The Singapore economy is one of the most prosperous and stable economies in the world. With an estimated gross domestic product (GDP) of $250 billion, the country has the second highest per capita GDP in the Asia-Pacific region and the fifth highest in the world.
In this article, we look at 10 facts about the Singapore economy that most people don’t know.
Singapore’s GDP per capita is one of the highest in the world
In terms of GDP per capita, Singapore is one of the highest in the world and it has one of the highest median incomes in Asia. In fact, it is one of the highest in the world. GDP per capita in Singapore is currently at US$64,057, which is one of the highest in the world. If we compare Singapore to other countries in the Asia-Pacific region, we see that there are a few countries that are even higher. The countries with the highest GDP per capita in the region are Japan, South Korea, Hong Kong, Taiwan and the Philippines. The only other countries with a GDP per capita of over US$100,000 are Canada, Norway, Denmark, Luxembourg and the Netherlands.
Singapore is a financial center
While many people think that Singapore is only about its economy, the country has a lot to offer in terms of finance and banking. With a total assets of US$10.6 trillion, Singapore is the 14th largest financial center in the world. It is home to more than 80 global banks and financial institutions, including the city-state’s own Republic Bank and DBS Bank. The Swiss International Finance Corporation (Switzerland) is also based in Singapore.
Singapore is one of the most expensive cities in the world
While other Asian countries are seeing a massive influx of investment, Singapore has not been impacted as much by this. This is due to the country’s price controls. The government tries to keep the total cost of living as low as possible, which has led to Singapore’s reputation as one of the most expensive cities in the world. The current price of a basket of goods and services in Singapore is around US$40,000. With a per capita GDP of US$64,057, this means that the average Singaporean is spending almost 50% of their income on expenses like rent, food and utilities. In fact, a person living in Singapore needs to earn at least US$500,000 to be considered middle-class.
Singapore’s housing market has been overheated
Most Singaporeans own their homes, but this has not been the case for quite some time. Over the past few decades, Singapore saw house prices rise at an incredible rate. The government introduced measures to cool down the market, but the cooling measures have not been successful. As a result, the country’s housing market has been overheated for years now, and prices have been declining for a while. While prices are still well above the level that they were before the cooling measures, they have stopped rising in the past few years.
Singapore’s economy is on track to hit US$1 trillion by 2035
Singapore’s economy grew by an average of 6% per year between 1960 and 2017. In the next two decades, however, the government expects the economy to grow by an average of 6% per year. This means that the country’s economy could potentially be worth US$1 trillion by 2035. This is an incredible statistic and one that shows that the Singapore economy is in great health.
Singapore’s medical care is among the best in the world
While there is no country in the world that has a perfect healthcare system, Singapore is considered to be one of the best due to its world-class medical institutions. The country has 11 public hospitals where people from all walks of life can seek treatment for free. There are also 41 private hospitals that charge for their services. The government also pays for all medical treatment for Singaporean citizens. In other countries, some people have to pay for their medical bills themselves. This means that the country has one of the most attractive healthcare systems in the world.
Singapore’s education system is among the best in the world
Like healthcare, education is also government-funded in Singapore. The government provides free-tuition education for citizens as well as foreigners who want to study in the country. There are also a lot of scholarships that students can apply for, and many of them are financial aid. Many people also choose to stay in the country after they finish their studies and work there. This is due to the country’s amazing job market, which is among the best in the world.
The number of people employed in Singapore has been on the rise
Just like other countries, Singapore was hit hard by the Great Recession. The unemployment rate rose to almost 20% and stayed there for about a year before it started to decline. The country’s economy also struggled for a few years, and unemployment rose to over 6%. Over the past few years, however, the economy has been growing and unemployment has been falling. In December 2017, the unemployment rate was 3.2%, which is the lowest that it has been in over 20 years.
Singapore’s government debt as a percentage of GDP has been decreasing over time
Singapore’s government debt as a percentage of GDP has been declining over time. In 2001, it was at around 167%. This means that the government was spending about 167% of the country’s GDP on paying for its debts. Over the next few years, it reduced this to about 5%. By 2030, the country’s government debt is expected to be at about 25% of GDP.
The Singapore economy is one of the most prosperous and stable economies in the world. With an estimated gross domestic product (GDP) of $250 billion, the country has the second highest per capita GDP in the Asia-Pacific region and the fifth highest in the world. In this article, we looked at 10 facts about the Singapore economy that most people don’t know. We hope that you were able to learn a few things about the country’s economy and that the information provided in this article was useful.