Singapore Microeconomic

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Singapore Microeconomic Summary
Fifty years ago Singapore was known to be among the most underdeveloped countries with a GDP of less than US$ 320. Currently, the country is one the fastest growing economies with a GDP of US$ 60,000 making it among the richest economies in the world (Bhaskaran 200). It is for the fastest growth of Singapore economy that this paper looks at its microeconomic status from the year 2009.
Singapore, officially known as Republic of Singapore is an island country and a sovereign city-state in southern Asia. It lies on the southern peninsula and is 137 kilometers north of equator.Singapore is one of the world's major commercial hubs, with the fourth largest financial centre and one of the busiest ports in the world. The country’s population is 5,469,700 people where 61% of the individuals are citizen while the remaining 39% are permanent residents or foreign students. According to Bhaskaran (211) the majority of the people (51%) in Singapore are aged between 24-51years old.
The monetary policy of Singapore has been centered on the management of exchange rate since early 1980s.This is because the primary objective was to promote medium term cost stability as a basis for sustainable economic growth in the country. The selection of the monetary policy regime is predicated on the small and open nature of the Singapore economy. Since 2009, Singapore has a highly developed economy, based historically on extended and international trade. Together with South Korea Hong Kong, and Taiwan, Singapore is one of the Four Asian Tigers. The Singapore economy is known as one of the most innovative, most competitive, and most business-friendly. The 2013 Index of Economic Freedom puts Singapore as the freest economy globally, behind Hong Kong.
According to Tong (105), Singapore is ranked 15th largest exporter and 14th…...

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