Economy of Singapore

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Singapore has a highly developed state capitalist mixed economy; the state controls and owns firms that comprise at least 60% of the GDP through government entities such as the sovereign wealth fund Temasek.[3] It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Its innovative yet steadfast form of economics that combines economic planning with free-market[4] has given it the nickname the Singapore Model. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is the busiest in the world, surpassing Rotterdam and Hong Kong.[5] In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.

On 14 February 2007, the Singapore government announced that economic growth for the whole year of 2006 was 7.9%, higher than the originally expected 7.7%. Singapore's unemployment rate is around 2.2% as of 20th Feb, 2009.[6] As of August 8, 2010, Singapore is the fastest growing economy in the world, with a growth rate of 17.9% for the first half of 2010.[1]


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