Singapore is the 5th wealthiest country in the world in terms of GDP (PPP) per capita. Total GDP (PPP) as of 2007 accounts for $228.303 billion or $49,754 per capita. The state has foreign exchange reserves of more than US$177 billion. Singapore has always been an important strategic and economic center facilitating the world trade and providing its port for US military forces. Within just several years the city-state also became a financial center of Asia that competes with Hong Kong. The impetus that caused Singapore to arise as a banking haven took place in 2004. In the course of its development Singapore had its economy heavily dependent on exports, particularly in electronics and manufacturing. At the beginning of the 21st century the country was hard hit by the slump in the technology sector as well as by the outbreak of Severe Acute Respiratory Syndrome in 2003 as it prevented tourism and consumer spending.
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