Baker Island
no economic activity
Bangladesh
Despite sustained domestic and international efforts to
improve economic and demographic prospects, Bangladesh remains a
poor, overpopulated, and ill-governed nation. Although 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. Economic reform is stalled
in many instances by political infighting and corruption at all
levels of government. Progress also has been blocked by opposition
from the bureaucracy, public sector unions, and other vested
interest groups. The BNP government, led by Prime Minister Khaleda
ZIA, has the parliamentary strength to push through needed reforms,
but the party's political will to do so has been lacking in key
areas.
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.
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, to
encourage direct foreign investment, and to privatize remaining
state-owned enterprises. The economy contracted in 2002 mainly due
to a 3% decline in tourism. Growth should be positive in 2003, the
precise level largely dependent on economic conditions in the US and
Europe.
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 high inflation and
persistent trade deficits, businesses have been subject to pressure
on the part of central and local governments, e.g., arbitrary
changes in regulations, numerous rigorous inspections, retroactive
application of new business regulations, and arrests of "disruptive"
businessmen and factory owners. A wide range of redistributive
policies has helped those at the bottom of the ladder. 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. 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. Roughly
three-quarters of its trade is with other EU countries. Public debt
is about 100% of GDP, and the government has succeeded in balancing
its budget. Belgium, together with 11 of its EU partners, began
circulating the euro currency in January 2002. Economic growth in
2001-03 dropped sharply due to the global economic slowdown.
Prospects for 2004 again depend largely on recovery in the EU and
the US.
Belize
In this small, essentially private enterprise economy the
tourism industry is the number one foreign exchange earner followed
by cane sugar, citrus, marine products, bananas, and garments. The
government's expansionary monetary and fiscal policies, initiated in
September 1998, led to GDP growth of 6.5% in 1999, 10.8% in 2000,
4.6% in 2001, and 3.7% in 2002. Major concerns continue to be the
sizable trade deficit and foreign debt. 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 a stable 5% in the past six
years, but rapid population rise 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. The 2001 privatization policy should continue in
telecommunications, water, electricity, and agriculture in spite of
initial government reluctance. The Paris Club and bilateral
creditors have eased the external debt situation, while pressing for
speeded-up structural reforms.
Bermuda
Bermuda enjoys one of the highest per capita incomes in the
world, with its economy primarily based on providing financial
services for international business and luxury facilities for
tourists. The effects of 11 September 2001 have had both positive
and negative ramifications for Bermuda. On the positive side, a
number of new reinsurance companies have located on the island,
contributing to the expansion of an already robust international
business sector. On the negative side, Bermuda's tourism industry -
which derives over 80% of its visitors from the US - has been
severely hit as American tourists have chosen not to travel. Tourism
rebounded somewhat in 2002, but remains below the pre-11 September
level. Most capital equipment and food must be imported. Bermuda's
industrial sector is small, although construction continues to be
important. Agriculture is limited, only 6% of the land being arable.
Bhutan
The economy, one of the world's smallest and least developed,
is based on agriculture and forestry, providing the main livelihood
for more than 90% of the population. Agriculture consists largely of
subsistence farming and animal husbandry. Rugged mountains dominate
the terrain and make the building of roads and other infrastructure
difficult and expensive. The economy is closely aligned with India's
through strong trade and monetary links and dependence on India's
financial assistance. The industrial sector is technologically
backward, with most production of the cottage industry type. Most
development projects, such as road construction, rely on Indian
migrant labor. Bhutan's hydropower potential and its attraction for
tourists are key resources. The government has made some progress in
expanding the nation's productive base and improving social welfare.
Model education, social, and environment programs are underway with
support from multilateral development organizations. Each economic
program takes into account the government's desire to protect the
country's environment and cultural traditions. Detailed controls and
uncertain policies in areas like industrial licensing, trade, labor,
and finance continue to hamper foreign investment.