Economy
In Nicaragua, their government is Republican. Some of the main industries are food proc., chemicals, machinary, knit and woven apparel, petrolium refining and distrib., bevrages, footwear,and wood. The chief crops are coffee,, bananas, sugar cane, cotton, rice, corn, tobacco, sesame, soya and beans. Even with all that, Nicaragua is the poorest country in Central America.
It was devistated by a decade of central planning under the Sandinistas, a civil war, the U.S. trade embargo, and natural disasters. Economic stabilization plans have lowered the inflation rate, which stood at more than 750 percent in 1991; even so, expectations for change have greatly exceeded the government's ability to provide it. Many years of angry and bitter disagreement over fundamental issues in Nicaragua causes some people to look at their government as a source of problems.
Underemployment is widespread. A significant portion of Nicaragua's enormous foreign debt was forgiven in 2004 and 2005, though some debt relief is dependent on political and economic reform. The economy relies on agricultural exports, and about 28 percent of the labor force is employed in agriculture.The economy remains the country's greatest challange.
In January of 2014, the National Assembly approved changes to the constitution that eliminate presidential term limits, meaning their president could run for a third term.
Political power in the country alternated between liberals and conservatives, sometimes leading to violence. When the chaos threatened the US economic interests, the US military intervened.
As you can see, though Nicaraguas economy has improved, it remains one of the poorest countrys in the Americas.
It was devistated by a decade of central planning under the Sandinistas, a civil war, the U.S. trade embargo, and natural disasters. Economic stabilization plans have lowered the inflation rate, which stood at more than 750 percent in 1991; even so, expectations for change have greatly exceeded the government's ability to provide it. Many years of angry and bitter disagreement over fundamental issues in Nicaragua causes some people to look at their government as a source of problems.
Underemployment is widespread. A significant portion of Nicaragua's enormous foreign debt was forgiven in 2004 and 2005, though some debt relief is dependent on political and economic reform. The economy relies on agricultural exports, and about 28 percent of the labor force is employed in agriculture.The economy remains the country's greatest challange.
In January of 2014, the National Assembly approved changes to the constitution that eliminate presidential term limits, meaning their president could run for a third term.
Political power in the country alternated between liberals and conservatives, sometimes leading to violence. When the chaos threatened the US economic interests, the US military intervened.
As you can see, though Nicaraguas economy has improved, it remains one of the poorest countrys in the Americas.