The GDP of Singapore was $397 billion in 2021. Singapore ranked third out of 152 nations in the GCRI Q2 2022. The country’s score is in the very low-risk nations band. In 2020, the city was ranked first in enforcing contracts and third in protecting minority investors out of 190 countries. The Singapore government has been able to control the spread of COVID-19 since June 2020, leading to a better fiscal position than many other countries. An effective vaccination program and prudent government spending led to a quick rebound in economic activity.
Following Russia’s invasion of Ukraine in February 2022, the Singaporean government imposed financial sanctions against specific Russian banks, organizations, and activities as retaliation for Russia’s invasion of Ukraine. Providers of digital payment token services are forbidden from enabling transactions that could help the financial control measures and impose export restrictions on goods that could be used as weapons in Ukraine to attack or oppress the Ukrainian people.
Singapore Macroeconomic Outlook
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PESTLE Insights of the Singapore Macroeconomic Outlook Report
Political Landscape: Singapore was ranked fourth out of 139 nations on the regulatory enforcement parameter. The country has growing ties with China. In February 2021, OneConnect Financial Technology, a China-based company, and Singapore Exchange Limited (SGX) signed a memorandum of understanding (MoU) to support SGX-listed companies by developing and promoting an environmental, social, and governance platform.
Economic Landscape: As a major financial hub in the Asian region, Singapore has experienced robust economic growth over the years. Additionally, Singapore will be focusing more on SMEs. According to the 2022 Budget, the government plans to allocate a sum to help small and medium-sized enterprises for boosting their productivity by digitalizing and automating their business process.
Social Landscape: Singapore was the fourth highest-ranking Asian country in the 2022 Global Gender Gap Report index. Furthermore, it is also among the countries in the world that have closed more than 79% of economic participation and opportunity gaps. With a reduced gender gap, the country enjoys a greater labor force participation rate as well. Moreover, Singapore has comprehensive healthcare coverage for all its residents. Given the aging population and demographic trends in the nation, it spends the most per capita on healthcare among its ASEAN counterparts, and this amount is predicted to increase more quickly than GDP.
Technological Landscape: Singapore has a well-developed ICT sector. A majority of the government’s anticipated ICT spending for 2022 will be allocated to application development, which will be used to create new applications and improve existing ones. The money will be used to transform the government’s digital infrastructure and services for its citizens, businesses, and public officers.
Legal Landscape: Singapore does not have anti-money laundering or anti-terror funding regulations for cryptocurrency firms. The new regulation approved by the parliament in April 2022 follows a decision by Singapore’s financial regulator to prohibit cryptocurrency businesses from publicly advertising their services, emphasizing the nation’s cautious stance on cryptocurrencies.
Environmental Landscape: In February 2021, the government launched the Singapore Green Plan 2030 to make the nation environmentally sustainable. The plan targets to achieve quadruple solar energy deployment by 2025, reduced waste sent to landfill by 2030, a percentage of schools to be carbon neutral by 2030, and all newly registered cars to be cleaner-energy models from 2030.
Singapore PESTLE Insights Overview
|GDP 2021||$397 billion|
Reasons to Buy
- Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors on macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
Table of Contents
Table of Contents
List of Exhibits
Did You Know?
Recovery from COVID-19 Crisis
List of Figures
List of Figures
Exhibit 1: Singapore’s performance in terms of its country risk analysis in comparison to Asia-Pacific and the world average
Exhibit 2: Performance overview (score: 1-100)
Exhibit 3: Broad categories and weights behind the index
Exhibit 4: Singapore strait times (FSSTI index)
Exhibit 5: Exchange rate, daily basis (October 2021 – October 2022)
Exhibit 6: Key sectors’ contribution to the economy
Exhibit 7: FDI inflows to Singapore, FDI outflows from Singapore, and FDI inward stock, FDI outward stock (2017-21)
Exhibit 8: Value and number of Greenfield FDI projects in Singapore and net cross border M&As purchases in Singapore (2017-21)
Exhibit 9: Key infrastructure indicators
Exhibit 10: Real GDP and household consumption growth rate (2017-24f)
Exhibit 11: Real GDP growth rate comparison (2021)
Exhibit 12: Export, import and trade balance (2017-24f)
Exhibit 13: Current account balance (2017-24f)
Exhibit 14: Top three commodity exports, % of total exports (2017-21)
Exhibit 15: Natural pearls and precious stones, % of total exports (2021)
Exhibit 16: Interest rates (August 2018 – August 2022)
Exhibit 17: Exchange rate and inflation (2017-2024f)
Exhibit 18: Public finance (2017-24f)
Exhibit 19: General government debt (2017-24f)
Exhibit 20: Unemployment rate (2017-24ff)
Exhibit 21: Average annual wages (2017-24f)
Exhibit 22: Labor cost index (2017-24f)
Exhibit 23: Rural/urban share of total population (1995, 2005, 2015, 2025)
Exhibit 24: Age-group share of total population (1995, 2005, 2015, 2025)
Exhibit 25: Gender split (1995, 2005, 2015, 2025)
Exhibit 26: Internet users % of total population, mobile penetration rate and broadband penetration rate (2020)
Exhibit 27: Number of patents granted per million population (2020)
Exhibit 28: High-technology exports (% of manufactured exports) (2020)
Exhibit 29: Doing business in Singapore (2021)
Exhibit 30: Corruption perceptions index (rankings) (2021)
Exhibit 31: CO2 emissions (2017-21)
Frequently Asked Questions
Singapore’s GDP was $397 billion in 2021.
Singapore ranked third out of 152 nations in the GCRI Q2 2022
An effective vaccination program and prudent government spending led to a quick rebound in economic activity even after the spread of COVID-19.
The Singapore Green Plan 2030 targets to achieve quadruple solar energy deployment by 2025, reduced waste sent to landfill by 2030, a percentage of schools to be carbon neutral by 2030, and all newly registered cars to be cleaner-energy models from 2030.
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