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ECONOMY
The country is blessed with
major mineral, hydropower, and agricultural resources;
however it continues to be in the rung of underdeveloped nations.
Guinea possesses over 30%
of the world's bauxite reserves and is the second largest bauxite
producer. The mining sector contributed to 75% of exports in 1999. To
see the country move up economically, substantial and sustained
improvements in government fiscal arrangements, literacy, and the legal
framework are essential. Reforms as a result of encouraging progress in
budget management in 1997-were applauded in the World Bank/IMF October
2000 assessment. Tensions along the Sierra Leonean and Liberian borders
have been a hindrance in the path of economic progress in terms of
increased defense expenditure and a sharp decline in investor
confidence. Foreign mining companies have drastically cut expatriate
staff, while panic buying has created food shortages and inflation in
local markets. There is hope in the form
of multilateral aid - including Heavily Indebted Poor Countries (HIPC)
debt relief - and single digit inflation which could bring about 5%
growth in 2002.
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Capital: Conakry
Area: 245 860 km²
Population: 7 518 000
Currency: 1 US$ = 1230 Fr G
GDP: 153/1 103
HDI : 167/271
Languages: French, Malinke, Susu, Fulani, Kissi, Bassani, Loma,
Koniagi, Kpelle
Ethnic groups: Fulani 35%, Malinka 30%, Susu 20%
Religions: Muslim 85%, Animist 15% |
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