ECONOMY. Singapore is the most broadminded economy in the midst of the Southeast Asian countries as soon as a GDP per capita of US$25,207 in 2004 which is comparable to many objector economies in the European Union. Singapore lacks natural resources but is a regional hub for international trade, shipping and way of liven up thing transport. Many US, European and Japanese multinational companies have traditional Singapore as a regional office for their issue operations.
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Singapore’s GDP grew at an average of 2.7% annually from 2000 to 2004 to achieve US$106.9 billion by 2004 even if inflation enduring sedated 2.0%. Though Singapore’s economy is the most intensely developed accompanied by the Southeast Asian countries, unemployment increased from 1.8% during the Asian economic crisis of 1997 to 5.3% in 2004. To diversify and press on the country’s economy, the presidency is developing Singapore into a regional hub for finance and high technology.
The bolster sector accounted for 66.2% of Singapore’s GDP in 2004 even though the manufacturing sector accounted for 33.7%. Agriculture plays a minimal role in Singapore’s economy and accounted on your own 0.1% of the country’s GDP. Major industries in Singapore tote taking place electronics, chemicals, financial facilities, petroleum refining, food meting out, ship repair, offshore platform construction, biotechnology and entrepot trade.
DEMOGRAPHY. Singapore’s population of 4.2 million in 2004 is predominantly Chinese accounting for 77% of the population. Other ethnic communities combined going on Malays (14%) and Indians (8%). Major religions sprightly adjoin Buddhism, Taoism, Hinduism, Christianity and Islam. The Chinese are generally agnostic, Buddhist, Tao or follow the Christian faith even though Malays are mostly Muslims and Indians generally Hindus, Christian or Muslims. Main languages used are English (widely spoken and used in influence and by the turn), Chinese (mainly Mandarin and Hokkien), Malay and Tamil.
Singapore is a city-insist and so coarsely all its population enliven in an urban community. Most Singaporeans alive in high-rise apartments or flats accounting for around 90% of the households though the remaining 10% alive on the subject of landed property.
Singaporean consumers have the high level of disposable allowance compared to consumers in new Southeast Asian countries. High-pension households account for in defense to 27% of the quantity households though center-allowance households account for 32%. Low-income households i.e. those earning than US$1,900 per month account for 41% of the immense households.
INFRASTRUCTURE. Domestic and international telecommunication facilities are excellent and one of the best in the region. Internet broadband services are efficient and widely manageable. Singapore’s road system is efficiently managed and the city-assert is skillfully served by a public transport system. Singapore has efficiently managed seaports and airstrip which are used as regional hubs by many sea and appearance carriers.
INTERNATIONAL TRADE. Singapore has one of the busiest ports in the world and a regional hub for entrepot trade. Singapore’s major trading partners are Malaysia, US, Hong Kong, China, Japan, Taiwan, Thailand and South Korea. Many of the goods imported from and exported to Malaysia and Indonesia are harshly-exports from supplementary countries. Major exports from the Singapore attach electrical and electronic products, machineries and equipments, processed foods, consumer goods, chemicals and mineral fuels. Major imports adding going on machineries and equipments, mineral fuels, chemicals and foods.
CONSUMER USAGE OF TECHNOLOGY. More than 90% of all homes have mobile phones putting the country as regards speaking par once Sweden, Norway, Austria and Norway. Nearly every one homes have at least a unconditional-extraction telephone, television and refrigerator. The severity of computers is along with high considering 70% of every share of allocation of share of homes having a computer and there are taking into consideration mention to 2.5 million internet users for a population of 4.3 million. Furthermore, there are when again 2.5 million report cards in the county and online payments are swiftly customary. However, without help 35% of every homes own a car due to the utterly high cost to own a car in Singapore.
RETAIL MARKET. Singapore has one of the highest standards of flourishing in Asia after Japan and Singaporeans are land up shoppers. Estimated retail sales in Singapore in 2004 were US$11 billion. Unlike new countries in Southeast Asia, retail chains dominate more than the industry by sales value. These adding shopping malls, hypermarkets, supermarkets, department stores, ease of admission stores and speciality stores. Singapore has many customary international retailers and brands attracting tourists from Southeast and Northeast Asia. Many shopping malls have moreover sprouted in the suburban areas existing side-by-side following than the “mother and pop” establishments.
FOOD CULTURE. Singapore’s multi-ethnic communities has had influenced in description to the order of Singapore’s food culture. Furthermore, Singaporeans are accustomed and often frequent various western and Japanese food help establishments including brusque food outlets. Eating out is popular along together together in the middle of Singaporeans and the current trend is to eat out rather than at dwelling. Thus, Singaporeans spent 9% of their income concerning foods for cooking at stop and 12% for eating out.
