Economy of Iboma

The economy of Iboma takes place in the framework of a mixed Socialist-free market economic model characterized by state regulation and control of key sectors alongside private property rights and free enterprise. As an upper-middle-income newly industrialized emerging economy, it has a GDP of 1.026 trillion SHD and a GDP per capita of 18,000 SHD.

Experiencing growth rates of 6% or more annually, it has leveraged its fertile soil and low-cost highly productive labour to become a major source of foodstuffs and a competitive supplier of low to middle value-added goods. With its primary exporting nations being Novarian, Concordian and Gondwanan nations, it is a major exporter of consumer goods, industrial equipment components and agricultural products like rubber, grains, fruits, and beans. It imports lots of vehicles, military hardware, chemicals and petroleum.

With the national currency, the Ibomian rawa (IRW) worth 58 IRW for 1 SHD, has a highly stable inflation rate managed by the Ibomian Reserve Bank. Unemployment remains incredibly low, but figures are obscured by high rates of seasonal agricultural labour and high rates of males who stopped looking for work due to domestic responsibilities. Due to the high purchasing power of the Ibomian currency and low cost of goods, people enjoy lifestyles comparable to those in matured industrialised nations. Incredible longevity has made Ibomians more likely to remain traditional result in their slower rate of economic development despite high growth.