Singapore has a vibrant free-market economy, developing rapidly. It has a high per-capita income, sustained and strengthened by an educated workforce, an environment free of corruption and a stable financial and legal business framework. Singapore is in a continuous change and development.
A large number of major initiatives of redevelopment are taken in industries such as tourism, property, retail, leisure or construction. Recently, a lot of importance is given to the Singapore service sector. Singapore is an export-led economy. The main exported goods are consumer electrics, semiconductors and other high-tech products. Recently, the government has made great investments in order to diversify the economy. This way the tourism, pharmaceutical, education, retail, medicinal technology and multimedia industries have grown considerably.
The rich population of Singapore was made even more wealthy in 2007. Prices on properties rose with more than 29 per cent, the fastest rising prices in the world., adding thousands of millionaires to the population. The gambling industry is growing in Asia. Macau even overtook Las Vegas as the world's biggest casino center in 2007. The Singapore government approved the construction of the first two resorts granted in the republic, with casino licenses: Marina Bay Sands - an integrated resort focused on business, which will draw investments of $5 billion, opening in 2009 - and Resorts World at Sentosa, which is more family oriented and is due to open in 2011.
Many other events, such as the first Formula 1 night race, hosted by Singapore in 2007 or the first Youth Olympic Games in the world in 2010 will boost the Singaporean economy. The Singapore government invests its large reserves in the development of sectors like technology and education. More and more investments are being made outside the country through Temasek Holdings and the Government Investment Corporation of Singapore (GIC), two sovereign wealth funds. Singapore's financial rising is also helped by the favorable geographic location. Its huge seaport which is crucial for the country's development, as it is used for both export and import activities.
Singapore has steady real growth rates, due to the country's successful economic strategy. Singapore absorbed three economic shocks: recession in the United States and European Union countries, SARS and an economic slump, all of these between 2000 and 2003. In spite of that, it recovered quickly, thanks to a sound economic structure and strategy, great infrastructure, some foreign investments and a capable workforce. Corporations connected to the government have also played an important role in the economic development. Singapore has positioned itself to gain from the forces of globalization, and indeed to be a hub for international business and trade.
