Overview of Singapore

Economy of Singapore

Home > Expat Guides > Asia > Singapore > Singapore

Singapore has a flourishing, highly developed free market economy that functions in a remarkably transparent and corruption-free environment. It attracts investments from over 3000 multinational corporations with its open business policy, financial stability, and one of the highest per capita gross domestic products (GDP) in the world (its GDP equals that of the four leading Western European countries - Germany, United Kingdom, France and Italy). Roughly 96% of its imports enter the country duty-free. Exports also enjoy the same privileges, unless there are bilateral restraint agreements in place. Controls on foreign exchange and protectionist measures are non-existent.

As Singapore's only real natural resource is its deep-water port, it depends on its reputation for having a government that's free of corruption and a skilled, highly educated workforce. There is a shortage of lower-skilled workers in the construction and electronics sectors and in the service industry, but this is largely made up for by the importation of foreign workers. Singapore 's economy relies heavily on manufacturing and financial business services. With an eye on the burgeoning threat from China, Singapore is shifting its priorities from low-end electronics to more specialist sectors such as marine-engineering, chemical and biotechnology industries, and private banking for the wealthy. Unemployment is a low: 3.10% (2007).

Update 18/04/2008

Related articles:


Facebook Twitter Google+ LinkedIn Pinterest Addthis

Recommended Service Partners

International Movers

When you move internationally you are taking a big step. Lots of things are changing and you have a million things to think about and take care of. If you are able to select a top of the line moving company that moves for a modest price, it can take a big weight of your shoulders in busy times.

Our network of international removal companies can move your furniture & possessions to Singapore and anywhere overseas.

Filling in the form at the bottom will allow you to request up to 5 quotes from various moving companies. This service is free of charge and will help you select an international moving company that suits your needs and budget.

Do you have comments or personal information to communicate about this article? Add your comment.

Go to the Forum to talk more about economy of Singapore, overview.

Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).