SINGAPORE

Singapore was founded as a British trading colony in 1819.

It joined the Malaysian Federation in 1963 but separated two years later and became independent.

Singapore subsequently became one of the world's most prosperous countries with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.

BACKGROUND

Despite the small geographic size of the nation, Singapore economy is one of most prosperous in the world, with a strong international trade link.

Singapore economy is a capitalist mixed economy, with minimal government intervention in the market. 

SINGAPORE’S HISTORY

The 1365 Javanese epic poem Negarakretagama identified a settlement called Tamasek, Water Town, on Singapore island. 

The Sejarah Melayu orMalay Annals has the most colorful account of how Singapore got its present name. 

During the 14th century, Singapore was caught in the struggle between Siam (now Thailand) and the Java-based Majapahit Empire for control over the Malay Peninsula. 

In the early 15th century, Singapore was a Thai vassal state, but the Malacca Sultanate which Iskandar had founded quickly extended its authority over the island.

Malacca in 1511, the Malay admiral fled to Singapura and established a new capital at Johor Lama, keeping a port officer in Singapura.

In 1819, Singapore was established as a trading station by Sir Stamford Raffles under an agreement between the British East India Company and the Sultan of Johor and the Malay ruler of the island.

In 1824, Singapore was ceded in perpetuity to the East India Company by the Sultan.

During World War II, Singapore was occupied by the Japanese from 1942 to 1945.

In August 1958, the State of Singapore Act was passed in the United Kingdom Parliament providing for the establishment of the State of Singapore.

Singapore achieved internal self-government on 3 June 1959

Singapore became the 117th member of the United Nations on 21 September 1965. On 22 December 1965, the Constitution Amendment Act was passed under which the Head of State became the President and the State of Singapore became the Republic of Singapore.

ECONOMY

Singapore has a highly developed and successful free-market economy

It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries

The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector.

According to the World Bank “Doing Business 2010 Report,” Singapore economy is considered to be the easiest to do business in. In fact, Singapore has been awarded the most competitive country in Asia.

purchasing power parity):

$292.2 billion (2010 est.)

country comparison to the world: 41

official exchange rate:

$217.4 billion (2009 est.)

real growth rate:

14.6% (2010 est.)

country comparison to the world: 2

per capita:

$62,200 (2010 est.)

country comparison to the world: 5

composition by sector

agriculture: 0%

industry: 27.2%

services: 72.8% (2009 est.)

Gross Domestic Product

YearGross Domestic

Product($ millions)

US Dollar ExchangePer Capita

Income(as % of USA)

1980 25,117 2.14 Singapore Dollars 39.65

1985 39,036 2.20 Singapore Dollars 36.63

1990 66,778 1.81 Singapore Dollars 52.09

1995 119,470 1.41 Singapore Dollars 86.14

2000 159,840 1.72 Singapore Dollars 66.19

2005 194,360 1.64 Singapore Dollars 67.54

2007 224,412 1.42 Singapore Dollars 74.61

2008 235,632 1.37 Singapore Dollars 73.71

2009 268,900 1.50 Singapore Dollars 78.53

2010 309,400 1.32 Singapore Dollars 82.13

Labor force:

3.09 million (2009 est.)

country comparison to the world: 101 by occupation:

agriculture: 0%

industry: 23.8%

services: 76.2% (2008)

Labor Force

Unemployment Rate 3% (2009 est.) country comparison to the world: 19

Unemployment Rate

Year Unemployment rate

Rank Percent Change

Date of Information

2005 3.40 % 29 -29.17 % 2004 est.

2006 3.10 % 28 -8.82 % 2005 est.

2007 3.10 % 29 0.00 % 2006 est.

2008 2.10 % 18 -32.26 % 2007 est.

2009 2.20 % 23 4.76 % 2008 est.

2010 3.00 % 22 36.36 % 2009 est.

revenues: $31.24 billionexpenditures: $32.78 billionexpenditures exclude public debt, financial

transfers, and development estimates (2009 est.)

Budget

102.4% of GDP (2010 est.)country comparison to the world: 10

It include:Singapore Government Securities (SGS)

issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund.

Public Debt

2.6% (2010 est.)country comparison to the world: 82

Inflation Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2011 5.50                      

2010 0.20 1.00 1.60 3.20 3.20 2.70 3.10 3.30 3.70 3.50 3.80 4.60

2009 4.30 3.30 2.60 0.30 0.20 0.00 -0.30 -0.30 -0.50 -0.90 -0.80 -0.50

2008 6.60 6.50 6.70 7.50 7.50 7.50 6.50 6.40 6.70 6.40 5.50 5.50

Total Trade at Current Prices (December 2010)Most Recent Period =$ 77,108.1 MPercent in Change = 9.1Previous Period = $75,318.6 M

Total Exports at Current Prices(December 2010)Most Recent Period = $41,504.4 MPercent in Change = 12.3Previous Period = $39,689.1 M

Total Imports at Current Prices(December 2010)Most Recent Period = $35,603.7MPercent in Change = 5.5Previous Period = $35,629.4M

External Trade

Industrial Production Index (December 2010)Most Recent Period

= $110.1M Percent in Change

= 9.0 Previous Period

= $120.7M

Manufacturing

products orchids, vegetables; poultry, eggs; fish, ornamental fish

Industries electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade

Industrial production growth rate: 10.2% (2009 est.) country comparison to the world: 14

Agriculture and Industries

Economic Issues

 Cost of living in Singapore has been rising

Centers not on construction workers or cleaners fighting with Singaporeans for their daily jobs.

