Singapore’s economy: A major financial hub

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In the Asia Pacific region, Singapore is a major financial Hub. It is one of the world’s most advancely growing economies.  In 2017, Heritage Foundation’s Index of Economic Freedom ranked Singapore as the world’s second most open economy . The World Bank’s Doing Business Report ranked Singapore as the world’s second most pro-business regime. .
Singapore has a small domestic market and it also has a lack of natural resources. Even after the shortcomings, Singapore’s economy is one with the most stability in the world.  It has no foreign debt, the government has high revenue and it has surplus all the time. Driving factors of its economy are its financial services, exports in electronics manufacturing and machinery etc, tourism, and it also has the world’s busiest cargo seaport. 
The most Important industry clusters in Singapore’s manufacturing include chemicals, electronics, transport engineering, logistics and biomedical sciences. Manufacturing sector, which is Singapore’s largest industry, contributes 20%-25% of the country’s annual GDP.  
It is home to more than 200 banks. Many global financial services firms chose Singapore. Singapore’s financial services marketplace provides facilities like the transfer and sharing of technology, knowledge, processes and skills. It is done between various global, domestic and regional markets.
There are many other industries that are making significant contributions to Singapore’s economy which mainly include medical technology, clean energy, healthcare, content and digital development and engineering in aerospace technology. 
Singapore has developed itself into a regional hub for oil and gas. It is also a world leader in sustainable water projects. It has been said that Singapore’s true gems are its people. 
The telecommunications system is equally extraordinary. More than 90% of households in Singapore have internet access. Fortune ranked it as the third wealthiest nation in the world. High rates of foreign direct investment are made in Singapore. Singapore’s economy is an apt example of one of the world’s best healthy growing economies.

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