Since gaining self-governance in 1959, Singapore has chosen its government by election. The Government is composed of the political party which wins the majority of votes during the general elections, which are held at least once every five years.
Government intrusion is minimal in Singapore, however government entities control corporations that are responsible for 60% of the gross domestic products (GDP). Singapore has a capitalist mixed economy that is well-developed and the businesses are largely corruption-free.
The main exports of Singapore are electronics, chemicals and services. These exports bring in a majority of the revenue, and allow the nation to import natural resources and raw goods that are not available in Singapore. After purchasing the natural resources and raw goods, companies in Singapore often refine them and re-export them. The Port of Singapore is one of the busiest ports in the world and is able to easily import, export and re-export goods |