Singapore Economic Review

Singapore economic review states that Singapore has a highly developed capitalist mixed economy. It has been estimated in 2008, that per capita GDP of Singapore is equivalent to four major nations of west Europe. Main source of income of economy of Singapore is export of goods. As was recorded on 20th Feb, 2009, unemployment rate in Singapore was found to be 2.2 percent.

Economic review of Singapore states that for financial year 2008, GDP as per purchasing power parity was $244 billion. GDP per capita income was estimated to be $52,900. GDP real growth rate has been recorded to be 3 percent. Official exchange rate was $192.8 billion as projected in 2008 economic review in Singapore. Singapore does not involve government intervention but government establishments like Temasek control corporations that contribute approximately 60 percent of GDP.

As per economic review at Singapore an open business setting has fostered in national economy and this ensures corruption-free and transparent economic structure. Singapore economic review shows that it has a remarkable per capita gross domestic product statistics on a global basis. Exports are largely focused on as they are a major source of revenue in Singapore economy. This revenue helps Singapore to buy natural resources and raw products that are not produced in country. Entrepot trade is practiced in economy of Singapore. This nation is one of strongest in entrepot trade because of presence of a port, which happens to be busiest in world.

For developing national economy, port infrastructure and experienced workforce is a major reason. This helps in exports and imports of goods in Singapore, thereby adding to improvement of economic condition of Singapore. Major export items that are traded by Singapore are chemicals, petroleum products, garments, food, beverages, textile, telecommunication apparatus, electronic components and transport equipment. Major imports of Singapore are crude oil and petroleum products, aircraft, motor vehicles radio and television parts, electronic components, chemicals, beverages, food, iron, steel, and textile yarns fabrics.

Between financial years 2004 and 2007, real GDP growth averaged 7 percent but fell down to 1.2 percent in 2008 because of world financial crunch. Singapore has recently promoted biotechnology sector, which is expected to expand in recent years. This industry will benefit from public-private sector. Technological industry, as projected by Singapore economic review, competes with industries of Japan and South Korea. Top research scientists have been involved for development of biotechnology sector of Singapore. GlaxoSmithKline (GSK), Pfizer and Merck & Co, internationally known drug makers, have established their set ups in Singapore.