Since it claimed independence from the British in the 1960s the Republic of Singapore has developed into a strong and diverse economic market.
Today Singapore has one of the most competitive and open markets in the world and is the 3rd fastest growing economy in the world.
In the 1960s as a 'newly industrialized country' Singapore attracted a large number of multi-national companies and foreign direct investment companies, which allowed the country's industrial center to take off.
It also pushed Singapore into becoming one of the most technologically advanced countries and developed a technology-driven economy.
Singapore itself was born with a relatively small domestic market, so it had to open its doors to external markets.
The government of Singapore enacted several laws and practices to help protect the country form world-wide marketing problems and also encouraged international markets to develop.
It adopted a pro-business policy and encouraged foreign investments.
Singapore's economy is a mixed one.
The government plays a strong role in macroeconomic management and plays a vital role in procuring labor, capital and land resources.
The country also advocates strongly for free market practices.
This mixed economic system is both innovative and successful.
It is referred to as the Singapore Economic Model.
Because the government's influence can be found in the economy as well as education, housing and the media, many people have given Singapore the name 'Singapore INC.
' Despite this the country has continue to grow economically, even the face of the global recession.
The government invested in many strategic and government-owned corporations and created an export-oriented economic policy.
It is also largely a corruption-free government, which plays a large role its economic successes.
Listed as the 2nd freest economy in the world by the 2001 Index of Economic Freedom, Singapore also displays a perfect strategic location, a busy and large seaport, favorable tax practices and a highly skilled workforce due to government interactions with education.
The result of this is that the country has been able to create one of the most conductive environments for business and industries to develop.
The growth forecast for 2010 for Singapore was around 14%, which is extremely high.
The country also developed internal economy as well as an external one.
The two major machines that drive Singapore's internal economy are manufacturing and services.
Electronics manufacturing and biomedical manufacturing represent the largest percentage of the country's output.
In an attempt to boost the country's tourist economy the government approved the development of two casinos and opened a Universal Studios theme park.
Singapore also enjoys virtually full employment of its work-force, which also plays a large role in its economic successes.
Considered to be one of Asian's Four Tigers, the country of Singapore contains one the 5 busiest ports in the world and is listed as the world's 4th leading financial center.
The Singapore Economic Model has been widely successful and most Singaporeans enjoy a higher standard of living.
The country is set to continue downs its path of economic success in the future.