Standard Of Living In Singapore – The Republic of Singapore is a sovereign Asian state located one degree north of the equator (Frost and Balasingamchow 5). Several facts explain why Singapore is a unique state. First, the size of the country increased by more than 23 percent due to land reclamation. It is also “the only island city-state in the world” (Heng 102). Singapore’s strategic location on the Asian continent makes it a global financial, business and transport hub. The country is doing well in terms of education, personal security, life expectancy, housing and health care. Thus, this research paper provides a detailed analysis of the Gross Domestic Product (GDP), demographics and standard of living of the country. Such measures can be used to guide entrepreneurs and investors wishing to do business in this country.
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Standard Of Living In Singapore
October of the same year. The first president of the country was known as Yusuf bin Ishaq (Tees 19). The young nation began to struggle for prosperity and survival without any support from its colonial power. The country’s leaders have focused on powerful initiatives to create a sense of consciousness and identity. This goal was critical because Singapore’s original population consisted of immigrants from various places. To survive, the country’s new strategy focused on its geographical position on the continent.
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The President implemented a strong industrialization program to support economic development. As part of this program, the Jurong Industrial Estate (JIE) (Heng 104) was expanded. Another issue that was taken seriously was public housing. This move was initiated to enable more people to own their own homes. In 1971, the country decided to create a superior defense force. By 1972, Singapore had become a politically stable country with remarkable economic growth. The country’s economic growth rate averaged eight percent per year from 1965 to 1995 (Heng 104). This event played a decisive role in improving the living conditions of citizens.
Century, Singapore’s GDP per capita was US$13,000. The GDP surpassed that of Israel, Portugal and South Korea. By 2015, the country’s GDP per capita was at the same level as Germany. These statistics clearly show that Singapore has become a highly developed economy. It is currently one of four Asian tigers (Frost and Balasingamchow 89). The other three economies include Hong Kong, Taiwan and South Korea. The political climate in the country has created a competitive, free, dynamic and business-friendly economic environment. The level of corruption has remained extremely low over the past two decades. According to many economists, the country’s GDP per capita could exceed the US$90,000 mark by 2040. This is a clear sign that Singapore is on the right path to becoming a fully developed country.
Current statistics show that Singapore’s population is estimated to be around 5.5 million. This figure includes both citizens and permanent residents. About 23 percent of the country’s residents are foreigners. This means that many people in the country come from other countries. The last census, conducted in 2010, showed that more than 75 percent of the country’s residents are of Chinese descent. Thirteen percent of the “residents were of Malay origin” (Heng 109). The population also consists of Indians. Ninety percent of the population has permanent residents or houses. The country employs more than 225,000 workers from foreign countries.
Singapore is one of the countries with low unemployment rates. The unemployment rate in the country has not exceeded 4 percent since 2004. In 2015, that figure dropped to less than 2 percent. The average age of the country’s residents is about 39.2 years. “The fertility rate in this country is 0.80 children per woman” (Yu 43). The government encourages foreigners to settle in the country permanently. This strategy continues to support the country’s population growth. The country’s male to female ratio in 2015 was 50.6:49.4. Many residents of the country have higher education. Statistics published in 2015 showed that more than 45 percent of citizens have completed higher education. The graduation rate is expected to increase in the coming years.
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Since independence, Singapore has faced numerous challenges that have impacted its economic development model. At that time, poverty and unemployment rates were extremely high. To stimulate economic performance, the government formed the Economic Development Council (EDB). The first goal was to attract more foreign investors. From 1960 to 1996, the country’s growth averaged 8 percent (U 92). After the notorious financial crisis that hit the region from 1998 to 1999, economic growth rose to 9.9 percent.
The country’s gross domestic product (GDP) in 2015 was approximately $292.7 billion. This means that Singapore’s GDP represents 0.47 percent of the world economy (Heng 104). From 1960 to 2015, GDP averaged US$70 and 80 billion. In 2014, the GDP peaked at $306.34 billion (Frost and Balasingamchow 47). According to forecasts, the country’s economy will grow steadily in the coming years. Gross national income (GNI) per capita in 2015 was US$69,283. Heng’s study found that the country’s industrial growth rate was 6.9 percent in 2014 (121).
Another important economic indicator is the total output of the manufacturing sector. Total output in this sector in 2015 was approximately $283 billion. The country’s total trade that year was $884.1 billion (Pekotic and Schultz 132). Thus, the country’s real gross domestic product growth exceeded that of Canada, Taiwan and Australia. This is a clear sign that the economy of this country has developed positively over the past decade.
The overall economic output of a country is supported by specific industries. In 2014 and 2015, the country’s GDP was supported primarily by the manufacturing and construction industries. Manufacturing accounts for more than 19 percent of nominal GDP. The service industry is characterized by various sectors such as finance and insurance, information and technology, accommodation, wholesale and retail trade, and business operations (Pekotic and Schultz 19). Thus, the service sector accounts for 70 percent of the country’s GDP.
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Singapore supports its economic growth through various trade activities. In 2014, the country’s total trade volume was over $892 billion (Sloman and Ride 38). Its main trading partners are Malaysia and the United States. The country also imports various products from countries such as Malaysia, Indonesia and the Philippines. The agricultural sector contributes a small percentage to the national GDP. Agricultural products common in Singapore include eggs, ornamental fish, copra, rubber and orchids.
Quality of life is a powerful system used to measure the experiences of many people in a particular country or community. It’s nice that Singapore is one of the smallest countries on the Asian continent. However, it has become one of the best societies to live in on the entire continent. Citizens of the country are forced to succeed and achieve their goals in life. A study conducted by ABC News found that more than 95 percent of the country’s residents are satisfied with a safe and clean environment (Swee-Hock 47). “It is observed that the nation is developing a materialistic culture” (Swi-Hok 73).
The first factor determining the quality of life in Singapore is its economic environment. The country boasts an open, corruption-free and dynamic business environment. The economy has diversified over the past three decades. This means more citizens have access to different products and ideas. The Port of Singapore is a favorite destination for many electronics and consumer goods. The country’s GDP continues to support economic development. GDP per capita has been growing steadily since 1970. In 1985, the country’s per capita GDP was $6,782. By 2010, GDP per capita increased to $46,569 (Pekotic and Schultz 75). These statistics clearly show that the economic situation in the country continues to support the well-being of many citizens.
Class inequality in Singapore has remained extremely low over the past four decades. In 2000, household income inequality “increased because higher-income households earned more money” (Swee-Hawk 41). Using the Gini coefficient, inequality in 2000 was 0.48. Statistics show that there is no noticeable inequality between racial groups in the country. The rich and poor in this country live in the same areas.
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The government does not measure poverty in the country. However, households with incomes of less than $1,200 are considered poor. It is gratifying that there is no extreme poverty in the country. Research has shown that more than 105,000 families are low-income. Another indicator of living standards is the availability and quality of housing. In 2015, more than 82 percent of the country’s population lived in rented houses managed by the Housing and Development Board (HDB). Public