tag:blogger.com,1999:blog-29635736762618670012024-02-20T07:40:18.931-08:00Economy of Singaporeounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2963573676261867001.post-73677303737865254292011-06-19T10:16:00.003-07:002011-06-19T10:16:21.092-07:00Economy of Singapore<table cellspacing="5" class="infobox"><tbody>
<tr><th class="adr" colspan="2" style="background: lightblue; font-size: 125%; font-weight: bold; text-align: center;">Economy of <span class="country-name">Singapore</span></th> </tr>
<tr class=""> <td class="" colspan="2" style="text-align: center;"><a class="image" href="http://en.wikipedia.org/wiki/File:Singapore_Skyline_in_the_Early_Morning.JPG"><img alt="Singapore Skyline in the Early Morning.JPG" height="124" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Singapore_Skyline_in_the_Early_Morning.JPG/220px-Singapore_Skyline_in_the_Early_Morning.JPG" width="220" /></a></td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Currency</b></th> <td class=""><a href="http://en.wikipedia.org/wiki/Singapore_dollar" title="Singapore dollar">Singapore dollar</a> (SGD)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Fiscal_year" title="Fiscal year">Fiscal year</a></b></th> <td class="">1 April - 31 March</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Trade organisations</b></th> <td class=""><a href="http://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">WTO</a>, <a href="http://en.wikipedia.org/wiki/Asia-Pacific_Economic_Cooperation" title="Asia-Pacific Economic Cooperation">APEC</a>, <a href="http://en.wikipedia.org/wiki/Indian_Ocean_Rim_Association_for_Regional_Cooperation" title="Indian Ocean Rim Association for Regional Cooperation">IOR-ARC</a>, <a href="http://en.wikipedia.org/wiki/ASEAN" title="ASEAN">ASEAN</a></td> </tr>
<tr> <th class="" colspan="2" style="background: lightblue; text-align: center;">Statistics</th> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></b></th> <td class="">S$235.7 billion (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>GDP growth</b></th> <td class="">17.9% (first half of 2010 est.)<sup class="reference" id="cite_ref-Ramesh_0-0"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-Ramesh-0"><span>[</span>1<span>]</span></a></sup></td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>GDP per capita</b></th> <td class="">S$50,300 (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>GDP by sector</b></th> <td class=""><a href="http://en.wikipedia.org/wiki/Agriculture" title="Agriculture">agriculture</a>: 0%; <a href="http://en.wikipedia.org/wiki/Industry" title="Industry">industry</a>: 26.8%; <a href="http://en.wikipedia.org/wiki/Service_%28economics%29" title="Service (economics)">services</a>: 73.2% (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Inflation" title="Inflation">Inflation</a></b> (<a href="http://en.wikipedia.org/wiki/Consumer_price_index" title="Consumer price index">CPI</a>)</th> <td class="">0.2% (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Population<br />
below <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Poverty_line" title="Poverty line">poverty line</a></b></th> <td class="">N/A</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a class="mw-redirect" href="http://en.wikipedia.org/wiki/Gini_index" title="Gini index">Gini index</a></b></th> <td class="">48.1 (2008)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Labour force</b></th> <td class="">3.03 million (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Labour force<br />
by occupation</b></th> <td class="">manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Unemployment" title="Unemployment">Unemployment</a></b></th> <td class="">3% (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Main industries</b></th> <td class=""><a href="http://en.wikipedia.org/wiki/Electronics" title="Electronics">electronics</a>, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Chemicals" title="Chemicals">chemicals</a>, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Financial_service" title="Financial service">financial services</a>, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Oil_drilling" title="Oil drilling">oil drilling</a> equipment, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Petroleum_refining" title="Petroleum refining">petroleum refining</a>, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Rubber" title="Rubber">rubber</a> processing and rubber products, processed <a