The Impact of Tourism on Economy of Singapore
Located in the southern tip of Malay Peninsula, Singapore is a sovereign city-state and island country in Southeast Asia. By 2012, the population of the country was 5.3 million, composed by 62 percent citizens and 38 percent permanent residents or foreigners. As a small country with limited resources, it is strategized to develop itself as a trading-based and tourism-based country. In 2013, there were 15.6 million tourists visited the country, and the tourism revenue reached 23.5 billion SGD (18.8 billion USD). Tourism plays an important role by contributing significantly to the country’s GDP. In addition, it is also able to positively contribute to create job opportunities in Singapore. The report is to discuss how tourism impact Singapore’s economy and as well what policies Singapore government should carry out to stimulate tourism industry or its relevant industry to sustain its economy growth.
Impacts of Tourism on Economy of Singapore Unlike other tourism countries in Southeast Asia, Singapore’s tourism-based strategy is built upon man-made resources. The representative of Singapore includes Orchard road, which is a shopping center in downtown area. Other tourist places include Sentosa, which is a man-made island resort and night safari which allows tourists to observe animals and habitants at night without any barriers. Gambling is another important tourism destination in Singapore.
As a main stimulator of economic growth in Singapore, tourism is closely associated with its economic sectors, including transportation, construction, retail trade, entertainment, and hotels and restaurants. The expense of tourists in Singapore has sustained its economic growth directly or indirectly. According to the statistics from Travel and Tourism Economy Bureau of Singapore, travel and tourism contributed 18 billion Singapore dollars (13 billion US dollars), which is 7.3% of Gross Domestic Product (GDP) in