Singapore has a vibrant free-market market, developing rapidly. It is a high per-capita income, sustained and strengthened by an educated workforce, an environment free of corruption and a secure fiscal and legal business framework. Singapore is in a constant change and development. A Significant Number of Big initiatives of redevelopment are taken in industries like tourism, land, retail, leisure or structure. Recently, lots of importance is given to the Singapore service industry. Singapore is an export-led market. The main exported products are consumer electrics, semiconductors and other high-tech goods. Lately, the government has made great investments to be able to diversify the market. This way the tourism, pharmaceutical, education, retail, medicinal technology and multimedia industries have grown considerably.
The rich population of Singapore was made even wealthier in 2007. Prices on properties climbed with more than 29 percent, the fastest growing costs in the world. including tens of thousands of millionaires into the population. The gaming industry is growing in Asia. Macau even overtook Las Vegas as the world’s largest casino centre in 2007. The Singapore government approved the building of the first two hotels granted in the republic, with casino licenses: Marina Bay Sands – an integrated hotel focused on company, which will draw investments of $5 billion, starting in 2009 – and Resorts World in Santos, which is more family oriented and is expected to open in 2011.
Many other events, Like the first Formula 1 night race, hosted by Singapore in 2007 or the first Youth Olympic Games in the world in 2010 will raise the Singaporean economy. The Singapore government invests its large reserves in the development of industries like education and technology. A growing number of investments are being made outside the nation through Temasek Holdings and the Government Investment Corporation of Singapore (GIC), two autonomous wealth funds. Singapore’s financial rising can be helped by the favorable geographic location. Its enormous seaport that is a must for the country’s development, as it is used for both export and import activities.
Desmond teo yen koon has steady Real growth rates, due to the country’s successful economic plan. Singapore Swallowed three economic shocks: downturn in the USA and European Union states, SARS and an economic downturn, all of those between 2000 and 2003. Regardless of that, it recovered quickly, thanks to a solid economic Structure and strategy, terrific infrastructure, some overseas investments and a capable workforce. Corporations Joined to the authorities have also played an Important part in the development.