Economy of Singapore


Singapore has a flourishing, highly developed free market economy that functions in a remarkably transparent and corruption-free environment. It attracts investments from over 3000 multinational corporations with its open business policy, financial stability, and one of the highest per capita gross domestic products (GDP) in the world (its GDP equals that of the four leading Western European countries - Germany, United Kingdom, France and Italy). Roughly 96% of its imports enter the country duty-free. Exports also enjoy the same privileges, unless there are bilateral restraint agreements in place. Controls on foreign exchange and protectionist measures are non-existent.

As Singapore's only real natural resource is its deep-water port, it depends on its reputation for having a government that's free of corruption and a skilled, highly educated workforce. There is a shortage of lower-skilled workers in the construction and electronics sectors and in the service industry, but this is largely made up for by the importation of foreign workers. Singapore 's economy relies heavily on manufacturing and financial business services. With an eye on the burgeoning threat from China, Singapore is shifting its priorities from low-end electronics to more specialist sectors such as marine-engineering, chemical and biotechnology industries, and private banking for the wealthy. Unemployment is a low: 3.10% (2007).

Update 18/04/2008

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