Overview of Singapore s economy, the main reasons for Singapore s rapid economic development are:

1.Great location:

Singapore is an island nation in Southeast Asia and a city-state. The country is located at the southern tip of the Malay Peninsula, adjacent to the southern mouth of the Straits of Malacca, separated from Indonesia by the Straits of Singapore to the south, the Straits of Johor to the north and Malaysia by a causeway. Singapore is one of Asia's most important financial, service, and shipping centers.

2.The natural conditions of the Port of Singapore are excellent

The water area is spacious, rarely affected by storms, the area of governance is 538 square meters, the water depth is suitable, and the ships with a draft of about 13m can enter the port and berth smoothly.

3.Singapore has excellent climatic conditions:

Singapore is tropical with temperatures ranging from 24 degrees Celsius to 34 degrees Celsius: the coldest month is January, with an average annual rainfall of around 2,400 mm, and the rainy season is from November to February. Singapore has higher humidity, with an average daily relative humidity of 84%.

There are also reasons for transportation, education, and so on.

It's so small...

Its national area is only 700 square kilometers, which is only the size of a Chinese city.

In addition, Singapore has vigorously pursued a talent policy, and has made every effort to build infrastructure and education systems to attract talents from all over the world in favorable conditions. An important reason for this is its strategic location, as most ships entering and leaving Asia pass through the Strait of Malacca and resupply at the port of Singapore, from which Singapore** receives huge tax revenues. Of course, Singapore's rapid development is also related to its regime's repressive and liberal economic policies,** which play an important role in its economic development process and guide the local economy to develop in a healthy and stable direction.

Gathering the strengths of various countries, there are many overseas Chinese, many talents, and good social welfare, and everyone is trying their best to do their own work. And most importantly, it is strategically located in the Straits of Malacca, with easy access to the city. It is easy to attract foreign investment and develop the economy rapidly.

Singapore's international market is developing economically.

Singapore is an export-oriented economy, and its economic development is heavily dependent on the international market, especially China, the United States, Japan, Europe and surrounding markets, and the main pillar industries are entrepots**, finance, electronics, petrochemicals, shipbuilding, shipping, tourism, etc.

In the 60s of the last century, Singapore seized the opportunity of international industrial transfer and began to implement an export-oriented strategy, focusing on the development of labor-intensive industries, and the economy began to take off. With its unique geographical location, Singapore holds the throat of the world's busiest Strait of Malacca, and through the development of entrepots, Singapore has become an important transit point in the world.

Honorary Titles:

On November 12, 2019, Singapore ranked first in the 2019 Global Top 20 Sustainable Competitiveness.

On 26 December 2019, Singapore ranked eighth on the 2019 Global 500 Cities list.

On 24 March 2022, Singapore ranked sixth in the 31st Global Financial Centres Index.

In March 2022, Singapore was selected as one of the "Top 10 Most Futuristic Cities in the World", ranking third.

As far as Singapore's economy is concerned, the small country has played its biggest role in certain adverse conditions. Singapore covers an area of about 700 square kilometres. It lacks both arable land and natural resources such as fuel, metals or minerals.

However, Singapore has one distinct economic advantage: location. With a coastline of 190 kilometers and a natural deep-water port, the island is also located on an important shipping route in Southeast Asia.

and business is a key part of the economy. Decades of investment in education have also been made. In addition, it has adopted a series of timely principles and policies that are in line with the actual conditions of the country and in line with the development of the world economy, and has made use of its strong points and avoided its weaknesses, and has actively introduced foreign capital, technology, and management experience to rapidly raise its own economic development level and embark on a unique economic development path.

Human capital and a skilled workforce are fundamental to Singapore.

Manufacturing is very important to Singapore. About 20% of Singapore's GDP comes from industry, with the secondary sector employing 15% of the workforce. The petrochemical industry, in particular, is very important to the local economy.

