procurement outlays amounted to $1 billion in 1998. Over the past 20
years, the tourist industry has grown rapidly, creating a
construction boom for new hotels and the expansion of older ones.
More than 1 million tourists visit Guam each year. The industry has
recently suffered setbacks because of the continuing Japanese
slowdown; the Japanese normally make up almost 90% of the tourists.
Most food and industrial goods are imported. Guam faces the problem
of building up the civilian economic sector to offset the impact of
military downsizing.

Guatemala:
The agricultural sector accounts for about one-fourth of
GDP, two-thirds of exports, and half of the labor force. Coffee,
sugar, and bananas are the main products. Former President ARZU
(1996-2000) worked to implement a program of economic liberalization
and political modernization. The 1996 signing of the peace accords,
which ended 36 years of civil war, removed a major obstacle to
foreign investment. In 1998, Hurricane Mitch caused relatively
little damage to Guatemala compared to its neighbors. Ongoing
challenges include increasing government revenues, negotiating
further assistance from international donors, and increasing the
efficiency and openness of both government and private financial
operations. Despite low international prices for Guatemala's main
commodities, the economy grew by 3% in 2000 and is forecast to grow
by 4% in 2001. Guatemala, along with Honduras and El Salvador,
recently concluded a free trade agreement with Mexico and has moved
to protect international property rights. However, the PORTILLO
administration has undertaken a review of privatizations under the
previous administration, thereby creating some uncertainty among
investors.

Guernsey:
Financial services - banking, fund management, insurance,
etc. - account for about 55% of total income in this tiny Channel
Island economy. Tourism, manufacturing, and horticulture, mainly
tomatoes and cut flowers, have been declining. Light tax and death
duties make Guernsey a popular tax haven. The evolving economic
integration of the EU nations is changing the rules of the game
under which Guernsey operates.

Guinea:
Guinea possesses major mineral, hydropower, and agricultural
resources, yet remains a poor underdeveloped nation. The country
possesses over 30% of the world's bauxite reserves and is the second
largest baux