nment are the curbing of the budget
deficit and further privatization of public enterprises. Growth
slowed in 1998-2000, due to sluggish tourist and tuna sectors. Tight
controls on exchange rates and the scarcity of foreign exchange have
hindered short-term economic prospects. The black market value of
the Seychelles ruppee is half the official exchange rate; without a
devaluation of the currency the tourist sector should remain
sluggish as vacationers seek cheaper destinations such as Comoros,
Mauritius, and Madagascar.

Sierra Leone:
Sierra Leone is an extremely poor African nation with
tremendous inequality in income distribution. It does have
substantial mineral, agricultural, and fishery resources. However,
the economic and social infrastructure is not well developed, and
serious social disorders continue to hamper economic development.
About two-thirds of the working-age population engages in
subsistence agriculture. Manufacturing consists mainly of the
processing of raw materials and of light manufacturing for the
domestic market. Bauxite and rutile mines have been shut down by
civil strife. The major source of hard currency is found in the
mining of diamonds, the large majority of which are smuggled out of
the country. The resurgence of internal warfare in 1999 brought
another substantial drop in GDP, with GNP recovering part of the way
in 2000. The fate of the economy depends upon the maintenance of
domestic peace and the continued receipt of substantial aid from
abroad.

Singapore:
Singapore is blessed with a highly developed and
successful free-market economy, a remarkably open and
corruption-free business environment, stable prices, and the fifth
highest per capita GDP in the world. Exports, particularly in
electronics and chemicals, and services are the main drivers of the
economy. Mainly because of robust exports, especially electronic
goods, the economy grew 10.1% in 2000. Forecasters, however, are
projecting only 4%-6% growth in 2001 largely because of weaker
global demand, especially in the US. The government promotes high
levels of savings and investment through a mandatory savings scheme
and spends heavily in education and technology. It also owns
government-linked companies (GLCs) - particularly in manufacturing -
that operate as commercial entities. As Singapore looks to a future
increasingly marked by globalization, th