BY KI M BERLY DI LLON SUM M ERS
COUNTRIES OF THE WORLD
COUNTRIES OF THE WORLD
81,7('.,1*'20
81,7(' .,1*'20...
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BY KI M BERLY DI LLON SUM M ERS
COUNTRIES OF THE WORLD
COUNTRIES OF THE WORLD
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7+(&,9,/:$5$1'7+(*/25,286 5(92/87,21 .EQIW-ERHLMWWSR'LEVPIW-GPEWLIHVITIEXIHP][MXL4EVPMEQIRX[MXL FSXLWMHIWWIIOMRKXSGSRXVSPXLIREXMSR´WXVIEWYV]8LMW[EWEPWSE XMQISJWMQQIVMRKGSRJPMGXEQSRKWIZIVEPVIPMKMSYWKVSYTWMRGPYHMRK %RKPMGERW'EXLSPMGWERH4YVMXERW'LEVPIW´WEXXIQTXXSMQTSWILMW[MPPSR 4EVPMEQIRXMREREYXLSVMXEVMERJEWLMSRPIHXSXLI)RKPMWL'MZMP;EV1ENSV JMKLXMRKFIKERMRERH'LEVPIWWYVVIRHIVIHMR-QTVMWSRIH LIHIJIRHIHVS]EPTS[IVEWGSQMRKJVSQ+SHERHVIJYWIHXSRIKSXMEXI
'39286-)73*8,);360(92-8)(/-2+(31
[MXL4EVPMEQIRX%XXLIMRWMWXIRGISJXLIEVQ]LI[EWGLEVKIH[MXLLMKL XVIEWSRERHI\IGYXIHMR 4EVPMEQIRXEFSPMWLIH XLIQSREVGL]ERHHIGPEVIH )RKPERHEVITYFPMG8LI VITYFPMG´WRI[PIEHIV GEPPIHXLI0SVH4VSXIGXSV [EW3PMZIV'VSQ[IPPE QIQFIVSJ4EVPMEQIRXERH XLIVEHMGEPGSQQERHIV SJXLI2I[1SHIP%VQ] 'VSQ[IPPTYXHS[RXLI VIFIPPMSRWERHXVMIHXS GSRWSPMHEXIE6ITYFPMGER JSVQSJKSZIVRQIRX %JXIVLMWHIEXLMR LS[IZIVLMWWSR6MGLEVH JEMPIHXSQEMRXEMRGSRXVSP SJ4EVPMEQIRXERHZEVMSYW JEGXMSRWMRXLIEVQ]8LI HMWTYXIGIRXIVIHFSXLSR VIPMKMSRERHSRXLITS[IVW SJ4EVPMEQIRX%XPIRKXL XLIEVQ]MRZMXIH'LEVPIW-- WSRSJ'LEVPIW-XSVIXYVR XSXLIXLVSRIMRFYX
'-:-0 ;%6 6IPMKMSYWXIRWMSRVIZMZIHYRHIV'LEVPIW-[LS[EW YRHIVXLIMRJPYIRGISJLMW'EXLSPMG[MJI-R 'LEVPIWHMWWSPZIH4EVPMEQIRXERHVYPIHSRLMWS[R JSVQSVIXLEREHIGEHIJMRHMRK[E]WXSKIXQSRI] [MXLSYX4EVPMEQIRX´WGSRWIRX-RVIWTSRWIXSE 7GSXXMWLYTVMWMRK'LEVPIWGEPPIH4EVPMEQIRX MRXSWIWWMSRMRXSVIUYIWXJYRHW8LI7LSVX 4EVPMEQIRXQIXMR%TVMPERHVIJYWIHLMWVIUYIWX8LI 0SRK4EVPMEQIRXQIXMR2SZIQFIVERHTEWWIHPE[W VIWXVEMRMRKXLIOMRK´WTS[IVERHI\XIRHMRKMXWS[R TS[IVW -R-VIPERHQIER[LMPI'EXLSPMGTIEWERXW VSWIYTEKEMRWXXLI4VSXIWXERXEVMWXSGVEG]QEOMRK )RKPMWL4VSXIWXERXWRIVZSYW'LEVPIWGEPPIHYTER EVQ]EKEMRWXXLI[MWLIWSJ4EVPMEQIRXERHJMKLXMRK FIKERMR'LEVPIWERHXLI6S]EPMWXWEPWS GEPPIHXLI'EZEPMIVWSTTSWIHXLVIIJEGXMSRWXLI 4EVPMEQIRXEVMERWSV6SYRHLIEHWMR)RKPERHXLI 'SZIRERXIVWMR7GSXPERHERHXLI'SRJIHIVEXIW MR-VIPERH9PXMQEXIP]'LEVPIWWYVVIRHIVIHXS E7GSXXMWL4VIWF]XIVMEREVQ]MRERHEJXIV MRXVMGEXIRIKSXMEXMSRW[EWI\IGYXIHMR
,-7836=%4639(4%78
[MXLHMQMRMWLIHTS[IVW8LITIVMSHORS[REWXLI6IWXSVEXMSRRS[ FIKER6IPMKMSYWWXVMJIGSRXMRYIHERHXLI%RKPMGERWFIKERSTTVIWWMRKXLI 'EXLSPMGWERHXLI4YVMXERWEPMOI .EQIW--'LEVPIW--´W'EXLSPMGFVSXLIVGEQIXSXLIXLVSRIMR IZIRXLSYKLXLI%RKPMGERJEGXMSRLEHIEVPMIVWSYKLXXSI\GPYHILMQ .EQIWTVSQMWIHXSTVIWIVZIXLI%RKPMGER'LYVGLFYXQER]TISTPIHMH RSXFIPMIZILMQ9PXMQEXIP]4EVPMEQIRXMRZMXIH1EV].EQIW´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
*52:7+$1'(;3$16,21 -R7GSXPERHERH)RKPERHEKVIIHXSXLI%GXSJ9RMSR[LMGLYRMXIH XLIQYRHIVSRIKSZIVRQIRX7GSXPERHKEMRIHIGSRSQMGWYTTSVXMR I\GLERKIJSVEKVIIMRKXS+ISVKI´WWYGGIWWMSR8LIRI[GSYRXV]´WSJJMGMEP
'39286-)73*8,);360(92-8)(/-2+(31
REQI[EWXLI/MRKHSQSJ+VIEX&VMXEMR7SQITEXVMSXMG 7GSXWVIWMWXIHXLIYRMSRERHMRERH7GSXPERH XVMIHERHJEMPIHXSTYXHIWGIRHERXWSJ'LEVPIW--SRXLI )RKPMWLXLVSRI
8LI+VIEX*MVISJ
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´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
,-7836=%4639(4%78
-R-VIPERHNSMRIH)RKPERH;EPIWERH7GSXPERH[MXLERSXLIV %GXSJ9RMSR%XXLEXXMQIXLIGSYRXV]´WREQIGLERKIHEKEMRXSXLI 9RMXIH/MRKHSQSJ+VIEX&VMXEMRERH-VIPERH&VMXEMRERHMXWEPPMIWJSYKLX VIZSPYXMSREV]*VERGIMRERSXLIVWIVMIWSJ[EVWFIX[IIRERH 2ETSPqSR-XLIQMPMXEV]ERHTSPMXMGEPVYPIVSJ*VERGIQEHITPERW XSMRZEHI)RKPERHMRFYX[EWHIJIEXIH°JMVWXF]0SVH2IPWSREX XLI&EXXPISJ8VEJEPKEVSR3GXSFIVERHJMREPP]F]XLI(YOISJ ;IPPMRKXSREXXLI&EXXPISJ;EXIVPSSSR.YRI
