Singapore: A thriving Economy in midst of recession

Singapore: A thriving Economy in midst of recession

Since independence in 1965, Singapore has grown in leaps and bounds over the decades economically, from a labor-intensive system to export-driven economy; Singapore’s development is far above its small population of 5.664 million.

It worth to appreciate how the government revived the economy and sustain the people, manufacturing companies, housing schemes, and avoid outrageous inflation in an ever dynamic Asian market. Where there are giants like China, Japan, India, Taiwan and other emerging economies that can flood the market with various products.

Dedicated team thinkers the future of a nation

Since the global recession of 2009, Singaporean government established several committees to fashion models that will move the nation forward despite the global challenges. That is important considering the fact that Singapore is a nation with a modest population and a growth rate or 1.97%. Which means the population is aging amidst a drop in birth rate over the last few years.

The third of such committees is the committee on the future economy CFE, with economic gladiators like; the Finance Minister as one of the head. The Minister and his team drafted seven strategies that will move the nation to the expected dream by 2030. A great feat is because the Finance minister had a stroke last year, yet remain the pivotal image of the team that presented the strategies last February 9. There is no better way to show the willingness to make the economy grow in the highly competitive global surrounding that such self-sacrifice even at the point of death.

Manufacturing sector rescue Singapore

Manufacturing sector played a pivotal role in rescuing the economy from recession through export to China and other nations. Export growth during November and December of last year was amazing. The growth in export is a good pointer, that recovery in the manufacturing maybe quicker. And that the economy is trying to get back on its feet.

Government tries to avoid tax burden on people

Though there is a budget surplus in the new budget, the government still aims to avoid excessive taxes on the masses and focus on helping small businesses grow by offering loans that are affordable, with minimal interest to boost manufacturing and other sectors of the economy.

With Singapore’s favorably developed free economy that is successful, in a no corruption environment, with a stable, and affordable prices of goods and services, and a per capita GDP that dwarf’s most of the developed nations, and an unemployment rate that is very small compare to the population. There is no better way to describe one of the strongest economies in the Asia that is not tired. But ready to be a force to reckon with and possibly dominate the world export market by the year 2030.

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