ng account for
about 60% of Bahrain's export receipts, 70% of government revenues,
and 20% of GDP, underpinning Bahrain's strong economic growth in
recent years. The financial and construction sectors have also
bolstered GDP growth. Bahrain is actively pursuing the
diversification and privatization of its economy to reduce the
country's dependence on oil. As part of this effort, Bahrain and the
US in August 2006 implemented a Free Trade Agreement (FTA), the
first FTA between the US and a Gulf state. Unemployment, especially
among the young, and the depletion of oil and underground water
resources are major long-term economic problems.

Baker Island
no economic activity

Bangladesh
Despite sustained domestic and international efforts to
improve economic and demographic prospects, Bangladesh remains a
poor, overpopulated, and inefficiently-governed nation. Although
more than half of GDP is generated through the service sector,
nearly two-thirds of Bangladeshis are employed in the agriculture
sector, with rice as the single-most-important product. Major
impediments to growth include frequent cyclones and floods,
inefficient state-owned enterprises, inadequate port facilities, a
rapidly growing labor force that cannot be absorbed by agriculture,
delays in exploiting energy resources (natural gas), insufficient
power supplies, and slow implementation of economic reforms. Reform
is stalled in many instances by political infighting and corruption
at all levels of government. Progress also has been blocked by
opposition from the bureaucracy, public sector unions, and other
vested interest groups. The BNP government, led by Prime Minister
Khaleda ZIA, has the parliamentary strength to push through needed
reforms, but the party's political will to do so has been lacking in
key areas. On an encouraging note, growth has been a steady 5-6% for
the past several years.

Barbados
Historically, the Barbadian economy had been dependent on
sugarcane cultivation and related activities, but production in
recent years has diversified into light industry and tourism.
Offshore finance and information services are important foreign
exchange earners. The government continues its efforts to reduce
unemployment, to encourage direct foreign investment, and to
privatize remaining state-owned enterprises. The economy contracted
in 2002-03 mainly due to a decline in tou