Economy of Singapore: Overview, Industries, and Growth Analysis

Running head: ECONOMICS
Economics
Name of the student
Name of the university
Author note

1ECONOMICS
The economy of Singapore
Introduction
The economy of Singapore is known to have a good reputation in the world market.
The strong growth of the country has helped it to achieve the name Asian Tiger. As the
Singaporean economy is known to depend on the exports, it usually gets affected by the
slowdown of the manufacturing sectors. The small economy of Singapore has been made the
best of some of the unfavourable conditions. The surface areas of Singapore are quite small
which is around 700 km square where only two percent of the labor had been employed in the
agriculture. The primary sector also does not make enough contribution to the gross
domestic product of Singapore. One of the biggest advantages of Singapore is its location.
The island is also known to be situated along the shipping routes of Southeast Asia. The trade
and commerce are the key parts of the economy. The government of Singapore also have
known to invest in education for the Singapore for decades. The human capital and the skilled
workforce are known to contribute to the prosperous economy of Singapore. The business-
friendly environment of Singapore has encouraged huge investment in case of manufacturing
and the service sector is also known to drive the economy. Trade, shipping and logistics are
known to be some of the essential industries. The Singaporean ports are known as the busiest
cargo ports in the world. Singapore also known to have flourishing export as well as import
trade with China, Indonesia, Malaysia, South Korea and Hong Kong. The government of
Singapore also known to favor globalization along with free trade in the economy. The
service sector of Singapore is known to provide more than eighty percent jobs to the workers
and also creates more than seventy percent of the gross domestic product in the economy.

2ECONOMICS
The imports tariff in case of Singapore are low to non existent in nature. The banking,
insurance as well as finance industry are known to make up large parts of the economy of
Singapore. For this reason, Singapore is also known to be the Switzerland of Asia. The pro
trade environment of Singapore and the commitment to free trade have known to create an
easy as well as an efficient place for doing business in the world. The future investment in the
infrastructural projects, new industrial parks and the growing reputations as a high tech
research and development hubs known to provide huge opportunities in the near future
markets.
Production output performance analysis
Year
Real
GDP per
capita
Real GDP
Real
GDP
growth
2005 40020.2
6
170716905023.
84
0.08860
2
2006 42223.8
9
185842757609.
09
0.09111
5
2007 44191.2
4
202775870920.
43
0.01787
6
2008 42650.1 206400733406.
67
-
0.00603
2009 41133.3 205155335533.
55
0.15240
4
2010 46569.6
8
236421782178.
22
0.06350
7
2011 48505.2
6
251436156949.
03
0.04083
3
2012 49262.3
3
261703043637.
70
0.05111
1
2013 50948.4
5
275078914558.
12
0.03883
9
2014 52244.4
4
285762669600.
29
0.02241
1
The real gross domestic product in this case have been increasing from the year 2005
to 2014 which states that the economy is expanding and have been experiencing huge growth.