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Singapore Country profile

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April 2019

Singapore’s low tax rates and pro-business environment have attracted foreign direct investment, transforming what once was a fishing village into one of the wealthiest economies, on a GDP per capita basis. The economy is heavily dependent on exports, specifically consumer electronics, pharmaceuticals, and on its large business and financial services sectors. Singapore outperforms most advanced economies on measures of incomes per capita, economic growth, creditworthiness and business climate.

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This chart is a cobweb diagram showing how a country measures up on four important dimensions of economic performance—per capita income, annual GDP growth, business climate and creditworthiness. Per capita income is in current US dollars between 2018 and 2023 as provided by the IMF. Annual GDP growth is the average between 2018 and 2023. Business climate is measured by the World Bank’s Ease of Doing Business ranking of 190 countries. Creditworthiness attempts to measure a country's ability to honour its external debt obligations and is measured by its OECD country credit risk rating. The chart shows not only how a country performs on the four dimensions, but how it measures up against other comparable countries.