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25 facts on Singapore's amazing success

Last updated on: June 6, 2011 12:18 IST

25 facts on Singapore's amazing success

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Singapore has scripted Asia's most successful growth story. It was the fastest growing economy in the world in 2010.

The nation's gross domestic product (GDP) grew by 22.5 percent in the first quarter of 2011 over the previous quarter.

Singapore along with Hong Kong, South Korea and Taiwan are called the 'Four Asian Tigers'.

Singapore's banking system is considered to be among the strongest in the world. Singapore has the fourth largest foreign exchange market in the world after London, New York and Tokyo.

Click NEXT to find out 20 interesting facts about Asia's most prosperous economy...

Image: The Marina Bay street circuit of the Singapore Formula One Grand Prix is seen illuminated at dusk.

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Singapore has the 40th largest economy in the world. In 2010, Singapore's GDP was $222.699 billion and its GDP (PPP) was $291.937 billion.


Image: A guest swims in the infinity pool of the Skypark that tops the Marina Bay Sands hotel towers.
Photographs: Vivek Prakash/Reuters.
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Singapore has a highly developed and successful free-market economy. It is one of the world's leading business centres and a major destination for foreign investment.


Image: An aerial view at dusk shows part of the illuminated Marina Bay street circuit of the Singapore.
Photographs: Edgar Su/Reuters.
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Financial stability, excellent legal and regulatory framework ensures the financial sector is transparent and efficient. Anti-corruption laws are well enforced.

Inflation is low averaging 1.9 per cent between 2007 and 2009.


Image: ION Orchard, a mall owned by CapitaMalls Asia.
Photographs: Rob Dawson/Reuters.
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Singapore has the 8th largest current account balance in the world for 2010 at $49.454 billion. By 2016, Singapore's current account balance is expected to be $47.518 billion.


Image: An aerial view shows the illuminated Marina Bay street circuit of the Singapore Formula 1 Grand Prix
Photographs: Edgar Su/Reuters.
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Singapore is ranked as the best country in the world to do business ahead of Hong Kong and New Zealand, according to the 2011 World Bank Ease of Doing Business Index.


Image: Alain Robert scales to the top of the 165-metre high S'pore Flyer observation wheel.
Photographs: Tim Chong/Reuters.
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Singapore's economy depends on exports in consumer electronics, information technology products and pharmaceuticals. Singapore possesses the world's tenth largest foreign reserves.

Image: Light is reflected off the spike domes that has made Singapore's new 'Esplanade Theatres on the Bay' arts centre the talk of the town. The unusual arts centre, built at a cost of S$600 million ($337 million), has become a symbol of the city state's push into the arts.

Image: Light is reflected off the spike domes.

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Singapore is considered to be the world's logistics hub. It has busiest port in the world. The country plans to invest $44 billion into the suburban metro system over the next 10 years.

Image: The Singapore Flyer observation wheel is pictured at dusk.
Photographs: Tim Chong/Reuters.
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Singapore is also ranked third in the World Economic Forum's Global Competitiveness Report behind Switzerland and Sweden.


Image: A view of Singapore taken from a helium balloon.
Photographs: Reuters.
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In terms of investment potential, Singapore is ranked second worldwide for 16 consecutive years. Singapore has most open economy for international trade and investment.


Image: A man dressed as a Chinese God of Fortune walks inside the Resorts World Sentosa casino.
Photographs: Reuters.
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Thanks to Singapore's advanced and efficient infrastructure, more than 3,000 multinational corporations (MNCs) from the United States, Japan, and Europe have invested in the island nation.

MNCs account for more than two thirds of manufacturing output and direct export sales.


Image: A view of the Singapore skyline.
Photographs: Reuters.
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Singapore's robust economy has shown resilience to the 1997 Asian financial crisis and the 2008 global slowdown. Singapore is also the only Asian country to have AAA credit ratings from Standard & Poor's, Moody's and Fitch.

