Essay Economy of Singapore

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Pages: 7

Economy of Singapore
Singapore enjoys a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices and one of the highest per capita gross domestic products in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy. Singapore is positioning itself as the region’s financial and high-tech center.

Singapore’s economic strategy proved a success, producing real growth that averaged 8.0% from 1960 to 1999. The economy picked up in 1999 after the regional financial crisis, with a growth rate of 5.4%, followed by 9.9% for 2000. However the economic slow down in the United States, Japan and the European
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Therefore it’s whole economy is not fully developed yet for all aspect of investment. If they depend heavily on their exports, the country would face serious financial crisis when their goods are replaced by similar yet cheaper product from other countries like China and India, the 2 biggest uprising Asia countries. Moreover the goods being traded are common with insufficient high technology goods.

Roughly 60% of Thailand’s labour force is employed in agriculture. Rice is the country’s most important crop. This shows that Thailand has lots of unskilled workers, which contribute little to the economy. Rice is a common trade that many other countries provide too such as Japan, China, Philippines etc. If there lose their market share in rice trade, it’ll cause a tremendous drop in its GDP. Though so, Thailand are specialized in growing rice and wheat for centuries so they are very skilled in that area.

Basically Thailand is almost on par with Singapore in term of inflation,