Global News

Singapore’s economy is ready to soar: 2011 looks forward to 5-7% growth

Singapore Island was found for trading purpose. As a known fact Singapore was found by Raffles in 1819. British started developing Singapore as well as Penang Islands for the purpose of trading. Due to the rapid growth Singapore soon became one of the best trading centres in the world. Due to the growth of the global shipping industries Singapore became more prosperous. Initial industries were in manufacturing sector. Gradually it became one of the most important centres of manufacturing business.

Due to this prosperity a lot of immigrants such as Indian, Chinese, Pakistani and European started settling in Singapore. Almost from entire world people started settling in Singapore and investing their money in businesses in Singapore. Singapore’s government supports and finds out various plans for new entrepreneurs. With the help of Economic Development Board (EDB), Singapore started developing new businesses. EDB tried successfully to support new entrepreneurs to grow in the market. Later on this board successfully built Singapore’s reputation as one of the best business centres for a new business. It also established the reputation of Singapore where a new business can be started very quickly and easily. In 1980 Singaporean people also faced recession. They started focusing on the knowledge intensive industries. Singapore decided to focus only on few types of industries. Gradually they started shifting their focus on services’ business. Gradually, they started focusing on various services. Singapore started focusing on innovations as well. Now Singapore works in manufacturing as well as technology businesses.