Economy of Singapore

Singapore Merlion
Merlion 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.

Manufacturing in Singapore

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.

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.

New Economies of Singapore

To make Singapore a commercial and a tourist hub the government has legalized gambling and two casinos have been constructed at Marina South and Sentosa in the year 2005. The civic and commercial buildings will be well lit as announced by the government to make the island more aesthetically pleasing as compared to other countries like Bangkok, Hong Kong, Shanghai and Tokyo. Singapore celebrates its cuisines every year in the Singapore food festival. Needless to say that the kind of food a country offers also matters to tourists who can adapt to changes but not completely change their taste when it comes to food products. Singapore boasts a variety of cuisines to match and satisfy the tastes of one and all.
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Corruption in Singapore

Singapore has been quoted by many as the least corrupt country. This is a direct statement upon the credibility of the various sectors which operate in Singapore which makes it a commercial hub. Their laws are similar to the British Indian and the English laws but the government has taken agency and decided not to follow certain liberal democratic laws. Freedom of speech is restricted; no one is allowed to physically or verbally hurt the respect and dignity of the other individual. This is a strong point in their democratic regime as they abide by certain conventions but maintain their own unconventionality by abrogating the legal procedure of jury trials. Being a multi racial and a diverse society Singapore’s government has to intervene in the public affairs of the society to make sure that minimal mishaps occur. Disharmony is not tolerated in Singapore and certain level of capital punishment is allowed for murder and drug trafficking. The government declares itself sovereign in taking decisions on the judicial front; they may adhere to certain rules of the liberal democratic government but may deviate from them as and when need be, usually for serious criminal offences.
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Singapore’s Media Industry

Around 40,000 people work in the media sector in Singapore. Media in this island is extremely well developed as it is inclusive of publishing, print, broadcasting, filming, music, digital and IT. The media industry contributes 1.56% to the GDP of Singapore and the expansion of the media industry plays a critical role in Singapore and could expand Singapore as a key media centre in the ASEAN region. The government seeks to enhance media development in order to establish Singapore as a media hub. The local media is directly under the control of the government through the process of share holdings and investment in the media sector. The print media is handled by Singapore Press Holdings. 16 newspapers are actively circulated in languages like English, Chinese, Tamil and Malay. Most of these newspapers like Business Times, Today, The NewPaper and the Straits Times also release daily news online. Popular magazines like 88 days, Her World, Men’s Health and FHM Singapore also attract a large number of readers.

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