Singapore

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Singapore - In Short.

Overview of Singapore

A Malay trading port known as Temasek existed on the island of Singapore by the 14th century. The settlement changed hands several times in the ensuing centuries and was eventually burned in the 17th century and fell into obscurity. The British founded modern Singapore as a trading colony on the site in 1819. It joined the Malaysian Federation in 1963 but was ousted two years later and became independent. Singapore subsequently became one of the world’s most prosperous countries with strong international trading links (its port is one of the world’s busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.
Value
Country Full Name
Singapore
Country Code
SGP
Region
East Asia & Pacific
Income Group
High income
Currency Unit
GDP
3.40E+11
Population
5685807
Land Area
709
Net National Income Per Capita
42126.09211
GDP per Capita (PPP)
98520.02954

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Singapore - Economic

Economy of Singapore

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.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. 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.

Unemployment Rate

Inflation Rate

Singapore - GDP Composition

GDP Composiiton & Value Added of Singapore

Last Updated: Jan, 2021, Updated For 2020.

Singapore - GDP, Value Added

Demographics of Singapore

most of the urbanization is along the southern coast, with relatively dense population clusters found in the central areas
Geographic Location

Southeastern Asia, islands between Malaysia and Indonesia

Races

Chinese 74.3%, Malay 13.5%, Indian 9%, other 3.2% (2020 est.)note: data represent population by self-identification; the population is divided into four categories: Chinese, Malay (includes indigenous Malays and Indonesians), Indian (includes Indian, Pakistani, Bangladeshi, or Sri Lankan), and other ethnic groups (includes Eurasians, Caucasians, Japanese, Filipino, Vietnamese)

Languages

English (official) 48.3%, Mandarin (official) 29.9%, other Chinese dialects (includes Hokkien, Cantonese, Teochew, Hakka) 8.7%, Malay (official) 9.2%, Tamil (official) 2.5%, other 1.4%; note - data represent language most frequently spoken at home (2020 est.)major-language

Religion

Buddhist 31.1%, Christian 18.9%, Muslim 15.6%, Taoist 8.8%, Hindu 5%, other 0.6%, none 20% (2020 est.)

Dependency & Expectancy of Singapore

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Singapore - Social Media Briefing

Singapore - Social Media & Social Commerce

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Politics & Policies of Singapore

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, AOSIS, APEC, Arctic Council (observer), ARF, ASEAN, BIS, C, CP, EAS, FAO, FATF, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OPCW, Pacific Alliance (observer), PCA, UN, UNCTAD, UNESCO, UNHCR, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Singapore

Export of Singapore

Import Destination

Export Destination