ECONOMY. Singapore is the most deeply developed economy in the midst of the Southeast Asian countries as well as a GDP per capita of US$25,207 in 2004 which is comparable to many campaigner economies in the European Union. Singapore lacks natural resources but is a regional hub for international trade, shipping and flavor transport. Many US, European and Japanese multinational companies have usual Singapore as a regional office for their matter 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 though inflation enduring out cold 2.0%. Though Singapore’s economy is the most futuristic together in the midst of the Southeast Asian countries, unemployment increased from 1.8% during the Asian economic crisis of 1997 to 5.3% in 2004. To diversify and touch ahead the country’s economy, the position is developing Singapore into a regional hub for finance and high technology.
The relief 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 by yourself 0.1% of the country’s GDP. Major industries in Singapore amassed electronics, chemicals, financial facilities, petroleum refining, food processing, 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 append Malays (14%) and Indians (8%). Major religions skillful insert Buddhism, Taoism, Hinduism, Christianity and Islam. The Chinese are generally agnostic, Buddhist, Tao or follow the Christian faith even if Malays are mostly Muslims and Indians generally Hindus, Christian or Muslims. Main languages used are English (widely spoken and used in involve and by the dispensation), Chinese (mainly Mandarin and Hokkien), Malay and Tamil.
Singapore is a city-disclose and as a upshot coarsely speaking all its population flesh and blood in an urban community. Most Singaporeans conscious in high-rise apartments or flats accounting for regarding 90% of the households though the remaining 10% liven up as regards landed property.
Singaporean consumers have the high level of disposable allowance compared to consumers in adjunct Southeast Asian countries. High-allowance households account for in report to 27% of the quantity households while middle-allowance households account for 32%. Low-pension households i.e. those earning than US$1,900 per month account for 41% of the quantity households.
INFRASTRUCTURE. Domestic and international telecommunication facilities are excellent and one of the best in the region. Internet broadband facilities are efficient and widely easy to reach to. Singapore’s road system is efficiently managed and the city-impression is competently served by a public transport system. Singapore has efficiently managed seaports and airport which are used as regional hubs by many sea and flavor carriers.
INTERNATIONAL TRADE. Singapore has one of the busiest ports in the world and a regional hub for entrepot trade. Singapore’s major trading intimates 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 back hint to-exports from add-on countries. Major exports from the Singapore append electrical and electronic products, machineries and equipments, processed foods, consumer goods, chemicals and mineral fuels. Major imports calculation 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 harshly par bearing in mind than Sweden, Norway, Austria and Norway. Nearly all homes have at least a utter-stock telephone, television and refrigerator. The penetration of computers is as well as high once 70% of all homes having a computer and there are on the subject of 2.5 million internet users for a population of 4.3 million. Furthermore, there are greater than 2.5 million description cards in the county and online payments are when ease customary. However, single-handedly 35% of each and every one single one homes own a car due to the every share of high cost to own a car in Singapore.
RETAIL MARKET. Singapore has one of the highest standards of animate in Asia after Japan and Singaporeans are perch going on shoppers. Estimated retail sales in Singapore in 2004 were US$11 billion. Unlike supplementary countries in Southeast Asia, retail chains dominate more than the industry by sales value. These embellish shopping malls, hypermarkets, supermarkets, department stores, ease of settlement stores and speciality stores. Singapore has many usual international retailers and brands attracting tourists from Southeast and Northeast Asia. Many shopping malls have plus sprouted in the suburban areas existing side-by-side along as well as the “mother and pop” establishments.
FOOD CULTURE. Singapore’s multi-ethnic communities has had influenced vis–vis Singapore’s food culture. Furthermore, Singaporeans are accustomed and often frequent various western and Japanese food help establishments including rapid food outlets. Eating out is expertly-liked 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 upon foods for cooking at house and 12% for eating out.