This year, Singapore celebrates years as an independent nation.
However, since the economy of Singapore is dependent on exports, it has been affected by the slowdown of the manufacturing sector. Read more in our expat guide. What Singapore lacks in natural resources, it makes up for in terms of location.
Natural deep-water ports and shipping routes make trade a key part of the economy alongside manufacturing and the service industry.
The future of manufacturing in Singapore is aerospace, precision engineering, and the life sciences, particularly bio-technology. Making the Most of Geography As far as the economy of Singapore is concerned, the tiny state has made the best of some unfavorable conditions. It lacks both arable land and natural resources, like fuels, metals, or minerals.
However, Singapore has one distinct economic advantage: The kilometers of coastline feature natural deep-water ports, and the island is situated along important shipping routes in Southeast Asia too.
Trade and commerce are key parts of the economy. The government has also invested in education for decades. Human capital and a skilled workforce contribute to the prosperous economy in Singapore. The Future of Manufacturing As mentioned above, the primary sector barely plays a role in the Singaporean economy.
There is an agribusiness park where some foodstuffs are produced, and other agricultural products include orchids for horticulture or ornamental fish.
The manufacturing sector is much more significant. The petrochemical industry in particular is very important for the local economy; the country imports a lot of crude oil for refined petroleum products. Singapore places great emphasis on high-end manufacturing including semi-conductors and consumer electronics, as well as machinery, transport equipment, and ships.
The government is also trying to foster future growth sectors such as aerospace, precision engineering, and the life sciences including bio technology, medical equipment, and pharmaceutics.
There is a huge overlap with the service industry, which caters to medical tourists and the needs of an aging population. Trade, shipping, and logistics are essential industries.
The Port of Singapore is the one of the busiest cargo ports in the world: In general, the Singaporean government favors globalization and free trade. Banking, finance, and insurance also make up a large part of the economy in Singapore.
Its investment in infrastructure projects and new industrial parks, and growing reputation as a high-tech research and development hub provides more opportunities for the near future. As well as being a good place for business, expats have long been attracted to the city-state for its safe environment and high standard of living.
There are, however, pronounced financial inequalities among the Singaporean population.The English name of Singapore is an anglicisation of the native Malay name for the country, Singapura, which was in turn derived from Sanskrit (सिंहपुर, IAST: Siṃhapura; siṃha is "lion", pura is "town" or "city"), hence the customary reference to the nation as the Lion City, and its inclusion in many of the nation's symbols (e.g., its coat of arms, Merlion emblem).
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Download-Theses Mercredi 10 juin Economy of Singapore Singapore enjoys a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices and one of the highest per capita gross domestic products in the world.
Singapore's Economy Essay. Words 5 Pages. Singapore’s recent economic history Singapore is well located for international industry and trading.
The development of the Singapore economy depends heavily on foreign capital, foreign technology and foreign workers. Foreign companies are attracted by an interesting tax system. Singapore is a unique Asian gem, often called the Switzerland of the east.
It actually may remind you of what America used to be—reasonable rates of taxation, tough punishment for criminals, favorable business climate, and slender, attractive women.