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157258273 Singapore Essay

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SINGAPORE ECONOMY
Less than 5% of Singapore's land is used for agriculture. Tropical fruits, orchids, and vegetables are intensively cultivated; rubber and copra are produced; and poultry, hogs, and tropical fish are raised. There are no exploitable natural resources in the country. Its power is produced by thermoelectric plants, and water is supplied by a number of reservoirs. Singapore has a fine rapid transit system, good roads, a railroad that crosses the island, and a causeway carrying road and rail traffic to the mainland. Singapore's workforce is employed primarily in manufacturing, in the service industries, and in commerce, with a negligible proportion engaged in agriculture. The country has become a major center of international finance in recent decades. The economy slowed as a result of the Asian financial crisis of 1997–98 and the 2001 recession, but unemployment and inflation remained low. The increasing importance of China in manufacturing and finance, however, is seen as a threat to Singapore's future economic growth, and the nation has sought to develop its tourism industry (including casino gambling). Singapore is one of the world's greatest commercial centers, with a large, modern port. Commerce has historically been the chief source of income. For many years the largest importer in Southeast Asia, Singapore is a free port and an entrepôt that reexports more than half of what it imports, notably rubber, petroleum, textiles, timber, and tin. It also exports locally manufactured goods such as computers and telecommunications equipment, petroleum products, oil drilling equipment, plastics, rubber products, and processed food and beverages. The country imports most of its food. Singapore's chief trading partners are Malaysia, the United States, China, Japan, and Indonesia. With more than 300 factories and deepwater wharves, the Jurong Industrial Estate is Southeast Asia's largest industrial complex. It and the Changi International Airport are built largely on infill of marsh and shallow waters of the straits. The country has a number of large petroleum storage and refining facilities, and Keppel Harbor is one of the world's largest container-handling facilities. Development of the former British naval base at Sembawang on the Johore Strait as a commercial shipyard helped to enhance Singapore's status as a major center for shipbuilding and repairs.

.UNEMPLOYMENT
An economic condition marked by the fact that individuals actively seeking jobs remain un hired. Unemployment is expressed as a percentage of the total available work force. The level of unemployment varies with economic conditions and other circumstance

UNEMPLOYMENT IN SINGAPORE
Unemployment Rate in Singapore decreased to 1.90 percent in the third quarter of 2012 from 2 percent in the second quarter of 2012. Unemployment Rate in Singapore is reported by the Ministry of Manpower, Singapore. Historically, from 1986 until 2012, Singapore Unemployment Rate averaged 2.5 Percent reaching an all time high of 6.0 Percent in March of 1986 and a record low of 1.4 Percent in June of 1990. In Singapore, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. This page includes a chart with historical data for Singapore Unemployment Rate. However during the early 1990s, .the Singapore government foresaw a possible labour shortage problem in the future. Despite having one of the best mortality rates in the world, Singapore’s birth rate of 8.5 births/1,000 population meant that its population replacement rate was among the lowest in the world. Singapore also has one of the lowest annual population growth rates in the world at 0.817 percent. As a result, the Singapore government began to actively pursue foreign immigrants and expatriates to live and work in the country. Today, foreign workers comprise of 35.8 percent of the labour force. The vast majority of foreign workers are cheap labour from developing Asian countries who occupy jobs that regular Singaporeans. shun. A significant, but smaller, percentage of foreign workers are high value talent who are brought in to provide strong labour competition for Singaporeans. Monetary Policy

The MAS was set up in 1971 to oversee various monetary functions associated with banking as well as finance. Before its establishment, monetary functions were performed by government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary, banking and financial aspects of Singapore. In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of the MAS and in September 1984 the regulatory functions under the Securities Industry Act (1973) were also transferred to MAS. This means that unlike many other central banks, MAS is also the financial regulatory authority for Singapore. The MAS has been given powers to act as a banker to and financial agent of the Government. It has a...

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