lture, agro-based industry, and merchandising,
with tourism and construction assuming greater importance. Sugar,
the chief crop, accounts for nearly half of exports, while the
banana industry is the country's largest employer. The government's
tough austerity program in 1997 resulted in an economic slowdown
that continued in 1998. The trade deficit has been growing, mostly
as a result of low export prices for sugar and bananas. The tourist
and construction sectors strengthened in early 1999, supporting
growth of 6% in 1999 and 4% in 2000. Aided by international donors,
the government's key short-term objective remains the reduction of
poverty.

Benin:
The economy of Benin remains underdeveloped and dependent on
subsistence agriculture, cotton production, and regional trade.
Growth in real output averaged a sound 5% in 1996-99, but a rapid
population rise offset much of this growth. Inflation has subsided
over the past several years. Commercial and transport activities,
which make up a large part of GDP, are vulnerable to developments in
Nigeria, particularly fuel shortages. The Paris Club and bilateral
creditors have eased the external debt situation in recent years.
While high fuel prices constrained growth in 2000, increased cotton
production - enabled by a major restructuring program - and an
expansion of the Cotonou port, may lead to increased growth in 2001.

Bermuda:
Bermuda enjoys one of the highest per capita incomes in the
world, having successfully exploited its location by providing
financial services for international firms and luxury tourist
facilities for 360,000 visitors annually. The tourist industry,
which accounts for an estimated 28% of GDP, attracts 84% of its
business from North America. The industrial sector is small, and
agriculture is severely limited by a lack of suitable land. About
80% of food needs are imported. International business contributes
over 60% of Bermuda's economic output; a failed independence vote in
late 1995 can be partially attributed to Bermudian fears of scaring
away foreign firms. Government economic priorities are the further
strengthening of the tourist and international financial sectors.

Bhutan:
The economy, one of the world's smallest and least
developed, is based on agriculture and forestry, which provide the
main livelihood for more than 90% of the population. Agriculture
consists large