important foreign exchange earners, and
there is also a light manufacturing sector. The government continues
its efforts to reduce unemployment, encourage direct foreign
investment, and privatize remaining state-owned enterprises. Growth
should remain steady in 2001, with new tourist facilities a plus
factor.

Bassas da India:
no economic activity

Belarus:
Belarus has seen little structural reform since 1995, when
President LUKASHENKO launched the country on the path of "market
socialism." In keeping with this policy, LUKASHENKO reimposed
administrative controls over prices and currency exchange rates and
expanded the state's right to intervene in the management of private
enterprise. In addition to the burdens imposed by extremely high
inflation, businesses have been subject to pressure on the part of
central and local governments, e.g., arbitrary changes in
regulations, numerous rigorous inspections, and retroactive
application of new business regulations prohibiting practices that
had been legal. Further economic problems are two consecutive bad
harvests, 1998-99, and persistent trade deficits. Close relations
with Russia, possibly leading to reunion, color the pattern of
economic developments. For the time being, Belarus remains
self-isolated from the West and its open-market economies.

Belgium:
This modern private enterprise economy has capitalized on
its central geographic location, highly developed transport network,
and diversified industrial and commercial base. Industry is
concentrated mainly in the populous Flemish area in the north,
although the government is encouraging investment in the southern
region of Wallonia. With few natural resources, Belgium must import
substantial quantities of raw materials and export a large volume of
manufactures, making its economy unusually dependent on the state of
world markets. About three-quarters of its trade is with other EU
countries. Belgium's public debt is expected to fall below 100% of
GDP in 2002, and the government has succeeded in balancing is
budget. Belgium became a charter member of the European Monetary
Union (EMU) in January 1999. Economic growth in 2000 was broad
based, putting the government in a good position to pursue its
energy market liberalization policies and planned tax cuts.

Belize:
The small, essentially private enterprise economy is based
primarily on agricu