Singapore Economic Report
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About Singapore economic report
Singapore economic report shows that its economy is a free market and has been relatively successful over years. As per economic report of Singapore, levels of corruption are low in that country and prices are constant. Its per capita gross domestic product is equal to that of leading European economies.
About Singapore economy
About Singapore economic report
Singapore economic report shows that its economy is a free market and has been relatively successful over years. As per economic report of Singapore, levels of corruption are low in that country and prices are constant. Its per capita gross domestic product is equal to that of leading European economies.
About Singapore economy
Economy of Singapore is highly dependent on important sectors like exports. In case of exports, concentration is in areas like information technology and consumer electronics products.
Crisis faced by Singapore economy
In spite of its overall impressive condition, Singapore’s economy has experienced hardships. During financial years 2001 to 2003, Singapore was affected by ongoing global recession. Technology sector was hard hit. Singapore was affected by outbreak of Severe Acute Respiratory Syndrome in 2003 and this affected Singapore’s economy as well as consumer expenditures. Tourism also got affected.
Growth of Singapore economy
Since 2004, Singapore has been able to turn tide and establish itself on its way to economic prosperity. There were factors like fiscal stimulus, increase of exports, lower rates of interest and flexibility that led to economic revival in financial years 2004-07. During these years, average rate of real growth of Singapore’s gross domestic product was 7 percent.
Economic outlook of national government
National government of Singapore is trying its level best to lay foundations of a path of growth that would be less exposed to adverse effects of any global recession. It is also trying to get rid of its dependence on information technology and recently medical technology and pharmaceutical products of Singapore have done well. Efforts are on to make Singapore a major name in global technology and financial sector.
Labor force of Singapore
As per economic reports of 2007, Singapore has a total population of 2.751 million people. 21 percent of Singapore’s work force is employed in manufacturing and 5 percent are in construction. Transportation and communication industry employ 7 percent of Singapore’s work force and other industries like finance and business employ 42 percent. 25 percent are employed in various other jobs.
