No Longer Poor?

The article reports the termination of Cape Verde's classification as a least developed country by 2008. This turning point coincides with various notable events on the country's economy including its significant growth by 10.8 percent and increased revenues from the tourism sector. José Brito, Minister of Economy, Growth and Competitiveness, stresses that the growth of accumulated profit generated by the sector serves as a surplus for the government's operating budget. However, despite this development Cape Verde remains to keep an official poverty rate of 37 percent as it continues to count on grants and loan aid.