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:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)