Micronesia, Federal States of is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Micronesia, Federal States of may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Micronesia, Federal States of exports around $0.02 billion and imports roughly $0.13 billion. 22% of population in the country are unemployed. The total number of unemployed people in Micronesia, Federal States of is 23,370. In Micronesia, Federal States of, 41% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Micronesia, Federal States of is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 6.9% of GDP. The Gini Index of the country is 61.1. Micronesia, Federal States of is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens. Micronesia, Federal States of has a Human Development Index (HDI) of 0.63. Micronesia, Federal States of has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Micronesia, Federal States of is 11. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.
Currency
The currency of Micronesia, Federal States of is Micronesian dollar. The plural form of the word Micronesian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The Micronesian dollar is divided into Cent; there are 100 in one dollar.
Credit rating
The depth of credit information index for Micronesia, Federal States of is 0, which means that information, if any, is scarce, of insufficient details and almost inaccessible.
Central bank
The average deposit interest rate offered by local banks in Micronesia, Federal States of is 0.5%.
Public debt
The government debt of Micronesia, Federal States of has not been calculated yet.
Tax information
The corporate tax in Micronesia, Federal States of is set at 3%. Personal income tax ranges from 15% to 35%, depending on your specific situation and income level. VAT in Micronesia, Federal States of is 10%.
