state-owned enterprises. The economy contracted
in 2002-03 mainly due to a decline in tourism. Growth should be
positive in 2004, the precise level largely dependent on economic
conditions in the US and Europe.

Bassas da India
no economic activity

Belarus
Belarus' economy in 2003 posted 6.1 percent growth and is
likely to continue expanding through 2004, albeit at a slower growth
rate. The Belarusian economy in 2004 is likely to be hampered by
high inflation, persistent trade deficits, and ongoing rocky
relations with Russia, Belarus' largest trading partner and energy
supplier. 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
enterprises. In addition, businesses have been subject to pressure
on the part of central and local governments, e.g., arbitrary
changes in regulations, numerous rigorous inspections, retroactive
application of new business regulations, and arrests of "disruptive"
businessmen and factory owners. A wide range of redistributive
policies has helped those at the bottom of the ladder. 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. 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. Roughly
three-quarters of its trade is with other EU countries. Public debt
is about 100% of GDP, and the government has succeeded in balancing
its budget. Belgium, together with 11 of its EU partners, began
circulating the euro currency in January 2002. Economic growth in
2001-03 dropped sharply because of the global economic slowdown.
Prospects for 2004 again depend largely on recovery in the EU and
the US.

Belize
In this small, essentially private enterprise economy the
tourism industry is the number one foreign exchang