Economy of Singapore

er education in Singapore. In 2009, 20% of all students in Singaporean universities were international students. The students were mainly from ASEAN, China and India.

Singapore is a world leader in several economic areas: The country is the world's fourth leading financial centre, the world's second-biggest casino gambling market, one of the world's top three oil refining centres, the world's largest oil-rig producer, and a major ship-repairer. The port is one of the five busiest ports in the world. The World Bank has named Singapore as the easiest place in the world to do business and ranks Singapore the world's top logistics hub. It is also the world's fourth largest foreign-exchange trading centre after London, New York and Tokyo.

As a result of global recession and a slump in the technology sector, Singapore's GDP contracted by 2.2% in 2001. The Economic Review Committee was set up in December 2001 and recommended several policy changes to revitalise the economy. Singapore has since recovered, due largely to improvements in the world economy; the economy grew by 8.3% in 2004, 6.4% in 2005, and 7.9% in 2006. After a contraction of 0.8% in 2009, the economy recovered in 2010, with GDP growth of 14.5%. Most work in Singapore is in the service sector, which employed 2,151,400 people out of 3,102,500 jobs in December 2010. The percentage of unemployed economically active people above age 15 is about 2%.

Singapore has the world's highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. This excludes property, businesses, and luxury goods, which if included would further increase the number of millionaires, especially as property in Singapore is among the world's most expensive. Despite its relative economic success, Singapore does not have a minimum wage, believing that it would lower its competitiveness. It also has one of the highest income inequality levels among