Singapore's Economy

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Singapore’s recent economic history Singapore is well located for international industry and trading. The development of the Singapore economy depends heavily on foreign capital, foreign technology and foreign workers. Foreign companies are attracted by an interesting tax system. The foreign investors profit from the fact that they pay lower tax rates than local residents. The Singaporean government has a big influence on the social and economic development. The authorities organized for example trainings for Singaporean workers in order to obtain trained, highly motivated residents. This resulted in the fact that nominal wages raised and unemployment declined. The Singaporean government always supported the free enterprise system in order to obtain industrial stability. The combination of supporting the Singaporean inhabitants, inviting multinationals and embracing the free enterprise system resulted in the fact that Singapore is nowadays one of the most important leading, financial countries in Southeast Asia. GDP Growth Year GDP in M$ 2002 157,694.4 2003 160,890.4 2004 181,539.8 2005 194,241.7 2006 209,990.9 (Source: Yearbook of Statistics Singapore, 2007, page 74) Year GDP growth in % 2002 3.0 % 2003 2.0 % 2004 12.8 % 2005 7.0 % 2006 8.1 % (Source: Yearbook of Statistics Singapore, 2007, page 74) The last five years the GDP has been increasing. From about 158 billion dollars in 2002 to almost 210 billion dollars in 2006. The increase of 52 billion dollars can be partly owed to the Singaporean government who has cut down on corporate taxes in order to increase its... ... middle of paper ... ...11/2003373703 Singapore GDP shrinks 4.8%, cuts 2008 growth view (2008) Retrieved March 16th, 2008 from http://www.marketwatch.com/news/story/singapore-gdp-shrinks-48-cuts/story.aspx?guid=%7BE38E6C09-CD39-4A4D-9536-703DCCD48875%7D Economic History of Singapore (year unknown) Retrieved March 16th, 2008 from http://www.sjsu.edu/faculty/watkins/singapore.htm Brief History of Singapore (1994) Retrieved March 16th, 2008 from http://www.singaporeexpats.com/about-singapore/brief-history.htm Statistics Singapore (2008), Retrieved March 16th, 2008 from http://www.singstat.gov.sg/ Photo Cover Page (2008) Retrieved March 29th, 2008 from http://www.flickr.com/
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