 Singaporeans want immigration policies to be tightened on the middle and lower-middle income workers range — where foreigners not only depress the working wages of Singaporeans as a result of their entry into the job market, but also cause many to lose their jobs.

Best Practices

Given the small land area of 648km2, and projected large population size, over 4.5 million people, Singapore has no choice but to go for high-risk, high density public housing, if we are serious about providing good housing for every citizen. Liu Thai Ker, former CEO of Singapore’s HDB (Delius, 2000).

Singapore’s overall goal is to grow in an efficient, clean, and green way. We want to develop without squandering resources and causing unnecessary waste. We want to develop without polluting our environment. We want to develop, while preserving greenery, waterways, and our natural heritage.

The Singapore’s Sustainable Development Model (excerpt from the speech of Minister for National Development Mah Bow Tan)

What does this mean? Under our long-term, integrated planning approach, we align our policies - from energy to transport to industry and urban planning - and take a long-term, holistic view of our needs and circumstances.

We also adopt a pragmatic and cost-effective approach. We recognize our strengths and weakness. We aim to achieve economic growth without degrading the environment. We strive to do so in the most cost-effective way, recognizing that public resources are finite.

We need to be nimble and flexible. The task of maintaining economic growth and a good environment is always work-in-progress. We have to remain adaptable, and adjust flexibly to changes in technology and in the globalenvironment. We will invest in building our capabilities today to give us moreoptions to respond to challenges tomorrow.

The Housing and Development Board is the largest housing developer in Singapore.

The majority of the residential housing developments in Singapore are publicly governed and developed and about 75% of Singaporeans live in such houses. They are called HDB flats.

Sustainable Public Housing

HDB flats are affordable for the masses and their purchase can be financially-aided by the Central Provident Fund. The apartment flats are not actually purchased but leased in a 99 year lease-hold.

These flats are located in housing estates, which are self-contained satellite towns with schools, supermarkets, clinics, hawker centers, as well as sports and recreational facilities. These planned and developed homes promote the building of a cohesive community and offer a quality living environment.

“In Singapore, high density presents not only the most viable housing solution but also creates an opportunity to generate some of the most innovative sustainability ideas. One of the best practices that emerged is the incorporation of high-rise greenery into high density housing. Such incorporation not only creates additional social interaction spaces to replace lost ground, but also brings a unique balance of built and natural environments. The incorporation of greenery also serves to reduce heat gain on the roofs and allows natural rain harvesting.” say Tai Lee Siang, President of the Singapore Institute of Architects (Carbona, 2009)

Optimization of land use > HRHD buildings integrated with lush green areas and landscaping.

Self-sufficiency of each town > complete community and reduces the need to commute.

Efficient transport network

Environmental Sustainability

Use of the Green Mark Scheme under the Building and Construction Authority. It promotes the adoption of green building design and technologies. Buildings are assessed on energy and water efficiency, indoor environmental quality and environmental protection. Target: 80% of all buildings in Singapore by 2030.

HDB’s Building Research Institute undertakes R&D on green building technologies.

The public housing budget is only within one percent of Singapore’s GDP.

Generous housing subsidies allow Singaporeans to service their mortgage loans over a long term and using their Central Provident Fund account.

HDB offers a wide range of flat types for different population segments with different budget.

Economic Sustainability

The Ethnic Integration Policy, which in contrast with the Raffles Plan, seeks to prevent the formation of racial enclaves by setting the maximum allowable proportion for each ethnic group in every HDB neighborhood and block. This ensures a balanced mix of residents of different ethnic groups to encourage interaction and foster cohesion.

Social Sustainability

The housing estates are designed physically to promote interaction of households with varying income and social profiles

Community involvement in upgrading and development of public housing thru solicitation of public feedback and community events.

Currently the city has 23, 400 hectares of parks and green areas and about 3,000 hectares of nature reserves. When Singapore began to develop rapidly in the early 1970’s, city planners formed a “garden city action committee” with members from each of the main ministries. This group ensures the city’s long-term commitment to setting aside and maintaining nearly one hectare of green space for every 1,000 people.

Abundant Green Space

Recently, it has embarked on a campaign to provide 245hectares of “park connectors” - green corridors that will eventually connect every park and reserve on the island. The corridors will contain bike paths and hiking trails, affording residents more options for getting around the city. (Population Reports, 2002)