However, since the economy of Singapore is dependent on exports, it has been affected by the slowdown of the manufacturing sector. Read more in our expat guide.
Print The Singapore Economy Since independence inthe Singapore economy has experienced rapid economic development. Singapore's strong economic performance reflects the success of its open and outward-oriented development strategy.
Over the years, the composition of Singapore's exports has evolved from labour-intensive to high value-added products, such as electronics, chemicals and biomedical. The importance of services to the Economics of singapore economy also grew, as evidenced by the increasing share of the financial and business sectors of the economy.
Of equal importance to Singapore's economic achievement is a set of sound macroeconomic policies aimed at maintaining a conducive environment for long-term investment in the economy.
Fiscal policy is directed primarily at promoting long-term economic growth, rather than cyclical changes or distributing income. As a result of its healthy fiscal position and consistent budget surpluses over the years, Singapore has attained a high level of foreign reserves and the strongest sovereign credit rating for long-term foreign-currency debt in Asia.
Unencumbered by fiscal concerns, the MAS is able to concentrate on its primary goal of ensuring price stability and maintaining confidence in the domestic currency.
Sincemonetary policy in Singapore centred on the exchange rate. This reflects the fact that in the small and open Singapore economy, the exchange rate is the more effective tool in maintaining price stability.
Singapore's longer-term economic strategies and policies are constantly re-evaluated to adapt to changing challenges and priorities over time. Currently, there are focused measures in place to develop Singapore as a world-class financial centre.
For example, the MAS has liberalised the domestic banking and insurance industries to greater foreign participation.
At the same time, the MAS has also adopted a more open and consultative approach in its supervision and development of the financial sector, and has shifted the emphasis from regulation to risk-focused supervision.
Various initiatives have also been implemented to give fund managers greater access to domestic funds, develop the debt market and overhaul corporate governance. These initiatives together with Singapore's political and macroeconomic stability, excellent telecommunications and infrastructure, strategic geographical location and a skilled and educated workforce have contributed to Singapore's rapid development into a dynamic business and financial hub in Asia.
For more information on recent developments in the Singapore economy, please refer to MAS' biannual Macroeconomic Review.However, Singapore has one distinct economic advantage: the location.
The kilometers of coastline feature natural deep-water ports, and the island is situated along . economic history of singapore It can be argued that no country made the leap from Third World poverty to developed world affluence as quickly and completely as Singapore did.
In the s, Singapore was known for its opium dens, gang-ridden streets, fetid slums and racial tensions. Monetary Policy and Economics. The Monetary Authority of Singapore (MAS) carries out the full range of central banking functions related to the formulation and implementation of monetary policy.
Intech Organics is the largest manufacturer in the world for Methyl Bromide along with other agrochemicals and insecticides. a news aggregator on singapore from alternative sources. The economy of Singapore is a highly developed free-market economy.
Singapore's economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates (% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world in terms of Purchasing Power Parity (PPP).