The global recession has damaged many countries, but the countries across the globe are now increasing their economy at a very rapid rate. Singapore is the best example in this regard. The figures show a tremendous increase in Singapore Economy at a rate of 14.7%. This is a record rate when considered economy growth. The main reason for this rapid increase in previous year is the heave of manufacturing activities.
The previous record was in 1970 when Singapore’s economy grew at a rate of 13.8%. The new record has surp(–foul word(s) removed–)ed this but the Prime Minister of Singapore Lee Hsien Loong said that this new record pace will however slow down in 2011. In the fourth quarter, the economy expanded by 12.5% with facilitated growth of 28.2% in the manufacturing sector.
Alvin Liew who is a well known economist of Standard Chartered Bank said that Singapore is the fastest growing economy of Asia in 2010. However Qatar in the middle east wins the race with an economy of 16%, according to International Monetary Fund. Singapore’s economy is dependent on the external trade to a very large extent. The GDP of Singapore 247.33 billion Singapore Dollars is exposed to alterations in the global economy.
Singapore is amongst the countries who have shown significant increase in economy ever since independence. At regular intervals, Singapore officials have kept a tradition of initiating business at points when countries economy needs to fight at the global platform. The Singapore now has understood the concept used by Dubai i.e. Build it! And they will come. Real estate is considered to be the base for such a significant increase in economy. The government has helped people to enhance creativity and has supported business a lot. This support has helped people to get involved in manufacturing business.
The economic recession also damaged Singapore in 2009 but Singapore now finds heart in healthy economies of the world. The global economic recession caused Singapore’s economy to shrink 1.3% in 2009.
A new business is motivated in Singapore. The glittering buildings of Singapore are home to many big multinational companies. The country has valued its property and has used it very well for increasing the economy. The multitude culture of Singapore has also helped a lot in the growth of business.
65% of Singapore’s GDP relies on services sector. The important consideration in the increase of 14.7% is the growth of services sector. This sector grew at a rate of 8.8% in the fourth quarter, thus contributing a lot to the global economy.
Singapore is considered to become a start-up hub. The big multinationals and international banks now need an offshore beachhead in Asia. It has indeed dominated the Asian economy in the previous year.