The Development of Singapore

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Singapore is an island and a smallest country in Southeast Asia. Singapore is one of the “Four Asian Tigers” where the world major cargo seaport occurs. Despite the small size of the nation, Singapore economy have strong international trade link with capitalist mixed economy when the government intervention in the market is minimal (Economy watch, 2011).

Since Singapore gained sovereignty in 1965 from Malaysia, its politics has been dominated by the People Action Party. Under the leadership of People Action Party, Singapore has a “distinct political culture: authoritarian, pragmatic, rational and legalistic.” Economic growth and political stability were maintained by the People Action Party’s guidance. Thus, Singapore is corruption- free government where power is gained through skill and performance that attracted investments from other countries (“Introduction to Singapore’s political system”, 2011). Singapore scored the point of 1.33 in the 2009 World Bank’s governance indicators for the factor political stability. The government also opens a number of sectors such as financial services o, telecommunications, power generation, and retail to increase competition and foreign firms (eStandardsForum, February 2010).

Since it lacks of natural resources, Singapore needs to import mainly its sources from Malaysia especially fresh water. Malaysia also is the second largest export market after Hong Kong (11.6%). Other major trade partners are United States, Indonesia, China, and Japan. The major exports are machinery and equipment (including electronics and transport), consumer goods, chemicals, telecommunication apparatus, pharmaceuticals, and mineral fuels. With the activeness of the government in negotiating the eight free tra...

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...rum.org/singapore/business-indicators?id=166

Economy watch. (2011) Singapore economy. Retrieved April 4, 2011 from http://www.economywatch.com/world_economy/singapore

International human development indicators. (2010). Singapore. Retrieved April 4, 2011 from http://hdrstats.undp.org/images/explanations/SGP.pdf

Janus Corporate Solutions. (2011) Introduction to Singapore’s economy. Guide me Singapore. Retrieved April 4, 2011 from http://www.guidemesingapore.com/relocation/introduction/singapores-economy

Janus Corporate Solutions. (2011). Introduction to Singapore’s political system. Guide me Singapore. Retrieved April 4, 2011 from http://www.guidemesingapore.com/relocation/introduction/singapores-political-system

U.S. Department of State. (2010, October 9). Background note: Singapore. Retrieved April 4, 2011 from http://www.state.gov/r/pa/ei/bgn/2798.htm

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