is and poor
weather conditions. Growth fell to about -0.5% in 1998 from 5% in
1997, but recovered to about 3% in 1999 and 3.6% in 2000. The
government has promised to continue its economic reforms to help the
Philippines match the pace of development in the newly
industrialized countries of East Asia. The strategy includes
improving infrastructure, overhauling the tax system to bolster
government revenues, moving toward further deregulation and
privatization of the economy, and increasing trade integration with
the region.

Pitcairn Islands:
The inhabitants of this tiny economy exist on
fishing, subsistence farming, handicrafts, and postage stamps. The
fertile soil of the valleys produces a wide variety of fruits and
vegetables, including citrus, sugarcane, watermelons, bananas, yams,
and beans. Bartering is an important part of the economy. The major
sources of revenue are the sale of postage stamps to collectors and
the sale of handicrafts to passing ships.

Poland:
Poland has steadfastly pursued a policy of liberalizing the
economy and today stands out as one of the most successful and open
transition economies. GDP growth has been strong and steady since
1992 - the best performance in the region. The privatization of
small and medium state-owned companies and a liberal law on
establishing new firms has allowed for the rapid development of a
vibrant private sector. In contrast, Poland's large agricultural
sector remains handicapped by structural problems, surplus labor,
inefficient small farms, and lack of investment. Restructuring and
privatization of "sensitive sectors" (e.g., coal, steel, railroads,
and energy) has begun. Structural reforms in health care, education,
the pension system, and state administration have resulted in larger
than expected fiscal pressures. Further progress in public finance
depends mainly on privatization of Poland's remaining state sector.
The government's determination to enter the EU as soon as possible
affects most aspects of its economic policies. Improving Poland's
outsized current account deficit and reining in inflation are
priorities. Warsaw leads the region in foreign investment and needs
a continued large inflow.

Portugal:
Portugal is an upcoming capitalist economy with a per
capita GDP two-thirds that of the four big West European economies.
The country qualified for the European Monetary Unio