Analysis Of Singapore's Macroeconomics

Singapore’s Macroeconomics The world is compiled of countries with a thriving and growing economy and countries with poor and receding economies. Not every countries economy is the same and they all have their own unique ways of going about trade and investments and their attempt to grow as a country. Singapore has a thriving economy and it will just continue to grow as they prosper through vast exports and imports and their big businesses that are there.

Basics of Singapore’s Economy Singapore thrives on the fact that they are a very business oriented economy. Singapore is seen by people “as a leading global financial center” giving them quite a good reputation amongst the world (Heritage 2014). Singapore, for such a small country has

Singapore has grown from being level with the rest of the world average in the 1950s and 1960s to a steady rise in growth starting in the 1970s all the way up to 2008. Singapore has rapidly began to close the gap between them and the United States as far GDP per capita is concerned, and with this begs the question to what is going on with Singapore’s economy? Mitchell states that Singapore has found that a “small government and free markets are a recipe for strong growth and rising levels of prosperity”. Singapore has found this as the best way for them to thrive and they have taken this to full advantage as they have slowly climbed to the tops of the charts of the worlds’ economies and have not looked as though they have turned back. (Mitchell

“Banking has grown significantly in recent years and many assets formerly held in Switzerland have been moved to Singapore due to new taxes imposed by the Swiss. The biotech industry is burgeoning, with drug makers such as GlaxoSmithKline, Pflizer, and Merck & Co. all establishing plants here, and oil refining continues to play a huge role in the economy” (Zhou 2014). Singapore may be small but they are giving the world a reason to take a look at them with all of the growth. With companies moving operations to Singapore, they have slowly turned into a global hub to the rest of the world. “With a total land area of just 433 square miles and a small labor force of 3 million people, Singapore is able to produce a GDP that exceeds $300 billion dollars annually, higher than three-quarters of the world” (Zhou