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Economic & Sector Work

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

ACCESS TO BANKING ACCESS TO BANKING SERVICES ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO MARKETS ACCOUNTABILITY ACCOUNTING ADVISORY SERVICES AGRICULTURAL PRODUCTS AGRICULTURE AGRICULTURE ORGANIZATION ARREARS BALANCE OF PAYMENTS BANK ACCOUNTS BARTER BENEFICIARIES BRIBE BROAD MONEY BUDGET SURPLUS BUSINESS PLAN CAPACITY BUILDING CAPITAL ACCESS CAPITAL MARKETS CARBON CASH TRANSFERS CENTRAL BANK CHAMBER OF COMMERCE CIVIL SOCIETY CIVIL SOCIETY ORGANIZATION CLEAN DEVELOPMENT MECHANISM COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMER PRICE INDEX CONTRACT ENFORCEMENT COOPERATIVES CORPORATE GOVERNANCE CORRUPTION CREDIT FACILITY CRIME CURRENCY CURRENT ACCOUNT DEBT DEBT BURDEN DEBT MANAGEMENT DEBT RELIEF DEFORESTATION DEPOSITS DEVELOPED COUNTRIES DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DEVELOPMENT POLICY DIVERSIFICATION DIVIDENDS DONOR SUPPORT ECONOMIC ACTIVITIES ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC DIFFICULTY ECONOMIC GROWTH ECONOMIC OPPORTUNITY ECONOMIC PERFORMANCE ECONOMIC SECTORS ECONOMIC SITUATION ECONOMICS EMISSIONS ENABLING ENVIRONMENT ENERGY CONSUMPTION ENTREPRENEURS ENVIRONMENTAL EQUILIBRIUM ETHNIC GROUPS EXCHANGE RATE EXPENDITURE EXPLOITATION EXPORT EARNINGS EXPORTER EXPORTERS EXPORTS EXTREME POVERTY FAMILIES FAMILY INCOMES FARMER FARMERS FINANCIAL CRISIS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FISCAL BURDEN FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FISH FISHERIES FISHING FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORESTRY FREE TRADE GDP GDP DEFLATOR GDP PER CAPITA GENDER GENDER EQUALITY GOVERNANCE REFORM GOVERNMENT BONDS GOVERNMENT CAPACITY GOVERNMENT FINANCES GOVERNMENT INVESTMENT GOVERNMENT OWNERSHIP GOVERNMENT REVENUE GOVERNMENT SAVINGS GREEN REVOLUTION GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL HOLDING HOUSEHOLD INCOMES HOUSEHOLDS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES INCOME GROWTH INDUSTRIALIZATION INFLATION INFORMAL ECONOMIES INFRASTRUCTURE INVESTMENT INSTITUTIONAL REFORM INSTRUMENT INSURANCE INTANGIBLE INTERNATIONAL DEVELOPMENT INVESTING KEY CHALLENGE LABOR COSTS LABOR FORCE LABOR MARKET LABOR PRODUCTIVITY LACK OF COLLATERAL LDCS LOCAL ECONOMY LOGGING LOW INCOME COUNTRIES MACROECONOMICS MARKET FAILURES MARKET PARTICIPANTS MARKET PRICES MFI MICRO-ENTERPRISES MICRO-FINANCE MICROFINANCE MICROFINANCE INSTITUTION MINES MOBILE PHONE MOBILE PHONES MONETARY FINANCING MONETARY FUND MONETARY POLICY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCES NON-PERFORMING LOANS NONPERFORMING LOANS NPL NUTRITION OIL OUTREACH PHYSICAL CAPITAL POLITICAL INSTABILITY POLITICAL STABILITY POPULATION GROWTH PRIVATE INVESTORS PRIVATE SECTOR DEVELOPMENT PRODUCERS PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC FINANCES PUBLIC GOOD PUBLIC INVESTMENT PUBLIC POLICY PUBLIC PROCUREMENT PUBLIC-PRIVATE PARTNERSHIP PURCHASING POWER PURCHASING POWER PARITY REAL EXCHANGE RATE REAL GDP REAL WAGES RECEIPTS RECESSION REGULATORY AUTHORITY REGULATORY FRAMEWORK REMITTANCES RENEWABLE RESOURCES RENT SEEKING RETURN RETURNS RULE OF LAW SAFETY NET SETTLEMENT SHOCKS TO INCOME SMALL BUSINESSES SMALL FARMERS SOURCE OF INCOME STOCKS SUSTAINABLE DEVELOPMENT SUSTAINABLE MANAGEMENT TAX TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TELECOMMUNICATIONS TERMS OF TRADE TIMBER TOTAL FACTOR PRODUCTIVITY TRADING TRADING BLOCS TRANSPARENCY TREASURY TRUST FUND UNION URBAN DEVELOPMENT VALUE ADDED VENTURE CAPITAL VILLAGE WAGES WEALTH WITHDRAWAL
75
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Washington, DC
Africa | Guinea-Bissau
2015-03-12T15:53:15Z | 2015-03-12T15:53:15Z | 2015-01-12

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.

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