The Republic of the Marshall Islands (RMI) /ˈmɑrʃəl ˈaɪləndz/ , is a Micronesian nation of atolls and islands in the middle of the Pacific Ocean, just west of the International Date Line and just north of the Equator. The population is about 62,000.
In 1979, the Government of the Marshall Islands was officially established and the country became self-governing.
In 1986, the Compact of Free Association with the United States entered into force, granting the Republic of the Marshall Islands (RMI) its sovereignty. The Compact provided for aid and U.S. defense of the islands in exchange for continued U.S. military use of the missile testing range at Kwajalein Atoll. The independence procedure was formally completed under international law in 1990, when the UN officially ended the Trusteeship status.
Over the past decade, GDP growth averaged 1% due to government downsizing, drought, a drop in construction, the decline in tourism and foreign investment due to Asian financial difficulties, and less income from the renewal of fishing-vessel licenses. The 2007 edition of “Doing Business,” prepared by the World Bank’s private sector development department, declared the Marshall Islands to be the world’s “Best Performer” for its ease and low expense in hiring and firing employees. But the study gave the Marshall Islands extremely low ratings for its protection of investors and contract enforcement.
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