Singapore, Republic of Singapore
Singapore is a sovereign city-state and island country in Southeast Asia. Singapore's territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increased its total size by 23% (130 square kilometres or 50 square miles). The population of Singapore is diverse, the result of considerable past immigration. Chinese predominate, making up some three-fourths of the total. Malays are the next largest ethnic group, and Indians the third.
Tourism forms a large part of the economy, with over 15 million tourists visiting the city-state in 2014.
Singapore is a global commerce, finance and transport hub. Singapore has a highly developed market economy, based historically on extended entrepôt trade, where imported goods are re-exported with or without any additional processing or repackaging. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the original Four Asian Tigers. In addition to enhancing its position as a world trade centre, it has developed powerful financial and industrial sectors. Singapore has the most advanced economy in Southeast Asia.
Singapore is the largest port in Southeast Asia and one of the busiest in the world. It owes its growth and prosperity to its focal position at the southern extremity of the Malay Peninsula, where it dominates the Strait of Malacca, which connects the Indian Ocean to the South China Sea.
Economic development has been closely supervised by the Singaporean government, and it has been highly dependent on investment capital from foreign multinational corporations. The government holds about three-fourths of all land and is the chief supplier of surplus capital, which is derived largely from contributions to the Central Provident Fund (CPF) social-security savings program. In addition, the government has attempted to enhance the value and productivity of labour in order to attract investment and boost export competitiveness. This has been accompanied by a strong commitment to education and health.
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