Law Offices of Robert O. Steine

GDP over the past five years…. It is interesting to see how the pandemic impacted the world. You can see which countries completely shut down in the numbers, and how subsequent fiscal policy brought life back into each economy or how it really didn’t make a difference.

Region 2018 2019 2020 2021 2022 5-Year Avg. GDP %
Guyana 4.4 5.4 43.5 19.9 47.2 24.1
Macao SAR 6.5 -2.5 -54.0 18.0 15.5 -3.3
Barbados -0.6 -1.3 -13.7 1.4 11.2 -0.6
St. Kitts and Nevls 2.7 4.8 -14.0 -3.6 10.0 0.0
St. Lucia 2.9 -0.1 -20.4 6.8 9.7 -0.2
Iraq 4.7 5.8 -15.7 5.9 9.5 2.1
Kuwait 2.4 -0.6 -8.9 1.3 8.2 0.5
India 6.5 3.7 -6.6 8.9 8.2 4.1
Palau -0.1 -1.9 -9.7 -17.1 8.1 -4.1
Saudi Arabia 2.5 0.3 -4.1 3.2 7.6 1.9
Panama 3.7 3.0 -17.9 15.3 7.5 2.3
Niger 7.2 5.9 3.6 1.3 6.9 5.0
Fiji 3.8 -0.4 -15.2 -4.0 6.8 2.1
Dominica 3.5 7.5 -11.0 3.7 6.8 2.1
Antigua and Barbados 6.9 4.9 -20.2 4.8 6.5 0.6
South Sudan -1.9 0.9 -6.6 5.3 6.5 0.8
Philippines 6.3 6.1 -9.6 5.6 6.5 3.0
Democratic Republic of the Congo 5.8 4.4 1.7 5.7 6.4 4.8
Bangladesh 7.9 8.2 3.5 5.0 6.4 6.2
Rwanda 8.6 9.5 -3.4 10.2 6.4 6.3
Mauritius 3.8 3.0 -14.9 3.9 6.1 0.4
Equatorial Guinea -6.2 -6.0 -4.9 -3.5 6.1 -2.9
Maldives 8.1 6.9 -33.5 33.4 6.1 4.2
Vietnam 7.2 72. 2.9 2.6 6.0 5.2
The Bahamas 2.8 0.7 -14.5 5.6 6.0 0.1
Côte d'Ivoire 6.9 6.2 2.0 6.5 6.0 5.5
Benin 6.7 6.9 3.8 6.6 5.9 6.0
Egypt 5.3 5.6 3.6 3.3 5.9 4.7
Brunei Darussalam 0.1 3.9 1.1 -0.7 5.8 3.0
Colombia 2.6 3.2 -7.0 10.6 5.8 3.0
Belize 2.0 2.0 -16.7 9.8 5.7 0.5
Kenya 5.6 5.0 -0.3 7.2 5.7 4.6
Malaysia 4.8 4.4 -5.6 3.1 5.6 2.5
The Gambia 7.2 6.2 -0.2 5.6 5.6 4.9
Togo 5.0 5.5 1.8 5.1 5.6 4.6
Oman 0.9 -0.8 -2.8 2.0 5.6 1.0
Dominican Republic 7.0 5.1 -6.7 12.3 5.5 4.6
Trinidad and Tobago -0.7 -0.2 -7.4 -1.0 5.5 -0.8
Indonesia 5.2 5.0 -2.1 3.7 5.4 3.4
Ghana 6.2 6.5 0.4 4.2 5.2 4.5
Cabo Verde 4.5 5.7 -14.8 6.9 5.2 1.5
Ireland 9.0 4.9 5.9 13.5 5.2 7.7
