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NICARAGUA HISTORY Nicaragua takes its name from Nicarao, chief of the indigenous tribe then living around present-day Lake Nicaragua. Although it is the largest republic in Central America, has a relatively tiny population of approximately 4.5 million people. Nicaragua is bound on the north by Honduras, on the east by the Caribbean Sea, on the south by Costa Rica, and on the west by the Pacific Ocean. It is slightly larger than the U.S. state of New York with an area of 130,000 square kilometers. The capital city is Managua. Nicaragua began free market reforms in 1991 after 12 years of economic free-fall under the Sandinista regime. Despite some setbacks, it has made dramatic progress: privatizing 351 state enterprises, reducing inflation from 13,500% to 12%, and cutting the foreign debt in half. The economy began expanding in 1994 and grew 2.5% in 2001, with overall GDP reaching 2.44 million in 2001. In 2001, the global recession, combined with a series of bank failures, low coffee prices, and a drought, caused the economy to retract. Nicaragua remains the second-poorest nation in the hemisphere with a per capita GDP of less than $500--below where it stood before the Sandinista takeover in 1979. Unempl