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 more than 90% of GDP. On the positive side, the government has
succeeded in balancing its budget, and income distribution is
relatively equal. Belgium began circulating the euro currency in
January 2002. Economic growth in 2001-03 dropped sharply because of
the global economic slowdown, with moderate recovery in 2004-06.

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 4% in
1999-2006. Major concerns continue to be the sizable trade deficit
and unsustainable foreign debt. The government in 2006 announced it
would seek a restructuring of its sovereign debt and has been
negotiating with international creditors to find an acceptable
formula for doing so. 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. Many of these proposals were included in Benin's $307
million Millennium Challenge Account grant signed in February 2006.
The 2001 privatization policy continues in telecommunications,
water, electricity, and agriculture in spite of government
reluctance. The Paris Club and bilateral creditors have eased the
external debt situation, with Benin benefiting from a G8 debt
reduction announced in July 2005, while pressing for more rapid
structural reforms. Benin continues to be hurt by Nigerian trade
protection that bans imports