Singapore Economy

singapore is a tiny diamond shaped island nation. With limited land, water resources and a blend of ethnic cross section of population to deal with, Singapore in economic terms is doing marvelously well. A capitalist mixed economy, the government of Singapore endeavors to provide an open business environment for more profitable ventures with foreign enterprises. The economy of the Singapore deals in Exports of chemicals, services, and electronics. The key here is to gather enough foreign exchange required for buying of natural resources and raw materials. These raw materials are further processed and the finished good is then exported. The key industries in this field are the oil refining industry and wafer fabrication. Other major industries of the economy are rubber processing and its products, financial services, ship repair, processed food and beverages.

Provision of well connected and well developed Infrastructure is another key area especially the Changi airport and its ports which are busiest in the world. Singapore has a high number of skilled and educated workforce who in turn deal with specialized procedures which further enable Singapore to churn out more export oriented products

In the recent years, the Singaporean economy has witnessed high growth rates surpassing that of its neighboring countries as well. The signs of an economic boom are witnessed by the influx of tourists, migration of foreign population into Singapore for work related or education related purposes, the real estate boom which is clearly shows not only an increase in property rates but also in rent rates. Shopping malls in Singapore specially those along the Orchard Road, Bugis Junction, China Town etc show hectic activity and people throng these markets for shopping. The influx of immigrants and foreign expatriates has shown considerable increase, implying increase in economic activity and positive signs of growth in the economy. Many of the immigrants have also purchased flats or housing units. Promotion of tourist activity has been seen by upsurge of fancy hotels, entertainment centers such as casinos, amusement parks and theme parks. All of these go packed leading to earning of good revenues. The Singaporean Economy is thus witnessing a period of a good growth rate, high inflation rate accompanied by decreasing exports. At the same time, the government is relying on the increase in population which will lead to increase in demand and thus sustain the manufacturing activity of the Singaporean Economy. The uniqueness of Singaporean Economy and its Growth lies in its principals of free market economics with relatively corruption free political system and bureaucracy.