Economy of Singapore
| Economy | Agreement | Abbreviation | Concluded | Signed | Effective | Legal text |
|---|---|---|---|---|---|---|
| New Zealand | Agreement between New Zealand and Singapore on a Closer Economic Partnership | ANZSCEP | 18 August 2000 | 14 November 2000 | 1 January 2001 | [1] |
| European Free Trade Association | Agreement between the EFTA States and Singapore | EFTA-Singapore FTA | 11 April 2002 | 26 June 2002 | 1 January 2003 | [2] |
| Japan | Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership | JSEPA | October 2001 | 13 January 2002 | 30 November 2002 | [3] |
| Australia | Singapore-Australia Free Trade Agreement | SAFTA | November 2002 | 17 February 2003 | 28 July 2003 | [4] |
| United States | United States-Singapore Free Trade Agreement | USSFTA | 19 November 2002 | 6 May 2003 | 1 January 2004 | [5] |
| Jordan | Singapore Jordan Free Trade Agreement | SJFTA | 29 April 2004 | 16 May 2004 | [6] | |
| Brunei | Trans-Pacific Strategic Economic Partnership Agreement | Trans-Pacific SEP | August 2005 | 1 January 2006 | [7] | |
| Chile | 18 July 2005 | |||||
| New Zealand | 18 July 2005 | |||||
| India | India - Singapore Comprehensive Economic Cooperation Agreement | India-Singapore CECA | November 2004 | 29 June 2005 | 1 August 2005 | [8] |
| Korea | Korea-Singapore Free Trade Agreement | KSFTA | 28 November 2004 | 4 August 2005 | End 2005 | [9] |
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Singapore workforce and dependence on foreign workers
In 2000, Singapore had a workforce of about 2.2 million. The National Trades Union Congress (NTUC), the sole trade union federation which has a symbiotic relationship with the ruling party, comprises almost 99% of total organized labour. Government policy and pro-activity rather than labour legislation controls general labour and trade union matters. The Employment Act offers little protection to white collar workers due to an income threshold. The Industrial Arbitration Court handles labour-management disputes that cannot be resolved informally through the Ministry of Labour. The Singapore Government has stressed the importance of cooperation between unions, management and government ("tripartism"), as well as the early resolution of disputes. There has been only one strike in the past 15 years.
Singapore has enjoyed virtually full employment for long periods of time. Amid an economic slump, the unemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. Unemployment has since declined and in 2005, the unemployment rate is 2.7% in 2006, the lowest in the last four years, with 2.3 million people being employed. [4] [5]
The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boost the labour force participation rates of women and older workers. But labour shortages persist in the service sector and in many low-skilled positions in the construction and electronics industries. Foreign workers help make up this shortfall. In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force. As a result, wages are relatively suppressed or do not rise for all workers. In order to have some controls, the government imposes a foreign worker levy payable by employers for low end workers like domestic help and construction workers.
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Facts & figures
Percentage of economic growth in Year 2007: 7.4%
Industrial production growth rate: 6.8% (2007 est.)
Electricity - production: 41.137.7 billion kWh (2007)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 37.420.3 billion kWh (2007)
Electricity - exports: 0 kWh (2007)
Electricity - imports: 0 kWh (2007)
Agriculture - products: rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fish
Currency: 1 Singapore dollar (S$ or SGD) = 100 cents
Exchange rates:
| Year | Singapore Dollars per US$1 |
|---|---|
| 1981 | 2.0530 |
| 1985 | 2.1213 |
| 1990 | 1.7275 |
| 1995 | 1.4148 |
| 2000 | 1.7361 |
| 2005 | 1.6738 |
| 2008 (April) | 1.3643 |
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References
- ^ Singapore Banks on Its Port - International Herald Tribune
- ^ "Singapore's economy grows by 7.7% in 2006", Channel NewsAsia, 31 December 2006. By Dominique Loh.
- ^ Pharmaceutical-Technology.com
- ^ "Latest Data (1 February 2006) - Singapore Department of Statistics. URL accessed on 2 February 2009.
- ^ "Singapore's employment hits all-time high of 2.3 m in 2005", Channel NewsAsia, 1 February 2006. By May Wong.
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See also
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