In 2017, Singapore launched the regional finance hub ‘Asia’s Infrastructure Exchange’: “the go-to place where infrastructure demand and supply can connect, where infrastructure expertise and financing can be obtained and infrastructure needs are met.” In its announcement, the government highlighted the country’s strong ecosystem, one that integrates infrastructure players along the whole value chain – multilateral banks, private financiers, lawyers, accountants, engineers and other professional services. Economic growth is expected to moderate in 2019, with the government forecasting a range of 1.5% to 3.5%, projecting the rate to be slightly below the middle of the forecast range. Value-added manufacturing, particularly in the electronics and precision engineering sectors, remain key drivers of growth, as are the services sector, particularly the information and communications industries, which grew 6.0% year-on-year, and the finance & insurance industries, which grew 5.9% year-on-year. The overall growth of the Singapore economy was 3.2% in 2018. The manufacturing and services sectors remain the twin pillars of Singapore’s high value-added economy. In the early 1970s, Singapore reached full employment and joined the ranks of Hong Kong SAR, Republic of Korea, and Taiwan a decade later as Asia’s newly industrializing economies. GDP growth in the city-state has been amongst the world’s highest, at an average of 7.7% since independence and topping 9.2% in the first 25 years.Īfter rapid industrialization in the 1960s catapulted the island nation’s development trajectory, manufacturing became the main driver of growth. In the decades after independence, Singapore rapidly developed from a low-income country to a high-income country.
Singapore is a high-income economy with a gross national income of US$54,530 per capita, as of 2017. The country provides one of the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies.
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