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Economy - overview: Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.1% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008. Prime Minister LEE and other senior officials have dampened expectations for a quick rebound in 2009. Over the longer term, the government hopes to establish a new growth path that will be less vulnerable to global demand cycles especially for information technology products. It has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends. Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of September 17, 2009 |
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