Economy of Singapore

skilled workforce, low tax rates and advanced infrastructure. There are more than 7,000 multinational corporations from the United States, Japan, and Europe in Singapore. There are also 1,500 companies from China and 1,500 from India. Foreign firms are found in almost all sectors of the economy. Singapore is also the second largest foreign investor in India. Roughly 44 percent of the Singaporean workforce is made up of non-Singaporeans. Over ten free trade agreements have been signed with other countries and regions.

Singapore also possesses the world's tenth largest foreign reserves. The currency of Singapore is the Singapore dollar, issued by the Monetary Authority of Singapore. It is interchangeable with the Brunei dollar.

The Singaporean economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 27.2% of GDP in 2010 and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006 Singapore produced about 10% of the world's foundry wafer output. Despite its small size, Singapore has a diversified economy, a strategy that the government considers vital for growth and stability.

Tourism also forms a large part of the economy, and 10.2 million tourists visited the country in 2007. To attract more tourists, in 2005 the government legalised gambling and allowed two casino resorts (called Integrated Resorts) to be developed. Singapore is promoting itself as a medical tourism hub: about 200,000 foreigners seek medical care there each year, and Singapore medical services aim to serve one million foreign patients annually by 2012 and generate USD 3 billion in revenue. Singapore is an education hub, and many foreign students study in Singapore. Singapore hosted over 80,000 international students in 2006. There are also more than 5000 Malaysian students who cross the Johor–Singapore Causeway every morning with hopes of receiving a