Financial system. Singapore is the most sophisticated financial system among the the Southeast Asian international locations with a GDP per capita of US$25,207 in 2004 which is similar to numerous highly developed economies in the European Union. Singapore lacks all-natural assets but is a regional hub for global trade, shipping and delivery and air transport. Numerous US, European and Japanese multinational providers have set up Singapore as a regional workplace for their enterprise operations.
Singapore’s GDP grew at an normal of 2.7% yearly from 2000 to 2004 to achieve US$106.9 billion by 2004 although inflation remaining under 2.%. Even though Singapore’s overall economy is the most advanced amid the Southeast Asian nations, unemployment amplified from 1.8% throughout the Asian financial crisis of 1997 to 5.3% in 2004. To diversify and grow the country’s economic climate, the federal government is producing Singapore into a regional hub for finance and substantial engineering.
The company sector accounted for 66.2% of Singapore’s GDP in 2004 although the manufacturing sector accounted for 33.7%. Agriculture plays a minimal role in Singapore’s economy and accounted only .1% of the country’s GDP. Significant industries in Singapore consist of electronics, substances, fiscal providers, petroleum refining, food items processing, ship restore, offshore platform construction, biotechnology and entrepot trade.
DEMOGRAPHY. Singapore’s inhabitants of 4.2 million in 2004 is predominantly Chinese accounting for 77% of the populace. Other ethnic communities include Malays (14%) and Indians (8%). Main religions practiced include Buddhism, Taoism, Hinduism, Christianity and Islam. The Chinese are commonly agnostic, Buddhist, Tao or stick to the Christian faith although Malays are mostly Muslims and Indians commonly Hindus, Christian or Muslims. Main languages made use of are English (commonly spoken and made use of in company and by the federal government), Chinese (mostly Mandarin and Hokkien), Malay and Tamil.
Singapore is a town-point out and consequently virtually all its populace are living in an urban group. Most Singaporeans stay in high-increase apartments or flats accounting for almost 90% of the households while the remaining 10% dwell on landed house.
Singaporean people have the high stage of disposable profits compared to shoppers in other Southeast Asian nations around the world. Large-revenue homes account for approximately 27% of the whole homes when center-money homes account for 32%. Reduced-money homes i.e. all those earning than US$1,900 per month account for 41% of the total households.
INFRASTRUCTURE. Domestic and global telecommunication solutions are great and one particular of the very best in the location. Internet broadband services are successful and commonly available. Singapore’s highway process is effectively managed and the town-condition is nicely served by a community transport process. Singapore has proficiently managed seaports and airport which are utilized as regional hubs by quite a few sea and air carriers.
Global TRADE. Singapore has a single of the busiest ports in the earth and a regional hub for entrepot trade. Singapore’s significant investing companions are Malaysia, US, Hong Kong, China, Japan, Taiwan, Thailand and South Korea. Quite a few of the items imported from and exported to Malaysia and Indonesia are re-exports from other countries. Key exports from the Singapore contain electrical and electronic solutions, machineries and equipments, processed meals, customer goods, chemical substances and mineral fuels. Significant imports incorporate machineries and equipments, mineral fuels, substances and food items.
Consumer Usage OF Engineering. A lot more than 90% of all homes have cell telephones putting the place on par with Sweden, Norway, Austria and Norway. Just about all households have at minimum a fastened-line phone, tv and refrigerator. The penetration of computer systems is also substantial with 70% of all households obtaining a computer system and there are almost 2.5 million world wide web consumers for a populace of 4.3 million. Moreover, there are additional than 2.5 million credit rating cards in the county and on-line payments are well set up. Nonetheless, only 35% of all properties possess a auto thanks to the really large charge to own a car in Singapore.
RETAIL Market. Singapore has one of the maximum standards of living in Asia right after Japan and Singaporeans are eager customers. Believed retail revenue in Singapore in 2004 had been US$11 billion. In contrast to other nations in Southeast Asia, retail chains dominate around the industry by product sales benefit. These involve purchasing malls, hypermarkets, supermarkets, section retailers, advantage suppliers and speciality merchants. Singapore has quite a few proven worldwide suppliers and brand names attracting travellers from Southeast and Northeast Asia. A lot of buying malls have also sprouted in the suburban places present side-by-facet with the “mom and pop” establishments.
Foodstuff Lifestyle. Singapore’s multi-ethnic communities has experienced influenced on Singapore’s food items culture. Moreover, Singaporeans are accustomed and generally recurrent many western and Japanese food stuff company institutions which includes speedy food stuff outlets. Consuming out is well known among Singaporeans and the present craze is to try to eat out relatively than at property. Thus, Singaporeans expended 9% of their money on food items for cooking at household and 12% for ingesting out.
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