Singapore is a high-income economy with a gross national income of $51,880 per capita (Atlas Method), as of 2016. The country provides one of the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies.
In the decades after independence, Singapore rapidly developed from a low-income country to a high- income country. GDP growth in the city-state has been amongst the world’s highest, at an average of 7.7% since independence and topping 9.2% in the first 25 years.
After rapid industrialization in the 1960s catapulted the island nation’s development trajectory, manufacturing became the main driver of growth. In the early 1970s, Singapore reached full employment and joined the ranks of Hong Kong, South Korea and Taiwan a decade later as Asia’s newly industrializing countries. The manufacturing and services sectors remain the twin pillars of Singapore’s high value-added economy.
In 2017, Singapore launched this regional trading hub as ‘Asia’s Infrastructure Exchange’: “the go-to place where infrastructure demand and supply can connect, where infrastructure expertise and financing can be obtained and infrastructure needs are met”. In its announcement, the government highlights the country’s strong ecosystem, one that integrates infrastructure players along the whole value chain – multilateral banks, private financiers, lawyers, accountants, engineers and other professional services. The program also presents the World Bank Group Singapore Hub as the first overseas ‘One Bank Group’ office to service the full project financing value chain for the region.
Last Updated: Sep 30, 2017