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EC5005 - Introduction to Econometrics
The Economy of Singapore: An Overview
The economy of Singapore has transformed over the years. It has followed the distinctive way to economic growth and development, manufacturing competitiveness together with the stability in politics as well as the transparency. The per capita GDP level of Singapore is significantly as good as to the level of advanced countries of west. Although the Singapore has faced many constraints of the geographical precincts and of natural resources, this city- state has enabled itself to standout among other economies on the basis of diversity and economic prosperity by the trade liberalization, financial globalization moreover the capitalistic growth-strategy that eventually turned the Singapore a ‘brand’ amongst other nations. Presently the Singapore is a regional headquarter of 3000 plus MNCs and it owns the global ranked service and financial sectors in the economy and most of all exceedingly efficient and well-organized physical infrastructure. Singapore constantly ranks higher amongst the 'most attractive countries for international business'.
The real output, monetization of economy and commercialization determine the type of demand for the financial services. With a rapid rise in the growth rate of real national-income, there will be a rising demand from the enterprises for the sake of external finance and consequently as a monetary intermediation. Correspondingly, at a specific aggregate grow