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.