Madagascar 3.2 4.4 -7.1 3.5 5.1 1.8
Cambodia 7.5 7.1 -3.1 2.2 5.1 3.7
Senegal 6.2 4.6 0.4 4.2 5.2 4.6
St. Vincent and the Grenadines 3.1 0.4 -5.3 -0.5 5.0 0.5
Israel 4.0 3.8 -2.2 8.2 5.0 3.8
Mauritania 4.5 5.8 -1.8 3.0 5.0 3.3
Uganda 5.6 7.7 -1.4 5.1 4.9 4.4
Tanzania 7.0 7.0 4.8 4.9 4.8 5.7
Spain 2.3 2.1 -10.8 5.1 4.8 0.7
Puerto Rico -4.2 1.5 -3.9 1.0 4.8 -0.2
Malta 6.0 5.9 -8.3 9.4 4.8 3.6
Papa New Guinea -0.3 4.5 -3.5 1.7 4.8 1.4
Guinea 6.4 5.6 6.4 4.2 4.8 5.5
Burkina Faso 6.7 5.7 1.9 6.9 4.7 5.2
Eritrea 13.0 3.8 -0.6 2.9 4.7 4.8
Seychelles 3.2 3.1 -7.7 8.0 4.6 2.2
Liberia 1.2 -2.5 -3.0 4.2 4.5 0.9
Andorra 1.6 2.0 -11.2 8.9 4.5 1.2
Bhutan 3.8 4.4 -2.4 -3.7 4.4 1.3
China 6.8 6.0 2.2 8.1 4.4 5.5
Botswana 4.2 3.0 -8.7 12.5 4.3 3.1
Cameroon 4.0 3.5 0.5 3.5 4.3 3.2
United Arab Emirates 1.2 3.4 -1.6 2.3 4.2 1.0
Australia 2.8 2.0 -2.2 4.7 4.2 2.3
Nepal 7.6 6.7 -2.1 2.7 4.1 3.8
Argentina -2.6 -2.0 -9.9 10.2 4.0 -0.1
Portugal 2.8 2.0 -1.8 5.0 3.1 2.2
West Bank and Gaza 2.8 2.0 -1.8 5.0 3.1 2.2
Norway 1.1 0.7 -0.7 3.9 4.0 1.8
Guatemala 3.3 3.9 -1.5 8.0 4.0 3.5
Pakistan 6.1 3.1 -1.0 5.6 4.0 3.5
Singapore 3.7 1.1 -4.1 7.6 4.0 2.4
Canada 2.8 1.9 -5.2 4.6 3.9 1.6
Uruguay 0.5 04 -6.1 4.4 3.9 0.6
Ethiopia 7.7 9.0 6.1 6.3 3.8 6.6
Mozambique 3.4 2.3 -1.2 2.2 3.8 6.6
Bolivia 4.2 2.2 -8.7 6.1 3.8 1.5
Honduras 3.8 2.7 -9.0 12.5 3.8 2.8
Montenegro 5.1 4.1 -15.3 12.4 3.8 2.0
Nicaragua -3.4 -3.7 -2.0 10.3 3.8 1.0
Guinea-Bissau 3.4 4.5 1.5 3.8 3.8 3.4
United Kingdom 1.7 1.7 -9.3 7.4 3.7 1.0
Hungary 5.4 4.6 -4.7 7.1 3.7 3.2
Poland 5.4 4.7 -2.5 5.7 3.7 3.4
Slovenia 4.4 3.3 -4.2 8.1 3.7 3.1
United States 2.9 2.3 -3.4 5.7 3.7 2.2
Burundi 1.6 1.8 0.3 2.4 3.6 2.0
Grenada 4.4 0.7 -13.8 5.6 3.6 0.1
Central African Republic 3.8 3.0 1.0 1.0 3.5 2.5
Comoros 3.6 1.8 -0.3 2.2 3.5 2.2
Greece 1.7 1.8 -9.0 8.3 3.5 1.3
Serbia 4.5 4.3 -0.9 7.4 3.5 3.8
Libya 17.9 13.2 -59.7 177.3 3.5 30.4
Zimbabwe 4.7 -6.1 -5.3 6.3 3.5 0.6
