The Asian Tigers : Singapore's Globalized And Diversified Economy

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Describe the Economy Known as one of the Four Asian Tigers, Singapore’s globalized and diversified economy is only behind Hong Kong’s. That title has been achieved due to its market economy, “A highly developed, and one of the freest, most competitive, innovative and business friendly economy based on extended entrepôt trade, a profitable trading post that allows importing and exporting free of duties.” (Wikipedia) Worldwide, Singapore is one of the major commercial centers, third highest per capita income, fourth biggest in finance, and fifth among the busiest ports; yet, it has one of the highest income inequalities. Singapore’s trading and manufacturing represent 26% of its GDP. The Corruption Perception Index places Singapore along with New Zealand and the Scandinavian countries as one of the world’s least corrupt countries. Also, location, advanced infrastructure, low taxes, and skilled workforce are the conditions that make Singapore so attractive to foreign investment. A. Identify type: predominantly agricultural, industrial, or service? Give percentages Agriculture is definitely not one of Singapore’s main economic activities; nevertheless, its main work is in the service sector. Out of 3,102,500 jobs, 2,151,400 belong to that field. Singapore’s unemployment rate is only 2%. Something remarkable for such a small island is that around 7,000 multinational companies from the United States, Japan and Europe, and around 1,500 from China and another 1,500 from India,

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