Singapore’s Economy Ranking
Singapore is a tropical island in Southeast Asia, off the southern tip of the Malay Peninsula. It is about 275 square miles, smaller than the State of Rhode Island, and inhabited by over five million people.
- As of 2023, Singapore was ranked the world’s freest economy by the Heritage Foundation. It also ranked 34th out of major economies in 2022, according to Worlddata.info.
- Singapore’s GDP growth since independence has averaged 7.7%, and as of 2017, the country had a gross national income of US\$54,530 per capita.
- It is a mixed economy with a strong emphasis on free market principles, but with government involvement in major areas such as education, healthcare, and public housing.
- Singapore has low tax-rates and the highest per-capita GDP in the world in terms of purchasing power parity (PPP).
- The country also provides one of the world’s most business-friendly regulatory environments for local entrepreneurs. As of 2021, the unemployment rate was 3.62%.
Singapore Economy 2024 – Business Hub and Financial Center
Singapore is a global financial center and a major hub for trade and investment. It is also a major center for oil refining and petrochemicals. The country has a strong infrastructure and a highly skilled workforce. Singapore is a member of the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation (APEC), and the Association of Southeast Asian Nations (ASEAN). In this article, we will look into Singapore’s main Economy, major industries of Singapore, ranking, international trade and investment, government policies, challenges, opportunities of Singapore’s economy, and reason for the success of Singapore’s economy. We will also look into India-Singapore Trade Deficit.
Table of Content
- Overview of Singapore’s Economy
- History of Singapore Economy
- Major Industries in Singapore
- Singapore’s Economy Ranking
- International Trade and Investment in Singapore
- India – Singapore Trade Deficit
- Government Policies Affecting Singapore’s Economy
- Challenges and Opportunities in Singapore’s Economy