Singapore has a highly developed and successful free-market economy. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. At the moment however, the country is very dependent on foreign labors to keep the country running. As of the end of 2018 there were 1,386,000 foreign workers in Singapore. It is getting more difficult to obtain a work visa for Singapore but the offices of Visa Express can help in obtaining that.
|GNI, Atlas method (current US$) (billions)||34.88||95.39||228.09||331.37|
|GNI per capita, Atlas method (current US$)||11,450||23,680||44,930||58,770|
|GNI, PPP (current international $) (billions)||68.34||166.79||359.4||532.87|
|GNI per capita, PPP (current international $)||22,430||41,410||70,790||94,500|
|GDP (current US$) (billions)||36.14||96.07||239.81||364.16|
|GDP growth (annual %)||9.8||9||14.5||3.1|
|Inflation, GDP deflator (annual %)||4.7||3.9||1.1||1.9|
|Agriculture, forestry, and fishing, value added (% of GDP)||0||0||0||0|
|Industry (including construction), value added (% of GDP)||31||32||27||25|
|Exports of goods and services (% of GDP)||177||188||198||176|
|Imports of goods and services (% of GDP)||167||176||172||150|
|Gross capital formation (% of GDP)||36||35||28||27|
|Revenue, excluding grants (% of GDP)||25.4||25.7||16.8||20.5|
|Net lending (+) / net borrowing (-) (% of GDP)||10.5||11||7.5||7.7|
|States and markets|
|Time required to start a business (days)||..||8||3||2|
|Domestic credit provided by financial sector (% of GDP)||58.6||76.5||79.6||136.6|
|Tax revenue (% of GDP)||14.5||14.9||12.8||14.2|
|Military expenditure (% of GDP)||4.6||4.5||3.4||3.1|
|Mobile cellular subscriptions (per 100 people)||1.7||70.2||145.5||146.8|
|Individuals using the Internet (% of population)||0||36||71||84.4|
|High-technology exports (% of manufactured exports)||40||63||50||49|
|Statistical Capacity score (Overall average)||..||..||..||..|