Fascinating Singapore 7 years ago news. Singapore is one of the world’s most prosperous nations

Singapore is one of the world’s most prosperous nations, with a business-friendly regu-latory environment and a very low unemployment rate. Despite an active parliamentary opposition, it has been ruled by one party, the People’s Action Party (PAP), for many decades. Prime Minister Lee Hsien Loong has led the government since 2004 and will oversee a PAP leadership transition before the next parliamentary election, which is slated for 2021. Although certain civil liberties remain restricted, the PAP has championed economic liberalization and international trade. Services dominate the economy, but Sin-gapore is also a major manufacturer of electronics and chemicals and operates one of the world’s largest ports. Principal exports include integrated circuits, refined petroleum, and computers
The total value of exports and imports of goods and services equals 326.2 percent of GDP. The average applied tariff rate is 0.1 percent, and 182 nontariff measures are in force. Foreign and domestic businesses are treated equally under the law, and nearly all sectors of the economy are open to 100 percent foreign ownership. The sophisticated financial sector is robust, and the number of foreign banks in the market has steadily increased
Singapore is consistently ranked as one of the world’s most business-friendly countries. In 2019, the government introduced measures to decrease the ratio of foreign workers to local employees, threatening labor supply in the services sector. The government funds generous housing, transport, and health care subsidy programs and influences other prices through regulation and state-linked enterprises.
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