8,)&%880)3* 86%*%0+%6 8LI&EXXPISJ8VEJEPKEVXSSOTPEGISR3GXSFIV ERHTMXXIHXLI6S]EP2EZ]°PIHF]XLI LIVSMG0SVH,SVEXMS2IPWSR°EKEMRWX7TERMWLERH *VIRGLJSVGIW8LI&VMXMWLLEHMQTSWIHEREZEP FPSGOEHIGEPPIHXLI'SRXMRIRXEP7]WXIQEKEMRWX XLI*VIRGLQEOMRKMXHMJJMGYPXJSVXLIQXSXVEHIERH YWIXLIMVS[RJPIIXIJJIGXMZIP]%PXLSYKLXLI][IVI SYXRYQFIVIHXLI&VMXMWLHIJIEXIHFSXLXLI*VIRGL ERH7TERMWLJPIIXW2S&VMXMWLWLMTW[IVIWYROMRXLI FEXXPIFYX2IPWSR[EWQSVXEPP][SYRHIH
'39286-)73*8,);360(92-8)(/-2+(31
5YIIR:MGXSVMEVYPIH JVSQXSEXXLI LIMKLXSJ&VMXMWLMQTIVMEP TS[IV(IWTMXILIVTIVWSREP TSTYPEVMX]:MGXSVMEKVEHYEPP] PSWXTSPMXMGEPTS[IVXS 4EVPMEQIRXERHEWXVMRK SJTVMQIQMRMWXIVW;MXL TEVPMEQIRXEV]WYTVIQEG] RS[IWXEFPMWLIHXLI QSREVGL]GSRXMRYIHE WPS[XVERWJSVQEXMSRJVSQ EREGXMZIKSZIVRMRKTS[IV XSEW]QFSPMGMRWXMXYXMSR 8LILEVZIWXWJEMPIHEPPSZIV )YVSTIFIX[IIRERH 8LIWMXYEXMSRTVSZIH QSWXHMVIMR-VIPERH[LIVI
5YIIR :MGXSVME
,-7836=%4639(4%78
XLITSXEXSJEQMRIOMPPIHQSVIXLERQMPPMSRTISTPIERHWXEVXIHER IQMKVEXMSRQSZIQIRXXLEXVIHYGIH-VIPERH´WTSTYPEXMSRF]LEPJF] 3[MRKXSVETMHMRHYWXVMEPHIZIPSTQIRXERHXLIWYGGIWWSJ&VMXMWL XVEHIXLIGSYRXV]FIGEQIXLI[SVOWLSTSJXLI[SVPHSZIVXLIGSYVWISJ XLIRMRIXIIRXLGIRXYV]8LI&VMXMWLREZ]VYPIHXLI[EZIWERHXLIFEROW SJ0SRHSRHSQMREXIH[SVPHJMRERGI8LI&VMXMWL)QTMVIGSRXMRYIHEHHMRK RYQIVSYWXIVVMXSVMIWMRGPYHMRK7SYXL%JVMGE,SRK/SRKERHPEVKIEVIEW SJ;IWXERH)EWX%JVMGE
:25/':$5,$1',5,6+,1'(3(1'(1&( 8LIX[IRXMIXLGIRXYV]FIKERTIEGIJYPP][MXLUYMGOEHZERGIWMR XIGLRSPSK]%XPEWXXLIYVFER[SVOMRKGPEWWNSMRIHMRXLIKIRIVEP TVSWTIVMX],S[IZIVXLIEWWEWWMREXMSRSJ%VGLHYOI*VER^*IVHMRERHSJ %YWXVMEMRHVI[XLIQENSVTS[IVWSJ)YVSTIMRXS[EV8LI'IRXVEP TS[IVW°+IVQER]%YWXVME,YRKEV]ERH8YVOI]°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
'39286-)73*8,);360(92-8)(/-2+(31
-VMWL*VII7XEXI[EWIWXEFPMWLIHMR8LIWM\4VSXIWXERXQENSVMX] GSYRXMIWSJ2SVXLIVR-VIPERHVIQEMRIHETEVXSJ&VMXEMRFYXHIZIPSTIH ELSQIVYPIW]WXIQSJKSZIVRQIRXMRGPYHMRKXLIMVS[RPSGEPTEVPMEQIRX 8LIGSYRXV]XSSOMXWGYVVIRXREQIMRXLI9RMXIH/MRKHSQSJ +VIEX&VMXEMRERH2SVXLIVR-VIPERH
