Clipperton Island
Although 115 species of fish have been identified
in the territorial waters of Clipperton Island, the only economic
activity is tuna fishing.
Cocos (Keeling) Islands
Grown throughout the islands, coconuts are
the sole cash crop. Small local gardens and fishing contribute to
the food supply, but additional food and most other necessities must
be imported from Australia. There is a small tourist industry.
Colombia
Colombia's economy has experienced positive growth over the
past five years despite a serious armed conflict. In fact, 2007 is
regarded by policy makers and the private sector as one of the best
economic years in recent history, after 2005. The economy continues
to improve in part because of austere government budgets, focused
efforts to reduce public debt levels, an export-oriented growth
strategy, improved domestic security, and high commodity prices.
Ongoing economic problems facing President URIBE include reforming
the pension system, reducing high unemployment, and funding new
exploration to offset declining oil production. The government's
economic reforms and democratic security strategy, coupled with
increased investment, have engendered a growing sense of confidence
in the economy. However, the business sector continues to be
concerned about failure of the US Congress to approve the signed FTA.
Comoros
One of the world's poorest countries, Comoros is made up of
three islands that have inadequate transportation links, a young and
rapidly increasing population, and few natural resources. The low
educational level of the labor force contributes to a subsistence
level of economic activity, high unemployment, and a heavy
dependence on foreign grants and technical assistance. Agriculture,
including fishing, hunting, and forestry, contributes 40% to GDP,
employs 80% of the labor force, and provides most of the exports.
The country is not self-sufficient in food production; rice, the
main staple, accounts for the bulk of imports. The government -
which is hampered by internal political disputes - is struggling to
upgrade education and technical training, privatize commercial and
industrial enterprises, improve health services, diversify exports,
promote tourism, and reduce the high population growth rate. The
political problems caused the economy to contract in 2007.
Remittances from 150,000 Comorans abroad help supplement GDP.
Congo, Democratic Republic of the
The economy of the Democratic
Republic of the Congo - a nation endowed with vast potential wealth
- is slowly recovering from two decades of decline. Conflict, which
began in August 1998, dramatically reduced national output and
government revenue, increased external debt, and resulted in the
deaths of more than 3.5 million people from violence, famine, and
disease. Foreign businesses curtailed operations due to uncertainty
about the outcome of the conflict, lack of infrastructure, and the
difficult operating environment. Conditions began to improve in late
2002 with the withdrawal of a large portion of the invading foreign
troops. The transitional government reopened relations with
international financial institutions and international donors, and
President KABILA has begun implementing reforms, although progress
is slow and the International Monetary Fund curtailed their program
for the DRC at the end of March 2006 because of fiscal overruns.
Much economic activity still occurs in the informal sector, and is
not reflected in GDP data. Renewed activity in the mining sector,
the source of most export income, boosted Kinshasa's fiscal position
and GDP growth. Government reforms and improved security may lead to
increased government revenues, outside budget assistance, and
foreign direct investment, although an uncertain legal framework,
corruption, and a lack of transparency in government policy are
continuing long-term problems.
Congo, Republic of the
The economy is a mixture of subsistence
agriculture, an industrial sector based largely on oil, and support
services, and a government characterized by budget problems and
overstaffing. Oil has supplanted forestry as the mainstay of the
economy, providing a major share of government revenues and exports.
In the early 1980s, rapidly rising oil revenues enabled the
government to finance large-scale development projects with GDP
growth averaging 5% annually, one of the highest rates in Africa.
The government has mortgaged a substantial portion of its oil
earnings through oil-backed loans that have contributed to a growing
debt burden and chronic revenue shortfalls. Economic reform efforts
have been undertaken with the support of international
organizations, notably the World Bank and the IMF. However, the
reform program came to a halt in June 1997 when civil war erupted.
