Compiled October 8th, 2019 - Arctic
Rejoice, the recession is gone. And how! Impressive economic growth has ballooned the regional economy. Emplyoment is also up (while still lagging behind somewhat globally) and taxation seems to have grown by a decent margin with at least some of those additional funds used to ensure more equal incomes in the nations. Meanwhile the shadow economy is also on the rise as the constant blight on our fine region.
Industry-wise, tourism has made a solid rise as a result of the post-recession boom (hand-in-hand with the rise in average wages) with other fields having a more moderate growth or indeed fall. Nothing out of the ordinary there given the whole world seems to be in boom-mode. A notable culinary trend in the Arctic can be seen from the rise in trout fishing while the pizza delivery sector has taken a turn for the worse. Another notable industry to be on the rise is arms manufacturing, no doubt a sign of the turbulent times in our area ignited by the looming internal crisis in Salulia. Overall, book publishing and IT remain dominant industry sectors with agriculture lagging behind at the end of the list.
The total Arctic GDP is 40,184,788,000,000,000 (approximately fourty quadrillion) currency units. This figure means an impressive rise of 12% from the last report with the region having grown by three nations in the meanwhile.
Out of the region's current 42 nations, the Polar Crown is the official currency of 19: Amzos, Crockerland, International-Nations, Jajan, Kubrath, Laffin Island, Langrick, Novaya Zemlya, Nyaryaga, Pigwir, Rengis, Serenicy, The Ice Bears, The Kingdom of the Ice Bears, Upro, Witty Penguins, Yayna, Yooo.
The total number of countries using the Polar Crown has dropped by one (20 to 19) since the last report with three kinds of changes occurring:
- One nation that has (hopefully temporarily) ceased to exist: Troekochi.
- One nation that has ceased to exist, was then refounded in Lazarus and has not made it's way back to the Arctic (while still continuing to use the Polar Crown which has created an interesting case of overseas use): Exosar.
- One new nation has adopted the Polar Crown: Maas (already infamous for hosting the Arctic Central Bank while not using its currency, the Maase government has finally made the switch to the common currency, while still insisting on calling it Polaarkronas.
The collective GDP of the currency zone nations is 29,825,766,000,000,000 Crowns which makes up about 74.2% of the region's total economic output (76.8% last time) and has increased by about 8% since the last report. Nations using the Crown generally tend to be older and established nations and as a result have large overall economies while the GDP per capita doesn't have as strong of a correlation to the currency used.
Arctic standing in economic fields out of a total of 21,302 world regions (23,976 last quarter):
(*Up/down in brackets indicates change in ranking from previous quarter)
(*Region's leading nation in the field included in brackets, X2 means same nation as last time, X3 same as last two reports, X4 means that someone's being extra possessive)
- 2,057th (down 46) for Highest Economic Output (highest: Yayna)
- 8,995th (down 44) for Most Efficient Economies (most: shared)
- 3,279th (up 306) for Most Subsidized Industry (most: Polarea X3)
- 4,769th (down 331) for Most Scientifically Advanced (most: Polarea X3)
- 5,336th (up 2577) in the world for Highest Average Tax Rates (highest: Novaya Zemlya X4)
- 7,793rd (up 1492) for Most Income Equality (most: Tuktoyaktuk)
- 15,283rd (down 122) for Most Pro-Market (most: Javind Mapse)
- 16,901st (up 1904) for Highest Workforce Participation Rate (highest: Pigwir X4)
- 18,774th (up 1618) for Lowest Overall Tax Burden (lowest: Zyzzzyx X4)
- 4,714th (up 172) for Highest Average Incomes (highest: Polarea X3)
- 4,621st (up 535) for Highest Poor Incomes (highest: Polarea X3)
- 7,271 (down 514) for Highest Wealthy Incomes (highest: Zyzzzyx)
- 10,030 (down 2798) for Highest Disposable Incomes (highest: Zyzzzyx)
- 3,504 (up 973) for Greatest Rich-Poor Divides (greatest: Zyzzzyx X3)
- 3,142nd (up 21) for Largest Publishing Industry (largest: The Ice Bears X4)
- 4,195th (down 905) Largest Information Technology Sector (largest: Polarea)
- 4,776th (up 964) for Most Popular Tourist Destinations (most: Pigwir X4)
- 5,023rd (up 38) for Largest Soda Pop Sector (largest: The Ice Bears X4)
- 6,384th (up 2410) for Largest Arms Manufacturing Sector (largest: Yayna X4)
- 6,465th (down 870) for Largest Automobile Manufacturing Sector (largest: Amzos X4)
- 7,180th (up 1095) for Largest Manufacturing Sector (largest: Yayna X4)
- 7,552nd (up 2531) for Largest Trout Fishing Sector (largest: Salulia)
- 8,298th (up 1612) for Largest Mining Sector (largest: Laffin Island)
- 8,629th (up 596) for Largest Timber Woodchipping Industry (largest: Yayna X4)
- 8,879th (down 1320) for Largest Furniture Restoration Industry (largest: Laffin Island X4)
- 9,684th (down 1139) for Largest Retail Industry (largest: Zyzzzyx X4)
- 10,191st (up 238) for Largest Basket Weaving Sector (largest: Serenicy X4)
- 10,515th (down 722) for Largest Cheese Export Sector (largest: Maas X4)
- 11,270th (down 321) for Largest Gambling Industry (largest: Serenicy)
- 11,759th (down 276) for Largest Pizza Delivery Sector (largest: Maas X4)
- 12,517th (up 172) for Largest Insurance Industry (largest: Serenicy X4)
- 12,743rd (up 316) for Largest Agricultural Sector (largest: Native Greenland)
Highest overall GDP:
1) Yayna - 3,529,653,000,000,000 Polar Crowns
2) Laffin Island - 3,497,611,000,000,000 Polar Crowns
3) The Ice Bears - 3,239,258,000,000,000 Polar Crowns
4) Novaya Zemlya - 2,838,779,000,000,000 Polar Crowns
5) Blue Savannah - 2,341,664,000,000,000 Thunders
The ACB would like to commend Upro - the nation dropped down into a horrid recession in the beginning of summer but has by now not only improved but nearly doubled their economy compared to last report.
The ACB would also like to commend The Arctic Ambassador - this nation has recently become much more active in implementing new (pro-business) policies and has seen their national economy rise by over 50% as a direct result.
The ACB would similarly like to commend International-Nations - another example of a nation where implementing pro-business policies has resulted in a swift economic growth of around 50%.
However, the ACB would also like to express concern at Yooo - the Grand Duchy has started to actively implement policies after a long hiatus and the apparent instability has caused a general recession that is only slightly showing signs of recovering. Similarly Langrick has seen a sudden downturn in their economy in the past months with the government fortunately taking steps to counter this. The ACB wishes both nations a speedy recovery.
While the current regional economy grows impressively, the Arctic Central Bank would suggest (although by no means require) the member nations to:
- Exercise caution when enacting policies to not be carried away by the massive economic growth across the region and keep in mind that an efficient and stabile economic system requires a content and capable populace;
- Place higher emphasis on enacting policies to combat corruption and curb black market influences;
- As always, remain sceptical of issues that offer massive overahauls of the economic systems (e.g. placing an AI in charge of the economy) or taxation systems (e.g. slashing all government in half) and consider those actions deeply before approving them;
- Consider joining the Polar Crown nations if they have not already done so to grow financial cohesion across the region (and that sweet sense of unity).
This has been an ACB publication by Maas, feedback is welcome.
Thank you for your attention!