Singapore: Economic Analysis Essay Example

an increase from previous statistics which can be attributed to increasing number of foreigners and a strong economic growth. Due to its limited territory and scarce natural resources, the Singaporean government introduced birth control policies in the 1960s to control the high birth rates.

This policy was reversed in 2001 due to the alarming trends of an ageing population which had led to a shortage in the number of skilled workers in the labour market. Live births. The number of live births have since increased and according to statistics collected in 2006, a total of 38,317 babies were born in that year.The current fertility rate is around 1. 08 children per woman according to 2008 estimates .

Crude birth rate in 2007 was about 10. 1 per 1000 while its death rate is considered to be one of the lowest in the world at around 4. 3 per 1000. Population growth rate. Total population growth rate is around 4.

4 percent which is as a result of immigration and high life expectancy. Immigrants constitute about 10 percent of the entire population and they form the highest percentage of temporary workers in the country.Singapore's population is entirely urban with most people living in small apartments of high rise town buildings. Singapore has no rural life. Ethnic groups.

Singapore is mainly constituted of three major ethnic groups. This includes the Chinese who are the majority with more than 75. 2%, Malays who constitute around 13. 6%, the Indians who make up about 8. 8% while other ethnic groups make up less than 2. 4% of the total population .

This ethnic distribution dates back to the 19th

century as a result of massive immigration of people from the neighboring Malacca, India, Indonesia and a majority from China.Age and sex. According to the 2008 estimates, majority of the Singaporean population is aged between the age of 15 and 64 . Around 14. 8% of the total population is aged below the age of 14 while 8. 7% is aged above 65.

This statistics further show that the females make up a larger percentage of the population than males. Sex ratio at birth is 1. 08 males per female but this gradually decreases to 0. 95 between the age of 15 and 64 and then to 0.

8 males per female above the age of 65.Total infant mortality rate is 2. 3 deaths per 1000 live births while life expectancy rate at birth is 81. 89 years for the total Singaporean population. The total median age is around 38.

4 years of which median age for males is 38 years and 38. 8 years for females. Economic statistics. Gross National Product. Singapore has a well developed free market economy which allows open trade and investment.

The economy is heavily dependent on the export of electronics and IT Products. A surge in the number of exports coupled with low interest rates and market flexibility has led to a significant real GDP growth rate since 2004 which currently averages at around 7. percent annually.According to 2007 estimates, GDP per capita is around 49, 900 dollars which is mainly contributed by the service sector (68. 8%) and the industry sector (31. 2%) .

Distribution of wealth. It is quite hard to predict the extent of socioeconomic

or social class divisions in Singapore since there are no empirical statistics stating the actual distribution of income in the country. However, it has been noted that traditionally, both legal and illegal immigrants have been at an economic disadvantage compared to the permanent residents.Social polarization due to ethnic divisions is evident with Chinese being the better community than the rest of the ethnic groups .

This is particularly evident in the education sector where most children belonging to the Chinese community have access to good education in prestige universities abroad while those of the poor communities can not access even the basic education. Income classes. Majority of populations in Singapore remain in the middle class society which is composed of 70 percent of the entire population.However, this number seems to be decreasing with a few joining the upper class and a majority sinking to the lower class due to globalization.

Around 10 percent of the total population is composed of the rich who live in large in the wealthy districts of the country. On the other hand, 20 percent live below the poverty line who struggle to survive in the high-cost urban life in the country. Income inequality is a major issue in Singapore with the rich getting richer as the poor get poorer by the day. The average family income in Singapore is around 48,900 dollars per annum .

Minerals and resources.Singapore has very limited resources. The only natural resources available include fish and deep water ports and the main minerals produced in Singapore are hydraulic cement and raw steel . Surface transportation. Singapore has a well established and sophisticated means of transport to

cater for the growing demand of transport in the region.

The country has a well connected road transport system with a number of linked expressways. This is mainly serviced by national bus services and tax operators. A train system is also available for surface transport which is cheaper than the road transport.According to the Global competitiveness report of 2006/07 , Singapore as the best air transport infrastructure. The port of Singapore is the source of sea transport which was ranked as the busiest port in the world in 2005. Communication systems.

The entire city-state of Singapore has one of the most developed communication networks in the world. The country is well connected with telecommunication infrastructure which allows easy access to reliable communication within and beyond Singapore borders. Telephones, radio, television and Internet services are all reliable means of communication in the region .Telephones and pagers are the most widely means of communication in Singapore and in fact, everyone in the region is believed to own either a mobile phone, a pager or both. Working conditions.

Foreign domestic workers (FWDs) who make up the larger percentage of Singapore's labour force face many challenges in securing fair employment terms and conditions in the country. This is because FWDs are not included in the Employment Act which makes them unable to control the exploitative working conditions subjected to them by their employers.Salaries and benefits. Singapore ranks third in Asia in terms of employees compensation packages after Japan and Hong Kong . Due to its robust economy, employees in Singapore have continued getting good salaries and benefits as well as increments.

Since 2003, the salaries of Singapore's permanent

residents have continuously increased by around 3. 2 percent and this rates are expected to be more in the coming years. Some of the best paid jobs in Singapore include surgeons, financial dealers and brokers, risk management managers among others .Referencehttps://www.cia.gov/library/publications/the-world-factbook/