Singapore: Economic Setting

Economic Setting:

Singapore

Reported by:

Chari Lou H. Fresnillo

(BSEd 3-B, Group 5)

Economic Setting:

Singapore

• Modern Singapore was foundedas a trading post of the BritishEast India Company in 1819. Itsstrategic location on theSingapore Strait and its deepnatural harbor made it animportant port for British trade.

Economic Setting:

Singapore

It developed as an entrepôt,meaning it had a duty-free portthat allowed the import of goodssolely for the purpose of re-export. Nevertheless, whenSingapore became anindependent republic in 1965, its

Economic Setting:

Singapore

economic outlook was bleak. Itsinfrastructure was relativelyundeveloped, unemploymentwas high, and its foreign marketswere limited. Over the followingdecades, however, thegovernment’s free-market

Economic Setting:

Singapore

policies, coupled with strict fiscalcontrols, created one of thefastest-growing economies in theworld. Singapore developedbeyond its limited entrepôt role,with growth of themanufacturing and financial-

Economic Setting:

Singapore

services sectors bolstering theexport-oriented economy. Itsport became one of the busiestin the world.

Economic Setting:

Singapore

During the last three decades ofthe 20th century, Singapore’sbooming economic growthlargely outperformed the worldeconomy. At the same time,Singapore managed to maintainan inflation rate below world

Economic Setting:

Singapore

averages and large budgetsurpluses. Because of itsphenomenal economic growth,Singapore became known as oneof Asia’s “Four Tigers,” alongwith Hong Kong, South Korea,and Taiwan. Because of its sound

Economic Setting:

Singapore

fiscal policies and diversifiedtrading partners, Singapore wasthe least affected of all Asiancountries during a financial crisisthat hit the region in 1997.However, Singapore’s economy isparticularly vulnerable to

Economic Setting:

Singapore

fluctuations in global demandfor electronics products, whichmake up a significant portion ofthe country’s exports.

Economic Setting:

Singapore

Manufacturing accounts for 29percent of the GDP. Industry hasgrown rapidly since the 1960s,and Singapore now produces adiversity of goods, includingelectronic items, chemicals,transportation equipment and

Economic Setting:

Singapore

machinery, petroleum products,rubber and plastic products, andfabricated metal products.Electronic goods—notablycomputer disk drives,communications equipment, andtelevisions—account for about

Economic Setting:

Singapore

half of the country’smanufacturing output. Singaporeis one of the world’s largestpetroleum-refining centers and isalso an important shipbuildingcenter. The leading industrialarea is the Jurong IndustrialEstate.

Economic Setting:

Singapore

Singapore is a major world portand has extensive dock facilitiesalong Keppel Harbour on thesouthern coast. ChangiInternational Airport in theeastern part of the main island isone of the largest and most

Economic Setting:

Singapore

modern international airports inthe world. Singapore Island isserviced by the Mass RapidTransit (MRT) system, one of thecleanest and most efficienttransit systems in the world. It issupplemented by the Light Rail

Economic Setting:

Singapore

Transit (LRT) system. Thegovernment has significantlyexpanded both rail systems sincethe mid-1990s. Numerous roadsand expressways also cross theisland. Vehicle traffic isdiscouraged and controlled in

Economic Setting:

Singapore

high-density areas by anelectronic road-pricing system,which uses an electronicscanning device to charge road-use fees. Singapore is linked withWest Malaysia (PeninsularMalaysia) by a a toll road bridge

Economic Setting:

Singapore

and a causeway (with road, rail,and water-pipeline links) acrossthe Johore Strait.

Economic Setting:

Singapore

Singapore is developing as aglobal hub of information andcommunications technology, andtelecommunications is a vitalaspect of the economy. Thegovernment has placed highpriority on upgrading and

Economic Setting:

Singapore

expanding the country’s alreadywell-developedtelecommunications infrastructure,including a nationwide high-speed,broadband network connectingcomputers with the Internet.

Economic Setting:

Singapore

Personal use of computers andmobile communications devicesis high in Singapore, and abouthalf of all homes are connectedto the Internet.

Economic Setting:

Singapore

The government of Singaporeclosely regulates thebroadcasting industry and othermass-media communications.For example, all newspapers arepublic companies and aresubject to the scrutiny of the

Economic Setting:

Singapore

government may restrict the saleof foreign periodicals that aredeemed to influence domesticpolitical issues. Singapore hasthree English daily newspapers,the most widely circulated ofwhich is The Straits Times. There

Economic Setting:

Singapore

are also three dailies in Chinese,one in Malay, and one in Tamil.

Economic Setting:

Singapore

The unit of currency is theSingapore dollar (1.60 Singaporedollars equal U.S.$1; 2006average). Although Singaporedoes not have a central bank,the Monetary Authority ofSingapore performs most

Economic Setting:

Singapore

functions of a central bank. Thecountry’s currency, however, isissued by the Board ofCommissioners of Currency.There are more than 130commercial banks, most ofwhich are foreign-owned.

Economic Setting:

Singapore

Source:

Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft

Corporation. All rights reserved.

Economic Setting:

Singapore

Thank you!!!

Economic Setting

as we

Understanding

Economic Community

for

establish an

Republic of the Philippines

CAPIZ STATE UNIVERSITY

Dumarao Satellite College, Dumarao, Capiz

Theme: “Understanding Better the Political, Economic & Socio-Cultural

Settings of Southeast Asian Nations forPeace, Prosperity & People”

May 25, 2015 (8:00-11:30 am)

Campus Library