Figures out today show that Singapore grew 14.7% last year – this surpasses the previous record of 13.8% set in 1970. The key to this turnaround, from -1.3% in 2009, is the growth of external trade and the increase in demand from the US and other developed nations especially in Asia.
28.2% growth in the manufacturing sector
8.8% growth in the services sector, which accounts for 65% of Singapore’s GDP
Earlier this year Singapore was named, for a second consecutive year, by the World Bank as the best country in which to run a business. The Asian nation has come top of the World Bank’s Doing Business 2011 study, which rates 183 countries on the ease in which they allow firms to operate.
However there are challenges ahead, namely:
1. Managing the inflow of immigrants
2. Keeping home ownership affordable
3. Helping the low income groups
Check out this news item from NewsSingapore