:25/':$5,,$1'48((1(/,=$%(7+ 8LI&VMXMWLIGSRSQ]WYJJIVIHJVSQQEWWYRIQTPS]QIRXMRXLIW ERHJVSQXLI[SVPH[MHI+VIEX(ITVIWWMSRMRXLIW8LI&VMXMWL KSZIVRQIRXWSYKLXXSGSRGIRXVEXISRWXVIRKXLIRMRKTSPMXMGEPERH IGSRSQMGXMIW[MXLXLIHIZIPSTIHTEVXWSJMXWIQTMVI-XHMHRSX[ERXXS YWIEPVIEH]WGEVGIVIWSYVGIWMRGSYRXIVMRK+IVQERI\TERWMSRMR)EWXIVR )YVSTI,S[IZIV2E^MPIEHIV%HSPJ,MXPIVSJ+IVQER]MRZEHIH4SPERH MRFIKMRRMRK;SVPH;EV-- ¯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
,-7836=%4639(4%78
4VMQI1MRMWXIV ;MRWXSR'LYVGLMPPKMZMRKEVEHMSFVSEHGEWX MRHYVMRK ;SVPH ;EV--
'39286-)73*8,);360(92-8)(/-2+(31
5YIIR)PM^EFIXL--FIGEQIXLIQSREVGLMR9RHIVLIVVYPIXLI 9RMXIH/MRKHSQNSMRIHXLI)YVSTIER)GSRSQMG'SQQYRMX]MR8LMW SVKERM^EXMSRIZSPZIHMRXSXLI)YVSTIER9RMSR )9 [LMGLXSHE]MRGPYHIW GSYRXVMIW8LI&VMXMWLEGGITXIH)9QIQFIVWLMT[MXLVIPYGXERGI FIGEYWIMXVIUYMVIHXLIPSSWIRMRKSJGLIVMWLIHXMIWXSMXWIQTMVI 2IZIVXLIPIWWTEXXIVRWSJXVEHI[IVIGLERKMRK 8LVSYKLXLIPEWXHIGEHIWSJXLIX[IRXMIXLGIRXYV]XLIGSYRXV] KVETTPIH[MXLKPSFEPM^EXMSRXLIPSWWSJJEGXSV]NSFWERHQEWWMQQMKVEXMSR JVSQXLI;IWX-RHMIW)EWX%JVMGEERH%WME1EVKEVIX8LEXGLIVFIGEQI &VMXEMR´WJMVWXJIQEPITVMQI QMRMWXIVMRERHWSYKLX XSGYVFWSQII\GIWWIW 8,)'31132;)%08, SJXLI[IPJEVIWXEXI=IX HIWTMXIGSRXMRYIHHIFEXI %PXLSYKLQER]JSVQIVGSPSRMIWSJXLI9RMXIH SZIVXLIKSZIVRQIRX´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
,-7836=%4639(4%78
8LSYWERHW[IVIOMPPIHMRXLIWERHWYRXMPTSPMXMGEPEKVIIQIRXW GEPQIHXLIZMSPIRGI -RXLIJMVWXHIGEHISJXLIX[IRX]JMVWXGIRXYV]XLIREXMSRKVETTPIH [MXL[EVMR-VEUERH%JKLERMWXEREW[IPPEWXLIIJJIGXWSJEHIITKPSFEP VIGIWWMSR4VMQI1MRMWXIV8SR]&PEMVJSPPS[IHXLI9RMXIH7XEXIWXS [EVMREJXIVXLI 7ITXIQFIV EXXEGOWSR2I[=SVO'MX] ERH;EWLMRKXSR(',MW 8,)63=%074380-+,8 WYGGIWWSV+SVHSR&VS[R 1MPPMSRWSJZMI[IVWXYRIHMRSR%TVMPXS WIVZIHEHMJJMGYPXXIVQJVSQ WII4VMRGI;MPPMEQ[IH'EXLIVMRI1MHHPIXSRSV XSS[MRKXS /EXI8LIQEVVMEKI[EWYRYWYEPFIGEYWI/EXI[EW XLIHS[RXYVRMRXLI[SVPH RSXEQIQFIVSJERSFPIJEQMP],S[IZIVTISTPI JVSQEVSYRHXLI9RMXIH/MRKHSQERHEVSYRHXLI IGSRSQ](EZMH'EQIVSR [SVPHLEZIJEPPIRMRPSZI[MXL/EXI[LSMWRS[XLI