By the 1970s, there was full employment and there was a shift towards higher-skilled jobs. In the 1980s, manufacturing capabilities were emphasized. The focus on manufacturing continued to the 1990s, with the addition of the service and electronics sectors. Singapore's economy is small by global standards, but also relatively rich. About 96 per cent of imports enter Singapore duty-free.
Exports also have the same privileges, except when bilateral restraint arrangements are in force.
There are no controls on foreign exchange and no protectionist measures. The island remains open to international trade and investment, with an average trade to GDP ratio of 273 per cent. After almost a decade of continuous growth, the Singapore economy slid into technical recession in 1998, affected by events in Asia. Traditional strong performance sectors include entrepot trade and shipping, and financial and business services. Other key sectors are manufacturing and construction.