telephone: [65] 476-9100
FAX: [65] 476-9340
Flag description: two equal horizontal bands of red (top) and white; near the hoist side of the red band, there is a vertical, white crescent (closed portion is toward the hoist side) partially enclosing five white five-pointed stars arranged in a circle
Singapore Economy
Economy - overview: Singapore is blessed with a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and the fifth highest per capita GDP in the world. Exports, particularly in electronics and chemicals, and services are the main drivers of the economy. Mainly because of robust exports, especially electronic goods, the economy grew 10.1% in 2000. Forecasters, however, are projecting only 4%-6% growth in 2001 largely because of weaker global demand, especially in the US. The government promotes high levels of savings and investment through a mandatory savings scheme and spends heavily in education and technology. It also owns government-linked companies (GLCs) - particularly in manufacturing - that operate as commercial entities. As Singapore looks to a future increasingly marked by globalization, the country is positioning itself as the region's financial and high-tech hub.
GDP: purchasing power parity - $109.8 billion (2000 est.)
GDP - real growth rate: 10.1% (2000 est.)
GDP - per capita: purchasing power parity - $26,500 (2000 est.)
GDP - composition by sector: agriculture: NEGL%
industry: 30%