The economy of Saint Vincent and the Grenadines is heavily dependent on agriculture, being the world's leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports in Saint Vincent and the Grenadines. Such reliance on a single crop makes the economy vulnerable to external factors. St. Vincent's banana growers benefited from preferential access to the European market. In view of the European Union's announced phase-out of this preferred access, economic diversification is a priority.