IntroductionThe Republic of Singapore celebrated 42 years of independence in 2007. Located at the southern tip of Malaysia, Singapore currently has a population of 4.68 million people as of June 2007 With an area of ​​704.0 km2, it is ranked 4th in the world for its population density. Over the past four decades, the economy, measured by real gross domestic product (GDP), has grown more than 20-fold (Ghesquière, 2007, p. 11). As a small, highly open economy, Singapore's long-term survival depends to a large extent on its ability to maintain its viable position and stay afloat in the ocean of global competition (Mun Heng et al, 1998, p 14). The article (taken from "The Straits Times" on December 29, 2007) focuses on the low employment rate, booming property and stock markets, inflation as well as Singapore's economic growth concluding 2007. Singapore Economic Growth Quote from Chief Minister Goh Chok Tong during the 2006 National Rally, he said that "to sustain the growth and vitality of our economy, we need a growing population in Singapore, equipped with talent in all the domains”. This is because Singapore has no natural resources and the only thing we have is people. To support the growth of our economy, we must take full advantage of our human resources. There is no doubt that the Singapore Cabinet has developed an excellent plan for Singapore's future, built spacious public housing, provided highly subsidized but quality education and healthcare, and established a extensive and very efficient infrastructure. According to Ghesquiere (2007, p.21), four main sources explain Singapore's impressive economic growth. The first is the accumulation of middle of paper ......0 percent for the year (DBS Group Research, 2007). Conclusion What goes up must come down, but not necessarily at the same pace. With growing concern over the subprime crisis in the United States, banks have become more cautious about lending money. However, if the American economy sneezes, the world economy catches a cold. If the American economy enters into recession, no other country will be able to escape its consequences. Singapore's economy makes the city vulnerable to events occurring in other countries. The Asian financial crisis, the September 11 terrorist attacks, and the Severe Acute Respiratory Syndrome (SARS) outbreak are some of the major examples. With housing prices and retail sales falling in the United States, as well as high employment, the stock market is expected to plunge due to region-wide sell-offs. The world's largest economy could enter recession, affecting global stock markets..