href="http://en.wikipedia.org/wiki/Food" title="Food">food</a> and <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Beverage" title="Beverage">beverages</a>, <a href="http://en.wikipedia.org/wiki/Ship" title="Ship">ship</a> repair, offshore platform construction, life sciences, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Entrepot_trade" title="Entrepot trade">entrepot trade</a></td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Ease_of_Doing_Business_Index" title="Ease of Doing Business Index">Ease of Doing Business Rank</a></b></th> <td class="">1st<sup class="reference" id="cite_ref-World_Bank_and_International_Financial_Corporation_1-0"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-World_Bank_and_International_Financial_Corporation-1"><span>[</span>2<span>]</span></a></sup></td> </tr>
<tr> <th class="" colspan="2" style="background: lightblue; text-align: center;">External</th> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Exports</b></th> <td class="">S$268.9 billion (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Export goods</b></th> <td class="">machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Main export partners</b></th> <td class="">Hong Kong 11.6%, <a href="http://en.wikipedia.org/wiki/Malaysia" title="Malaysia">Malaysia</a> 11.5%, United States 11.2%, <a href="http://en.wikipedia.org/wiki/Indonesia" title="Indonesia">Indonesia</a> 9.7%, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/PRC" title="PRC">China</a> 9.7%, Japan 4.6% (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Imports</b></th> <td class="">S$245 billion (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Import goods</b></th> <td class="">machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Main import partners</b></th> <td class="">United States 14.7%, <a href="http://en.wikipedia.org/wiki/Malaysia" title="Malaysia">Malaysia</a> 11.6%, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/PRC" title="PRC">China</a> 10.5%, Japan 7.6%, <a href="http://en.wikipedia.org/wiki/Indonesia" title="Indonesia">Indonesia</a> 5.8%, South Korea 5.7% (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b><a href="http://en.wikipedia.org/wiki/Foreign_direct_investment" title="Foreign direct investment">FDI</a> stock</b></th> <td class="">$264.1 billion (31 December 2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Gross external debt</b></th> <td class="">$19.2 billion (31 December 2009 est.)</td> </tr>
<tr> <th class="" colspan="2" style="background: lightblue; text-align: center;">Public finances</th> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Public debt</b></th> <td class="">117.6% of GDP (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Revenues</b></th> <td class="">S$21.29 billion (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Expenses</b></th> <td class="">S$24.14 billion (2009 est.)</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Economic aid</b></th> <td class="">none</td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Credit rating</b></th> <td class=""> <ul><li><a href="http://en.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's">Standard & Poor's</a>:<sup class="reference" id="cite_ref-2"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-2"><span>[</span>3<span>]</span></a></sup><br />
AAA (Domestic)<br />
AAA (Foreign)<br />
AAA (T&C Assessment)<br />
Outlook: Stable<sup class="reference" id="cite_ref-guardian_3-0"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-guardian-3"><span>[</span>4<span>]</span></a></sup></li>
<li><a href="http://en.wikipedia.org/wiki/Moody%27s" title="Moody's">Moody's</a>:<sup class="reference" id="cite_ref-guardian_3-1"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-guardian-3"><span>[</span>4<span>]</span></a></sup><br />
Aaa<br />
Outlook: Stable</li>
<li><a href="http://en.wikipedia.org/wiki/Fitch_Group" title="Fitch Group">Fitch</a>:<sup class="reference" id="cite_ref-guardian_3-2"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-guardian-3"><span>[</span>4<span>]</span></a></sup><br />
AAA<br />
Outlook: Stable</li>
</ul></td> </tr>
<tr class=""> <th scope="row" style="font-weight: normal; text-align: left;"><b>Foreign reserves</b></th></tr>
</tbody></table>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-2963573676261867001.post-91166698900382831382011-06-19T10:15:00.000-07:002011-06-19T10:15:10.738-07:00Macro-economic trendThis is a chart of trend of gross domestic product of Singapore at market prices <a class="external text" href="http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001" rel="nofollow">estimated</a> by the International Monetary Fund.<br />
