economy of singapore
Economy of Singapore
Singapore is a highly developed trade-oriented market economy.[10][11] Singapore's economy has been ranked as the most open in the world,[12] least corrupt,[13] most pro-business,[14] with low tax rates (14.2% of Gross Domestic Product, GDP)[15] and has thethird highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Government-linked companies play a substantial role in Singapore's economy, which are owned through the sovereign wealth fund Temasek Holdings, which holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. The economy of Singapore is a major Foreign Direct Investment(FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.[16]
Exports, particularly in electronics, chemicals and services including the posture that Singapore is the regional hub for wealth management[17][18][19] provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which she lacks. Moreover, water is scarce in Singapore[20] therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land[21] that Singapore has to rely on the agrotechnology park[22] for agricultural production and consumption. Human Resource is another vital issue for the health of Singaporean economy.[23] The economy of Singapore ranks 5th overall in the Scientific American Biotechnology ranking in 2013 for two consecutive years. [24]
Singapore could thus be said to rely on an extended concept of intermediary trade to Entrepôt trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a
Singapore is a highly developed trade-oriented market economy.[10][11] Singapore's economy has been ranked as the most open in the world,[12] least corrupt,[13] most pro-business,[14] with low tax rates (14.2% of Gross Domestic Product, GDP)[15] and has thethird highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Government-linked companies play a substantial role in Singapore's economy, which are owned through the sovereign wealth fund Temasek Holdings, which holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. The economy of Singapore is a major Foreign Direct Investment(FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.[16]
Exports, particularly in electronics, chemicals and services including the posture that Singapore is the regional hub for wealth management[17][18][19] provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which she lacks. Moreover, water is scarce in Singapore[20] therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land[21] that Singapore has to rely on the agrotechnology park[22] for agricultural production and consumption. Human Resource is another vital issue for the health of Singaporean economy.[23] The economy of Singapore ranks 5th overall in the Scientific American Biotechnology ranking in 2013 for two consecutive years. [24]
Singapore could thus be said to rely on an extended concept of intermediary trade to Entrepôt trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a