For a while it seemed to work as economic growth accelerated, roads and factories were built, foreign investment flowed.

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The Commerce Department said that economic growth accelerated at a slower than expected rate in the third quarter, growing at a 2% annual rate, down from the previously expected 2.5%.

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Conversely, when the capital gains tax rate was reduced under President Clinton, investments in new businesses increased, economic growth accelerated, unemployment fell, the stock market surged, and capital gains and income tax revenues rose to record levels, contributing to the significant budget surpluses of the late 1990s.

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He said that any international climate change agreement must ensure that developing countries "are able to continue their economic growth at an accelerated pace".

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"During the last decade many exporters concentrated on the European market, however, economic growth in Europe has slowed considerably, whilst growth in East Asia has accelerated, " said John Cridland, director general of the CBI.

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The project is currently seeking a loan guarantee from the U.S. Department of Energy's (DOE) Loan Guarantee Program Office, which supports accelerated commercial use of innovative energy technologies to help sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply.

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The organization believes technology can boost the development and growth of economies and cites Finland, Estonia, South Korea and Israel as countries that have accelerated their economic development by investing in ICT.

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