e earner followed
by cane sugar, citrus, marine products, bananas, and garments. The
government's expansionary monetary and fiscal policies, initiated in
September 1998, led to GDP growth of 6.5% in 1999, 10.8% in 2000,
4.6% in 2001, and 3.7% in 2002. 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 a stable 5% in the past six
years, but rapid population rise 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
speeded-up structural reforms.

Bermuda
Bermuda enjoys one of the highest per capita incomes in the
world, 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 not to travel.
Tourism rebounded somewhat in 2002-03. Most capital equipment and
food must be imported. Bermuda's industrial sector is small,
although construction continues to be important; the average cost of
a house in June 2003 had risen to $976,000. Agriculture is limited,
only 6% of the land being arable.

Bhutan
The economy, one of the world's smallest and least developed,
is based on agriculture and forestry, which provide the main
livelihood