Despite having an area of only 648 square kilometers, few natural resources and a small domestic economy, Singapore has succeeded in becoming one of the world's top trading nations, is consistently ranked as one of Asia's best business destinations and has been recognized as one of the most competitive economies worldwide. In 1999 the World Trade Organization ranked the tiny island city 16th among the largest trading nations in terms of both services and merchandise trade. From 1979 to 2000, Singapore's total trade grew about seven times.