Further progress towards debt relief was announced on December 21, 2005, when the IMF granted preliminary approval to an initial debt relief measure of US $3.3 billion for 19 of the world's poorest countries, with the World Bank expected to write off the larger debts owed to it by 17 HIPCs in mid-2006."
The immediate cause of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices had encouraged borrowers to assume risky mortgages in the anticipation that they would be able to quickly refinance at easier terms.
The share of China and East Asia declined significantly up until the 1950s. By the 1960s, East Asia began to make its mark on the world economy when it began growing faster than the high-income economies of the Western World and today their share accounts for one-third of the global output and one-half in PPP terms.
Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
It was the only European economy to have avoided the recession of 2008. The country is the 20th largest exporter of goods and services in the world. Exports of goods and services are valued at approximately 56% of GDP, as of 2020. In 2019, Poland passed a law that would exempt workers under the age of 26 from income tax. Tourism
The World Bank classifies the Maldives as having an upper-middle income economy. Fishing has historically been the dominant economic activity, and remains the largest sector by far, followed by the rapidly growing tourism industry.
In 2008, the World Bank estimated that Accra's economy only constituted around US$3 billion of Ghana's total gross domestic product (GDP). The economically active population of Accra is estimated to be 823,327.