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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.
The Singapore Economy Since independence in , the Singapore economy has experienced rapid economic development. Singapore's strong economic performance reflects the success of its open and outward-oriented development strategy. The Singapore Economy Since independence in , the Singapore economy has experienced rapid economic development. Singapore's strong economic performance reflects the success of its open and outward-oriented development strategy. (July 17): Malaysia is inching closer to regaining its lead over Singapore’s economy, after trailing for a third straight year. The nation’s gross domestic product was US$ billion in , about US$ billion less than Singapore’s US$ billion, according to data from the World Bank.
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 Aftermath of Recession Singapore has had to cope with increasing competition from regional emerging markets and the demographic challenge of an aging society.
Above all, its reliance on exports has proved to be a burden in times of global economic uncertainty. In the immediate aftermath of the recession, Singapore struggled with high inflation rates. We do our best to keep this article up to date.
However, we cannot guarantee that the information provided is always current or complete.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.
Find flight deals & special promotions today. Food, entertainment & checked baggage always included on Qantas operated flights. More information about Singapore is available on the Singapore Country Page and from other Department of State publications and other sources listed at the end of this fact sheet..
U.S.-SINGAPORE RELATIONS. For more than half a century, the United States and Singapore have forged an expansive and enduring relationship based on mutual economic interests, robust security and . The Singapore Economy Since independence in , the Singapore economy has experienced rapid economic development.
Singapore's strong economic performance reflects the success of its open and outward-oriented development strategy. Trade is extremely important to Singapore’s economy; the combined value of exports and imports equals percent of GDP.
Essentially, there are no tariffs. Nontariff barriers impede some trade. Singapore Economic Outlook August 21, The economy is likely slowing so far in the third quarter, with the manufacturing and electronics PMIs dipping in July on smaller expansions in new orders, exports and factory output.