Singapore Economy has come a long way from the days of colonial regime when it used to export spices, copra and timber and import manufactured products for survival. At present the economy of Singapore largely depends on the financial and banking services with a free market policy. What is more interesting to note, is that the country had stepped into the world economic market with only shipping and trade as its strengths. Needless to say, the shipping ports in the country are one of the busiest ports in the whole world at present and are connected to about 800 international ports.
Growth of Singapore Economy
It took about 20 years for Singapore to come out of the shadows left by colonialism. It was completely dependent on the trading relationships it shared with the Great Britain. When the first legislative assembly elections were held in the year 1959, the economic stability was the least, with a lot of unrest in the social and political arenas. Matters worsened a bit after the birth of Singapore as a separate nation took place. Revival was not far off with the kind of determination and will power, which is the most important characteristic feature of the people of Singapore.
With one eye on its forte, trading and shipping and the other on the tertiary sources of income like financial services,
Singapore Economy started to climb up the stairs of
world economy fast. The average growth rate during the years 1960 to 1999 saw an almost stable 8%, which took the country's economy many steps forward. A steady political condition in the years to come partnered with free market and corruption free policies accelerated the growth of the economy of Singapore. The thorns in the way have been few like the Asian Economic Crisis in the years 1998-1999 and the outbreak of SARS in the year 2003.
Singapore Economy - Modern Perspective
The economy of Singapore has seen growth at a fast pace with primary focus in manufacturing industries from 1990 to 1993. After that the country stepped into a new foray, which is finance and banking. Singapore Import and Export trade partners have also contributed to the growth of its national income. Malaysia, Japan, the United States of America and Indonesia are the countries involved in trade with Singapore. The growth in the infrastructure that is communication and transportation system has also been one of the important reasons, which gave impetus to Singapore Economy.
Singapore Economy - Facts and Figures
The 2nd Quarter growth in the year 2007 in sectors like finance and construction has been phenomenal. Apart from the Retail Industry has also churned out its best growth figures. Exports in the non- oil sectors have increased by 5.5% by the end of July 2007.
GDP - Increased by 8.6% in 2007 2nd Quarter
CPI - Increased by 1.3% by 2007 June
The Singapore Economy is one of the most stable economies of the world with industrial and financial strong holds.
