Singapore has been called an economic miracle because of how much it has achieved in a short span of time, and in spite of its lack of natural resources.
In the post-independence 1960s, all that the island possessed was a strategic entrepôt location, a hardworking population and visionary leadership. It has since built up its foreign reserves that total S$251,452.1 million (Monetary Authority of Singapore, May 2009), and generated a money supply of S$84,579.2 million. Its total GDP in 2008 was S$244 billion, contributed mainly by the services sector.
Singapore’s core industries lie in electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and products, processed food and beverages, ship repair, offshore platform construction, life sciences, and entrepôt trade.
Its major trading partners are Malaysia, United States, Japan, Hong Kong, China, Taiwan, People's Republic of China, Thailand, Republic of Korea, Federal Republic of Germany, Philippines, Europe and Indonesia.
Singapore’s pro-enterprise environment makes it one of the easiest countries to set up a business in, while property, business and income tax rates remain competitively low.
Singapore’s free-market economy and political stability, together with a modern infrastructure, business transparency and favourable tax conditions, make it attractive to both investors as well as international companies wanting to set up a regional base in Asia.
Source: Enterprise One, Singapore Department of Statistics, The World Factbook
Images courtesy of Visitsingapore
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