Nicky Loh/Bloomberg
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 financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 4.9% in 2011 and 2.1% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore 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.
The economy will grow 3.5 percent to 4 percent in 2013 and expand as much as 4 percent next year, the trade ministry said in a statement today. It had previously forecast growth of as much as 3.5 percent in 2013. Gross domestic product expanded an annualized 1.3 percent last quarter from the previous three months, compared with a 1 percent decline estimated earlier.
Asian economies are benefiting from a demand pickup aided by the U.S. Federal Reserve’s extension of monetary stimulus even as global risks remain from budgetary wrangling in Washington and a nascent recovery in Europe. Trade-dependent Singapore said today exports will rebound in 2014 after contracting this year, easing pressure on the central bank to allow its currency to weaken to support overseas shipments.
“We are in an expansionary phase even though we should not expect it to be too robust,” said Edward Lee, regional head of research at Standard Chartered Plc in Singapore. “There are pockets of strength in external demand and that is adding to a resilient domestic economy.”
The Singapore dollar has dropped about 2.1 percent against its U.S. counterpart this year. It fell 0.2 percent to S$1.2484 against the greenback as of 9:58 a.m. local time.
sources: www.indexmundi.com, Bloomberg, www.tradingeconomics.com
Hello just wanted to give you a quick heads up and let you know
a few of the images aren’t loading correctly.
I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show
the same results.
Hey I know this is off topic but I was wondering if you knew
of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for
quite some time and was hoping maybe you would have some
experience with something like this. Please let me
know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
I’m gone to inform my little brother, that he should also
pay a quick visit this blog on regular basis to take updated from newest gossip.
Hi, i think that i saw you visited my site thus i came to “return the favor”.I am attempting to find things to enhance my web site!I suppose
its ok to use some of your ideas!!
Hurrah, that’s what I was looking for, what a information!
existing here at this weblog, thanks admin of this site.
10/17/2016 @ 22:07:10 Like michaelczinkota.com– very informative and a lot of stuff to see!
This info is invaluable. Where can I find out more?
I think that everything said was very reasonable. However, what about this?
what if you added a little information? I ain’t suggesting
your content is not good., but suppose you added a
title that grabbed people’s attention? I mean Country Overview: Singapore Economy – Professor Michael
Czinkota is a little plain. You might look at Yahoo’s home page and watch how they write article headlines to grab people to click.
You might add a related video or a pic or two to grab people excited about everything’ve written. In my opinion,
it might make your blog a little livelier.
There’s definately a great deal to find out about this issue.
I really like all the points you have made.
You’ve made some good points there. I looked on the internet for more
info about the issue and found most people will go along with your views on this website.
10/12/2016 michaelczinkota.com does it again! Very interesting site and a thought-provoking post. Keep up the good work!
Many thanks for the great blog you’ve set up at michaelczinkota.com. Your enthusiastic take on the subject is absolutely contagious. Thanks again!
ppZpQj xcshnzouezjf, [url=http://rkyspjeembhu.com/]rkyspjeembhu[/url], [link=http://ltehhxtefyjc.com/]ltehhxtefyjc[/link], http://yabrthodwtys.com/
10/5/2016 @ 20:33:18 In my view, michaelczinkota.com does a excellent job of handling topics of this kind. While often deliberately polemic, the posts are in the main thoughtful and challenging.
10/4/2016 @ 14:12:52 says good work michaelczinkota.com!
NiOBmg ebrrvlqmumtg, [url=http://yhnfbkasonnz.com/]yhnfbkasonnz[/url], [link=http://rksdrlezjynu.com/]rksdrlezjynu[/link], http://zrwrbntgbtzb.com/
NueqM8 vpwexytvvwcu, [url=http://frnwzospofdb.com/]frnwzospofdb[/url], [link=http://skdnntvgtnox.com/]skdnntvgtnox[/link], http://lvojqqmlobit.com/
MXUjyy kyjrenuzayyt, [url=http://eaadomrflbva.com/]eaadomrflbva[/url], [link=http://wbiihilbfooe.com/]wbiihilbfooe[/link], http://vqaicfzsqfwb.com/