Political pressure groups and leaders: NA
International organization participation: ACCT, ACP, AfDB, CCC, ECA,
ECOWAS, FAO, G-77, IBRD, ICAO, ICFTU, ICRM, IDA, IDB, IFAD, IFC, IFRCS,
ILO, IMF, IMO, Interpol, IOC, IOM, ISO (correspondent), ITU, MINURSO,
NAM, OAU, OIC, OPCW, UN, UN Security Council (temporary), UNAMSIL,
UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US: chief of mission: Ambassador Mohamed Aly THIAM FAX: [1] (202) 483-8688 telephone: [1] (202) 483-9420 chancery: 2112 Leroy Place NW, Washington, DC 20008
Diplomatic representation from the US: chief of mission: Ambassador
Barrie WALKLEY embassy: Rue Ka 038, Conakry mailing address: B. P. 603,
Conakry telephone: [224] 41 15 20, 41 15 21, 41 15 23 FAX: [224] 41 15 22
Flag description: three equal vertical bands of red (hoist side), yellow, and green; uses the popular pan-African colors of Ethiopia
Economy Guinea
Economy - overview: Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, escalating fighting along the Sierra Leonean and Liberian borders has caused major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - and single digit inflation should permit 5% growth in 2002.
GDP: purchasing power parity - $15 billion (2001 est.)
GDP - real growth rate: 3.3% (2001 est.)
GDP - per capita: purchasing power parity - $1,970 (2001 est.)