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Micronesia
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| Trunk Line Number :+(63) 35 - 4198329 If you call from UK for your Reservations, Dial: 0871284 0702 |
Fax Number : +(63) 35 4199625 Contact Us : inquiry@southtravels.com |
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| In 1979 the Federated States of Micronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2004. Present concerns include large-scale unemployment, overfishing, and overdependence on US aid.
The FMA was admitted to the United Nations on Sept. 17, 1991. In July 1993, the country became a member of the International Monetary Fund. Micronesia, as well as many other South Pacific countries, is alarmed by the effect continued global warming will have on its islands. The consequent rise in the level of the oceans threatens low-lying islands with flooding and, eventually, with submergence. In 2004, Yap was ravaged by Typhoon Sudel, and much of its infrastructure was destroyed. |
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The Federated States of Micronesia is composed of the island states of Yap, Chuuk (Truk), Pohnpei (Ponape), and Kosrae, all in the Caroline Islands. The islands vary geologically from high mountainous islands to low coral atolls, with volcanic outcroppings on Pohnpei, Kosrae, and Chuuk. They are located 3,200 mi (5,150 km) west-southwest of Hawaii, in the north Pacific Ocean.
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| Economic activity consists primarily of subsistence farming and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate. The potential for a tourist industry exists, but the remote location, a lack of adequate facilities, and limited air connections hinder development. The Amended Compact of Free Association with the US guarantees the Federated States of Micronesia (FSM) millions of dollars in annual aid through 2023, and establishes a Trust Fund into which the US and the FSM make annual contributions in order to provide annual payouts to the FSM in perpetuity after 2023. The country's medium-term economic outlook appears fragile due not only to the reduction in US assistance but also to the slow growth of the private sector. GDP/PPP (2002 est.): $277 million; note: GDP is supplemented by grant aid, averaging perhaps $100 million annually; per capita $2,000. Real growth rate: 1%. Inflation: 1%. Unemployment: 16% (1999 est.). Arable land: 6%. Agriculture: black pepper, tropical fruits and vegetables, coconuts, cassava (tapioca), betel nuts, sweet potatoes; pigs, chickens; fish. Labor force: n.a.; two-thirds are government employees. Industries: tourism, construction; fish processing, specialized aquaculture; craft items from shell, wood, and pearls. Natural resources: forests, marine products, deep-seabed minerals. Exports: $22 million (f.o.b., FY99/00 est.): fish, garments, bananas, black pepper. Imports: $149 million (f.o.b., FY99/00 est.): food, manufactured goods, machinery and equipment, beverages. Major trading partners: Japan, U.S., Guam, Australia (2004). |
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Micronesia Hotels, Yap Hotels, Chuuk Hotels, Kosrae Hotels, Pohnpei Hotels
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Micronesia
