Portal:Business and economics/Selected economy
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The Economy of Singapore is a highly developed and successful free market economy in which the state plays a major role. It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is the busiest in the world, surpassing Hong Kong and Shanghai. In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.Singapore's total trade in 2000 amounted to S$373 billion, an increase of 21% from 1999. Despite its small size, Singapore is the tenth-largest trading partner of the United States. In 2000, Singapore's imports totalled $135 billion, and exports totalled $138 billion. Malaysia was Singapore's main import source, as well as its largest export market, absorbing 18% of Singapore's exports, with the United States close behind. Re-exports accounted for 43% of Singapore's total sales to other countries in 2000. Singapore's principal exports are petroleum products, food/beverages, chemicals, textile/garments, electronic components, telecommunication apparatus, transport equipment. Singapore's main imports are aircraft, crude oil and petroleum products, electronic components, radio and television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, textile yarns/fabrics.
The European Union has the world's largest economy, larger than that of the United States of America with a 2005 GDP of 12,865,602 million vs. 11,734,300 million (USD figures) according to the International Monetary Fund. Using the purchasing power parity method of computing GDP, the preferred comparative measure of economic output, the EU and the US economies are virtually the same size ($12.36 trillion for the US vs. $12.18 trillion for the EU). As the EU has 50% more people than the US, but produces about the same economically, the average EU citizen enjoys a per capita share of domestic product of about USD $28,100, while in the US the per person GDP is over USD $40,000.
It is estimated that in the period 2006-2020 the European Union's economy will grow at an average rate of 2.1% per annum, against the United States growing at an annual rate of almost 3.0%, however if growth is taken per head the figures are 2.5% per annum for the US and 2.0% for the EU.
The European Union's economic growth has been below that of the United States most years since 1990, while its unemployment rate has generally been higher. Many point out that there are benefits accruing to EU citizens (the "social wage") that are not visible in traditional economic data - like enhanced time off from work, social protection and other benefits. In recent years, the economic performance of several of its key members, including Germany and Italy, has been a matter of serious concern to policy makers.
Twelve members of the European Union use a common currency, the euro. This group of members (Austria, Belgium, Finland, Germany, Greece, Italy, Ireland, France, Luxembourg, Netherlands, Portugal, Spain) is known as the Eurozone. Three members (Denmark, Sweden, United Kingdom) have no current plans to join the euro, though the Danish Krone is pegged to it. The remaining members have a treaty obligation to join as soon as they meet the convergence criteria. Slovenia will adopt the euro on 1 January 2007.
India's economic reforms economy is the fourth largest in the world as measured by purchasing power parity (PPP), with a gross domestic product (GDP) of US $3.611 trillion.[1] India is the second fastest growing major economy in the world, with a GDP growth rate of 8.4%[2] at the end of the first quarter of 2005–2006.
The economy is diverse and encompasses agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and are playing an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global companies for the outsourcing of their customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering.
India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate.
Libya's socialist-oriented economy depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa.
Current GDP per capita of Libya soared by 676% in the Sixties and further 480% in the Seventies. However such fantastic growth rates proved unsustainable in the face of global oil recession and international sanctions. Consequently current GDP per capita shrank by 42% in the Eighties. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the Nineties.
The government dominates Libya's socialist-oriented economy through complete control of the country's oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and 30% of the gross domestic product. Oil revenues constitute the principal source of foreign exchange. Much of the country's income has been lost to waste, corruption, conventional armaments purchases, and attempts to develop weapons of mass destruction, as well as to large donations made to developing countries in attempts to increase Qadhafi's influence in Africa and elsewhere. Despite the country's relatively high per capita GDP, the government's mismanagement of the economy has led to high inflation and increased import prices, resulting in a decline in the standard of living.
The economy of the Republic of Ireland is modern, relatively small, and trade-dependent with growth averaging a robust 10% in 1995–2000 (a more modest growth of 4.9% in 2005 est.). Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 46% of GDP, about 80% of exports, and employs 29% of the labour force. Although exports remain the primary engine for the Republic's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Inflation stands at 2.3% as of 2005, but this is only a recent recovery from rates of between 4% and 5%. House price inflation has been a particular economic concern (average house price was €255,776 in February 2005 [1]) as well as service charges (utilities, insurance, healthcare, legal representation, etc.). Dublin, the nation's capital, was ranked 22nd in a worldwide cost of living survey in 2004 [2] - a rise of two places on 2003. Ireland has been reported to be the Second richest country in the EU (if not Europe) next to Luxembourg.
See also: Economic history, Transportation, Rail transport, Roads, Communications, Taxation, Health care, Education, Central Bank
