Singapore has been called an economic miracle because of how much it has achieved in a short span of time, and in spite of its lack of natural resources.
In the post-independence 1960s, all that the island possessed was a strategic entrepôt location, a hardworking population and visionary leadership. It has since built up its foreign reserves that total S$254,217.8 million (Monetary Authority of Singapore, Oct 2012).
Singapore’s core industries lie in electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and products, processed food and beverages, ship repair, offshore platform construction, life sciences, and entrepôt trade.
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