<table class="wikitable"><tbody>
<tr> <th>Year</th> <th>Gross Domestic Product<br />
($ millions)</th> <th>US Dollar Exchange</th> <th>Nominal Per Capita GDP<br />
(as % of USA)</th> <th>PPP Per Capita GDP<br />
(as % of USA)</th> </tr>
<tr> <td>1980</td> <td>25,117</td> <td>2.14 Singapore Dollars</td> <td>39.65</td> <td>55.00</td> </tr>
<tr> <td>1985</td> <td>39,036</td> <td>2.20 Singapore Dollars</td> <td>36.63</td> <td>63.41</td> </tr>
<tr> <td>1990</td> <td>66,778</td> <td>1.81 Singapore Dollars</td> <td>52.09</td> <td>74.76</td> </tr>
<tr> <td>1995</td> <td>119,470</td> <td>1.41 Singapore Dollars</td> <td>86.14</td> <td>90.60</td> </tr>
<tr> <td>2000</td> <td>159,840</td> <td>1.72 Singapore Dollars</td> <td>66.19</td> <td>91.48</td> </tr>
<tr> <td>2005</td> <td>194,360</td> <td>1.64 Singapore Dollars</td> <td>67.54</td> <td>103.03</td> </tr>
<tr> <td>2007</td> <td>224,412</td> <td>1.42 Singapore Dollars</td> <td>74.61</td> <td>107.92</td> </tr>
<tr> <td>2008</td> <td>235,632</td> <td>1.37 Singapore Dollars</td> <td>73.71</td> <td>107.27</td> </tr>
<tr> <td>2009</td> <td>268,900</td> <td>1.50 Singapore Dollars</td> <td>78.53</td> <td>108.33</td> </tr>
<tr> <td>2010</td> <td>309,400</td> <td>1.32 Singapore Dollars</td> <td>82.13</td> <td>119.54</td> </tr>
</tbody></table><br />
<a name='more'></a>The government promotes high levels of savings and investment through a mandatory retirement savings scheme known as the <a href="http://en.wikipedia.org/wiki/Central_Provident_Fund" title="Central Provident Fund">Central Provident Fund</a>, and large portions of its <a href="http://en.wikipedia.org/wiki/Budget" title="Budget">budget</a> are expended in education and technology, with the former having a current rate as of 21% in 2001 compared to spending in the United States of 4%. However, the figures may be misleading as the majority of US education funding comes from the state level, not federal. It also owns <a href="http://en.wikipedia.org/wiki/Temasek_Holdings" title="Temasek Holdings">Temasek-linked companies</a> (TLCs, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Companies" title="Companies">companies</a> that are linked to the government's investment arm) - particularly in <a href="http://en.wikipedia.org/wiki/Manufacturing" title="Manufacturing">manufacturing</a> - that operate as <a href="http://en.wikipedia.org/wiki/Commerce" title="Commerce">commercial</a> entities and account for 60% of GDP. As Singapore looks to a future increasingly marked by <a href="http://en.wikipedia.org/wiki/Globalization" title="Globalization">globalization</a>, the country is positioning itself as the region's financial and high-tech centre in competition with other East Asian cities.<br />
Singapore's strategic location on major sea lanes and industrious population have given the country an economic importance in South-east Asia disproportionate to its small size. Upon separation from Malaysia in 1965, Singapore was faced with a lack of physical resources and a small domestic market. In response, the Singapore Government adopted a pro-business, pro-<a class="mw-redirect" href="http://en.wikipedia.org/wiki/Foreign_investment" title="Foreign investment">foreign investment</a>, export-oriented economic policy combined with state-directed investments in strategic government-owned corporations. Whilst nominally socialist in the 1960s,<sup class="Template-Fact" style="white-space: nowrap;" title="This claim needs references to reliable sources from April 2011">[<i><a href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a></i>]</sup> the ruling party increasingly became openly capitalist but self-described itself as 'pragmatic', described by some<sup class="noprint Inline-Template" style="white-space: nowrap;" title="The material in the vicinity of this tag may use weasel words or too-vague attribution. from April 2011">[<i><a class="mw-redirect" href="http://en.wikipedia.org/wiki/Wikipedia:Avoid_weasel_words" title="Wikipedia:Avoid weasel words">who?</a></i>]</sup> as a euphemism for capitalism with authoritarian social controls.<sup class="Template-Fact" style="white-space: nowrap;" title="This claim needs references to reliable sources from April 2011">[<i><a href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a></i>]</sup> Singapore's government moved towards guiding the economy and investing in medicine and infrastructure.<br />
