once again
following the 11 September 2001 terrorist attacks on the US.
Economic growth slowed in 1998-2002 and fell in 2003-04, due to
sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP
grew by 5.8% in 2007, driven by tourism and a boom in
tourism-related construction. The Seychelles rupee was allowed to
depreciate in 2006 after being overvalued for years and fell by 10%
in the first 9 months of 2007.

Sierra Leone
Sierra Leone is an extremely poor nation with
tremendous inequality in income distribution. While it possesses
substantial mineral, agricultural, and fishery resources, its
physical and social infrastructure is not well developed, and
serious social disorders continue to hamper economic development.
Nearly half 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 has a highly developed and successful
free-market economy. It 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 from 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 2004-07 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 fo