Singapore is one of the most prosperous nations in the world. Despite active parliamentary opposition, it was governed by one party, the People's Action Party. Singapore is a small, highly urbanized Southeast Asian island city-state located at the tip of the Malay Peninsula between Malaysia and Indonesia. It has a total area of ​​719.9 square kilometers. Singapore's climate is classified as a tropical rainforest climate, with no real distinct seasons. Its climate is characterized by uniform temperature and pressure, high humidity and abundant rainfall. Therefore it is almost always hot and humid. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essaySingapore is a major manufacturer of electronics and chemicals and operates one of the largest ports in the world. Major exports include integrated circuits, refined petroleum, and computers. Singapore places great importance on high-end manufacturing, including semiconductors and consumer electronics, as well as machinery, transportation and ships. The government is also looking to promote future growth sectors such as aerospace, precision engineering and life sciences, including biotechnology, medical equipment and pharmaceuticals. Furthermore, water is scarce in Singapore, so water is called a precious resource in Singapore along with the scarcity of land to deal with the Pulau Semakau landfill. Singapore's highly developed free market economy owes its success to a large extent to its extraordinary openness and corruption-free business environment, prudent monetary and fiscal policies and a transparent legal framework. Singapore's business-friendly environment has not only encouraged investment in the manufacturing sector; the service sector drives the economy. It provides employment to 80% of workers and creates more than 75% of gross domestic product. Remember: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Trade is extremely important to Singapore's economy; the combined value of exports and imports is equal to 318% of GDP. In general, the Singapore government is in favor of globalization and free trade. Import tariffs are low or non-existent, and the small state is an active member of NATO, ASEAN and other multinational trade organizations. The banking, finance and insurance sector also makes up a large part of Singapore's economy. The government has steadily opened the domestic market to foreign banks and over 95% of banks operating in Singapore are now foreign-owned. The government has also been investing in education for decades. Human capital and a skilled workforce contribute to Singapore's prosperous economy.