The country imports a large amount of ** for refining petroleum products. Singapore places a strong emphasis on high-end manufacturing, including semiconductors and consumer electronics, as well as machinery, transportation equipment, and ships. It also seeks to nurture future growth areas such as aerospace, precision engineering, and life sciences including biotechnology, medical devices, and pharmaceuticals.

There is a huge overlap in the service sector, which caters to the needs of medical tourists and an aging population.

Singapore's open business environment not only encourages investment in the manufacturing sector, but also promotes the development of the manufacturing sector. The service sector drives the economy. It provides jobs for 80 percent of workers and generates more than 75 percent of GDP.

Transportation and logistics are essential industries. The Port of Singapore is one of the busiest cargo ports in the world: the country is thriving in imports and exports to China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Saudi Arabia and the United States**.

Singapore has had to contend with increasing competition from emerging markets in the region and the demographic challenges of an ageing society. On top of that, dependence on exports has proven to be a burden in times of global economic uncertainty. In the aftermath of the global financial crisis, economic growth slowed or declined, but overall remained stable.

Which province in China is Singapore's economic level equivalent to? You may not believe it!

From a macro point of view, Singapore's economic system undoubtedly belongs to the category of market economic system, but it also has its own distinctive characteristics. Different from the laissez-faire "traditional" market economy system practiced by the developed capitalist countries in the West, Singapore implements a mixed market economy system that combines free economy and economic control under the guidance of the first country.

Its main features are:

1. Liberal economic policy.

1) Free economy and free competition policy: Encourage the free establishment of enterprises and vigorously support private enterprises.

2) **Liberalization policy: "Free port" policy, except for tobacco and alcohol, all import and export goods are exempt from tariffs.

3) Liberal policy: Except for a small number of public utilities, such as buses, taxis, railways, communications, postal services, etc., which implement industry-specific fees and a small number of commodities closely related to residents' lives, all other commodities are liberalized, so that they rely on the market's first-class adjustment mechanism, and fluctuate up and down according to changes in market supply and demand.

4) Liberal financial and monetary policy: From the perspective of the management mechanism, Singapore does not have a bank, but the Monetary Authority, the Monetary Authority and the Investment Authority exercise the management functions of banks, currencies and foreign exchange respectively.

2. State regulation and intervention.

1) Planning means: ** Through the formulation of the national economic development plan of the country in various periods, the necessary adjustment of the national economic activities to guide the development of the national economy. The Raider called.

2) Legal means: Various laws and regulations have been promulgated one after another, such as the Enterprise Law, the Foreign Investment Law, the Foreign Trade Law, the Financial Law, the Accounting Law, the Tax Law, etc., and a systematic legal system has been gradually formed. Through the establishment and continuous improvement of the legal system, a harmonious external environment has been created for economic operation.

3) Develop state-owned enterprises and participate in the process of national social and economic development: At the beginning of Singapore's independence, a series of important industrial sectors in the country were under the control of foreign monopoly capital. There are two main forms of state-owned enterprises in Singapore, one is the holding company of the first state, and the other is the semi-official statutory body established by the approval of Parliament.

4) Other macroeconomic management measures: ** controls most of the national income (including fiscal revenue and public institution revenue), and ** controls the issuance of currency.

Singapore is a developed country in Asia, known as one of the "Asian Tigers", and its economic model is called "state capitalism". According to the 2014 Global Financial Centres Index (GFCI) rankings, Singapore is the third largest international financial center after New York and London, and is also one of the important service and shipping centers in Asia. Singapore is a member of the Association of Southeast Asian Nations (ASEAN) and a member economy of the World Organization (WTO), the Commonwealth and the Asia-Pacific Economic Cooperation (APEC).

Singapore's traditional economy is dominated by commerce, including re-exports**, processing and exporting, and aviation grinding liquids. After independence, it adhered to the liberal economic policy, vigorously attracted foreign investment, and developed a diversified economy. In order to further promote economic growth, we will vigorously promote the "regional economic development strategy", accelerate overseas investment, and actively carry out economic activities abroad.

The economy is dominated by five major sectors: commerce, manufacturing, construction, finance, and transportation and communications.