Singapore is one of the best free market economies in the liberalized era, especially in terms of international trade, business and investment. Since independence, Singapore followed an export oriented, outward looking and capitalistic growth strategy, which ultimately led to the development of this resource constrained city state into one of the most sophisticated international business destinations. Singapore has world-class financial, business and transport service sectors; a manufacturing sector anchored by electronics, chemicals, and engineering; a stable, honest government, and modern, highly efficient infrastructure. The country consistently ranks high among the ‘most attractive countries for international business’ and has achieved a per capita GDP level comparable to levels of developed western nations. According to the World Economic Forum’s Global Competitiveness Report 2006-2007, Singapore edged out Japan, Hong Kong and Taiwan to be the most competitive Asian country, while coming fifth in world rankings. The main objective of the book is to explore the significance of Singapore economy in a global market conditioned by multiple forces of competitiveness, efficiency, openness and transparency. The book is divided into four sections. The first section presents an overview of the economy; section two presents the performances of different sectors of Singapore economy and identifies the chief pillars of economic prosperity in the country. The third section highlights some of the opportunities and challenges currently faced by the nation state. Section four consists of cases which discuss some of the key aspects of the Singapore economy discussed in other sections.
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