Singapore Country profile

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Singapore’s low tax rates and pro-business environment attract significant foreign direct investment, and have helped the country become one of the wealthiest, on a GDP per capita basis, in the world. The economy is heavily dependent on exports, specifically consumer electronics and pharmaceuticals, and on its large business and financial services sectors to drive growth. Singapore outperforms advanced economy peers on measures of income and the business climate. Creditworthiness is high, as is the case in many advanced economies. Growth prospects are in line with advanced economy peers, notwithstanding downside risks from global trade tensions.

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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 2019 and 2024 as provided by the IMF. Annual GDP growth is the average between 2019 and 2024. 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.