SWOT Analysis Singapore & Country Profile

Key Features of the Singaporean Market & SWOT Analysis Singapore

Singapore is a global financial hub with a diverse economy and wide-ranging transparency. These are just a few of the many reasons it attracts companies from across the world. Here are some key features foreign businesses will want to know as well as a SWOT Analysis of Singapore. To better understand if you’re ready to enter the market, click here to take our Readiness Check.

A small but mighty nation (population of slightly over 6 million) with a highly diversified economy
2023 GDP per capita – USD 59,785
2024 GDP growth forecast between 1-3%
The most competitive economy out of 67 across the world’s eight major regions in 2024 (IMD World Competitiveness Center)
Key sectors include manufacturing, electronics, chemicals, biomedical sciences, transport engineering, wholesale and retail trade, logistics, tourism and financial services
Business-friendly environment and transparent tax regime
Wide network of more than 27 free trade agreements globally (FTAs)
Boasts world-class infrastructure, situated at the crossroads of major shipping routes making it a key gateway to Asia
One of the top global financial cities
Stable political environment and transparent regulatory framework
Global hub for innovation and technology, with government support for research and development
Strong Intellectual Property (IP) protection
Reliable well-connected public transport system and excellent digital infrastructure
Ranked 5th in the world for top countries with low corruption in 2023 (Transparency International)
Launched Singapore Green Plan 2030 for nationwide sustainable development
High standard of living with excellent healthcare, education and housing facilities, making it an attractive location for expatriates and multinational companies

SWOT Analysis Singapore

Strengths

Globally competitive economy
Strategically located in the heart of ASEAN making it an ideal hub for regional HQ and country offices
Political stability and low corruption
World-class manufacturing ecosystem
Ease of doing business in the country
Excellent global transport network
Strong financial sector
Leading innovation and technology hub
English widely spoken
Diverse talent pool with nationwide upskilling initiative

Weaknesses

Limited natural resources including land, water and energy resources making it highly dependent on imports for essential commodities
Relies significantly on foreign labour, particularly in construction, services and manufacturing
Cost of living is among the highest in the world

Opportunities

Green economy, digital economy, cybersecurity, artificial intelligence, biotechnology and smart solutions
Expansion and demand in medical and manufacturing technologies and research sectors
Enabling regional innovation launchpad
Sits along the world’s major trade, shipping and aviation routes
Supply chain operations and distribution network

Threats

Competition from other regional hubs
Due to limited natural resources, it relies heavily on imports
Faces demographic challenges with ageing population and low birth rates, leading to a shrinking workforce and increased healthcare costs
Rising income inequality which could lead to social challenges

Our Experience

A strategic multilingual partner and advisor to businesses looking to expand their geographical reach to Asia and Europe with presence in Singapore since 2006