Currency of the Month – Singapore Dollar: Great Things From a Small Package

by Chuck Butler
Daily Pfennig

The island-state of Singapore may encompass a geographical area only about half the size of Los Angeles, but what the country lacks in size is more than compensated for by its global position in business, banking, commerce, and manufacturing.

Despite its size, Singapore is typically found among a select group of global leaders on a number of prestigious lists, including a #1 ranking on the World Bank Group’s Ease of Doing Business1; #2 position in the World Economic Forum’s Global Competitiveness Report2; #2 in the Heritage Foundation’s Index of Economic Freedom3; and #2 in the world in gross national savings, which represent just over 47% of Gross Domestic Production (GDP).4 Suffice it to say, Singapore has “walked the walk” by advancing from a third-world economy to a leading global center of influence over a period of just 50 years.

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