Economic Environment of Singapore
International Marketing 560
Economic Environment of Singapore
Laura L. Erwin-Hall
October 12, 2007
"Home to some 4.48 million people (based on the last census in 2005 reported in 2006), Singapore is the fourth most densely populated country in the world and has one of the highest per capita gross domestic products in the world."1 The employment rate is 2.40 million (June 2006), with unemployment at an all-time low at only 2.5 percent. The labor force consists of mainly manufacturing, transportation and communication, construction, and financial, business, and other services. Singapore is orderly, prosperous, and modern. According to Richard H.K. Vietor, a Harvard Business School professor, Singapore, along with China and India are best positioned to take advantage of a global economy. Singapore is labeled the most developed state in Southeast Asia. "Hard work, incredibly efficient institutions, and great leadership have made Singapore rich."2
Most people live in high-rise apartment complexes and due to the high taxation on owning their own vehicles, most commute to work on public transportation systems. "The dominant ethnic groups are the Chinese, Malays, and Indians The literacy rate of Singapore stands at 95 percent."3 Every male citizen is obligated at age 18 to fulfill military commitment and are required to complete reserve enrollment and attend refresher trainings approximately once per year until they are 35 to 40 years of age. Since the ethnicity of Singapore is so varied, there are many languages spoken in Singapore, but the government recognizes four official languages: English, Malay, Mandarin, and Tamil. The national language is Malay, but English is used as the main business language. English was brought to Singapore by the British in 1819 when the British had a port and later a colony on the Island. When Singapore became independent in 1965, the government decided to keep English as the business language.
Economic Environment of Singapore
Laura L. Erwin-Hall
October 12, 2007
"Home to some 4.48 million people (based on the last census in 2005 reported in 2006), Singapore is the fourth most densely populated country in the world and has one of the highest per capita gross domestic products in the world."1 The employment rate is 2.40 million (June 2006), with unemployment at an all-time low at only 2.5 percent. The labor force consists of mainly manufacturing, transportation and communication, construction, and financial, business, and other services. Singapore is orderly, prosperous, and modern. According to Richard H.K. Vietor, a Harvard Business School professor, Singapore, along with China and India are best positioned to take advantage of a global economy. Singapore is labeled the most developed state in Southeast Asia. "Hard work, incredibly efficient institutions, and great leadership have made Singapore rich."2
Most people live in high-rise apartment complexes and due to the high taxation on owning their own vehicles, most commute to work on public transportation systems. "The dominant ethnic groups are the Chinese, Malays, and Indians The literacy rate of Singapore stands at 95 percent."3 Every male citizen is obligated at age 18 to fulfill military commitment and are required to complete reserve enrollment and attend refresher trainings approximately once per year until they are 35 to 40 years of age. Since the ethnicity of Singapore is so varied, there are many languages spoken in Singapore, but the government recognizes four official languages: English, Malay, Mandarin, and Tamil. The national language is Malay, but English is used as the main business language. English was brought to Singapore by the British in 1819 when the British had a port and later a colony on the Island. When Singapore became independent in 1965, the government decided to keep English as the business language.
Bibliography: 10. "Strategy." AsiaMarketingResearch.com (1999) 1-6. 01 Oct 2007 .