Sierra Leone 3.5 5.3 -2.0 3.2 3.4 2.7
Nigeria 1.9 2.2 -1.8 3.6 3.4 2.7
Qatar 1.2 0.7 -3.6 1.5 3.4 0.7
Uzbekistan 5.4 5.7 1.9 7.4 3.4 4.8
Costa Rica 2.6 2.4 -4.1 7.6 3.3 2.4
Thailand 4.2 2.2 -6.2 1.6 3.3 1.0
Chad 2.4 3.4 -2.2 -1.1 3.3 1.2
Bahrain 2.1 2.2 -4.9 2.2 3.3 1.0
Iceland 4.9 2.4 -7.1 4.3 3.3 1.6
Taiwan 2.8 3.1 3.4 6.3 3.2 3.7
Bulgaria 2.7 4.0 -4.4 4.2 3.2 1.9
Georgia 4.8 5.0 -6.8 10.4 3.2 3.3
Lao P.D.R. 6.3 4.7 -0.4 2.1 3.2 3.2
North Macedonia 2.9 3.9 -6.1 4.0 3.2 1.6
Zambia 4.0 1.4 -2.4 4.3 3.1 2.0
Lesotho -0.3 N/A -6.0 2.1 3.1 -0.3
Iran -2.3 -1.3 1.8 4.0 3.0 1.0
Djibouti 8.5 6.6 1.0 4.0 3.0 4.6
El Salvador 2.4 2.6 -7.9 10.3 3.0 2.1
Somalia 3.8 3.3 -0.3 2.0 3.0 2.4
Tuvalu 1.6 13.9 1.0 2.5 3.0 4.4
Angola -2.0 -0.7 -5.6 0.7 2.9 -0.9
Netherlands 2.4 2.0 3.8 5.0 3.0 1.7
Peru 4.0 2.2 -11.0 13.3 3.0 2.3
France 1.8 1.8 -8.0 7.0 2.9 1.1
Sweden 2.0 2.0 -2.9 4.8 2.9 1.7
Ecuador 1.3 0.0 -7.8 4.2 2.9 0.1
Azerbaijan 1.5 2.5 -4.3 5.6 2.8 1.6
Kosovo 3.4 4.8 -5.3 9.5 2.8 1.6
Namibia 1.1 -0.9 -8.5 0.9 2.7 -0.9
Gabon 0.8 3.9 -1.9 0.9 2.7 1.3
New Zealand 3.4 2.9 -2.1 5.6 2.7 2.5
Croatia 1.1 -0.9 -8.5 0.9 2.8 2.3
Malawi 4.4 5.4 0.9 2.2 2.7 3.1
Turkey 3.0 0.9 1.8 11.0 2.7 3.9
Aruba 1.3 -2.1 -22.3 16.8 2.7 -0.7
Slovak Republic 3.8 2.6 -4.4 3.0 2.6 1.5
Austria 2.5 1.5 -6.7 4.5 2.6 0.9
Sri Lanka 3.3 2.3 -3.6 3.6 2.6 1.6
South Korea 2.9 2.2 -0.9 4.0 2.5 2.2
Tajikistan 7.6 7.4 4.4 9.2 2.5 6.2
Jamaica 1.8 1.0 -10.0 4.4 2.5 -0.1
Bosnia and Herzegovina 3.7 2.8 -3.1 5.8 2.5 2.3
Algeria 1.2 0.8 -4.9 4.0 2.4 0.7
Jordan 1.9 2.0 -1.6 2.0 2.4 1.4
Republic of Congo -4.8 -0.4 -8.1 -0.2 2.4 -2.2
Japan 0.6 -0.2 -4.5 1.6 2.4 0.0
Kazakhstan 4.1 4.5 -2.6 4.0 .23 2.5
Denmark 2.0 2.1 -2.1 4.1 2.3 1.7
Czech Republic 3.2 3.0 -5.8 3.3 2.3 1.2
Italy 0.9 0.5 -9.0 6.6 2.3 0.3
Tunisia 2.5 1.5 -9.3 3.1 2.2 0.0
Romania 4.5 4.2 -3.7 5.9 2.2 2.6
Switzerland 2.9 1.2 -2.5 3.7 2.2 1.5
Vanatu 2.9 3.2 -5.4 0.5 2.2 0.7
