Due to this rapid growth, Singapore could handle the recession in 2008 much better than other countries. In 2009-10 Singapore economy grew at the rate of 13 to 15 percent for some time. Singapore became one of the most popular countries for investments. Singapore soon had highest numbers of millionaires across the world. With the rapid growth in entrepreneurs its economic growth reached in the first half to around 15 percent in 2010. Due its strong economy Singapore is seen as the first place for establishing a business. Singapore reached to the first place in the area of manufacturing. The growth of manufacturing sector reached almost 45.2 percent year on year basis in the second quarter of 2010 whereas in the last quarter of 2010 it reached to almost 26 percentages.
According to the Ministry of Trade and Industry Singapore; the growth in 2011 will reach to 5 to 7 percent. If you look at the first quarter of the year 2011, the growth of Singapore economy reached to around 8.3 percentages with respect to the last year. The manufacturing sector recorded a growth of 13.1 percentages on a year on year basis. Electronics and biomedical products manufacturing were the most significant part of this growth. The Ministry of trade and industries reported impressive growth in almost all sectors of economy in the first half of year 2011.
In second half of year 2011, most of the developed economies showed signs of growth. This will increase demand so, the Ministry and Industry Trade expects good growth in second half of year 2011. So it has improved the forecast for the economic growth of Singapore to 5 to 7 percent.