Singapore is one of the most prosperous nations in the world. Despite an active parliamentary opposition, the country is ruled by a single party, the Popular Action Party. Singapore is a small, highly urbanized island city-state in Southeast Asia, located at the tip of the Malay Peninsula between Malaysia and Indonesia. Its total area is 719.9 square kilometers. Singapore's climate is classified as a tropical rainforest climate, with no real distinct seasons. Its climate is characterized by uniform temperature and pressure, high humidity and abundant precipitation. As a result, it is almost always hot and humid. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Singapore is a major manufacturer of electronics and chemicals and operates one of the world's largest ports. Major exports include integrated circuits, refined petroleum and computers. Singapore places great emphasis on high-end manufacturing, including semiconductors and consumer electronics, as well as machinery, transportation equipment and ships. The government is also trying to foster future growth sectors such as aerospace, precision engineering and life sciences, including biotechnology, medical equipment and pharmaceuticals. Additionally, water is scarce in Singapore, which is why water is defined as a valuable resource in Singapore, along with the scarcity of land to be treated with landfills in Pulau Semakau. Singapore's highly developed market economy owes its success in large part to its remarkably open economy. and a corruption-free business environment, prudent monetary and fiscal policies, and a transparent legal framework. Singapore's pro-business environment has not only encouraged investment in manufacturing; the service sector is the engine of the economy. It provides jobs for 80% of workers and creates more than 75% of gross domestic product. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay Trade is extremely important to Singapore's economy; the combined value of exports and imports is equivalent to 318 percent of GDP. Generally speaking, the Singaporean government supports globalization and free trade. Import tariffs are low to non-existent, and this small state is an active member of NATO, ASEAN, and other multinational trade organizations. Banking, finance and insurance also make up a large part of Singapore's economy. The government has gradually opened the domestic market to foreign banks, and more than 95% of banks operating in Singapore are now foreign-owned. The government has also been investing in education for decades. Human capital and a skilled workforce contribute to Singapore's economic prosperity.