so has few natural resources, a fragile soil, and a highly
unequal distribution of income. About 90% of the population is
engaged in (mainly subsistence) agriculture, which is vulnerable to
variations in rainfall. Cotton is the key crop. Industry remains
dominated by unprofitable government-controlled corporations.
Following the African franc currency devaluation in January 1994 the
government updated its development program in conjunction with
international agencies, and exports and economic growth have
increased. Maintenance of macroeconomic progress depends on
continued low inflation, reduction in the trade deficit, and reforms
designed to encourage private investment. The internal crisis in
neighboring Cote d'Ivoire continues to hurt trade and industrial
prospects and deepens the need for international assistance.

Burma
Burma is a resource-rich country that suffers from government
controls and abject rural poverty. The military regime took steps in
the early 1990s to liberalize the economy after decades of failure
under the "Burmese Way to Socialism", but those efforts have since
stalled. Burma has been unable to achieve monetary or fiscal
stability, resulting in an economy that suffers from serious
macroeconomic imbalances - including a steep inflation rate and an
official exchange rate that overvalues the Burmese kyat by more than
100 times the market rate. In addition, most overseas development
assistance ceased after the junta suppressed the democracy movement
in 1988 and subsequently ignored the results of the 1990 election. A
crisis in the private banking sector in early 2003 followed by
economic moves against Burma by the United States, the European
Union, and Japan - including a US ban on imports from Burma and a
Japanese freeze on new bilateral economic aid - further weakened the
Burmese economy. Burma is data poor, and official statistics are
often dated and inaccurate. Published estimates of Burma's foreign
trade are greatly understated because of the size of the black
market and border trade - often estimated to be one to two times the
official economy. Better relations with foreign countries and
relaxed controls at home are needed to promote foreign investment,
exports, and tourism. In February 2003, a major banking crisis hit
the country's 20 private banks, shutting them down and disrupting
the economy. In July and August 2003, t