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Economy of Singapore |
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The economy in Singapore is based on a highly developed market that serves as main center for business and trade in the entire South East Asian region. Singapore, along with Hong Kong, South Korea and Taiwan, is considered as among the Four Asian Tigers. One can well witness the dependence of the Singapore economy on manufacturing industry. Manufacturing industry consists of 26 percent of the overall GDP of Singapore. The manufacturing industry is
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further diversified in to biomedical sciences manufacturing, chemicals, electronics, mechanical engineering and petroleum refining. Also exports refining imported goods have major impact on the economy of Singapore.
In the world business scenario, Singapore is regarded as the most business-friendly economy. Singapore port is the most busiest port in the world in terms of tonnage shipped. One can easily find the presence of all most all big names in the world of business and trade having their regional head quarters and even corporate offices in Singapore.
Singapore has been experiencing a good and stable economic growth with a firm control over its inflation. The stable economic condition has generated a favorable environment for heavy foreign investment in the country. Singapore is also a hot destination for professionals and budding job seeker, who wish to experience professionalism, growth and corporate culture beyond imagination.
Singapore has signed 14 bilateral and multilateral trade agreements with major countries of the world including; Australia, Brunei, Chile, China, Iceland, India, Japan, Jordan, Korea, Liechtenstein, New Zealand, Norway, Panama, Peru, South Korea, Switzerland and United States of America.
The currency existing in Singapore is the Singapore Dollar, which is represented by the symbol S$ and abbreviated as SGD. Monetary Authority of Singapore is the central bank of Singapore. Monetary Authority of Singapore is responsible for issuing currency.
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