Guinea-Bissau.pptx

Understanding the Economy of Guinea-Bissau  Introduction to Guinea-Bissau's Economy Guinea-Bissau has a mix of state-owned and private businesses. The country shifted to a free-market economy in 1987. What do you think a "free-market economy" means? Despite rich resources, Guinea-Bi...

Understanding the Economy of Guinea-Bissau  Introduction to Guinea-Bissau's Economy Guinea-Bissau has a mix of state-owned and private businesses. The country shifted to a free-market economy in 1987. What do you think a "free-market economy" means? Despite rich resources, Guinea-Bissau is one of the world's poorest countries. Can you guess some reasons why a country with resources might still be poor?  Agriculture: The Backbone of the Economy Most people in Guinea-Bissau work in agriculture. They grow food like rice, vegetables, and cashews, both for themselves and to sell. Have you ever eaten any of these foods? Fishing is also important for food and trade. Why do you think agriculture is so important in Guinea-Bissau?  Natural Resources and Power Guinea-Bissau has minerals like bauxite and phosphates, and possibly oil and gold. The country has lots of water, especially during the rainy season. The Corubal River could be used to make electricity. How do you think having lots of water helps a country's economy?  Manufacturing and Industry Manufacturing is mostly small and includes food processing and making things by hand. Some industries were damaged during conflicts in the 1990s. What are some items that you think could be made by hand in Guinea- Bissau?  Finance, Trade, and Labour Guinea-Bissau uses the CFA franc for money, which is shared with other countries. Most people don't use banks very much. The country trades with Portugal, Senegal, India, and others. Taxes come from trade, income, and sales. Why is trade with other countries important for Guinea-Bissau?