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Sing ore
5. With a negligible debt problem and a very sound economy, Singapore should be able to maintain its international competitiveness. Singapore is likely to benefit from any loss of confidence in Hong Kong and may become an increasingly important financial centre.
Philippines
6. The economy has been growing at a slower rate than the rest
The of ASEAN and long-term prospects are less favourable. government has been borrowing heavily since 1975 and the debt service ratio has now risen to 25%. The Philippines has lagged in developing indigenous energy resources and increasing industrial efficiency. One bright spot is gradual replacement of Marcos's cronies in the top echelons of the public service by able technocrats from the private sector who are determined to implement the IMF's long overdue adjustment programme.
Brunei
7.
Brunei has the highest per capita income in Eastern Asia. With a narrow oil and gas-based economy Brunei faces the same problems as the small Gulf states. At present levels of production (125,000 bpd, about half capacity) Brunei's oil reserves should last about 25 years but could run out much sooner if oil prices rise and production levels increase. The problem is whether Brunei is able to diversify her economic base sufficiently rapidly before the oil runs out.
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