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Export-oriented sectors such as electronics and wholesale trade were affected by sluggish external demand and slowing global trade flows. In its economic development report in March, the Monetary Authority of Singapore concluded: The Singapore economy has slowed discernibly since Q2 last year on a sequential basis. When But now that China and other Asian countries seem to be slowing down, the government expects 2012 growth to soften. When Asia grows and trades, Singapore takes a cut.
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Singapore's status as a global juggernaut cuts both ways. The vast majority came from mineral fuels, electronics, and chemicals. But according to the state's own figures, net exports of goods and services accounted for nearly 30% of GDP in 2011. This might be overstating things, since export value is difficult to track in global supply chains and Singapore (like Hong Kong) is such a popular port. Meanwhile, Singapore finished second with 211%. In the World Bank's measure of exports share of GDP, the United States finished near last place with 13% in 2010. Half of Singapore's export revenue comes from four sources: Malaysia, Hong Kong, Indonesia, and China. When Facebook co-founder Eduardo Saverin announced that he would renounce American citizenship before the company's IPO, it was broadly assumed that he was interested in avoiding U.S. At a time when the United States is debating building a wall to keep out Mexicans, Singapore's wealth is predicated on attracting businesses and foreign workers. Singapore is a small, export-based, manufacturing-heavy state. The United States is a huge consumer-based services-driven economy. Singapore is about as rich as the United States on a per capita basis, but whereas America's wealth comes from within, Singapore's wealth depends on others. It is, by various counts, the easiest place in the world to do business, the best port of access for the vibrant Asian market, the world's leader in high-tech exports, and the globe's most impressive assortment of human capital. The following charts, gleaned from the Milken Institute's Global Conference drill down into the sources of American envy. wonks who marvel at the small nation's pro-market policies, affordable health care, world-leading education scores, and exceptional wealth and growth. Today Singapore is a model for both developmental economists focused on executing quick turnarounds in Africa and Asia and for U.S. The British envoy Sir Stamford Raffles founded a trading station there 1819, the island was not much more than a swamp, The Economist observes, concluding that "a century-and-a-half serving the trading interests of turned that swamp into a thriving port." International business is sewn into the city's DNA. But like any seemingly sudden transformation, this revolution was centuries in the making.