recovering global demand; newly passed business and income tax cuts
are expected to keep growth strong in 2001. Corporate restructuring
and growing capital markets are transforming the German economy to
meet the challenges of European economic integration and
globalization in general.

Ghana:
Well endowed with natural resources, Ghana has twice the per
capita output of the poorer countries in West Africa. Even so, Ghana
remains heavily dependent on international financial and technical
assistance. Gold, timber, and cocoa production are major sources of
foreign exchange. The domestic economy continues to revolve around
subsistence agriculture, which accounts for 36% of GDP and employs
60% of the work force, mainly small landholders. In 1995-97, Ghana
made mixed progress under a three-year structural adjustment program
in cooperation with the IMF. On the minus side, public sector wage
increases and regional peacekeeping commitments have led to
continued inflationary deficit financing, depreciation of the cedi,
and rising public discontent with Ghana's austerity measures.
Political uncertainty and a depressed cocoa market led to
disappointing growth in 2000. A rebound in the cocoa market should
push growth over 4% in 2001-02.

Gibraltar:
Gibraltar benefits from an extensive shipping trade,
offshore banking, and its position as an international conference
center. The British military presence has been sharply reduced and
now contributes about 11% to the local economy. The financial sector
accounts for 20% of GDP; tourism (almost 6 million visitors in
1998), shipping services fees, and duties on consumer goods also
generate revenue. In recent years, Gibraltar has seen major
structural change from a public to a private sector economy, but
changes in government spending still have a major impact on the
level of employment.

Glorioso Islands:
no economic activity

Greece:
Greece has a mixed capitalist economy with the public sector
accounting for about half of GDP. Tourism is a key industry,
providing a large portion of GDP and foreign exchange earnings.
Greece is a major beneficiary of EU aid, equal to about 4% of GDP.
The economy has improved steadily over the last few years, as the
government has tightened policy in the run-up to Greece's entry into
the EU's Economic and Monetary Union (EMU) on 1 January 2001. In
particular, Greece has cut