Singapore is blessed
with a highly developed and successful free-market economy, a
remarkably open and corruption-free business environment, stable
prices, and the fifth highest per capita GDP in the world.
Exports, particularly in electronics and chemicals, and services
are the main drivers of the economy. Mainly because of robust
exports, especially electronic goods, the economy grew 10.1% in
2000. Forecasters, however, are projecting only 4%-6% growth in
2001 largely because of weaker global demand, especially in the
The government promotes high levels of savings and investment
through a mandatory savings scheme and spends heavily in education
It also owns government-linked companies (GLCs) - particularly in
manufacturing - that operate as commercial entities.
As Singapore looks to a future increasingly marked by
globalization, the country is positioning itself as the region's
financial and high-tech hub.