Economy of Singapore

Singapore has a highly developed market-based economy, which has historically revolved around extended entrepôt trade. Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. The economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 26% of Singapore's GDP in 2005[57] and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006 Singapore produced about 10% of the world's foundry wafer output.[58] Singapore has one of the busiest ports in the world and is the world's fourth largest foreign exchange trading centre after London, New York and Tokyo.[59] The World Bank ranks Singapore as the world's top logistics hub.[60]

Singapore's economy has been ranked amongst the world's ten most open,[61] competitive[62] and innovative.[63][64] Rated as the most business-friendly economy in the world,[65][66] Singapore sees hundreds of thousands of foreign expatriates working in multi-national corporations. In addition, it also employs hundreds of thousands of foreign manual workers.
Alternative view of Singapore Central Business District (CBD)

As a result of a global recession and a slump in the technology sector, the country's GDP contracted 2.2% in 2001. The Economic Review Committee (ERC) was set up in December 2001, and recommended several policy changes with a view to revitalising the economy. Singapore has since recovered from the recession, largely due to improvements in the world economy; the economy grew by 8.3% in 2004, 6.4% in 2005[67] and 7.9% in 2006.[68]

Singapore introduced a Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994 substantially increasing government revenue by S$1.6 billion (US$1b, €800m) and stabilising government finances.[69] The taxable GST was increased to 4% in 2003, to 5% in 2004, and to 7% on 1 July 2007

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