Trade in Singapore

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Singapore is a small island in the south of Malaysia, and in relation with other islands it is more urbanized. It has an area of 7232 square kilometers. Most of its land was reclaimed from its sea, hills and the neighboring areas. It is 15 meters above sea level on most parts of its territory and 165 meters above the sea level on Bukit Timah region that comprises of igneous rocks and granite (Bowen, 1993). Despite the absence of any natural lake, the country has good supply of water from its constructed reservoirs. Development is a dynamic process that needs fundamental transformation in different spheres of the country’s economy. It ranges from the traditional economy based on subsistence food production; development in any economy requires a dramatic mobilization of energy resources, an upgrading of rural agriculture and increased investment in the transport industry, education and human capital (Tremewan, 1994). The greatest problem in any economy is how to get started, making the required changes from the low levels of subsistence, and low savings to an economy that is generating surplus that can be invested and be devoted into the building of human capital and infrastructure. This has been witnessed in Singapore, as it has been able to come up with the best strategies to use its resources to develop and generate surplus capital to invest in its development strategies. This development has been encouraged by its geographical and institutional characteristics, which have made great contributions to the economy. Singapore’s economy is of a good reputation, and its stability in growth has earned the country the title “Asian tiger.” With a high dependency on exports, the country faces international crises. Its location serves... ... middle of paper ... ... Meaning of the ‘Singapore Model’: State Capitalism and Urban Planning. International Journal of Urban and Regional Research, 38, 1, 116-137. The economy of Singapore. Retrieved from website: http://www.internations.org/singapore-expats/guide/16061-economy-finance/the-economy-of-singapore-16045 The worldwide governance indicators (wgi) project. Retrieved from website: http://info.worldbank.org/governance/wgi/index.aspx Tremewan, C. (1994). The political economy of social control in Singapore. New York: St. Martin's Press. U.S. library of congress. Trade: Foreign Trade. Retrieved from website: http://countrystudies.us/singapore/36.htm Wong, A. K. (1980). Economic development and women's place: Women in Singapore. London: Change International Reports Google, (2012). Public data. Retrieved from World Bank website: http://www.google.ca/publicdata/directory?hl=en&dl=en

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