The Singapore Economy

Singapore’s economy is developing rapidly. It’s per capita income is high, taking its strength from an educated workforce, lack of corruption and a stable business system altogether. The country is quickly changing and growing. In 2006, the GDP growth was 7.8 per cent and in 2007 it was 7.5 per cent. Investment and private consumption are the main reasons for the growth. It has a market economy but with some aspects of a mixed economy due to the dominance of the government in economic development.

Singapore’s continuous financial growth is also influenced by its strategic geographical position. It’s seaports are some of the busiest in the world. Transport ships for importing and exporting products come and leave the ports.

In the industrial market there is a high interest in Singapore properties, in spite of the fact that there are less people interested in buying properties in Singapore than there are people who want to sell.  In 2007, property prices grew very fast, more rapidly than anywhere else around the world, but still there
is a consumer surplus.

The Property market took off in 2007.In 2008, prices to private residences grew with 3.7%, while volumes of transactions fell in a drastic manner. In 2007, foreign buyers acquired 6,536 homes from the secondary market. Out of all the foreign buyers, Malaysians and Indonesians are the most numerous. Together they account for 40 per cent of all foreign buyers. Britons, Koreans, Indians and Chinese buyers also take their share.

The Singapore economy lacks mineral resources. The agriculture sector is also very small. A large part of the land ahs been taken over by industrialization and urbanization, in the detriment of agricultural activity. Only about 2 per cent of the total land is used for farming. Vegetables are an important income source.

The Primary Production Department provided a regular supply of fresh produces. It supports development and research in agriculture, especially from a technological point of view. Singapore is also well-known for its export of flowers, especially orchids, which, in 1988, reached &13.8 million. Singapore exports flowers to Japan, Europe, The United States of America and Australia.

Singapore is a member of ASEAN, APEC and WTO. Almost half of  Singapore's exports are actually re-exports. Singapore’s most important export partners are the United States of America, Malaysia, Indonesia and Australia. Toward these countries, Singapore exports electronic equipment, electric equipment, mineral fuels and oils, machinery and chemicals. Singapore imports products such as measuring instruments, optical instruments, precious stones, mineral oils and electronic equipment, from  countries like China, the United States of America and Malaysia.
Singapore Economy
Singapore Economy

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