Singapore's economic strategy produced real growth averaging 8.0% from 1960 to 1999. The economy picked up in 1999 after the regional financial crisis, with a growth rate of 5.4%, followed by 9.9% for 2000. However, the economic slowdown in the United States, Japan and the <a href="http://en.wikipedia.org/wiki/European_Union" title="European Union">European Union</a>, as well as the worldwide electronics slump, had reduced the estimated economic growth in 2001 to a negative 2.0%. The economy expanded by 2.2% the following year, and by 1.1% in 2003 when Singapore was affected by the <a class="mw-redirect" href="http://en.wikipedia.org/wiki/SARS" title="SARS">SARS</a> outbreak. Subsequently, a major turnaround occurred in 2004 allowed it to make a significant recovery of 8.3% growth in Singapore, although the actual growth fell short of the target growth for the year more than half with only 2.5%. In 2005, economic growth was 6.4%; and in 2006, 7.9%.<br />
Singapore's largely <a href="http://en.wikipedia.org/wiki/Political_corruption" title="Political corruption">corruption</a>-free government, skilled workforce, and advanced and efficient infrastructure have attracted investments from more than 3,000 <a href="http://en.wikipedia.org/wiki/Multinational_corporation" title="Multinational corporation">multinational corporations</a> (MNCs) from the United States, Japan, and Europe. Foreign firms are found in almost all sectors of the economy. MNCs account for more than two thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked corporations.<br />
Manufacturing and financial business services accounted for 26% and 22%, respectively, of Singapore's gross domestic product in 2000. The electronics industry leads Singapore's manufacturing sector, accounting for 48% of total industrial output, but the government also is prioritising development of the chemicals and <a href="http://en.wikipedia.org/wiki/Biotechnology" title="Biotechnology">biotechnology</a> industries.<br />
To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. It also has opened, or is in the process of opening, the financial services, <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Telecommunications" title="Telecommunications">telecommunications</a>, and power generation and retailing sectors up to foreign service providers and greater competition. The government has also attempted some measures including wage restraint measures and release of unused buildings in an effort to control rising commercial rents with the view to lowering the cost of doing business in Singapore when central business district office rents tripled in 2006.<br />
<h3><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Economy_of_Singapore&action=edit&section=2" title="Edit section: Taxation">edit</a>]</span> <span class="mw-headline" id="Taxation">Taxation</span></h3>Singapore introduced a Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government revenue by S$1.6 billion (US$1b, €800m) and stabilising government finances.<sup class="reference" id="cite_ref-10"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-10"><span>[</span>11<span>]</span></a></sup> The taxable GST was increased to 4% in 2003, to 5% in 2004, and to 7% in 2007.<sup class="reference" id="cite_ref-11"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-11"><span>[</span>12<span>]</span></a></sup>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-2963573676261867001.post-83665659842230739762011-06-19T10:13:00.003-07:002011-06-19T10:13:23.693-07:00Economy of Singapore<a href="http://en.wikipedia.org/wiki/Singapore" title="Singapore">Singapore</a> has a highly developed <a class="mw-redirect" href="http://en.wikipedia.org/wiki/State_capitalist" title="State capitalist">state capitalist</a> <a href="http://en.wikipedia.org/wiki/Mixed_economy" title="Mixed economy">mixed economy</a>; the state owns stakes in firms that comprise perhaps 60% of the GDP through entities such as the <a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth fund</a> <a href="http://en.wikipedia.org/wiki/Temasek_Holdings" title="Temasek Holdings">Temasek</a>.