2006
Political and socioeconomic situation
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Political situation
Singapore is a parliamentary republic that obtained independence from Malaysia on 9 August 1965. The Constitution was established on 3 June 1959 and amended in 1965 (based on the pre-independence State of Singapore Constitution). The legal system is based on English common law.
The head of state is President Sellapan Rama Nathan (since 1 September 1999), the head of government is Prime Minister Lee Hsien Loong (since 12 August 2004), and the Deputy Prime Ministers are S Jayakumar (since 12 August 2004) and Wong Kan Seng (since 1 September 2005). The Cabinet is appointed by the President and is responsible to the Parliament. The President is elected by popular vote for a six-year term. President Sellapan Rama Nathan was re-elected for his second term in August 2005.
The legislative branch is a unicameral parliament (84 seats; members elected by popular vote to serve five-year terms). The judicial branch has a supreme court headed by the Chief Justice, who is appointed by the President on the advice of the Prime Minister.
Economic situation
Singapore is characterized by a highly developed and successful free-market economy. It has a very open and corruption-free business environment. With trade 3.7 times the size of gross domestic product (GDP), external demand is the main driver of the economy.
The Singapore economy grew by a healthy 6.4% in 2005 after a strong 8.7% growth rate in 2004. Per capita gross national income amounted to US$ 26 700 in 2005.
As Singapore looks to a future increasingly marked by globalization, the country is positioning itself as a leading global city and a hub of talent, enterprise and innovation.