Economy
Economic activity in the Federated States of Micronesia consists primarily of subsistence farming and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate. Long line tuna fishing is also viable with foreign vessels from China operated in the 1990s. The potential for a tourist industry exists, but the remoteness of the location and a lack of adequate facilities hinder development. Financial assistance from the U.S. is the primary source of revenue, with the U.S. pledged to spend $1.3 billion in the islands in 1986–2001. Geographical isolation and a poorly developed infrastructure are major impediments to long-term growth.
The nation uses the U.S. dollar as its currency.
Read more about this topic: Federated States Of Micronesia
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)