Singapore Economy

Overview of the economy [ edit ] It has been over a 50 years now since the time the city of Singapore wasn’t a developed county with an average individual GDP (Growth domestic Product) less than $320. But now, Singapore is considered one of the highest GDP in the world, exceeding $60000 and because the sixth highest in the world based on Central intelligence Agency figures. Singapore is also considered as one of the fast economic growing countries in the world. Singapore is an important hub for South -East Asia. It was traditionally a dynamic economy , with strong service and manufacturing sectors , and one of the highest rates of gross domestic product per capita ( GDP) in the world. At airports, ports and road networks are among the best in the world. And Singapore's economy always depends to the international trade. Its main industries include electronics, financial services, oil drilling equipment, oil refining and manufacture of medicines and processed food and beverages, rubber products and ship repair. In recent years, the government has moved to reduce dependence on electronics manufacturing and exporting through the development of the services sector, as well as biotechnology industries, chemical and petrochemical industries. And depend on the foreign markets and suppliers toward economic openness and free trade and free markets. This was done, as well as government policies that promote economic development and the key factors in the strong economic performance of Singapore historically. The government continued and outward - looking, and economic policy –oriented toward exporting that encourage intra- flows of trade and investment. The Singapore trade policy approach to work with like - minded countries such as Australia to promote the cause of free trade within the international forums , particularly through the World Trade Organization) , as well as through regional forums such as ASEAN and APEC . Last