Economic and population growth
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 environments for local entrepreneurs and is ranked among the world’s most competitive economies. Singapore ranks highest in human capital development and second highest in 2018 Doing Business index.
The overall growth of the Singapore economy was 3.2% in 2018. 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. 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.
Source: World Bank
Government economic vision
For Singapore to be a leading global city with a dynamic economy, world-class and innovative enterprises, a conducive environment for entrepreneurs and enterprises to tap its diverse opportunities and good jobs for all Singaporeans.