Economy of Singapore

1620 Words Jul 11th, 2008 7 Pages
Economy of Singapore
Singapore enjoys a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices and one of the highest per capita gross domestic products in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy. Singapore is positioning itself as the region’s financial and high-tech center.

Singapore’s economic strategy proved a success, producing real growth that averaged 8.0% from 1960 to 1999. The economy picked up in 1999 after the regional financial crisis, with a growth rate of 5.4%, followed by 9.9% for 2000. However the economic slow down in the United States, Japan and the European
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Over the past 5 years, the expectancy rate has increased gradually, suggesting that the living standard has improved slowly. This is due to the fast advancing bioscience; biotechnology and the bettered facilitate hospitals. The numbers of medical staff are also increasing to better reach out to more patients. We will only see better in the future.

Singapore has enjoyed virtually full employment for long periods of time. Amid an economic slump, the unemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. Unemployment has since declined to 3.4% as of the third quarter of 2004. The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boost the labour force participation rates of women and older workers. Our Government had also pumped revenue into the economy to slowly close up the gap.

Education in Singapore is very important to our Government and a large portion of its budget is expended extensively into education. Laws has also been passed down that all children in Singapore has to undergo primary education, showing how much the Government is concerned about education. With good education, come highly skilled workers in the workforce that eventually leads to a strong growing economy with their high income level.
Living Standard of Singapore
Health 2000 2001 2002 2003 2004

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