The economy of Guinea-Bissau comprises a mixture of state-owned and private companies. Guinea-Bissau is among the world's least developed nations and one of the 10 poorest countries in the world, and depends mainly on agriculture and fishing. Cashew crops have increased remarkably in recent years, and the country ranked ninth in cashew production for the year 2019.
Guinea-Bissau exports to Asia non-fillet frozen fish and seafood, peanuts, palm kernels, and timber. License fees for fishing in their sea-zone (Gulf of Guinea) provide the government with some small revenue. Rice is the major crop and staple food. Due to European regulations, fish and cashew-nuts exports to Europe are totally prohibited as well as agriculture products in general.
Portuguese Guinea and Economic History of Portugal
From a European viewpoint, the economic history of the Guinea Coast is largely associated with slavery. Indeed, one of the alternative na