It has proven its capabilities and has taken Singapore to new highs. The Singapore banking sector consists of 112 commercial banks or domestic banking units, 48 merchant banks, 3 finance companies, 157 Asian currency units and 44 representative offices whereas the Singapore insurance sector has a diverse network of 72 direct insurers, 27 professional reinsurers, 62 captive insurers and 5 authorized reinsurers providing insurance services apart from a total of 64 insurance brokers which involve top notch international insurance and reinsurance brokers.
Singapore, a small, open economy city-state, has come a long way since its independence in 1965 and is one of the most dynamic and flexible regions in the world which has successfully enhanced the living standards of the people. The Singapore economy has proven itself by overcoming some major economic crises like the Global Stagflation Crisis in 1973, followed by a regional crisis in 1985 and 1998 and a prolonged recession from 2001 to 2003.
Various factors have contributed to this success, one of them being Singapore's favorable location at the southern tip of the Malay Peninsula. Due to this geographical location, Singapore has become a major Asian trade hub strategically lying on the midpoints of certain sea and air trade routes. Other factors that have contributed to this economic success include a deep natural harbor, high quality infrastructure, a stable political system, an efficient bureaucracy and exemplary economic management. Singapore ranks the fourth largest foreign exchange trading center in the world after London, New York and Tokyo. Singapore is also one of the four Asian Tigers along with Hong Kong, South Korea and Taiwan. The per capita GDP at current market price in 2006 was USD 29,474 (SGD 46,832). Table 1 gives an overview of the per capita GDP growth since 2000. |
