Seychelles. Visit Countryaah official website to get information about the capital city of Seychelles. The largest opposition party, the Seychelles National Party (SNP), increased its criticism of the government for its failure to lift the continuing economic downturn. The SNP also sought to take advantage of the continuing rumors of the failing health of President France Albert Rene. René, who has dominated the country’s politics since 1977, appeared less and less public.
- Also see Abbreviationfinder.org to see the acronym of SYC which stands for Seychelles and other definitions of this 3-letter abbreviation.
|Gross domestic product (GDP)||$ 2,750,000,000|
|GDP growth rate||5.30%|
|GDP per capita||$ 29,300|
|GDP by sector|
|Proportion of the population below the national poverty line||–|
|Distribution of household income|
|Industrial production growth rate||2.70%|
|Investment volume||28.3% of GDP|
|National debt||63.60% of GDP|
|Foreign exchange reserves||$ 538,800,000|
|Number of visitors||233,000|
The state-controlled broadcaster SBC’s decision to cease live broadcasts of parliamentary debates was heavily criticized by SNP leader Wavel Ramkalawan, who accused the Seychelles People’s Progressive Front (SPPF) government of trying to limit his party’s ability to operate. The SPPF also decided to withdraw state aid to the parties. A new party, the Social Democratic Alliance (SDA), was formed in late April by former central bank governor Guy Morel. As a reason for forming the party, Morel indicated the need to address the country’s economic problems with vigor.
Subject for fifteen years to the political monopoly of the Seychelles People’s Progressive Front (SPPF, single party of socialist inspiration in power since 1978) led by A. René, the Seychelles experienced a gradual process of democratization in the early nineties. This did not correspond to a radical change in the political framework since the authority of the old leader remained unchallenged, managing to prevail even in the new institutional set-up. The first multi-party general elections held in 1993, after the introduction of a new Constitution, in fact marked the victory of the SPPF which, with a program of strong social commitment, managed to beat the reborn Democratic Party (still led by J. Mancham); René was again confirmed president of the Republic.
The new executive tried to combine a policy of fiscal equity (an increase in taxes on luxury goods and a decrease in taxes on certain essential goods) with an economic policy of cautious market liberalization, aimed above all at attracting foreign capital. Thus, in the following years, the partial privatization of the tourism, agricultural and fishing sectors was carried out and the creation of ‘free zones’ to convey international economic and financial activities.
During 1995, also to address the expected decline in hard currency following the announced closure, scheduled for October 1996, of the space survey base leased to the United States, the government approved a decree that guaranteed criminal immunity to anyone. invested 10 million dollars in the country. This rule was harshly criticized by the opposition and by the international financial organizations and in 1996 it was mitigated through the promulgation of some restrictive measures aimed at preventing the ‘money laundering’ of illicit funds.
In March 1998, new general elections were held. René was again the most voted candidate (66.7% of the votes) and was reconfirmed as President of the Republic; his party won an absolute majority of seats in Parliament.