According to cheeroutdoor, Singapore is an industrialized state. GDP $90.27 billion, GDP per capita $24.7 thousand (2001). In terms of wealth, it ranks 4th in the world. The number of unemployed is 25 thousand people. Inflation – 1%.
The service sector plays the most important role – 65.5% of GDP, followed by the manufacturing industry – 34.4%, agriculture – 0.1%. 35% of employees are employed in the service sector, including finance and business, 21% in industry, 13% in construction, 9% in transport and communications, and 22% in other areas.
The leading dynamically developing sector of the economy is the financial sector, accounting for more than 1/3 of GDP growth. In the 1990s Singapore has become one of the world’s leading financial centers, ranking 4th after London, New York and Tokyo in terms of foreign exchange transactions. It is the most important financial center of Asia, the market for “Asian dollars”. Initially established as a partner in the “Eurodollar” market, it has transformed into a regional center for operations with convertible currencies, a center for lending, issuing securities and managing financial funds. To con. In the 1990s, despite the monetary and financial crisis in Pacific Asia, in terms of the volume of operations (more than 500 billion US dollars) it was almost 3 times higher than that of the national banking sector.
Singapore has firmly taken its place among the industrialized countries, becoming one of the major centers of such high-tech industries as electronics and electrical engineering, oil refining, shipbuilding and aircraft building. He owns the leading place in Southeast Asia in the production of electronic components, precision instruments and computers (half of the total industrial production and 1/3 of those employed in the industry), in shipbuilding and ship repair, is the 3rd in the world (after Houston and Rotterdam) oil refining center. The share of advanced technology enterprises accounts for St. 72% value added and more than 1/2 employed in the industrial sector.
Characteristic for the development of industry and the economy as a whole is the active role of the state, acting through equity participation in the share capital, and budget financing. The impetus for the creation of a modern industrial base was the widespread involvement of transnational corporations, primarily American ones, which initially received “pioneer status”. Now in the city-state there are St. 5 thousand foreign companies, including 3 thousand branches of TNK. They account for 3/4 of manufactured products and 90% of industrial exports.
Singapore is the only ASEAN country with its own developed military industry. The state fully or partially controls this sector of the economy. Within the Singapore Technologies holding, military-industrial companies are grouped into four groups: Singapore Technologies Industrial, general-purpose products in the interests of the Ministry of Defense; Singapore Technologies Ordance, small arms and artillery weapons, as well as armored vehicles; Singapore Technologies Airospace, aviation and space technology; Singapore Technologies Marine, naval technology.
Much attention is paid to the development of military R&D. The main direction here is the development of our own and the adaptation of foreign models of weapons and military equipment to local needs, the modernization of certain types of military equipment and components, the improvement of technological processes, the introduction of high technologies into production.
The created capacities cover the needs of the Armed Forces. For this reason, a significant share of military products, especially small arms and artillery weapons, ammunition, aviation equipment, and spare parts is exported. The annual volume of arms sales is estimated at 350-400 million US dollars.
Emphasis is placed on the development and implementation of dual-use products. To a large extent, the production and scientific-technical base of the military industry stimulates the development of civilian industries.
Agriculture does not play a significant role in the formation of GDP. Farmland occupies only 1.6% of the territory. There are livestock farms whose produce is used for domestic consumption. The bulk of food is imported, primarily from Malaysia. The fishery is based in the port of Jurong.
Singapore is the largest seaport in the region and one of the largest in the world. Up to 700 ships and approx. 240 million tons of cargo annually. The largest container and bunkering terminal (7.6 million containers). It is connected with 800 ports all over the world by shipping lines. The construction and repair of ships is concentrated in the Keppel shipyards on the south coast of the island. Merchant fleet – 876 ships, including those registered under a foreign flag, with a total tonnage of 20.7 million tons.
A railway (38.6 km) owned by a Malaysian state-owned company runs through the island from north to south. The length of motor roads is 3150 km, including 150 km of express roads. 9 airports, of which Changi is of international importance. Annually serves St. 70 thousand aircraft. There is a city high-speed railway (subway) with a length of 83 km, 48 stations. The telecommunications infrastructure includes 3 satellite ground stations, submarine cables connecting to Malaysia, Indonesia and the Philippines, and microwave radio communications. OK. 2 million telephone lines, 2.7 million mobile phones, 2.1 million Internet users.
