Year 2010 - A 15% Growth For Singapores Economy

For years now, Singapores economic development has been a hot topic for anyone interested

in the fastest growing economic region in the world - Southeast Asia. Recent studies, however, are projecting that the regions growth will soon dwarf its previous (already exemplary) pace, and rise to a staggering 15% growth for the year of 2010. As economic recovery spreads throughout the region, Singapore is uniquely positioned to provide decades of growth in a number of central industries from manufacturing to pharmaceuticals.

While its easy to exaggerate when it comes to the financial action going on in places like Singapore, this particular statistic is reliable as it comes directly from the Ministry of Trade and Industry, a group charged with regulating and monitoring economic growth and development throughout the country. When asked about what factors seemed at the core of Singapores growth, much of the credit was given to the fact that the Pacific Asia region as a whole has demonstrated a high rate of bounceback after recent recessions have plagued much of the Western world.

Singapore in particular has boomed because of its open economy, experts say. The region is notoriously friendly to entrepreneurs looking to migrate businesses or establish new ones. Low taxes, streamlined business processes, and a generally thriving corporate environment make for a solid foundation in which any industry might grow, and adventurous investors are taking note. In particular, pharmaceuticals and electronics have dominated in recent years, adding to the countrys already prolific manufacturing sector (bolstered by a well-supported export economy that has held on and done well even in times of slow growth).

On the subject of manufacturing, the numbers here also reflect the fact that Singapores economic growth is outpacing even the most optimistic projections. Recent reports, again from the Ministry of Trade and Industry, show that businesses specializing in manufacturing have expanded an impressive 46% over just the last year. This seems to be a case where the growth of the economy as a whole has helped to boost business in particular sectors in unforeseen ways. To put it a bit more plainly, while Southeast Asia, Singapore included, has always been a major exported of mobile computing and wireless technology, they are now also one of the worlds biggest consumers of such commodities.

As the standard of living in the country grows, exciting opportunities also begin to blossom for passionate entrepreneurs looking for an opportunity to grow. Imagine the growth and profits enjoyed by manufacturing companies in a country with consistently high export and domestic sales. Pharmaceuticals too are now being prescribed and distributed more within the Singapore region, making this yet another big contributor to the growth figures that have analyst stunned.

Whatever the reasons for the 15% jump, however, the bottom line remains clear: Southeast Asia, and Singapore in particular, is one of the most fertile grounds in which to grow a business in recent memory, and represents an unbeatable opportunity for the motivated entrepreneur.

by: Roger Lee

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