Singapore economy is market-based, and in spite being said to have a small domestic market, very much caters to markets internationally. In 2010 Singapore was ranked as one of the quickest emerging markets in the world. Singapore economy was ranked third in this regard. The economy of Singapore also was one of those said to have maintained its stability during the global downturn of 2008.
Singapore economy is largely based on wholesale and retail services, tourism and international financial services which contribute significantly to Singapore economy. Manufacturing is a major in the economy of Singapore and is quite diversified, comprising areas such as electronics, biomedical sciences and petroleum refinery. At least 20% to 30% of gross domestic product of Singapore economy comes from manufacturing. Ship-building, pharmaceuticals and chemicals are among the major areas in manufacturing in Singapore economy.
Tourism is also a major sector in Singapore economy, with the country recording about 7.8 million in tourist arrivals in the year 2006. By 2010, this figure had risen to 11.638 million, resulting in a contribution of over SGD 18.8billion.
Economically, Singapore was branded as one of the Newly Industrialized Countries in the world, in addition to Taiwan, Hong Kong and South Korea. Singapore economy is mixed but has a marked free-market approach to business and investment. There has been quite a balance between free- market economy Singapore and government intervention, particularly in areas such as capital resources, education, housing, transportation, land and labour.
This Singapore economic framework which coexists between active, balanced government involvement and free-market economy is described by many as the Singapore Economic Model. Singapore economic development is largely attributed to this model, and given as one of the reasons why Singapore economy survived the 1997 Asian financial down and the global financial downturn of 2008.
From the period 2009/2010, gross domestic product of Singapore economic
increased by 15.56%. The rate of expansion of Singapore economy was ranked 3rd internationally, being calculated at 25%. Currently, Singapore economy ranks at number 40 internationally, with the gross domestic product being calculated at USD 222.699 billion.
Securities exchange continues to make its mark in the economy of Singapore; Singapore having one of the few exchange markets in Asia – the Singapore Government Securities. Singapore economy holds over two hundred international firms specializing in asset management, while banking in Singapore economy is known for its sound legal and economic environment.