Economy of Singapore

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Singapore is one of the world's prosperous nations. It has been ruled by People's Acton Party (PAP)
since its independence in 1965 from UK. Singapore's highly developed free-market economy is
successful due its prudent monetary  & fiscal policies and a transparent legal framework.
The Govt. is for implementation of active industrial policy to promote economic development &
diversification & is promoting business by significant public investments and targeted fiscal incentives. Well secured property rights, promote entrepreneurship & productivity effectively.
Singapore is one of the least corrupt countries though power of deeply entrenched political elites
continue to raise concerns. Labour laws allows relatively free hiring and firing practices, Govt. has
started making approvals of foreign labour difficult.
The top  income tax for individuals is 22% and Corporates 17%. The tax burden is 13.6% of total
Domestic income. Govt. funds generously Housing, Transport and Health care subsidy programs
and influences other prices through regulation and state-linked enterprises.
Trade is extremely important to Singapore's economy. The combined value of Exports-Imports
equals to 318% of GDP. Essentially, there are no tariffs. State owned holdings company has significant investments in Govt. linked corporations. Govt. is steadily opening domestic markets
to foreign banks and more than 95% of banks operating in Singapore is foreign banks.
Its main industries are- Tourism, Biomedical sciences, Banking & Finance, Logistics, Construction,
Chemicals and emerging industries e.g. Health care, Education, Media & Communications, and
Casinos. The main source of Income is Exports of Electronics, Chemicals & Wealth management.
All values,unless otherwise stated, is in Dollars. The economy is a major FDI outflow financier
of the world. Imports are Crude oil, Electronic components, Motor vehicles, Food Beverages, Iron,
Steel and Textiles.
Singapore is best known for - Super clean, Greenery, Year round summer (stickiness) Shopping
malls, Bay skyline, Foods and beverages, Fines and corporal punishments.4
There is no natural resource even water is considered scarce.




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