Singapore Economy 4-28-24

Singapore has an excellent economy. They have the highest Per Capita GDP, a Trade Surplus and low unemployment. Singapore overtook Hong Kong as the top financial services country for Asia in 2022. 

Nominal GDP $525.2B, Per Capita GDP $88,447, Population 5,917,600, Debt to GDP 170.8%,

Exports $942B, Imports $870B, Trade Surplus $72B, Unemployment 1.8%, Inflation 13.9%.

Singapore developed a banking sector that focused on loans needed for economic development.

Imports include machinery, equipment, chemicals, mineral fuels, consumer goods and food.

Exports include electronics, machinery, pharmaceuticals, chemicals, cosmetics, food and refined petroleum.

Main Industries include: Electronics, Financial services, Information and communications technology, Civil engineering, Oil drilling and exploration, Petroleum refining, Chemical products Cosmetic products, Biomedical products, Scientific instruments, Medical tourism, Telecommunications equipment, Rubber, Food and beverages products, Marine engineering and shipbuilding, Security services, Life sciences, Re-exportation, Waste management and recycling, Arts & entertainment, Fashion Design, Small-scale agriculture and aquaculture.

Singapore lane area is 283.5 sq mi. and no agriculture. All raw food is imported to its 6 million population.

Singapore does process and export food. Its main products include flavorings, sauces, ready-to-eat meals, noodles, deli meat, sausage, confectionary, chocolates, snacks, and beverages (including beer). Almost all raw materials for the Singaporean food processing industry are imported, as local agricultural production is minimal.

Singapore water is supplied by two rivers and has water treatment and sewage treatment facilities.

The most wanted jobs in Singapore are IT and software, engineering, finance and accounting, healthcare, nursing, business management, human resources, marketing and sales, STEM, hospitality, and others.

Comments

I visited Singapore in 1984 to set up a subsidiary to sell Hayes Modems in Asia. Matel was closing its game-board facility and I went to interview their staff. We hired 3 of them.  I wrote the expatriate offer letter to their manager who was a US citizen to match the deal he had with Matel.

I spent time with the Matel staff. They were hard working free market capitalists with good governance. 

Singapore allowed families to borrow their social security taxes to purchase apartments. They required all students to take a comprehensive exam in 6^th grade. Those who failed were schooled separately to prepare them for service jobs. This resulted in some suicides, because the students felt that they had dishonored their families. Family size was limited to 2 children unless both parents were college graduates.

Singapore is an island on the equator south of Maylasia. The population is a mix of Asians and Westerners with good values and retaining their original religions. Everybody goes north for the Chinese new year.  I was impressed.

Singapore reverted to British control after WW2 and functioned as a British colony from 1946 to1958 when it became an independent country.

Lee Kuan Yew was Prime Minister of Singapore from 1955 to 1990. He was the founding father of modern Singapore. He died in 2015.

Norb Leahy, Dunwoody GA Tea Party Leader