Denis SASSOU-NGUESSO, who returned to power when the war ended in
October 1997, publicly expressed interest in moving forward on
economic reforms and privatization and in renewing cooperation with
international financial institutions. Economic progress was badly
hurt by slumping oil prices and the resumption of armed conflict in
December 1998, which worsened the republic's budget deficit. The
current administration presides over an uneasy internal peace and
faces difficult economic challenges of stimulating recovery and
reducing poverty. Recovery of oil prices has boosted the economy's
GDP and near-term prospects. In March 2006, the World Bank and the
International Monetary Fund (IMF) approved Heavily Indebted Poor
Countries (HIPC) treatment for Congo.
Cook Islands
Like many other South Pacific island nations, the Cook
Islands' economic development is hindered by the isolation of the
country from foreign markets, the limited size of domestic markets,
lack of natural resources, periodic devastation from natural
disasters, and inadequate infrastructure. Agriculture, employing
about one-third of the working population, provides the economic
base with major exports made up of copra and citrus fruit. Black
pearls are the Cook Islands' leading export. Manufacturing
activities are limited to fruit processing, clothing, and
handicrafts. Trade deficits are offset by remittances from emigrants
and by foreign aid, overwhelmingly from New Zealand. In the 1980s
and 1990s, the country lived beyond its means, maintaining a bloated
public service and accumulating a large foreign debt. Subsequent
reforms, including the sale of state assets, the strengthening of
economic management, the encouragement of tourism, and a debt
restructuring agreement, have rekindled investment and growth.
Coral Sea Islands
no economic activity
Costa Rica
Costa Rica's basically stable economy depends on tourism,
agriculture, and electronics exports. Poverty has remained around
20% for nearly 20 years, and the strong social safety net that had
been put into place by the government has eroded due to increased
financial constraints on government expenditures. Immigration from
Nicaragua has increasingly become a concern for the government. The
estimated 300,000-500,000 Nicaraguans estimated to be in Costa Rica
legally and illegally are an important source of (mostly unskilled)
labor, but also place heavy demands on the social welfare system.
Foreign investors remain attracted by the country's political
stability and high education levels, as well as the fiscal
incentives offered in the free-trade zones. Exports have become more
diversified in the past 10 years due to the growth of the high-tech
manufacturing sector, which is dominated by the microprocessor
industry. Tourism continues to bring in foreign exchange, as Costa
Rica's impressive biodiversity makes it a key destination for
ecotourism. The government continues to grapple with its large
internal and external deficits and sizable internal debt. Reducing
inflation remains a difficult problem because of rising import
prices, labor market rigidities, and fiscal deficits. Tax and public
expenditure reforms will be necessary to close the budget gap. In
October 2007, a national referendum voted in favor of the US-Central
American Free Trade Agreement (CAFTA).
Cote d'Ivoire
Cote d'Ivoire is the world's largest producer and
exporter of cocoa beans and a significant producer and exporter of
coffee and palm oil. Consequently, the economy is highly sensitive
to fluctuations in international prices for these products, and, to
a lesser extent, in climatic conditions. Despite government attempts
to diversify the economy, it is still heavily dependent on
agriculture and related activities, engaging roughly 68% of the
population. Since 2006, oil and gas production have become more
important engines of economic activity than cocoa. According to IMF
statistics, earnings from oil and refined products were $1.3 billion
in 2006, while cocoa-related revenues were $1 billion during the
same period. Cote d'Ivoire's offshore oil and gas production has
resulted in substantial crude oil exports and provides sufficient
natural gas to fuel electricity exports to Ghana, Togo, Benin, Mali
and Burkina Faso. Oil exploration by a number of consortiums of
private companies continues offshore, and President GBAGBO has
expressed hope that daily crude output could reach 200,000 barrels
per day (b/d) by the end of the decade. Since the end of the civil
war in 2003, political turmoil has continued to damage the economy,
resulting in the loss of foreign investment and slow economic
growth. GDP grew by 1.8% in 2006 and 1.7% in 2007. Per capita income
has declined by 15% since 1999.