Every year the country is visited by St. 6 million foreign tourists, mainly from ASEAN countries (approx. 30%), Japan, Taiwan, China, Australia and the UK. The average length of stay is 3-4 days. This sector of the economy is supervised by the State Council for the Promotion of Tourism.
In 35 years of independence (1965-2000), Singapore has evolved from a port of re-export trade into a modern state with a high-tech economy. Now a course has been taken to turn it into an “island of human and electronic intelligence”, connected by the most modern information and telecommunication channels with similar centers in North America and Europe, as well as with neighboring Asian states.
In fact, having moved to the stage of a post-industrial society, Singapore began to implement the strategy of “regionalization” of the economy, i.e. to the curtailment of unprofitable industries and their relocation abroad, the acquisition of large real estate in the Asia-Pacific region. One of the directions for creating a kind of second echelon of the national economy was the creation of “development triangles”. A pioneer in this field was the “triangle” consisting of Singapore, the Malaysian state of Johor and the Indonesian province of Riau. On the island of Batam, which is part of Riau, the Singaporean corporation Singapore Technologies Industrial, on an equal footing, created an “industrial park” that produces export products, in which, by the beginning. 2000, despite the Asian financial and economic crisis, 1.5 billion US dollars were invested.
In domestic economic policy, the strategy based on three “pillars” continued to play a dominant role: socio-economic stability, “Confucian dynamism” and the maximum development of international cooperation.
However, in 2001 the country’s economy experienced a serious decline due to the crisis in the high-tech sectors of the leading foreign economic partners, primarily the United States. The recession bottomed out in the 1st half. 2002. However, by the end of that year, GDP growth was 2.2%. To a large extent, this was caused by the revival of the global situation, fiscal measures of the government, incl. additional budget allocations and improvement of monetary and financial regulation. Growth was noted in the electrical and pharmaceutical industries. The banking sector has become active again.
The role of the central bank is performed by the Financial Authority of Singapore. It is the leading body for the regulation of the credit and banking system. Its functions include taking measures to limit inflation and maintain a stable exchange rate of the national currency. In 2001, due to the deteriorating economic situation, the Financial Department took a number of emergency measures, which led to a reduction in the gold and foreign exchange reserves to 75.54 billion US dollars (2000 – 78.1 billion dollars).
The emission center is the Main Foreign Exchange Department. The Singapore dollar is a convertible currency.
Active St. 130 banks, of which approx. 80 – commercial. By the number of leading international banks and financial corporations represented, it ranks third in the world after London and New York.
Government revenues amounted to 30.4% of GDP. State budget deficit 10.1% of GDP (2000). The main sources of revenues to the budget: income tax on citizens and corporations, real estate tax, customs duties, motor vehicle tax. Other income is interest on government loans and high fines.
External debt 8.3 billion US dollars.
The average annual income of a working resident of Singapore, including dividends from contributions to the Central Savings Fund, subsidies for the purchase of housing and education, was 42 thousand US dollars in 2000. According to the forecast of the Japanese Center for Economic Research, if the economic environment continues to be favorable, by 2020 Singapore can become the richest state in the world with a per capita income of $145,000. The national tax office estimated that there were 386 millionaires in the country, 1200 taxpayers approaching this level. In 2000, five of Singapore’s leading entrepreneurs were among the “golden hundred” of rich people in Asia with a fortune of St. $1 billion. Kwek Leng Beng (real estate, hospitality) consistently ranked 21st on the list with $3.3 billion.
Singapore is the largest trading power in the region. The volume of foreign trade (2001) – approx. $240 billion. Export – 122 billion dollars, incl. products of the electronic and electrical industry, consumer goods, products of natural rubber processing, petroleum products. Mainly went to Malaysia (18%), USA (17%), Hong Kong (8%), Taiwan (6%), EU countries (6%). Import – 116 billion dollars: machinery and equipment, fuel, chemical products, food. Main import partners: Japan (17%), Malaysia (17%), USA (15%), China (5%).