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- A. Overview of Singapore’s Economy
Singapore was ranked as the 10th most competitive economy in the world in 2018 (World Economic Forum, 2018.). With a GDP of $ 364 billion in 2018 and a population base of 5.6 million, Singapore features among one of the highest income economies around the world. According to the department of statistics of Singapore its per capita income currently stands at USD 62,839.
Singapore has registered staggering growth since its independence in 1960s – its GDP has grown at a cumulative rate of 7.7%. Out of the four major components of aggregate demand, Singapore has exceptionally well in terms of investment and exports. The massive industrialization it witnessed in the decades after independence put the economy on a high growth trajectory despite being an island nation. Manufacturing today accounts for nearly 20% of its GDP followed by Retail Trade at 17%, Business Services at 14.8% and Financial Services at 13.9% (Department of Statistics, Singapore.) Following is the breakdown of its GDP according to an agency of the government of Singapore:
The manufacturing sector al