<sup class="reference" id="cite_ref-5"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-5"><span>[</span>6<span>]</span></a></sup> It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per-capita <a href="http://en.wikipedia.org/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic products</a> (GDP) in the world. Its innovative yet steadfast form of economics that combines <a href="http://en.wikipedia.org/wiki/Economic_planning" title="Economic planning">economic planning</a> with <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Free-market" title="Free-market">free-market</a><sup class="reference" id="cite_ref-6"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-6"><span>[</span>7<span>]</span></a></sup> has given it the nickname the <b>Singapore Model</b>. <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Exports" title="Exports">Exports</a>, particularly in <a href="http://en.wikipedia.org/wiki/Electronics" title="Electronics">electronics</a> and <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Chemical" title="Chemical">chemicals</a>, and <a href="http://en.wikipedia.org/wiki/Service_%28economics%29" title="Service (economics)">services</a> provide the main source of revenue for the economy, which allows it to purchase <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Natural_resources" title="Natural resources">natural resources</a> and <a href="http://en.wikipedia.org/wiki/Raw_material" title="Raw material">raw goods</a> which it does not have.<br />
<br />
<a name='more'></a>Most companies in Singapore are registered as private limited-liability companies (commonly known as "private limited companies"). A private limited company in Singapore is a separate legal entity, and shareholders are not liable for the company's debts beyond the amount of share capital they have contributed.<sup class="reference" id="cite_ref-7"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-7"><span>[</span>8<span>]</span></a></sup><br />
Singapore could thus be said to rely on an extended concept of <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Entrepot" title="Entrepot">entrepot</a> trade, by purchasing raw goods and refining them for re-export, such as in the <a href="http://en.wikipedia.org/wiki/Wafer_fabrication" title="Wafer fabrication">wafer fabrication</a> industry and <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Oil_refining" title="Oil refining">oil refining</a>. Singapore also has a strategic <a href="http://en.wikipedia.org/wiki/Port" title="Port">port</a> which makes it more competitive than many of its neighbours in carrying out such entrepot activities. The <a href="http://en.wikipedia.org/wiki/Port_of_Singapore" title="Port of Singapore">Port of Singapore</a> is the busiest in the world, surpassing <a href="http://en.wikipedia.org/wiki/Port_of_Rotterdam" title="Port of Rotterdam">Rotterdam</a> and <a href="http://en.wikipedia.org/wiki/Port_of_Hong_Kong" title="Port of Hong Kong">Hong Kong</a>.<sup class="reference" id="cite_ref-8"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-8"><span>[</span>9<span>]</span></a></sup> In addition, Singapore's port <a href="http://en.wikipedia.org/wiki/Infrastructure" title="Infrastructure">infrastructure</a> and <a href="http://en.wikipedia.org/wiki/Skill" title="Skill">skilled</a> workforce, which is due to the success of the country's <a href="http://en.wikipedia.org/wiki/Education_in_Singapore" title="Education in Singapore">education policy</a> in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both <a href="http://en.wikipedia.org/wiki/International_trade" title="International trade">importing and exporting</a>, and also provide the skill(s) needed to <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Refine" title="Refine">refine</a> imports into exports.<br />
On 14 February 2007, the <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Singapore_government" title="Singapore government">Singapore government</a> announced that economic growth for the whole year of 2006 was 7.9%, higher than the originally expected 7.7%. Singapore's unemployment rate is around 2.2% as of 20 February 2009.<sup class="reference" id="cite_ref-9"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-9"><span>[</span>10<span>]</span></a></sup> As of 8 August 2010, Singapore is the fastest growing economy in the world, with a growth rate of 17.9% for the first half of 2010.<sup class="reference" id="cite_ref-Ramesh_0-1"><a href="http://en.wikipedia.org/wiki/Economy_of_Singapore#cite_note-Ramesh-0"><span>[</span>1<span>]</span></a></sup>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0