Economy of Singapore

Singapore has a free-market economy that is highly developed and prosperous. It has an open and corruption-free environment, stable pricing, and a per capita GDP that is higher than that of the majority of developed countries. The unemployment rate is quite low. 

The economy is strongly reliant on exports, notably those of electronics, petroleum products, chemicals, medical and optical equipment, and medicines, as well as on Singapore’s strong transportation, commercial, and financial services industries. The economy contracted by 0.6 percent in 2009 as a result of the global financial crisis, although it has been growing since 2010.

Development was slower from 2012 to 2017, owing to decreasing structural growth (as Singapore approached high-income levels) and low global demand for exports. With the global economy strengthening, growth recovered to 3.6 percent in 2017.

GDP is a major sign of a country’s strong economy. Singapore’s GDP is expected to be about 396.99 billion US dollars in 2021. Singapore’s GDP increased by 4.8 percent year on year in the second quarter of 2022, extending the previous quarter’s 4.0 percent growth.

The capital of Singapore is Singapore City. Singapore was formally known as the Republic of Singapore, is also known as the Lion City (Singapura), and comprises the main island plus around 64 smaller outlying islands, including Sentosa (the biggest of the offshore islands), Pulau Ubin, St John’s Island, and the Sisters’ Islands.

Two bridges connect Singapore to Malaysia and the rest of Asia. The Johor-Singapore Causeway connects Singapore to the Malaysian city of Johor Baru in Peninsular Malaysia. Singapore shares maritime boundaries with Malaysia and Indonesia. The small archipelago is located approximately 137 kilometers (85 miles) north of the equator and slightly south of the Malay Peninsula's tip, separated by the Johor Straits. Singapore is located near one of the world's busiest maritime channels, the Malacca Strait and the South China Sea. 

Singapore’s islands are separated from the Indonesian Riau Archipelago in the south by the Singapore Strait. The old British colonial trade post gained independence in 1965. Singapore has a population of around 5.9 million people (as of 2020) and a resident population of approximately 4 million (in 2020). 

Languages: English (the language of administration and education), Singlish (the Singaporean creole), Malay, Chinese (Mandarin), and Tamil are the languages spoken.