Whats the economic status of singapore and do singapore improved there economy?

Question

Whats the economic status of singapore and do singapore improved there economy?

Answer 1

Singapore enjoys the economic status of one of the most economically developed, prosperous countries of the World and still growing stronger and stronger. Singapore over the years has become one of the world's most prosperous countries with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.

Singapore is an island country located at the southern tip of the Malay Peninsula. It lies 137 kilometres (85 mi) north of the equator, south of the Malaysian state of Johor and north of Indonesia's Riau Islands. At 707.1 km² (272 sq mi). Singapore is one of three remaining true city-states in the world. It is the smallest nation in Southeast Asia.

Prior to European settlement, the island now known as Singapore was the site of a Malay fishing village at the mouth of the Singapore River. Several hundred indigenous Orang Laut people also lived along the nearby coast, rivers and on smaller islands. In 1819 the British East India Company established a trading post on the island, which was used thereafter as a strategic trading post along the spice route.[4] Singapore would become one of the most important commercial and military centres of the British Empire, and the hub of British power in Southeast Asia. The city was occupied by the Japanese during World War II, which Winston Churchill called "Britain's greatest defeat". Singapore reverted to British rule immediately postwar, in 1945. Eighteen years later the city, having achieved independence from Britain, merged with Malaya, Sabah and Sarawak to form Malaysia. However, less than two years later it seceded from the federation and became an independent republic on 9 August 1965. Singapore joined the United Nations on September 21 that same year

Since independence, Singapore's standard of living has been on the rise. Foreign direct investment and a state-led drive to industrialization based on plans drawn up by the Dutch economist Albert Winsemius have created a modern economy focused on electronics manufacturing, petrochemicals, tourism and financial services alongside traditional entrepôt trade. Singapore is the 6th wealthiest country in the world in terms of GDP per capita. The small nation has foreign exchange reserves of US$171.7353 billion.

The population of Singapore is approximately 4.59 million.[2] Though Singapore is highly cosmopolitan and diverse, ethnic Chinese form the majority of the population. English is the administrative language of the country.

The Constitution of the Republic of Singapore established the nation's political system as a representative democracy, while the country is recognized as a parliamentary republic. The People's Action Party (PAP) dominates the political process and has won control of Parliament in every election since self-government in 1959.[

Answer 2

Singapore has a highly developed market-based economy, which historically revolves around extended entrepot trade.

Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. The economy depends heavily on exports refining imported goods, especially in manufacturing. Manufacturing constituted 26 percent of Singapore's GDP in 2005. The manufacturing industry is well-diversified into electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences manufacturing. In 2006, Singapore produced about 10 percent of the world's foundry wafer output. Singapore is the busiest port in the world in terms of tonnage shipped.

Singapore is the world's fourth largest foreign exchange trading centre after London, New York City and Tokyo.

Singapore has been rated as the most business-friendly economy in the world, with thousands of foreign expatriates working in multi-national corporations. The city-state also employs tens of thousands of foreign blue-collared workers around the world.



The per capita GDP in 2006 was US$29,474. As of September 2007, the unemployment rate is 1.7 percent, which is the lowest in a decade, having improved to around pre-Asian crisis level. Employment continued to grow strongly as the economy maintained its rapid expansion. In the first three quarters of 2007, 171,500 new jobs were created, which is close to the 176,000 for the whole of 2006. For the whole of 2007, Singapore's economy has grown 7.5 percent and drew in a record S$16 billion of fixed asset investments in manufacturing and projects generating S$3 billion of total business spending in services. The government expects the Singapore economy to grow by 4.5 percent to 6.5 percent in 2008.

Singapore is a popular travel destination, making tourism one of its largest industries. About 9.7 million tourists visited Singapore in 2006. The Orchard Road shopping district is one of Singapore's most well-known and popular tourist draws.

Singapore is fast positioning itself as a medical tourism hub — about 200,000 foreigners seek medical care in the country each year and Singapore medical services aim to serve one million foreign patients annually by 2012 and generate USD 3 billion in revenue. The government expects that the initiative could create an estimated 13,000 new jobs within the health industries.