Singapore
Asia's cosmopolitan city
Singapore Trade & Economy

Trade & Economy

"One of the four Asian dragons"

Singapore has a modern and highly developed free-market economy, based on relatively low taxation and minimal government intervention which, together with a very business-friendly environment, make it the world's second freest economy (after Hong Kong) and an attractive destination for investors.

 

Singapore is also considered a prosperous country and ranks No. 25 in the world in terms of standard of living.  Its GDP per capita is close to US$ 30,000 (equal to many of Western Europe's nations) and the unemployment rate is as low as 2%.

 

In order to attract investors, the Singaporean government tries to make life as easy as possible for entrepreneurs and business developers and, in fact, the country's business-friendly environment has earned it the highest place on the World Bank's 'Ease of doing business index'.  This internationally-recognized report checks the performance of 178 economies around the world, in various parameters, such as: Protecting investors, trading across borders, obtaining licenses and so on...

 

A short insight from 'Metropolasia-Man':

Singapore's business-friendly environment has earned it the highest place on the World Bank's "Ease of doing business index". 

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Singapore's thriving economy is always in need of foreign workers, both blue collar and white collar and, unlike many other countries, Singapore encourages those foreigners (most of them, at least) to mingle into its society, and makes it relatively easy for them to obtain permanent residency and, later on, citizenship.

 

One of the "rules" of Singapore's free-market philosophy says that if you are good enough to compete successfully in this market (whether as an employee or as self-employed), then there shouldn't be any reason to stop you from staying here and becoming "a part of the family..."

 

Singapore generates its income from a few major sources: Manufacturing is a very significant source of income and consists mostly of refining imported raw goods, in order to re-export them.  The major industries include petroleum refining, chemicals, production of electronics and computer components, mechanical engineering and biomedical sciences manufacturing.  Services, mostly banking and finance, also contribute their fair share to the economy and the small country is the world's fourth largest foreign exchange trading centre, after London, New York City and Tokyo.

 

A small note insight 'Metropolasia-Man':

Singapore is the world's fourth largest foreign exchange trading centre, and its seaport is the busiest on earth...

 

Port services form another important source of revenue: Singapore's seaport is the busiest in the world and, together with the extremely modern Changi airport, it forms one of the world's most prominent transportation hubs.

 

Tourism is an increasingly growing industry. Singapore is a very popular travel destination and attracts around 10 million visitors a year

 

Along with Hong Kong, South Korea and Taiwan, Singapore is considered as one of the Four Asian Tigers (also known as the Four Asian Dragons), a name that was given to those countries to describe their remarkable economic growth.

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