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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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