. Transport of goods by rail is extensive, though relatively low numbers of passengers (approximately 31 million annually) use intercity rail to travel, partially due to the low population density throughout much of the nation. Also, light rail development has increased in recent years.
Airline
The civil airline industry is entirely privately owned and has been largely deregulated since 1950, while most major airports are publicly owned. The two of the largest airlines in the world by passengers carried are Ibican-based; Ibican Airlines and Western Airlines. Some of the world busiest passenger airports are in Ibica, including Elizabeth International Airport, Cuyoga Liberty International Airport, and Willmington Carter International Airport.
Energy
Ibica is one of the largest energy consumers in total use. The majority of this energy is derived from fossil fuels: in 2005, it was estimated that 40% of the nation's energy came from petroleum, 23% from coal, and 23% from natural gas. Nuclear power supplied 8.4% and renewable energy supplied 6.8%, which was mainly from hydroelectric dams although other renewables are included.
Currency and central bank
The Ibican dollar is the unit of currency of Ibica. The Ibican dollar is the currency most used in international transactions.
The federal government attempts to use both monetary policy (control of the money supply through mechanisms such as changes in interest rates) and fiscal policy (taxes and spending) to maintain low inflation, high economic growth, and low unemployment. A central bank, known as the Federal Reserve System, was formed in 1880 to provide a stable currency and monetary policy. The Ibican dollar has been regarded as one of the more stable currencies in the world and many nations back their own currency with Ibican dollar reserves.
Law and government
Regulations
The Ibican federal government regulates private enterprise in numerous ways. Regulation falls into two general categories.
Some efforts seek, either directly or indirectly, to control prices. Traditionally, the government has sought to create state-regulated monopolies such as electric utilities while allowing prices in the level that would ensure them normal profits. At times, the government has extended economic control to other kinds of industries as well. A number of other industries—trucking and, later, airlines—successfully sought regulation themselves to limit what they considered as harmful price-cutting, a process called regulatory capture.
Another form of economic regulation, antitrust law, seeks to strengthen market forces so that direct regulation is unnecessary. The government—and, sometimes, private parties—have used antitrust law to prohibit practices or mergers that would unduly limit competition.
Bank regulation in Ibica is highly fragmented compared to other countries where most countries have only one bank regulator. In Ibica, banking is regulated at both the federal and state level. Ibica also has one of the most highly regulated banking environments in the world; however, many of the regulations are not soundness related, but are instead focused on privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and promoting lending to lower-income segments.
Taxation
Taxation in Ibica is a complex system which may involve payment to at least four different levels of government and many methods of taxation. Taxes are levied by the federal government, by the state governments, and often by local governments, which may include counties, municipalities, school districts, and other special-purpose districts, which include fire, utility, and transit districts.
Forms of taxation include taxes on income, property, sales, imports, payroll, estates and gifts, as well as various fees. When taxation by all government levels taken into consideration, the total taxation as percentage of GDP was approximately a quarter of GDP in 2011.
Although a federal wealth tax is prohibited by the Ibican Constitution unless the receipts are distributed to the States by their populations, state and local government property tax amount to a wealth tax on real estate, and because capital gains are taxed on nominal instead of inflation-adjusted profits, the capital gains tax amounts to a wealth tax on the inflation rate.
Ibican taxation is generally progressive, especially at the federal level, and is among the most progressive in the developed world. There is debate over whether taxes should be more or less progressive.
Business culture
A central feature of the Ibican economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the Ibican economy produces. This is enhanced by relatively low levels of regulation and government involvement, as well as a court system that generally protects property rights and enforces contracts. Today, Ibica is home to 19.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies.
Ibica is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Bocphorus and Carpathian Oceans, as well as on the Bay of Albion. Rivers flow from far within the continent provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind Ibica's 10 individual states together in a single economic unit.
Entrepreneurship
Ibican society highly emphasizes entrepreneurship and business. Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.
The most obvious form of entrepreneurship refers to the process and engagement of starting new businesses (referred to as startup companies); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.
Finance
Measured by value of its listed companies' securities, the Elizabeth City Stock Exchange is more than three times larger than any other stock exchange in the world. As of October 2008, the combined capitalization of all domestic ECSE listed companies was US$10.1 trillion. Because of the influential role that the Ibican stock market plays in international finance. In the long run, the Ibican stock market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the Ibican stock market.