What Is the Economic System of Singapore?


Quick Answer

Singapore's economic system is that of a greatly developed and successful free-market economy. There is hardly any corruption with its open trading system. Prices are stable, with a GDP per capita that is higher than a majority of developed countries.

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Full Answer

Singapore's economy is heavily reliant on IT products, consumer electronics, pharmaceuticals and an increasing number of financial services. Singapore's GDP was $295.7 billion in 2013. Its GDP per capita in 2013 was $62,400, ranking it as seventh compared to other countries in the world. Singapore's GDP real growth rate in 2013 was 4.1 percent, ranking as seventy-forth compared to other nations in the world. The unemployment rate was 1.9 percent, with no population below poverty line in 2013.

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