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Singapore As A Global Economical Center

Singapore is a city-state located in Southeast Asia consisting of one main island and 60 smaller islands. It has a population of around 3.5 million people and lacks natural resources, relying instead on its position as a global economic center with a highly developed market economy and low taxes. Singapore has over 3,500 multinational corporations and 120 global companies headquartered there, and its GDP per capita of $26,000 is one of the highest in the world. However, Singapore experienced economic difficulties in 2001 due to its dependence on electronics exports and the global slowdown in technology.

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46 views2 pages

Singapore As A Global Economical Center

Singapore is a city-state located in Southeast Asia consisting of one main island and 60 smaller islands. It has a population of around 3.5 million people and lacks natural resources, relying instead on its position as a global economic center with a highly developed market economy and low taxes. Singapore has over 3,500 multinational corporations and 120 global companies headquartered there, and its GDP per capita of $26,000 is one of the highest in the world. However, Singapore experienced economic difficulties in 2001 due to its dependence on electronics exports and the global slowdown in technology.

Uploaded by

Alice Mano Jiama
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as ODT, PDF, TXT or read online on Scribd
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Singapore as a global economical center

Singapore is a city-state in Southeast Asia which consists of a main island and 60


tiny islands.
The S'pore island is separated from the Malay Peninsula with the help of the narrow
Johor Strait (width of about 1 km.).
In the northern part it connects with Malaysia dam, which forms the highway. In the
south, it is separated from Indian sea by Singapore Strait,which connecs the Indian
Ocean and the South China Sea. The total area of the country is 692.7 square km. The
population of Singapore is about 3.5 million people.
The country is not rich with natural resources. The well-being of S'pore is based on
shipbuilding industry, financial services, electronics and high technology industry,
and international trade.
Singapore is a highly developed country with market economy and low taxation
where the transnational corporations play the significant role. In Singapore, there are
branch offices of more then 3.5 thousand global companies.
The leading companies in the world, more than 120 multinational corporations have
their regional offices there.
One of the features of the industrial development of Singapore is an extremely
important role of the government in the economy.
Gross national product per capita is one of the highest in the world, there is no
corruption, prices are stable. In 2006, the per capita GDP was about 26 thousand
USD. (The GDP of the whole country -is about 156 billion dollars.), This GDP is
second in Asia, after Japan.
Singapore belongs to the East Asian "tigers" because of the rapid jump in the
economy to the level of developed countries.
Singapore -is the perfect place to do business. It has an excellent financial
infrastructure, political stability and the one of the best legal systems.
.
Since the late 1970s, Singapore has evolved into one of the world's leading
manufacturers of electronics, and the industry has become one of the dominant in its
economy. But by the beginning of the new century, the city-state has faced a tough
competition in this market from developing economies of other countries of the South
Asian region.
In 2001, Singapore experienced economic difficulties due to the global crisis in the
field of technology as a result of the country's dependence on exports of electronics.
The fact is, the government uses a model of export-oriented economic development:
more than 70% of all products manufactured in the country were exported.
Moreover, the basis of GDP (50%) of Singapore are hi-technological products. And
while the slowing growth trend of economic indicators dominate in the world, the
reduction in consumer demand and a sharp decline in regular interest from investors
of the "new" economy, particularly affect countries like Singapore, and other so-

called "Asian tigers".

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