e rates and the scarcity of
foreign exchange have impaired short-term economic prospects. The
black-market value of the Seychelles rupee is half the official
exchange rate; without a devaluation of the currency, the tourist
sector may 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. While it possesses
substantial mineral, agricultural, and fishery resources, its
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. Alluvial diamond mining remains the major source of
hard currency earnings, accounting for nearly half of Sierra Leone's
exports. The fate of the economy depends upon the maintenance of
domestic peace and the continued receipt of substantial aid from
abroad, which is essential to offset the severe trade imbalance and
supplement government revenues. The IMF has completed a Poverty
Reduction and Growth Facility program that helped stabilize economic
growth and reduce inflation. A recent increase in political
stability has led to a revival of economic activity, such as the
rehabilitation of bauxite and rutile mining.

Singapore
Singapore, a highly-developed and successful free-market
economy, enjoys a remarkably open and corruption-free environment,
stable prices, and a per capita GDP equal to that of the four
largest West European countries. The economy depends heavily on
exports, particularly in consumer electronics and information
technology products. It was hard hit in 2001-03 by the global
recession, by the slump in the technology sector, and by an outbreak
of Severe Acute Respiratory Syndrome (SARS) in 2003, which curbed
tourism and consumer spending. Fiscal stimulus, low interest rates,
a surge in exports, and internal flexibility led to vigorous growth
in 2004-06, with real GDP growth averaging 7% annually. The
government hopes to establish a new growth path that will be less
vulnerable to the global demand cycle for information technology
products - it has attracted major investments in pharmace