Guinea-Bissau Country Economic Memorandum : Terra Ranca! A Fresh Start
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Washington, DC
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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.
Palabras clave
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