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Rice is the staple food in this poor, largely subsistence economy. The main cash crops are groundnuts, cashew nuts and palm
kernels. Timber is the only significant industry. An attempt to revive cotton production has received EU assistance; sugar
refining and fishing have also undergone major development. Planned developments of oil and bauxite deposits have not progressed
as far as had been hoped. Guinea-Bissau is a member of the West African Economic Community (ECOWAS) and joined the CFA Franc Zone in May 1997. The following
year, internal conflicts cut economic output by one-third and, more seriously, destroyed much of the country's already limited
infrastructure. In the short term, Guinea-Bissau will continue to rely on large quantities of foreign aid, of which it is
among the highest per capita recipients in the world. France, Portugal, Italy and Thailand are Guinea-Bissau's largest trading
partners.
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