VITPEGIHLMQMR (YGLIWWSJ'EQFVMHKI TVSQMWMRKXSGYVFI\GIWW %KIRIVEXMSREKSXLI&VMXMWLTYFPMGJIPPMRPSZI KSZIVRQIRXWTIRHMRK [MXL;MPPMEQ´WQSXLIV(MERE7TIRGIV7LIQEVVMIH 8LVSYKLMXEPP5YIIR 4VMRGI'LEVPIWMRMREVIKEPGIVIQSR]XLEX )PM^EFIXLGEVVMIHSRXLI [EWFVSEHGEWXEVSYRHXLI[SVPH(MERE´WPMJI[EWRS JEMV]XEPILS[IZIV*SPPS[MRKWGERHEPERHHMZSVGI XVEHMXMSRWSJXLIQSREVGL] (MEREHMIHMREGEVEGGMHIRXMR 8LI9RMXIH/MRKHSQ[EW RSPSRKIVE[SVPHTS[IV FYXXLITIVWIZIVERGISJXLI TISTPIGSRXMRYIHXSGEVV] MXJSV[EVH
'39286-)73*8,);360(92-8)(/-2+(31
4VMRGI ;MPPMEQ[LSMWWIGSRHMRPMRIXSXLIXLVSRI QEVVMIH'EXLIVMRISR %TVMP
,-7836=%4639(4%78
&+$37(5
3(23/( 7+(0(/7,1*327 8LIJSYVGSRWXMXYIRXYRMXWSJXLI9RMXIH/MRKHSQSJJIVEKVIEXHMZIVWMX] SJPERKYEKIVIPMKMSRIXLRMGMX]ERHGYPXYVI8LILMWXSV]SJIEGLYRMXLEW GSRXVMFYXIHXSMXWYRMUYIRIWWEW[IPP1ER]SJXLIGSYRXV]´WTISTPIW LEZIIQMKVEXIHJVSQSXLIVREXMSRWMR)YVSTIERHWMRGIXLIWJVSQ SYXWMHI)YVSTI
/$1*8$*(6 8LISJJMGMEPPERKYEKISJXLI9RMXIH/MRKHSQMW)RKPMWL8LMWPERKYEKI LEWMXWVSSXWMRXLI+IVQERMGPERKYEKIWWTSOIRF]XLI%RKPIWERHXLI 7E\SRW-X[EWMRJPYIRGIHF]XLI7GERHMREZMERPERKYEKIWSJXLI(ERIWERH EPWSFSVVS[IHLIEZMP]JVSQXLI*VIRGLPERKYEKIFVSYKLXF]XLI2SVQER GSRUYIVSVWMRXLIIPIZIRXLGIRXYV]
8LI9RMXIH/MRKHSQ´WTSTYPEXMSRMWKVS[MRKQSVIHMZIVWI
-REHHMXMSRXS)RKPMWLMR7GSXPERHETTVS\MQEXIP]TIVGIRXSJXLI TSTYPEXMSRWTIEOW7GSXWEPERKYEKIVIPEXIHXSERSPHIVJSVQSJ)RKPMWL %TTVS\MQEXIP]TISTPIWTIEO7GSXXMWL+EIPMGERHXLIKSZIVRQIRX WYTTSVXWWGLSSPWERHXIPIZMWMSRWLS[WXLEXXIEGL+EIPMGMRSVHIVXSLIPT TVIZIRXXLIPERKYEKI´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
'39286-)73*8,);360(92-8)(/-2+(31
=397%=-8 )RKPMWL
7GSXXMWL+EIPMG
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1EHEMRRQLEXL 1%,XMLRZEL
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4V]RLE[RHE 46-,2LSYRHEL
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3MHLGLIQLEXL S]GLE]ZEL
2SWHE RSLWHEL
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