Cook Islands
(self-governing in free
association with New Zealand)
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The emigration of skilled workers to New Zealand and government deficits are continuing problems. Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, the limited size of domestic markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Agriculture, employing about one-third of the working population, provides the economic base with major exports made up of copra and citrus fruit. Black pearls are the Cook Islands' leading export. Manufacturing activities are limited to fruit processing, clothing, and handicrafts. Trade deficits are offset by remittances from emigrants and by foreign aid, overwhelmingly from New Zealand. In the 1980s and 1990s, the country lived beyond its means, maintaining a bloated public service and accumulating a large foreign debt. Subsequent reforms, including the sale of state assets, the strengthening of economic management, the encouragement of tourism, and a debt restructuring agreement, have rekindled investment and growth. Source: The World Factbook, CIA. |
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Places
Bermuda |
Named
after Captain COOK, who sighted them in 1770, the islands became a British
protectorate in 1888. By 1900, administrative control was transferred to New
Zealand; in 1965, residents chose self-government in free association with New
Zealand.