Singapore economy:An overview

ABSTRACT Singapore plays a leading role in changing the destiny of post colonial countries in Asian region, by heralding the unique success path of economic growth, industrial competitiveness coupled with political stability and transparency. Even though the country was constrained by geographical limitations and a vast natural resource base, the city- state was able to lay the foundations of economic prosperity and diversity through effective utilization of its entrepot status. When other Asian countries faced a chequered history of economic under development, political instability and social unrest, Singapore attempted a brave step towards liberalization, international trade and capitalistic growth strategy which ultimately made the country a ‘brand’ among other countries. Now Singapore serves as a regional headquarters for more than 3000 multinational companies and has world class financial and service sectors and above all highly efficient physical infrastructure. The country consistently ranks high among 'most attractive countries for international business' and has achieved a per capita GDP level comparable to levels of developed western nations. Against this context, this article attempts to provide a brief overview of Singapore, its economic history, macro economic trends and social and demographic profile. The main objective of the article is to present the growth and development of a small city state into the most vibrant and thriving economic destination across the world