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Singapore

The Singapore economy is highly developed, and while is primarily state-directed is ranked as the most open economy in the world.

The Singapore economy is highly developed, and while is primarily state-directed is ranked as the most open economy in the world.

Singapore enjoys low tax rates while having the second highest per capita GDP in the world! Singapore is home to the Asian-Pacific Economic Cooperation (APEC) and is the joint 4th least corrupt globally.

Singapore’s trade-to-GDP ratio is 320%, amongst the highest in the world, illustration is export-led industrialisation as demonstrated in its capacity in such sectors as wafer fabrication and oil refining. The Port of Singapore is the second busiest in the world by cargo tonnage and the busiest transhipment port in the world.

While Singapore is amongst the most business friendly economy in Asia for inbound investment and corporate engagement, the island nation is now a major outflow FDI participant globally and especially in other parts of Asia. Singapore also operates as a regional and continental hub for many major international corporations and enjoys ultra-modern efficient transport and communications networks.

With a 2022 GDP of USD 79,426, Singapore’s SME sector remains the backbone of the economic landscape, contributing 43% of GDP and 70% of Singapore’s total workforce. Singapore is small, with limited arable land and thus imports over 90% of its food, while water is classified as a ‘precious resource’.

Singapore’s post pandemic recovery has commenced, with the economy rebounding by 7,6% in 2021, manufacturing up by 13.2% and construction up an astounding 20.1%. Services have expanded by 5.6% and domestic demand by 8.9%.

Singapore’s population stands now at 5.6 million with over half a million of these being foreign domestic residents. Asian Insiders offers guidance and insight into how to connect, engage, and create meaningful impact in Singapore.

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