Ireland's economy was transformed with the creation of a 10% low-tax "special economic zone", called the International Financial Services Centre (or "IFSC"), in 1987. In 1999, the entire country was effectively "turned into an IFSC" with the reduction of Irish corporation tax from 32% to 12.5% (the birth of Ireland's "low-tax" model). This accelerated Ireland's transition from a predominantly agricultural economy into a knowledge economy focused on attracting US multinationals from high-tech, life sciences, and financial services industries seeking to avail of Ireland's attractive corporate tax rates and unique corporate tax system.