Q:

What is the economic system of Singapore?

A:

Quick Answer

Singapore's economic system is that of a greatly developed and successful free-market economy. There is hardly any corruption with its open trading system. Prices are stable, with a GDP per capita that is higher than a majority of developed countries.

Continue Reading
Related Videos

Full Answer

Singapore's economy is heavily reliant on IT products, consumer electronics, pharmaceuticals and an increasing number of financial services. Singapore's GDP was $295.7 billion in 2013. Its GDP per capita in 2013 was $62,400, ranking it as seventh compared to other countries in the world. Singapore's GDP real growth rate in 2013 was 4.1 percent, ranking as seventy-forth compared to other nations in the world. The unemployment rate was 1.9 percent, with no population below poverty line in 2013.

Learn more about Economics
Sources:

Related Questions

Explore