Cape Verde economic performance was bolstered by one of the fastest growing tourism industries in the world, as well as by substantial capital inflows that allowed Cape Verde to build up national currency reserves to the current 3.5 months of imports. Unemployment has been falling rapidly, and the country is on track to achieve most of the UN Millennium Development Goals – including halving its 1990 poverty level. In 2007, Cape Verde joined the World Trade Organization (WTO) and in 2008 the country graduated from Least Developed Country (LDC) to Middle Income Country (MIC) status. Cape Verde has significant cooperation with Portugal
Cape Verde–United States relations time and continues today. The first U.S. consulate in sub-Saharan Africa was established in Cape Verde in 1818. U.S. consular representation continued throughout the 19th century. The United States recognized Cape Verde on its independence day and supported its admission to the United Nations. Cape Verde assigned one of its first ambassadors to the United States, and a resident U.S. ambassador was posted to Cape Verde in 1983. Prime Minister Jose Neves visited Cape Verdean communities in New England during an official trip to the United States in 2002, and President Pedro Pires visited the United States in April 2005.