Singapore Economy Analysis
Introduction
The Economy of Singapore
Singapore is a small city-state and island country in Southeast Asia. Generally, the economy in Singapore is very well condition. Since the economy of Singapore is dependent on export and import, it always has been affected by related international crises. Country of Singapore lacks land and natural resources, like fuels, metals, or minerals.
The primary sector does not make any significant contribution to the GDP. But Singapore Island is situated along important shipping routes in South East Asia. Key parts of economies in Singapore are trade and commerce. Then, The government also invests in education. So that human capital and a skilled workforce contribute to the prosperous economy in Singapore. The
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Annual GDP rate has been growth by 6.3% in average from the period of 2004 to 2013.
GDP per capita
The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population.
Singapore 's economy has been ranked as the most open in the world; least corrupt, most pro-business, with low tax rates (14.2% of GDP) and has the third highest per-capita GDP in the world. According form the third Graph, GDP per capita in Singapore is equal to 298 percent of the world 's average.
Government’s measures to achieve the economic performance Since Singapore does not own any natural resources, government needs to invite investment and economy consumer to spend in Singapore from other country. As an example, Resort World Sentosa is one of the best attractive area for foreigners. RWS is one of the maijor factors for helping to grow GDP growth rate in Singapore. Government sets better job opportunities for Local consumers more than foreign workers. So that the economy of Singapore is
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Then for property buyers who already have one or more housing loans at the time of new housing purchase, government increase the minimum cash payment from 5% to 10% of the valuation limit and decrease the Loan-to-Value limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%. The Government 's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. However the economy of Singapore is up rising since local consumer has higher wages. Because inflation is being caused by the demand of goods and services of the consumers in
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