Country Analysis (Singapore) Author Institution Abstract Singapore can be categorized as a hi-tech, wealthy city state located in South-East Asia. Singapore possesses the reputation for the conservatism depicted by its leaders and its strict social controls…
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Nevertheless, the country is criticized for running a system that churns out punishments for acts perceived to be anti-social; however, the country’s use of capital punishment that is applied mainly for drug trafficking offences hailed for stopping the growth of narcotics syndicates. A. Introduction to Country Analysis Singapore uses Singaporean Dollar (SGD) and has a total area of about 714 sq km. According to Singapore Department of Statistics, the 2009 population estimates stood at 5.18million (comprising of 3.26 citizens 0.53 million permanent residents 1.39million other foreign residents) with the population density revolving around 6671.7 sq km. Singapore government represents republic and parliamentary democracy with the official Singaporean languages include Mandarin, English, Malay, and Tamil. The major religions in Singapore include Buddhism (33%), Christian (11%), Taoism (11%), Catholicism (7%), Islam (15%), Hinduism (5%), other religions 1%, and no religion at17% (Jancloes-Schneider, 2012). Chinese make up the bulk of Singapore population (more than 75%) while Malays (13%) and Indians (9%) make up the rest. Singapore has also a significant composition of foreign workers. This diversity has translated into a distinct mix of religions, languages, cuisines, and cultural traditions. The successful integration of these elements has fashioned stable, accommodative relations depicted by mutual respect and that promotes social cohesion (World Trade Organization, 2000). Although Singapore is predominantly a multi-party nation, the People’s Action Party has dominated the political scene since independence from Malaysia in 1965. Singapore’s vibrant economy remains largely propelled by financial services and electronics industry (Parker, 2012). B. Economic Indicators Singapore possesses a developed market-based economy that has historically centered on extended entrepot trade. Singapore GDP (constant prices, National Currency) in 2010 stood at SGD 284.561 billion (and US $238.2 billion in 2011) while GDP (current prices, US dollars) in 2010 stood at US $222.699 billion. As per 2010, Singapore GDP growth ranged around 14.471% while GDP (PPP) in 2010 stood at US $291.937 billion (GDP PPP was US $327.557 billion in 2011) (Healy Consultants,2012). Singapore’s GDP per capita (constant prices, National currency) in 2010 stood at SGD 55, 093.67 while GDP per capita (current prices, National currency) in 2010 stood at SGD 58,790. 97. In 2011, the GDP per capita stood at SGD 63,050, which amounted to US $50,123 (Jancloes-Schneider, 2012). The inflation rate in 2010 stood at 2.823% while, in 2011, the inflation rate stood at 5.2% and is estimated to be 3.5% in 2012. Unemployment rate in Singapore decreased to about 1.9% within the third quarter of 2012 right from 2% registered in the 2nd quarter of 2012. In 2011, Singapore enjoyed an annual growth of around 5.2% with the benchmark interest rate last recorded by the Monetary Authority of Singapore standing at 0.1%. After an outstanding rebound in 2010, the Singapore economy slowed down a bit in 2011 owing to tighter economic policies and the slowdown witnessed in international trade (Jancloes-Schneider, 2012). C. Main exports and Imports Singapore’s geostrategic location, plus its developed port facilities means that a significant volume of Singapore’s merchandise exports involves entrepot trade with close to 47% of exports comprising of re-exports. The total value of exports in Singapore in 2010 stood at
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