The economy of Singapore is a highly developed free-market economy. Singapore's economy has been ranked as the most open in the world, 3rd least corrupt, most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world in terms of Purchasing Power Parity (PPP).
Singapore’s economy is one of the most open, and thus competitive, markets in the world. According to the 2011 World Bank Ease of Doing Business Index, Singapore is ranked first in the world for doing business – ahead of Hong Kong and New Zealand. Singapore is also ranked third in the World Economic Forum’s Global Competitiveness Report behind Switzerland and Sweden.
The country witnessed acute labor shortage. Increasingly Singapore faced stiff competition from other neighboring cost effective nations. To overcome the challenges faced by the economy, the policy makers decided to change the the economic structure from being labor intensive to capital driven and high value added industries.
A major financial hub in the Asia Pacific region, Singapore has long earned a reputation as one of the world’s most advanced economies. In 2017, Singapore was ranked as the world’s second most open economy by the Heritage Foundation’s Index of Economic Freedom, as well as the world’s second most pro-business regime by the World Bank’s Doing Business report.
Learn more about the Singapore economy, including the population of Singapore, GDP, facts, trade, business, inflation and other data and analysis on its economy from the Index of Economic Freedom ...
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 ...
Today, Singapore is an ultra industrialized society and entrepôt trade continues to play a central role in its economy. The Port of Singapore is now the world's busiest transshipment port, surpassing Hong Kong and Rotterdam. In terms of total cargo tonnage handled, it has become the world's second busiest, behind only the Port of Shanghai.
www.globalurbandevelopment.org/GUD Singapore MES Report.pdf
economy, which would attract continuous foreign investment and thus, maintaining Singapore’s economic excellence. 3.1 The 1960s What was the main economic challenge? The main challenge for Singapore in its early years was to overcome its high unemployment problem . The Singapore government understood that the only way to
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.
Introducing revised fare types From 20 January 2018, we will be offering new fare types to better suit your travel needs. Now with three distinct fare types, you'll be able to select the combination of fares, privileges and flexibility that best meets your requirements, so you'll only pay for exactly what you want.