Economy of Singapore
Singapore has a highly developed trade-oriented market economy. Singapore's economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP).
Government-linked companies play a substantial role in Singapore's economy, which are owned through the sovereign wealth fund Temasek Holdings, which holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp.
The economy of Singapore is a major Foreign Direct Investment (FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.
Exports, particularly in electronics, chemicals and services including Singapore's position as the regional hub for wealth management provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it lacks. Moreover, water is scarce in Singapore therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land, meaning that Singapore has to rely on the agrotechnology park for agricultural production and consumption. Human resources is another vital issue for the health of the Singaporean economy. The economy of Singapore ranks 2nd overall in the Scientific AmericanBiotechnology ranking in 2014, with the featuring of Biopolis.
Singapore has the highest trade to GDP ratio in the world, averaging around 400% during 2008-11. The Port of Singapore is the second-busiest in the world by cargo tonnage. In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.
To preserve its international standing and further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, encourage entrepreneurship, re-train its workforce, and even attract foreign talents. To attract foreign talents, Singaporean government issues Employment Pass (EP) under three categories viz. P1 Employment Pass for those individuals with monthly income of $8,000 and up, P2 Employment Pass for individuals with monthly income of $4,500-7,999 and Q1 Employment Pass individuals with a monthly income of at least $3,000. Sectors
To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. It also has opened, or is in the process of opening, the financial services, telecommunications, and power generation and retailing sectors up to foreign service providers and greater competition. The government has also attempted some measures including wage restraint measures and release of unused buildings in an effort to control rising commercial rents with the view to lowering the cost of doing business in Singapore when central business district office rents tripled in 2006. Banking
Singapore is considered a global financial hub, with Singapore banks offering world-class corporate bank account facilities. These include multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits and wealth management services. Biotechnology
Singapore is aggressively promoting and developing its biotechnology industry. Hundred of millions of dollars were invested into the sector to build up infrastructure, fund research and development and to recruit top international scientists to Singapore. Pharmaceuticals now account for more than 8% of the country's manufacturing production. Energy and infrastructure
Singapore is the pricing centre and leading oil trading hub in Asia. The oil industry makes up 5 per cent of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers.
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