Read the passage and circle the best answer A, B, C, or D.
Singapore was one of the five original member countries that founded ASEAN in 1967. Since its independence in 1965, Singapore has become one of the world’s most prosperous countries, with per capita GDP equalling that of the leading nations of Western Europe. Singapore is highly ranked for its economic competitiveness, and it was the world’s most competitive country from 1997 to 1999 as ranked by the World Economic Forum.
Singapore’s strategic location at the entrance to the Strait of Malacca has helped it to become one of the most important shipping centres in Asia. The Port of Singapore, the world’s busiest in terms of shipping tonnage, is a key component of Singapore’s prosperity and economic health. Singapore is a leader in manufacturing of computer components, petroleum refining, and business services.
Singapore has made an impressive recovery after the Asian financial crisis of 1997-1998. The government is currently restructuring the economy by promoting higher-value-added activities in line with a “knowledge-based” economy, and by opening up protected sectors such as financial services to increase overall efficiency. Various bilateral free-trade agreements are also being negotiated to improve market access and encourage foreign investment inflows.
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