ng about 45% to GDP and 90% of exports.
Violence continues, millions of land mines remain, and many farmers
are reluctant to return to their fields. As a result, much of the
country's food must still be imported. To fully take advantage of
its rich resources - gold, diamonds, extensive forests, Atlantic
fisheries, and large oil deposits - Angola will need to end its
conflict and continue reforming government policies. Despite the
increase in the pace of civil warfare in late 1998, the economy grew
by an estimated 5% in 2000. The government introduced new currency
denominations in 1999, including 1 and 5 kwanza notes. Internal
strife discourages investment outside of the petroleum sector, which
is producing roughly 800,000 barrels of oil per day. Angola has
entered into a Staff Monitored Program (SMP) with the IMF. Continued
growth depends on sharp cuts in inflation, further economic reform,
and a lessening of fighting.
Anguilla:
Anguilla has few natural resources, and the economy
depends heavily on luxury tourism, offshore banking, lobster
fishing, and remittances from emigrants. The economy, and especially
the tourism sector, suffered a setback in late 1995 due to the
effects of Hurricane Luis in September but recovered in 1996.
Increased activity in the tourism industry, which has spurred the
growth of the construction sector, has contributed to economic
growth. Anguillan officials have put substantial effort into
developing the offshore financial sector. A comprehensive package of
financial services legislation was enacted in late 1994. In the
medium term, prospects for the economy will depend on the tourism
sector and, therefore, on continuing income growth in the
industrialized nations as well as favorable weather conditions.
Antarctica:
Fishing off the coast and tourism, both based abroad,
account for the limited economic activity. Antarctic fisheries in
1998-99 (1 July-30 June) reported landing 119,898 metric tons.
Unregulated fishing landed five to six times more than the regulated
fishery, and allegedly illegal fishing in antarctic waters in 1998
resulted in the seizure (by France and Australia) of at least eight
fishing ships. Companies interested in commercial fishing activities
in Antarctica have put forward proposals. The Convention on the
Conservation of Antarctic Marine Living Resources determines the
recommended catch limits
|