Singapore

Background

Singapore is a small, densely populated island strategically located in the Malacca Strait between Malaysia and Indonesia. It enjoys one of the world's most open, trade-oriented economies. Serving as a regional headquarters for more than 3,000 multinational corporations (MNCs), Singapore has world-class financial, business and transport service sectors; a manufacturing sector anchored by electronics, chemicals, and engineering sectors; a stable, honest government, and modern, highly efficient infrastructure. The country consistently ranks high among the 'most attractive countries for international business' and has achieved a per capita GDP level comparable to levels of developed western nations.

From 2004 to 2007, Singapore’s economic growth recovered strongly from the slowdown that took place between 2001 and 2003 due to the global recession and the slump in the technology sector, as well as the outbreak of SARS. Prudent macroeconomic management and a favorable external environment also contributed to the impressive growth. Given the openness of its economy, however, Singapore was hit hard by the global economic crisis and was among the first countries in Asia to enter the recession following the collapse of external demand. Nevertheless, strong economic fundamentals, along with the government’s skillful implementation of a broad range of policy instruments, have helped lessen the impact of the crisis. As a result, economic contraction in 2009 was much less severe than originally estimated, and GDP growth recovered exceptionally strongly in 2010 on the strength of renewed exports. Meanwhile, inflation and property prices were on the rise and the labor market tightened. By the second half of 2011, Singapore faced numerous downside risks including a likely technical recession due to weak global demand. By late September 2011, Singapore shares had dropped to a 16-month low. Property stocks in particular slid on fears that developers may start slashing prices in the face of slowing sales, in part due to the United States’ less-than-positive economic outlook.

Holidays

Ps: Muslim festivals(*) are timed according to local sightings of various phases of the moon and the dates given above are approximations. These festivals' dates(~) given above are approximations which are subject to change every new year.

Phone Codes

Country Code: 65
Outgoing International Code: 001

Resources

Market Research

Singapore Country Commercial Guide
Review of economic and political conditions and trends, commercial opportunities for U.S. exports and investment, and the overall investment climate in Singapore.

All About Singapore
There is available to reach all Singapore resources related to business, economy, investment and so forth in details.

CIA - The World Factbook - Singapore
This website indicates a wide range of detail information about Singapore by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.

About Singapore
There is available to find out Singapore general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.

Trade Information

Expat Singapore
Helpful for foreign corporations doing business in Singapore.