Bahrain:
In Bahrain, petroleum production and refining account for
about 60% of export receipts, 60% of government revenues, and 30% of
GDP. With its highly developed communication and transport
facilities, Bahrain is home to numerous multinational firms with
business in the Gulf. Bahrain is dependent on Saudi Arabia for oil
revenue granted as aid. A large share of exports consists of
petroleum products made from imported crude. Construction proceeds
on several major industrial projects. Unemployment, especially among
the young, and the depletion of both 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 one
of the world's poorest, most densely populated, and least developed
nations. 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. Even so, Prime Minister
Sheikh HASINA's Awami League government has made some headway
improving the climate for foreign investors and liberalizing the
capital markets. Progress on other economic reforms has been halting
because of opposition from the bureaucracy, public sector unions,
and other vested interest groups.

Barbados:
Historically, the Barbadian economy had been dependent on
sugarcane cultivation and related activities, but production in
recent years has diversified into manufacturing and tourism. The
start of the Port Charles Marina project in Speightstown helped the
tourism industry continue to expand in 1996-2000. Offshore finance
and information services are important foreign exchange earners, and
there is also a light manufacturing sector. The government continues
its efforts to reduce unemployment, encourage direct foreign
investment, and privatize remaining state-owned enterprises. Growth
should remain steady in 2001, with new tourist facilities a plus
factor.

Bassas da India:
no economic activity

Belarus:
Belarus has seen little structural reform since 1995, when
President LUKASHENKO launched the country on the path of "market
socialism." In keeping with this policy, LUKASHENKO reimposed
administrative controls over prices and currency exchange rates and
expanded the state's right to intervene in the management of private
enterprise. In addition to the burdens imposed by extremely high
inflation, businesses have been subject to pressure on the part of
central and local governments, e.g., arbitrary changes in
regulations, numerous rigorous inspections, and retroactive
application of new business regulations prohibiting practices that
had been legal. Further economic problems are two consecutive bad
harvests, 1998-99, and persistent trade deficits. Close relations
with Russia, possibly leading to reunion, color the pattern of
economic developments. For the time being, Belarus remains
self-isolated from the West and its open-market economies.

Belgium:
This modern private enterprise economy has capitalized on
its central geographic location, highly developed transport network,
and diversified industrial and commercial base. Industry is
concentrated mainly in the populous Flemish area in the north,
although the government is encouraging investment in the southern
region of Wallonia. With few natural resources, Belgium must import
substantial quantities of raw materials and export a large volume of
manufactures, making its economy unusually dependent on the state of
world markets. About three-quarters of its trade is with other EU
countries. Belgium's public debt is expected to fall below 100% of
GDP in 2002, and the government has succeeded in balancing is
budget. Belgium became a charter member of the European Monetary
Union (EMU) in January 1999. Economic growth in 2000 was broad
based, putting the government in a good position to pursue its
energy market liberalization policies and planned tax cuts.

Belize:
The small, essentially private enterprise economy is based
primarily on agriculture, 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.