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Guinea-Bissau Country Economic Memorandum : Terra Ranca! A Fresh Start, Summary

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World Bank (WB)

Abstract: After decades of turmoil and instability, a period of calm and progress evolved in Guinea-Bissau in 2009. A military coup in April 2012 interrupted it. A fresh start is needed to alter the dynamics that kept Guinea-Bissau poor. In 2013, Gross National Income per capita was US$590. Average economic growth barely kept pace with population growth. In 2010, poverty at the national poverty line of US$2 a day was 70 percent; extreme poverty at US$1 a day was 33 percent. These numbers have increased from their 2002 levels and they are estimated to have increased further since 2010. It is time to make a fresh start and turn the page on anemic growth and poverty. Guinea-Bissau s elections of May and June 2014 are described by many observers as the freest and fairest in the country s history. Voter registration and turnout were at record-levels. The conditions for progress and stability are favorable. Guinea-Bissau is a rural economy, almost entirely dependent on a single cash crop: cashew. It is the main source of income for most of the country s poor. Cashew nuts are Guinea-Bissau s main export, accounting for 85 to 90 percent of the country s total exports. The balance of payments is dominated by cashew, on the export side, and food and fuel, among imports. The economy is open, with exports and imports by land and sea amounting to more than 70 percent of GDP. Shocks to cashew, rice and oil prices have a considerable effect on the current account balance. Official Development Assistance (ODA) makes a critical contribution to supporting the state budget. In 2011, Guinea-Bissau ranked 20th among the world s most aid dependent countries. Recently, policy mistakes aggravated an already dire situation. However, the 2014 cashew campaign was been better than the 2013 campaign, and the prospects for a pick-up in growth have improved.
Type: Economic & Sector Work
Economic & Sector Work :: Country Economic Memorandum
Link: http://hdl.handle.net/10986/21600
Subject: ACCESS TO CREDIT
ACCESS TO FINANCE
ACCESS TO MARKETS
ACCOUNTABILITY
ACCOUNTING
ADVISORY SERVICES
ARREARS
AUDITS
AVAILABILITY OF CREDIT
BALANCE OF PAYMENTS
BANK POLICY
BANKING SECTOR
BANKING SYSTEMS
BARTER
BENEFICIARIES
BENEFICIARY
BRIBES
BUDGET SURPLUS
BUDGETING
BUSINESS DEVELOPMENT
CAPITAL BASE
CAPITAL CONSTRAINTS
CAPITAL FORMATION
CAPITAL INVESTMENT
CARBON
CASH PAYMENTS
CASH TRANSFER
CASH TRANSFERS
CASH-MANAGEMENT
CENTRAL BANK
CHECKS
CITIZENS
CLIMATE CHANGE
COMMERCIAL BANKS
COMMUNITY DEVELOPMENT
COMPARATIVE ADVANTAGE
COMPETITIVE MARKETS
CONSUMPTION PATTERNS
CONTRACTUAL OBLIGATIONS
CORPORATE GOVERNANCE
CORRUPTION
COST TO CONSUMERS
CREDIT FACILITY
CREDITS
CURRENCY
CURRENT ACCOUNT
DEBT
DEBT BURDEN
