The de-facto financial center of the Southeast Asian region, the Republic of Singapore also has one of the most advanced economies in Asia and in the span of decades has progressed from a backwater, to one of the richest cities in the world. Although it is a small island, Singapore is a large exporter and a regional leader in the manufacturing of electronics, pharmaceuticals and biotechnology. This underscores Singapore’s status as the second busiest trading port in the world. Get the facts about Meyer Mansion Former Casa Meyfort
Singapore’s influence on the global economy is disproportionate to its small size and population. Despite having a population of not any less than five million inhabitants and being a small island state, it has become one of the world’s premier financial centers. Its banking system and government is stable, its stock market well regulated, and its growth continuous to the point where several consultancies have predicted that it will be the richest country on a GDP per capita basis by 2050.
The city state is also highly international and ethnically diverse and with 38% of its population having been born abroad, the country draws in many of the world’s most enterprising individuals. The country’s desirability for entrepreneurs and investors can be attributed to many reasons including the government’s support for start-up companies, as well as Singapore having very low taxes.
The island nation is known as one of the four Asian tigers, a group of countries that underwent rapid economic growth from the 1960s to the 1990s and also consists of Hong Kong, Taiwan and South Korea. Growth is expected to continue for the foreseeable future and in fact, a joint survey by property giant Knight Frank and Citi Private Bank predicted that Singapore will have the highest GDP per capita in the world by 2050.
Despite its positives, the country has problems that are expected in a small island nation. Rapid development has led to land shortages, causing the government to attempt to curtail real estate prices by imposing additional taxes on foreign investors in real estate. The country’s demographics are also a cause for concern, as the birth rate is below that needed for replacement. Immigration must continue at its current pace for the country to not face a population decline.