Image: The Merlion is a mythical creature with the head of a lion and the body of a fish. It was created in 1964 by the Singapore Tourism Promotion Board as a symbol for Singapore. The lion head refers to the legend of Sang Nila Utama, who sighted a lion when he discovered Singapore, while the fish torso points to Singapore's humble beginnings as Temasek, a fishing village.


Image: The Singapore Merlion is seen in front of the city centre.
Photographs: Reuters.
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According to the 2011 Index of Economic Freedom, Singapore is the second freest economy in the world. It takes three days to start a business in Singapore while the world's average is thirty-four days.


Image: Singapore.

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Corruption is perceived as almost non-existent. It is a crime for a citizen to bribe a foreign official or any other person, either within or outside of Singapore.


Image: Performers for the 2011 Chingay parade pose for cameras.
Photographs: Tim Chong/Reuters.
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Singapore's labour market is highly flexible. Today, foreign workers comprise of 35.8 percent of the labour force. Regulations related to work hours are very flexible.


Image: Skyscrapers of Singapore's Raffles Place financial district.
Photographs: Tim Chong/Reuters.
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Its strong business and regulatory policies, strategic geographic position, a vast natural seaport, a highly skilled workforce and a favourable tax regime, have created an ideal business environment for businesses to flourish.


Image: A view of the Central Business District in Singapore.

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Singapore had a population of 5.165 million in 2010. Singapore has an unemployment rate of 2.2 percent, one of the lowest in the world. Singapore has one of the lowest annual population growth rates in the world.


Image: Participants cycle past the financial district skyline during the OCBC Cycle Singapore event.
Photographs: Vivek Prakash/Reuters.
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Singapore is recognised as one of the premier asset management centres in Asia with more than 200 international asset management firms.


Image: A view of the exterior of the Fusionopolis complex in Singapore.
Photographs: Vivek Prakash/Reuters.
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Singapore's industrial production growth rate for 2010 was the third highest in the world at 25 per cent.

Singapore is ranked the 3rd the most competitive country in the world. It is also known as the best protector of intellectual property.


Image: Skyscrapers of financial district and the construction site of the Marina Bay Sands casino resort.
Photographs: Reuters.
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One of the world's major oil refining and distribution centres, Singapore has the distinction of being the 18th largest exporter of oil in the world.

In 2010, Singapore exported 1.374 million barrels of oil/day. Singapore imports oil from other countries, refines and exports it to other nations.


Image: Fireworks explode over Marina Bay and the Esplanade theatres.
Photographs: Tim Chong/Reuters.
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Singapore is the 14th largest exporter and the 15th largest importer in the world. In 2010, Singapore's exports were valued at $351.2 billion.


Image: Singapore's Changi Airport.

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There are 170,000 millionaires in Singapore. From 2012 to 2016, Singapore's GDP (PPP) per capita is expected to rise by 3.94 to 4.14 per cent annually and hit a high of $72,178.82 by the end of 2016.


Image: A newlywed couple takes a sampan ride on a canal inside a shopping centre at the Marina Bay Sands.
Photographs: Vivek Prakash/Reuters.
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Manufacturing is a major industry in Singapore. It is also a global leader in services. Tourism sector is another revenue earner for the economy.

Image: Singaporean children frolic in imitation snow under a giant Santa Claus outside a shopping mall.
Photographs: Reuters.
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Singapore has an advanced and reliable telecommunication infrastructure. Singapore is one of the few countries where broadband Internet access is readily available anywhere in the country with a connectivity rate of over 99 per cent.


Image: An artist puts finishing touches on a huge dragon display outside a Singapore shopping mall.
Photographs: Reuters.
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Foreign immigrants and expatriates are encouraged to live and work in the country. The island nation is ranked No. 1 for Asian expatriates in 2010 on ECA International's Location Ratings Survey.

Image: An exterior view shows the castle, a part of Universal Studios theme park in Singapore.
Photographs: Vivek Prakash/Reuters.
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Singapore ranks high in terms of offering the best quality of life according to the Mercer Quality of Living Survey 2010.

Image: Singapore prospers.
Photographs: Reuters.
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