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República de Nicaragua
Republic of Nicaragua

Flag of Nicaragua Emblem of Nicaragua
Motto
En Dios Confiamos
In God We Trust
Anthem
Salve a ti, Nicaragua
Map of Nicaragua
CapitalManagua
Government Presidential republic
President
- From 2007Daniel Ortega
Legislature National Assembly
History
Apr 30, 1854Established
July 19, 1979Revolution
Area130,373 km²
Population
- 20105,891,199
 Density45.1/km²
GDP2010 (PPP)
- TotalUS$ 15.5 billion
- Per capitaUS$ 2,635
CurrencyCórdoba
Flag of None State of Nicaragua
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The Republic of Nicaragua is a presidential republic in Central America.


Background

The Pacific coast of Nicaragua was settled as a Spanish colony from Panama in the early 16th century. Independence from Spain was declared in 1821 and the country became an independent republic in 1838. Britain occupied the Caribbean Coast in the first half of the 19th century, but gradually ceded control of the region in subsequent decades. Violent opposition to governmental manipulation and corruption spread to all classes by 1978 and resulted in a short-lived civil war that brought the Marxist Sandinista guerrillas to power in 1979. Nicaraguan aid to leftist rebels in El Salvador caused the US to sponsor anti-Sandinista contra guerrillas through much of the 1980s. After losing free and fair elections in 1990, 1996, and 2001, former Sandinista President Daniel ORTEGA Saavedra was elected president in 2006. The 2008 municipal elections were marred by widespread irregularities. Nicaragua's infrastructure and economy - hard hit by the earlier civil war and by Hurricane Mitch in 1998 - are slowly being rebuilt, but democratic institutions have been weakened under the ORTEGA administration.[1]

Economy

Nicaragua, the poorest country in Central America and the second poorest in the Hemisphere, has widespread underemployment and poverty. The US-Central America Free Trade Agreement (CAFTA) has been in effect since April 2006 and has expanded export opportunities for many agricultural and manufactured goods. Textiles and apparel account for nearly 60% of Nicaragua's exports, but increases in the minimum wage during the ORTEGA administration will likely erode its comparative advantage in this industry. ORTEGA's promotion of mixed business initiatives, owned by the Nicaraguan and Venezuelan state oil firms, together with the weak rule of law, could undermine the investment climate for domestic and international private firms in the near-term. Nicaragua relies on international economic assistance to meet internal- and external-debt financing obligations. Foreign donors have curtailed this funding, however, in response to November 2008 electoral fraud. Managua has an IMF extended Credit Facility program, which could help keep the government's fiscal deficit on target during the 2011 election year and encourage transparency in the use of Venezuelan off-budget loans and assistance. In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative, however, Managua still struggles with a high public debt burden. Nicaragua is gradually recovering from the global economic crisis as increased exports drove positive growth in 2010. The economy is expected to grow at a rate of about 3% in 2011.[2]

President

  • Daniel Ortega () (January 10, 2007 - )



Nation

Nicaraguan Polities

Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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