Singapore is one of the world’s fastest-growing economies with a Gross Domestic Product (GDP) per capita of €51,000, which is the 6th highest in the world. According to the World Bank, the GDP growth rate has been amongst the world’s highest, at a relatively constant average of 7.7% since independence and reaching 9.2% in the first 25 years.
The country has a highly developed and successful free-market economy due, in part, to a remarkably open and corruption-free environment, stable prices, very low unemployment rate, and a GDP per capita higher than that of most developed countries. As an island nation with the competitive advantage of its location in the heart of Southeast Asia, Singapore has an excellent transportation system, a highly-educated workforce, and a high standard of living.
Currently, the main drivers of the Singapore economic growth are manufacturing, finance & insurance, and wholesale & retail trade. In 2016, Singapore was the 14th largest export economy in the world with a total of €31.5 billion in exports and €19.5 billion in imports, resulting in a positive trade balance of €12 billion.
The Singaporean 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. Of equal importance to Singapore’s economic achievements is a set of National Science and Technology Plans. The first National Technology Plan was established in 1995 and resulted in a strong scientific base with many industry-science linkages. Singapore aims to become a hub for technology, innovation and enterprise in Asia and around the world.Read less.