Singapore has a well-developed and successful free-market economy, which has been built by sound macroeconomic planning and policies. A key objective of Singapore’s Government has been to position the country as a regional hub and pacesetter in economic development and reform. In particular, the government has introduced measures to enhance Singapore’s position as a hub for education, financial and transport services. In recent years it has also taken measures to improve the education and training of Singaporeans, with a focus on developing a ’knowledge economy’.
Singapore’s strategic location on major sea lanes and its industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size. Singapore has a largely corruption-free government, skilled work force, and advanced and efficient infrastructure to attract foreign investments.
Key economic indicators and statistics for 2008:
■ GDP US$192.8 billion
■ GDP per capital US$41,291
■ Real GDP growth 3.6 percent
■ Inflation 5.6 percent
(Source: Australian Government Department of Foreign Affairs and Trade - Country economic fact sheet)
Area: 704 sq. Km.
Population (2008): 4.84 million (including permanent residents, foreign workers)
Agriculture (under 0.5% of GDP): Products--poultry, orchids, vegetables, fruits, ornamental fish.
Manufacturing (24.6% of real GDP): Types--electronic and electrical products and components, petroleum products, machinery and metal products, chemical and pharmaceutical products, transport equipment (mainly aircraft repairs/maintenance, shipbuilding/repair and oil rigs), food and beverages, printing and publishing, optical and photographic equipment, plastic products/modules, instrumentation equipment.