ncy in
January 2002. Economic growth in 2001-03 dropped sharply because of
the global economic slowdown, with moderate recovery in 2004.

Belize
In this small, essentially private enterprise economy the
tourism industry is the number one foreign exchange earner followed
by marine products, citrus, cane sugar, bananas, and garments. The
government's expansionary monetary and fiscal policies, initiated in
September 1998, led to sturdy GDP growth averaging nearly 6% in
1999-2004. Major concerns continue to be the sizable trade deficit
and foreign debt. A key short-term objective remains the reduction
of poverty with the help of international donors.

Benin
The economy of Benin remains underdeveloped and dependent on
subsistence agriculture, cotton production, and regional trade.
Growth in real output has averaged around 5% in the past six years,
but rapid population growth has offset much of this increase.
Inflation has subsided over the past several years. In order to
raise growth still further, Benin plans to attract more foreign
investment, place more emphasis on tourism, facilitate the
development of new food processing systems and agricultural
products, and encourage new information and communication
technology. The 2001 privatization policy should continue in
telecommunications, water, electricity, and agriculture in spite of
initial government reluctance. The Paris Club and bilateral
creditors have eased the external debt situation, while pressing for
more rapid structural reforms. Benin continues to be hurt by
Nigerian trade protection that bans imports of a growing list of
products from Benin and elsewhere. As a result, smuggling and
criminality along the Benin-Nigeria border has been on the rise.

Bermuda
Bermuda enjoys one of the highest per capita incomes in the
world, nearly equal to that of the US. Its economy is primarily
based on providing financial services for international business and
luxury facilities for tourists. The effects of 11 September 2001
have had both positive and negative ramifications for Bermuda. On
the positive side, a number of new reinsurance companies have
located on the island, contributing to the expansion of an already
robust international business sector. On the negative side,
Bermuda's tourism industry - which derives over 80% of its visitors
from the US - was severely hit as American tourists chose no