Singapore is an island country off the southern tip of the Malay Peninsula in Southeast Asia. It is separated from Malaysia by the Straits of Johor, and from Indonesia’s Riau Islands by the Singapore Strait. Singapore has a strategic location for Southeast Asian sea routes. The government system is a parliamentary republic; the chief of state is the president, and the head of government is the prime minister. Singapore has a highly development free marketA market in which prices of goods and services are affected ...<market economyA situation in which businesses operate in a free market, i.... in which the economyThe management of money, currency and trade of a nation. The... is open and corruption-free. Singapore is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific PartnershipA business which is owned by two or more people, all sharing... (TPP).
The economyThe management of money, currency and trade of a nation. The... contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014-15 was slower at under 3%, largely a result of soft demand for exports amid a sluggish global economyThe management of money, currency and trade of a nation. The... and weak growth in Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economyThe management of money, currency and trade of a nation. The... by weaning its dependence on foreign labor, addressing weak productivityThe rate at which goods are produced based on how long it ta..., and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia’s leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific PartnershipA business which is owned by two or more people, all sharing... free tradeThe buying and selling or exchange of goods and services. Th... negotiations, as well as the Regional Comprehensive Economic PartnershipA business which is owned by two or more people, all sharing... negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
Important Details
- Country ISO3 : SGP
- Country Code : 702
- Income Group : High income
- Lending Category : NA
- Region : East Asia & Pacific
- Currency Unit: Singapore dollar
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO, APEC, IOR-ARC, ASEAN
- world rank : 2
- Regional Ranking : 2nd in the Asia–Pacific Region
