Economy of Singapore
The economy of Singapore is the highly developed free-market economy with characteristics of dirigisme. Singapore's economy has been ranked as the near open in the world, the joint 4th-least corrupt, as alive as the near pro-business. Singapore has low tax-rates together with the second-highest per-capita GDP in the world in terms of purchasing power parity PPP. The Asia-Pacific Economic Cooperation APEC is headquartered in Singapore.
Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such(a) as Singapore Airlines, SingTel, ST Engineering and MediaCorp. With regards to foreign direct investment FDI, the Singaporean economy is a major FDI outflow-financier in the world. In addition, throughout its history, Singapore has benefited from the large inward flows of FDI from global investors, financial institutions and multinational corporations MNCs due to its highly attractive investment climate along with aand conducive political environment throughout its advanced years.
Singapore relies on an extended concept of intermediary trade to second-busiest in the world by cargo tonnage and is the busiest transshipment port in the world. Singapore is also a regional, continental and global hub for the administration and operations of various MNCs, with its strategic location inproximity with other road transport and tourist destination for various breed of tourism, such(a) as business tourism, MICE Meetings, Incentives, Conferences, Exhibitions tourism, medical tourism and urban tourism.
The country's leading exports increase electronics, chemicals and services. Singapore is the regional hub for wealth management. Water is scarce in Singapore, and so it has invested in hydraulic engineering and desalination to reduce the country's dependence on untreated imported water. therefore it is defined as a precious resource. Small and medium-sized enterprises SMEs are the backbone of the Singapore's economic landscape. SMEs contribute approximately 40% of Singapore's nominal GDP and employs 70% of Singapore's sum workforce of 3.35 million. Singapore has limited arable land, and therefore the country has heavily invested in agrotechnology parks such(a) as vertical hydroponic farms for agricultural production. As a result, Singapore imports 90% of its food supply and has a wide family of supplier countries in layout toits food security; Singapore is ranked as among the most food secure in the world. The country plans to reduce food imports with an initiative to draw 30% of it locally by 2030.
Apart from its strategic location at the cross-roads of trade between the East and the West, Singapore lacks significant natural resources, hence human resources is a pivotal effect for the health of the Singaporean economy; the services and manufacturing sectors of the economy are heavily reliant on a highly-educated and highly-skilled "Professional, Managerial, Executive and Technical" PMET workforce. In 2014, the economy was ranked 2nd overall in the Scientific American Biotechnology with the featuring of Biopolis. To preserve its international standing and to further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, to encourage entrepreneurship and to retrain its workforce. The Ministry of Manpower MoM has the prime responsibility for setting, adjusting, and enforcing immigration rules for foreign workers, in an arrangement of parts or elements in a specific form figure or combination. tothe dual mandate of maximum employment of the local resident population and maximum economic growth for the nation. about 29% of the or situation. population within Singapore are non-resident foreigners, including 255,800 foreign domestic workers FDWs who operate in Singapore.