Author Name: Neha Sood

The Singapore economy is also termed as the free-market economy or the capitalist mixed economy. This economy has shown miraculous growth and development over the past few years. The Asian tiger, Singapore is so precious to Asia because of its far-sighted economic policies that turned Singapore’s economy into the Asian powerhouse. Even the geographical location of the country plays a vital role in the financial growth of the economy. The Singapore economy is based on a well-developed market segment that is considered as the major centre for business and trade activities in the South East Asia. Often the Singapore economy is termed as the most business friendly economy all over the world. This tag has been offered to this economy because one an easily find here, the regional headquarters and corporate offices of the big business and trade organizations. In addition to this, Singapore port is considered the busiest seaport of the world and is beneficial for both the import as well as the export activities.

The Singapore economy has a GDP has been calculated to be 222.7 billion USD in the year 2007-08. While the manufacturing sector of the Singapore economy consists of 26 percent of the total GDP of the country. This sector includes the biomedical sciences manufacturing, electronics, mechanical engineering, chemicals and petroleum refining. In addition to this, the exports refining imported goods also mark a major impact on economy. The main goods exported are high-tech products

Moreover, the government of Singapore has made heavy investments during the past years to diversify the economy. As a result of this, the tourism industry, financial services, the pharmaceutical industry, multimedia, education, retail and leisure started growing steadily. The firm control of the Singapore economy over its inflation rate has facilitated it to experience heavy foreign investments. However, the growth of the Singapore economy has been calculated to be 7.5 percent for the year 2007-08.