Singapore – May 2021
Singapore outperforms advanced economy peers on measures of income and the business climate. 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. Creditworthiness is high, as is the case in many advanced economies. Growth prospects are in line with advanced economy peers, notwithstanding downside risks from the pandemic.
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 and is the five-year average between 2021 and 2025 as provided by the IMF. Annual GDP growth is the five-year average between 2021 and 2025. Business climate is measured by the World Bank’s latest 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 regional countries.