DEBT MANAGEMENT
DEBT RELIEF
DEPOSIT
DEPOSITS
DEVELOPED COUNTRIES
DEVELOPING COUNTRIES
DEVELOPMENT ASSISTANCE
DIVERSIFICATION
DONOR FUNDING
DONOR RESOURCES
DONOR SUPPORT
ECONOMIC ACTIVITY
ECONOMIC DEVELOPMENTS
ECONOMIC DIFFICULTY
ECONOMIC GROWTH
ECONOMIC OPPORTUNITIES
EDUCATION SYSTEM
EMPIRICAL EVIDENCE
EMPLOYER
ENDOWMENTS
ENERGY CONSUMPTION
ENFORCEMENT AGENCIES
ENROLLMENT
ENTREPRENEURS
ENVIRONMENTAL
EQUIPMENT
EXCHANGE RATE
EXPENDITURE
EXPENDITURES
EXPLOITATION
EXPORTER
EXPORTERS
EXTERNAL FINANCING
EXTERNAL SHOCKS
EXTREME POVERTY
FAIR PRICE
FAMILY BUSINESSES
FARMER
FINANCIAL CRISIS
FINANCIAL MANAGEMENT
FINANCIAL RESOURCES
FINANCIAL SKILLS
FINANCIAL SUPPORT
FINANCIAL VIABILITY
FISCAL BURDEN
FISCAL DEFICIT
FISCAL POLICIES
FISCAL POLICY
FISCAL REVENUE
FISH
FISHERIES
FISHING
FIXED CAPITAL
FOREIGN DIRECT INVESTMENT
FOREIGN INVESTMENT
FOREIGN INVESTORS
FORESTRY
GOVERNMENT BONDS
GOVERNMENT CAPACITY
GOVERNMENT POLICY
GOVERNMENT REVENUE
GOVERNMENT SUBSIDIES
GREEN REVOLUTION
GROSS DOMESTIC PRODUCT
HOST COUNTRIES
HOUSEHOLD INVESTMENT
HOUSEHOLDS
HUMAN CAPITAL
HUMAN DEVELOPMENT
HUMAN RESOURCE
HUMAN RESOURCES
INEQUALITIES
INFLATION
INFORMAL ECONOMIES
INFORMATION SYSTEM
INFORMED CHOICES
INSTITUTIONAL CAPACITY
INSTRUMENT
INSURANCE
INTANGIBLE
INTERNAL AUDIT
INTERNATIONAL DEVELOPMENT
INTERNATIONAL INVESTORS
INTERNATIONAL MARKET
INVESTING
INVESTMENT CLIMATE
INVESTMENT PLAN
INVESTMENT REQUIREMENTS
INVESTMENT STRATEGY
JOB CREATION
LEGAL FRAMEWORK
LEGITIMACY
LEVEL PLAYING FIELD
LEVY
LOCAL ECONOMY
LOGGING
MARKET ECONOMY
MINES
MONETARY FINANCING
MONETARY POLICY
NATIONAL INCOME
NATURAL CAPITAL
NATURAL RESOURCES
NEGATIVE EXTERNALITIES
NON-PERFORMING LOANS
NUTRITION
OIL
OIL PRICES
OPERATING COSTS
PENSIONS
PHYSICAL ASSETS
PHYSICAL CAPITAL
POLICY DECISIONS
POLITICAL INSTABILITY
POLITICAL STABILITY
POOR ACCESS
POPULATION GROWTH
POTENTIAL INVESTORS
PRIVATE ENTERPRISE
PRIVATE ENTERPRISES
PRIVATE INVESTMENT
PRIVATE INVESTORS
PRODUCTION COSTS
PRODUCTIVE INVESTMENTS
PRODUCTIVITY GROWTH
PROFITABILITY
PROPERTY RIGHTS
PUBLIC DEBT
PUBLIC FINANCES
PUBLIC GOODS
PUBLIC INVESTMENT
PUBLIC INVESTMENTS
PUBLIC SECTOR
PUBLIC SPENDING
PURCHASING POWER
PURCHASING POWER PARITY
QUALITY STANDARDS
REAL EXCHANGE RATE
REAL WAGES
REGULATORY FRAMEWORK
REMITTANCE
REMITTANCES
RENEWABLE RESOURCES
REPAYMENT
REPAYMENTS
RESERVE
RESERVES
RESOURCE MANAGEMENT
RETURN
RETURNS
REVOLVING FUNDS
RISK MITIGATION
RULE OF LAW
RURAL COMMUNITIES
SAFETY NET
SAFETY NETS
SAVINGS
SMALL FARMERS
SMALLHOLDER
SMALLHOLDER FARMERS
SOCIAL ASSISTANCE
SOURCE OF INCOME
STOCKS
SUSTAINABLE DEVELOPMENT
SUSTAINABLE EXPLOITATION
SUSTAINABLE MANAGEMENT
TAX
TAX COLLECTION
TAX REVENUE
TECHNICAL ASSISTANCE
TIMBER
TIMELY PAYMENT
TRADING
TRANSACTION
TRANSACTION COSTS
TRANSPARENCY
TRANSPARENT SYSTEM
TREASURY
TURNOVER
UNION
URBAN AREAS
VILLAGE
VOTER REGISTRATION
VULNERABLE GROUPS
WAGES
WITHDRAWAL




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