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ECONOMY
Guinea Bissau is one of the
world’s 20 poorest countries. Agriculture and fishing sustain the
economy. The country exports cashew (it ranks sixth in
cashew production) and seafood as well as small
quantities of peanuts, palm kernels, and timber. Rice is the staple
diet and crop cultivated. Many factors have played an obstructive role
in the progress of the nation’s economy. These include frequent tensions between Senegalese-backed government troops and the
military, which have delivered a bad blow to the economy especially
in 1998 with the GDP falling by 28% although it recovered to some
extent in the following couple of years. Prior to the war, under IMF
sponsorship the country was on the road to trade reform and price
liberalization successfully as part of its structural adjustment
program. The tightening of monetary policy and the development of the
private sector had also started to play the role of catalysts in the
economy. the development of petroleum, phosphate, and other mineral
resources involves high expenditure and is not likely to be on the
agenda for the near future. An alternative option is tapping the offshore oil reserves to increase revenue.
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In 1994, 20 years after independence
from Portugal, the country's first multiparty legislative and
presidential elections were held
Area: 36,125
sq km (13,948 sq miles).
Population: 1,285,715 (official
estimate 2000).
Population Density: 35.6 per sq km.
Capital: Bissau. Population: 197,610 (1991). |
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