WHY IS SINGAPORE SO RICH? GRACE MEDIA EXPLAINS. Singapore is a small country that has managed
to become an Asian economic powerhouse. Despite having a small domestic market
and a scarcity of natural resources, this country successfully weathered the 1997 and 2008 financial
crises. Singapore's economy is now one of the most stable in the world, with no external debt,
high government revenues, and a consistent positive surplus. Singapore's economy is
primarily fueled by exports of electronics and machinery, financial services, tourism,
and the world's busiest cargo seaport. So, I'm sure you're wondering which Singapore
industries drive the economy. Manufacturing, which includes electronics, chemicals,
biomedical sciences, logistics, and transport engineering, is Singapore's largest industry
by far. The manufacturing sector grew by 35% in the third quarter of 2017,
with clusters such as electronics and precision engineering benefiting from high demand. Closely
following Singapore's manufacturing industry is its financial services industry, which has
experienced consistent growth as a result of the country's pro-business environment and political
stability.This country's financial services marketplace facilitates the transfer of knowledge,
processes, technology, and skill between global, regional, and domestic markets, as it is home to
over 200 banks and a regional hub of choice for many global financial services firms. Medical
technology, aerospace engineering, clean energy, healthcare, and content development are some
of the other emerging industries that are making significant contributions to Singapore's economy.
I'm sure we've all wondered why this country has no significant natural resources
but is still wealthy. Why will others wonder what natural resources Singapore possesses?
Singapore, on the other hand, is located at the southernmost tip of the Malaysian peninsula, and
with a land area smaller than that of New York, it lacks significant natural resources.This, however,
did not prevent Singapore from becoming a regional oil and gas hub, as well as a world leader in
sustainable water solutions and projects such as new water and the deep tunnel seepage system.
It has been said that Singapore's true natural resource is its people, and this could not be
more true in a growing economy. As the economy grows, both local and non-local businesses will
have access to a larger pool of educated workers and, eventually, a growing consumer market. All of
these questions will be addressed in this video; the next question is how developed Singapore's
infrastructure is. Singapore's infrastructure has always been well-developed as a commercial
and military seaport during the British colonial era. Following Singapore's independence in 1965,
the post-colonial government worked to improve and expand the country's transportation,
communications, industrial, and housing systems. This country is served by 9,310 kilometers of
paved roads, 199.6 kilometers of rail, and island-wide bus, taxi,
and ride-sharing operations. The transportation system is efficient, safe, and on time.
Changai International Airport has direct flights to 380 cities in 90 countries.It
handles over 7,000 weekly flights, transporting passengers and cargo all over the world. By sea,
the Singapore port provides shoppers with access to over 200 shipping lines and 600
ports in 123 countries. At any given time, the Singapore port can have up to 1,000 ships docked,
making it the busiest container port in the world. The telecommunications system is no
less impressive; Singapore has one of the highest mobile penetration rates in the world, with 1.5
phones per person, and more than 90 percent of Singaporean households have Internet access.You
can use a free island-wide Wi-Fi service called Wireless@SG in hotspots such as coffee shops,
fast-food restaurants, and Changi Airport. Singapore also has an abundance of industrial
and commercial facilities for businesses. Jurong Town Corporation (JTC) has over 47.7 million
square meters of strategically located industrial space available for the construction of factories,
warehouses, and business parks. Commercial businesses can choose from a variety of
world-class high-rise and low-rise offices in the Central Business District and other parts of town.
Singapore's GDP for the third quarter of 2017 is estimated to be around 107 billion dollars.
According to Bloomberg, the country's economy grew by 5.2 percent during this time period,
the fastest rate in more than three years. The recovery of global trade and an improving
labor market have enabled Singapore to not only sustain growth in the manufacturing industry,
but also to expand into other sectors such as services and retail. According to the Monetary
Authority of Singapore, the country's economy will likely expand at a steady but slightly slower pace
in 2018 compared to 2017. Isn't it surprising to learn about a country with no debt? Take a look
at this. Since 19 95, the Singapore government has had no external debt. In terms of domestic debt,
the total outstanding government borrowing as of the third quarter of 2017 was 496 billion dollars,
which included registered stocks and bonds, treasury bills, and advance deposits. This
high figure, however, does not accurately represent Singapore's fiscal strength;
the Singapore government borrows to invest, and the return on investment (ROI) generated on these
investments compensates for the difference. The Singapore government has a strong balance sheet,
with assets outweighing liabilities, as a result of implementing these strategic debts alongside
strong asset protection, robust economic growth, and prudent macroeconomic policies.
As of the third quarter of 2017, the Singapore government's total revenue was estimated to be 69
billion dollars. Singapore, like most governments, derives the majority of its revenue from taxes,
including income, property, excise and customs duties, and GST. Other sources of revenue for the
government include license and permit fees, rental of government property, fines and forfeitures,
and capital receipts from the sale of capital goods. The Singapore dollar was trading at 1.3467$
per US dollar in November 2017, slightly lower than the 2016 average rate of 1.3815$.
In terms of development policies, Singapore is committed to assisting its citizens in rising
out of poverty and improving their standard of living. As a result, the government encourages
the establishment of Singaporean industries and businesses. Several funding avenues have been
made available to assist these local industries. In addition to government grants, the top 10
personnel loan money lenders in Singapore ensure that funds are available for entrepreneurs to
start or maintain their businesses. The interest rates and modes of payment imposed by these
lenders are regulated by Singapore's Ministry of Law. Furthermore, because of the large number
of poor people who live there, this country used to have the most slum areas in the world.
However, as a result of the housing development policies established by the housing board,
Singapore was gradually transformed into a megacity that aided its citizens in gradually
moving out of the slums and into planned housing facilities. Along with better job opportunities,
living in a better home greatly improved the locals' standard of living. This country is also
focused on technology, making it a regional hub for some international corporations.
Singapore's government encouraged free trade, which aided the country in attracting massive
international investment from multinational corporations. Aside from that, the country
is regarded as a regional exchange hub, from which its GDP benefits significantly.
Former Prime Minister Lee Kuan Yew made it a priority to reform Singapore's government.
Singapore, which was one of the most corrupt countries in the world when
it gained independence from Britain, now ranks among the top ten in terms of anti-corruption.
The country's financial and economic policies are all geared toward keeping the country free
of corruption and political turpitude. As a result, funds were properly allocated to
assist its citizens in escaping poverty and transforming the country into one of the most
successful countries in the world, with a per capita income that exceeds that of European
and other Asian countries. Singapore is now one of the world's wealthiest countries,
and the country's success can be attributed to former Prime Minister Lee Kuan Yew's foresight
and wisdom. His strong financial and economic policies ensure that the government is free of
corruption. He also restricted the operations of foreign banks and encouraged technological
development. Aside from that, the economic and housing development boards gave locals
opportunities to rise out of poverty and improve their living conditions. All of these factors
contribute to Singapore's continued status as one of the world's richest countries.
So, Singapore's opulence has come to an end. Singapore is now regarded as one of the world's
richest and most developed countries. This was not always the case, as there was a time
when the country had virtually no natural resources with which to build its economy.
It would be interesting to learn how it became so wealthy in this video, as I am sure we learned
a lot about Singapore. Please give us a thumbs up by clicking the like button, or better yet,
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