Economy

Singapore is classified as an upper-middle-income country by the World Bank. The gross national product per capita in 1985 was 7,420 dollars apart from Brunei, the highest in Southeast Asia. The country is one of the newly industrializing Asian countries along with Hong Kong, Taiwan, and South Korea.

Among the objectives are diversification and the upgrading of industry while developing the island into a center of regional services and international finance. Skill-intensive and high-tech industries are encouraged, as are research and development activities in a so-called second industrial revolution. Economic prosperity began in the 1960s, when the government decided to de-emphasize transshipment trade and emphasize industrialization.

Manufacturing generates some 25 percent of the gross domestic product (GDP). From 1965 to 1980 this sector grew at an annual rate of 13.3 percent. Major activities are petroleum refining, machinery and appliances (which includes the large electronics industry), metal engineering, and precision equipment. Most of the heavy industries are located in Jurong, an industrial estate established in 1968 in the western part of the island. Such incentives as tax exemptions and labor-training programs are used to lure industry.

Agriculture employs less than 1 percent of the labor force, and its contribution to the GDP is merely 1 percent. Given the limited land area for agriculture, cultivation is especially intensive. The nation is not self-sufficient in food. Both rice and vegetables, as well as meat, must be imported. Two major agricultural exports are orchids and aquarium fish species. Poultry farming is the largest agricultural activity.

Energy accounts for 40 percent of all imports. The nation does not produce any form of mineral energy. The petroleum-refining capacity is estimated at 1.1 million barrels per day. There is no significant mining activity.

Machinery and transportation equipment, crude petroleum, food, and chemicals account for the major imports. Major exports are petroleum products, machinery, and manufactured goods. Major import sources are Japan, the United States, Malaysia, and China, while exports go primarily to the United States, Malaysia, Japan, and Hong Kong. Transshipment trade accounts for 40 percent of the total.

Located at a major focal point of international shipping and air routes, Singapore has long been a major center of transport and communications. With one of the world's largest ports, Singapore handled 112 million tons of cargo in 1984. The Port of Singapore Authority operates five gateways with more than 7 1/2 miles (12 kilometers) of berthing facilities. The container-handling facilities are among the most extensive and modern in the world.

Singapore excels in air transport. The national carrier, Singapore Airlines, has an international reputation for excellence and operates a modern fleet of more than 30 aircraft on routes serving more than 30 countries. Singapore Changi Airport, the international air facility, is one of the most modern in Southeast Asia. A total of 9.45 million passengers were processed in 1984.

High-quality public transport consists of buses, taxis, and a mass-rapid-transit (MRT) system that began operation in 1987. The MRT route links major population centers in housing estates with industrial estates and the central business district.

Tourism has been actively encouraged and forms a significant part of revenues. Major attractions include botanical and zoological gardens, Jurong Bird Park, and recreational facilities on Sentosa Island.

Botanical Garden  back in the 1980s