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

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

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...

Full description

Bibliographic Details
Main Author:	World Bank
Format:	Economic & Sector Work
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2015/01/24053548/guinea-bissau-country-economic-memorandum-terra-ranca-fresh-start-summary http://hdl.handle.net/10986/21600

Description
Summary:	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.

Cannot write session to /tmp/vufind_sessions/sess_v7adica2k4sm0s8junjcaerb96