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~ Singapore's Economic ~
Singapore's Economic
Singapore has been ranked the third-largest foreign exchange (FX) centre in the world in 2013, after London and New York.
Over the years, Singapore has made significant strides in many areas, notably in economic and living standards.
This has attracted an encouraging amount of praise and accolades for the young country, from official bodies and independent visitors alike. Among them, Singapore has been called the world’s easiest place to do business, a safe city with low corruption, and the best place in Asia to live, work and play in.
Singapore’s economic freedom score is 88, making its economy the 2nd freest in the 2013 Index. Its score is 0.5 point higher than last year, with an advancement in financial freedom outweighing small deteriorations in five other economic freedoms. Singapore is ranked 2nd out of 41 countries in the Asia–Pacific region.
Prudent macroeconomic policy within a stable political and legal environment has been the key to Singapore’s continuing success in maintaining one of the world’s highest levels of economic freedom. Well-secured property rights promote entrepreneurship and productivity growth. A strong tradition of minimum tolerance for corruption is institutionalized in an efficient judicial framework, strongly sustaining the rule of law.
Singapore’s openness to global trade and investment has facilitated the emergence of a more competitive financial sector and continues to provide real stimulus and ensure economic dynamism. Competitive tax rates and a transparent regulatory environment encourage vibrant commercial activity, and the private sector is a continuing source of economic resilience and competitiveness. However, state ownership and involvement in key sectors remain substantial. A government statutory entity, the Central Provident Fund, administers public housing, health care, and various other programs, and public debt is equal to a year’s production for the entire economy.
Over the years, Singapore has made significant strides in many areas, notably in economic and living standards.
This has attracted an encouraging amount of praise and accolades for the young country, from official bodies and independent visitors alike. Among them, Singapore has been called the world’s easiest place to do business, a safe city with low corruption, and the best place in Asia to live, work and play in.
Singapore’s economic freedom score is 88, making its economy the 2nd freest in the 2013 Index. Its score is 0.5 point higher than last year, with an advancement in financial freedom outweighing small deteriorations in five other economic freedoms. Singapore is ranked 2nd out of 41 countries in the Asia–Pacific region.
Prudent macroeconomic policy within a stable political and legal environment has been the key to Singapore’s continuing success in maintaining one of the world’s highest levels of economic freedom. Well-secured property rights promote entrepreneurship and productivity growth. A strong tradition of minimum tolerance for corruption is institutionalized in an efficient judicial framework, strongly sustaining the rule of law.
Singapore’s openness to global trade and investment has facilitated the emergence of a more competitive financial sector and continues to provide real stimulus and ensure economic dynamism. Competitive tax rates and a transparent regulatory environment encourage vibrant commercial activity, and the private sector is a continuing source of economic resilience and competitiveness. However, state ownership and involvement in key sectors remain substantial. A government statutory entity, the Central Provident Fund, administers public housing, health care, and various other programs, and public debt is equal to a year’s production for the entire economy.
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