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European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 05
May 2019
Available online:https://ejbss.org/ P a g e | 1616
Analies Of Singapore's Foreign Economic Relations
Mamatkulova Nadira Makkamovna
Senior Lecturer of the Department "Management of construction" of
the Tashkent architecture and civil engineering institute
Annotation. There are few countries in the world for which foreign trade is
a vital sector of the economy, as for Singapore. In this island republic, all raw
materials and fuel needs and most of the food needs are being met through imports.
This article analyzes foreign economic policy, directions and indicators of export
and import. And also, proposals have been developed that are more advanced than
the Singapore experience in foreign economic policy in Uzbekistan.
Keywords. Economic growth, export, import, market system, international
trade, partner countries, foreign economic policy.
Introduction
The relevance of the study of economic growth is due to the ability to
achieve higher rates of national economy and the need to enter the world economy.
Since economic growth is one of the most important characteristics of the national
economy and affects the improvement of the standard of living of all segments of
the population. One of the countries that has shown a significant increase in GDP
is Singapore. The economy of this country has grown 420 times from 1960 to
2016.
Singapore's economy is a developed market system. The economy of
Singapore depends on the export of products, especially in such areas as consumer
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European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 05
May 2019
Available online:https://ejbss.org/ P a g e | 1617
electronics, information technology, pharmaceuticals and financial services. An
important role in the country's economy is played by transnational corporations.
Singapore's economy is one of the most open and corruption-free economies. The
country maintains stable prices, and per capita GDP is one of the highest in the
world (more than 26 thousand dollars)1
.
In 2001, Singapore experienced economic difficulties due to the global
technology crisis. In 2005, the economy rose again. The government hopes to re- establish stable economic growth. Unemployment in 2008 amounted to 2.2% (in
2005 - 3.3%).
Real GDP growth in the period from 2004 to 2008 averaged 6.8%, but in
2009 due to the global financial crisis it fell to a level of 2.1%. The country's
economy began to rebound in 2010 and the government predicts a growth of 3-5%
per year. Singapore has attracted major investments in pharmaceuticals and
medical production and will continue its efforts to develop Singapore as a financial
and high-tech center for Southeast Asia.
Singapore is ranked as the "East Asian tigers" for the rapid economic leap to
the level of developed countries. The country has developed electronics
manufacturing, shipbuilding, financial services sector. Singapore Airlines, widely
known in the world, Singapore-owned Fairmont Raffles Hotels International owns
Swissotel, an international hotel chain. The country has developed electronics
manufacturing (like many well-known European, American, Japanese companies,
and Singapore, such as Flextronics), shipbuilding, and the financial services sector.
One of the largest manufacturers of CD-drives. Conducted extensive research in
1
Pakhomova LF Models of prosperity (Singapore, Malaysia, Thailand, Indonesia) // Moscow 2007 // Art. 130-145..
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European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 05
May 2019
Available online:https://ejbss.org/ P a g e | 1618
the field of biotechnology. Singapore Raffles Holding owns an international
network of hotels Swissotel2
.
The main obstacles to the growth of the Singapore economy should be
highlighted:
1) High dependence on global demand, which makes the country very
sensitive to slower global economic growth
2) Reduction of the working population of the country. In 1964, 87.5% of
the population of Singapore was of working age, but this figure is constantly
decreasing, and according to data for 2016 it was 37.9%. Currently, for every
person over 64 years old there are 5.1 people of working age (by 2030 this figure
will be 2.1 people). This can lead to a serious burden on the working population.
3) US policy towards China. If the United States imposes restrictions on
trade with China, it will seriously hurt China’s exports, and, consequently,
Singapore, since China is one of the main importers of Singapore products.
4) Technology in the financial sector. At the moment, Singapore uses the
world's best practices in the implementation of exchange trading. In the long term,
if Singapore does not keep up with the times and apply revolutionary technologies
in the industry (such as blockchain), this will lead to a decrease in the
competitiveness of this sphere and serious consequences for the economy, since
financial services constitute a significant share of the country's GDP.
3
5) Effective foreign policy of the country.
In this article we will study the directions of foreign economic policy and its
application in Uzbekistan.
Analysis and results
2
Singapore In The System Of International Economic Relations // http://geolike.ru/page/gl_5000.htm
3
Singapore economy. Singapore's economic development model. http://www.gecont.ru/articles/econ/singapur.htm
