The aggressive Asian tiger
Singapore is one of the most aggressive states financially. Similar to Israel, its economy is much more robust and powerful than the economies of comparatively much bigger countries. The economic tiger of the South East Asia is known for its corruption free business environment, price control, a much higher per capita GDP that surpasses the per capita GDP of most of the developed nations even. It’s a free market economy and its government has made it a highly developed economy within a few decades. Its economy is export oriented and it exports IT products, consumer electronics, pharmaceutical products, and a financial services sector.
Singapore: the darling of foreign entrepreneurs
Gregory Wade was the chief of Asia Pacific headquarters of Canada based RIM (the producer of Blackberry mobiles) in Singapore. When his tenor was finished in Singapore, he didn’t leave the Island state and rather joined an equity firm. He lauded the economic miracle of Singapore and asked the Canadian companies to come and open their counters in Singapore. At present, he is also the VP of the Canadian Chamber of Commerce in Singapore.
The buzzing entrepreneurial energy
According to him, Singapore is buzzing with energy and you are bound to feel a vibe of growth here. It encourages entrepreneurship and innovation as far as launching new products and services is concerned. According to Wade, this kind of entrepreneurial energy is missing in his home country Canada.
It’s really miraculous that a barren Island with a small population, with no natural resources witnessed such a booming growth and development in just a few decades. It is unparallel in the history of the world. It seems like its government runs the country like a profitable corporation. They want nothing but the best—skilled workforce, the best professionals from around the world, expensive trainers and business leaders coupled with an open door policy, easy immigration laws and expat friendly environment. The government of Singapore, unlike other democratic countries has a zero tolerance policy for protests, disruptions, and public dissent.
Growth despite global slowdown
Despite global recession of 2008-2010, Singapore has witnessed growth in almost every segment in the year 2012-13. In the second quarter of the ongoing year 2013, the economy has registered 3.7% growth, according to the Ministry of Trade and Industry. It was just 0.2% in the first quarter of 2013. On a quarter to quarter basis, the rate of economic growth was 15%, which is much higher as compared to the previous quarter. The biggest beneficiaries were manufacturing sector, construction sector, and services sector. These figures were achieved despite the slowdown in overseas markets and lack of demand in the European markets.
The future prospects
After a lackluster performance of international markets, the US market is expected to register mild growth, whereas Eurozone will remain struggling with recession. Though, the economic activity in Eurozone is a good indicator. Stable domestic demand is keeping ASEAN region in good shape. Singapore economy is also expected to see a little growth this year. The sectors driving the economy are manufacturing, transportation and storage. The sectors which are domestically oriented in Singapore and don’t depend upon foreign demand such as construction and business services are also likely to see growth this year.