Economy of Singapore

Singapore's economy is extremely business friendly and is considered to be the best centre of finance. There are thousands of employees delivering par excellence results in multinational companies which bring Singapore on the global map. The market base economy is very well developed and is highly backed by the import and export of goods. Singapore has been honoured by its incorporation in the list of the Four Asian tigers which rule the market in Asia along with Hong Kong, South Korea and Taiwan. High definition sophisticated manufacturing of products is the main stay of Singapore's economy.


Introduction

Manufacturing industry spans across the realm of electronics, chemical engineering, petroleum refining, mechanical engineering and other sciences which develop the state of art in Singapore. Manufacturing contributes almost 26% to the country's GDP and produces 10% of wafer products in the world. Singapore has one of the busiest ports in the globe and has been regarded to have the fourth largest foreign exchange trading centre when pitched against financial hubs like London, Tokyo and New York. Singapore also employs thousands of blue collared workers around the globe making it a global employer as well.

Singapore Financial Hub
Owing to the current age of global recession, Singapore has also been affected as its GDP has reduced considerably. But, the government aims to revitalize the economy and set Singapore back to its legacy post recession. Singapore has 14 bilateral and multilateral trade agreements around the globe with countries like India, China, Asia, Korea, Europe, Jordan, Japan, New Zealand, South Korea, Panama, Peru, South Korea, Chile and the United States of America.

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