Economy of Singapore
Economy of Singapore. The economy of singapore singapore economy explained singapore economy singapore economic success economics explained. Singapore history singapore gdp singapore’s economy singapore rich lee kuan yew singapore singapore economics why is singapore so rich history of Singapore. Singapore debt problem singapore city singapore economics explained singapore economy documentary. How did singapore develop finance asia Singapore has a highly developed and successful free-market economy. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and Singapore’s vibrant transportation, business, and financial services sectors. Singapore is a high-income economy, known for its excellent finances and a high degree of openness. Being one of the most competitive economies worldwide.
Since achieving independence in 1965, Singapore transformed itself from a small domestic market economy with high unemployment and poverty levels to a highly developed, free-market economy, through decades of industrialization.
Singapore relies on an extended concept of intermediary trade to entrepôt trade, by purchasing raw goods and refining them for re-export to sustain its high levels of export-oriented industrialization, such as in the wafer-fabrication industry and oil refining. Singapore has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepôt activities. Singapore's trade-to-GDP ratio is among the highest in the world, as of 2020 the ratio was 320%. The Port of Singapore is the second-busiest in the world by cargo tonnage and is the busiest transshipment port in the world.
The city-state is highly urbanized, with a population of 5.66 million. English is one of Singapore’s official languages and is the most spoken language, particularly in business.
The country’s GDP growth is driven mainly by exports and domestic demand. Singapore’s GDP went down by 4.1% in 2020 amidst the coronavirus pandemic. However, the economy expanded by 7.6% in 2021, the highest rate in a decade since 2010 recorded a full-year expansion of 14.5%. However, growth has been slowing since then: Singapore’s economic growth declined to 3.6% in 2022 and 1.2% in 2023. Looking ahead, the IMF expects Singapore’s GDP to expand by 2.1% in 2024.
Independence
In the 1950s, The Economic Development Board was formed to empower the Singapore government in establishing, developing, and financing industrial undertakings.
From services to goods
In 1955, a Singapore local legislative Assembly with 25 out of 35 members elected was formed. Upon independence from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty. 70 percent of Singapore's households lived in badly overcrowded conditions, and a third of its people squatted in slums on the city fringes. Unemployment averaged 14 percent, GDP per capita was US$516, and half of the population was illiterate.
Singapore’s GDP per capita is among the highest in the region and globally. In 2023, it stood at $87,880. For 2024, the country’s GDP per capita is expected to touch $91,730.
In particular, global electronics demand will increase, benefiting Singapore’s electronics and precision engineering clusters.
By extension, growth in external demand for electronic components telecommunications, and computers.
If global interest rates start to moderate in 2024, the finance & insurance sector is also expected to post a modest recovery, Singapore's Ministry of Trade and Industry said.
Singapore expects GDP growth in the U.S. and the Eurozone to slow further in the first half of 2024, before picking up in the second half.
Ministry of Trade and Industry also forecast that China’s growth would remain sluggish in 2024 and will be slower than in 2023, given sustained weakness in its property sector.
Industry and Trade
The main sectors of Singapore’s economy are industry, services, and agriculture. However, agriculture’s contribution to GDP is almost non-existent, and it provides only 0.03% of jobs to the workforce. As a highly industrialized economy, the country’s industrial sector comprises 24.16% of the GDP and provides work for around 14.0% of the working population in 2021. Among the country’s leading industries are electronics, petrochemicals, biomedical sciences, logistics, and transport engineering.
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