Cyprus 5.7 5.3 -5.0 5.5 2.1 2.7
Germany 1.1 1.1 -4.6 2.8 2.1 0.5
Belgium 1.8 2.1 -3.5 8.5 2.0 2.6
Eswatini 2.4 2.6 -1.9 3.1 2.1 1.7
Mali 4.7 4.8 -1.2 3.1 2.0 2.7
Albania 4.0 2.1 -3.5 8.5 2.0 2.6
Marshall Islands 3.1 6.8 -2.4 -1.5 2.0 1.6
Mexico 2.2 -0.2 -8.2 4.8 2.0 0.1
Mongolia 7.7 5.6 -4.6 1.4 2.0 2.4
Timor-Leste -0.7 2.1 -8.6 1.8 2.0 -0.7
South Africa 1.5 0.1 -6.4 4.9 1.9 0.4
Lithuania 4.0 4.6 -0.1 4.9 1.8 3.0
Suriname 4.9 1.1 -15.9 -3.5 1.8 -2.3
Luxembourg 2.0 3.3 -1.8 6.9 1.8 2.4
São Tomé and Príncipe 3.0 2.2 3.0 1.8 1.6 0.0
Myanmar 6.4 6.8 3.2 -17.9 1.6 0.0
Finland 1.1 1.2 -2.3 3.3 1.6 1.0
Turkmenistan 0.9 -3.4 -3.0 4.9 1.6 1.0
Armenia 5.2 7.6 -7.4 5.7 1.5 2.5
Chile 4.0 0.8 -6.1 11.7 1.5 2.4
Venezuela -19.6 -35.0 -30.0 -1.5 1.5 -16.9
San Marino 1.5 2.1 -6.6 5.2 1.3 0.7
Morocco 3.1 2.6 -6.3 7.2 1.1 1.6
Kiribati 5.3 -0.5 -0.5 1.5 1.1 1.3
Latvia 4.0 4.6 -0.1 4.9 1.8 -2.3
Yemen 0.8 1.4 -8.5 -2.0 1.0 -1.5
Nauru 5.7 1.0 0.7 1.6 0.9 2.0
Kyrgyz Republic 3.5 4.6 -8.6 3.7 0.9 0.8
Brazil 1.8 1.2 -3.9 4.6 0.8 0.9
Hong Kong SAR 2.8 -1.7 -6.5 6.4 0.5 0.3
Haiti 1.7 -1.7 -3.3 -1.8 0.3 -1.0
Moldova 4.3 3.7 -8.3 13.9 0.3 2.8
Paraguay 3.2 -0.4 -0.8 4.2 0.3 -1.5
Sudan -2.3 -2.5 -3.6 0.5 0.3 -1.5
Estonia 4.1 4.1 -3.0 8.3 0.2 2.8
Samoa -1.2 4.4 -2.6 -8.1 0.0 -1.5
Micronesia 0.2 1.2 -1.8 -3.2 -0.5 -0.8
Tonga 03. 0.7 0.7 -0.7 -1.7 -0.1
Solomon Islands 3.9 1.2 -4.3 -0.2 -4.0 -0.7
Belarus 3.1 1.4 -0.7 2.3 -6.4 0.0
Russia 2.8 2.2 -2.7 4.7 -8.5 -0.3
Ukraine 3.5 3.2 -3.8 3.4 -35.0 -5.7
Afghanistan 1.2 3.9 -2.4 N/A N/A 0.9
Lebanon -1.7 -7.2 -22.0 N/A N/A -10.3
Syria N/A N/A N/A N/A N/A N/A
The Gross Domestic Product of a country can be defined as the total monetary value of the goods and services produced within its borders in a year. GDP growth is expressed as a percent. The average growth rate has been calculated using the geometric mean to obtain a 5-year equivalent rate.

