Friday, February 18, 2005
Posted by Roberto
2:58 PM
0 comments
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SINGAPORE: THE ECONOMIC ROLLERCOASTER
Following its deepest recession since 1964 in 2001, Singapore's economy grew 1.4 percent in 2003, among the weakest in Asia, before powering ahead last year with an 8.4 percent expansion, one of Asia's strongest.
Today, Prime Minister Lee Hsien Loong, in his first budget as premier, announced a two-step cut in the top income tax rate to 20 percent from 22 percent and unveiled incentives to preserve Singapore's status as a key Asian Business Centre, well responding to competitive threats coming from other parts of Southeast Asia like Hong Kong.
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