Source: World Economic Outlook, April 2022.

Here is an interesting article that suggests that the Biden Administration has ordered the FTC to intervene in non-compete agreements.

Traditionally, non-compete agreements are used to protect the goodwill that is sold with the business. In another words, if you bought Joe’s Cafe, and everyone came to Joe’s Cafe because of Joe, Joe’s customer loyalty would be an example of goodwill.

If you paid Joe a million dollars for his cafe you wouldn’t want him to open up a new cafe across the street because all of his customers would just go there instead of the cafe you just bought.

Traditionally, when a buyer purchased a business, a part of the purchase price was allocated to pay the seller for his or her promise not to compete against the buyer in the same industry and within a certain geographical area for a negotiated period of time in order to protect that goodwill.

The push against non-compete agreements are two-fold: First, non-compete agreements reduce market competition, making it easier for one person or entity to control some segment of the micro-economy. Imagine if one company bought up all the restaurants in the Aurora Mall and the former owners could not open a restaurant within three miles of the mall for the next five years. The new owners could control menu pricing at the mall making it unfair for consumers.

Second, non-compete agreements interfere with the ability of the seller to seek employment or make a living, and usually that is what triggers a law suit for a violation of the non-compete agreement. Imagine if a seller sells Joe’s Cafe and then open’s a new restaurant across town - Joe’s Cafe II. If Joe contacted his old customers to come to his grand opening he would more than likely violate the terms of the non-compete which often include a clause that prohibits the direct or indirect solicitation of old customers. That would make it pretty hard for Joe to go back into business aftervselling his cafe. Both problems are concerns for the FTC and could now trigger an investigation and claim. If you are contemplating a merger or acquisition, you may want to read the linked article before moving forward with a non-compete agreement as part of your contract!

https://www.lexology.com/library/detail.aspx?g=8c5eb8d3-a528-446a-adf4-db5ec3bf6842

Buyer (and Seller) Beware: The FTC Is and Will Come for Your M&A Non-Competes Since President Biden’s July 2021 direction to the Federal Trade Commission (“FTC”) to “curtail the unfair use of non-compete clauses and other…

Unemployment fraud is on the rise. Make sure you keep track of your Unemployment Account and respond to all claims. I have received two fraudulent unemployment claims in a month from people who never worked for my firm!

Interesting post on your responsibility to collect taxes if you sell online...

https://www.facebook.com/2252642584997268/posts/2787156144879240/?d=n

Sales Tax by State: Economic Nexus Laws A state-by-state guide to economic nexus laws for online sellers. What do they mean, do sellers have to comply, and what the future holds.

Law Offices of Robert O. Steine updated their business hours.

If we prepared your estate plan or drafted your will, you have already heard some of these ideas. This article is a good reminder from CSU on how to keep your important documents accessible in an emergency.

Where You Should Keep Your Important Documents - Colorado State University MENU CONTACT US GIVE NOW Gift Planning Popular Ways To Give IRA Charitable Rollover Beneficiary Designations Wills and Living Trusts Bequest Information Gifts That Pay You Income Charitable Gift Annuities Charitable Remainder Trusts Other Smart Ways To Give Real Estate Endowment Funds Charitable Lea...

Colorado State University has put together a pretty good book to keep your estate plan information together.
http://giftplanning.colostate.edu/documents/stelter/downloads/record-book.pdf

giftplanning.colostate.edu

Law Offices of Robert O. Steine updated their address.

May this year be one of health, joy, and prosperity for you! Happy New Year!

See our blog at www.copbriefs.com

copbriefs.com