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Singapore is a high-income economy with a gross national income of US$70,810 per capita, as of 2023. 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 among the world’s highest, at an average of about 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 SAR, Republic of Korea, and Taiwan, China, a decade later as Asia’s newly industrializing economies. The manufacturing and services sectors remain the twin pillars of Singapore’s high value-added economy.

The overall growth of the Singapore economy was 1.1% in 2023. Construction (+5.2% y-o-y) led the growth in goods producing industries, driven by expansions in both public and private sector projects. Services industries registered broad-based growth, led by accommodation (+12.1% y-o-y), and information and communications (+5.7% y-o-y) on the back of strong international visitor arrivals and robust demand for data hosting services, respectively.  Economic growth is expected to be modest in 2024, with the government forecasting a range of 1.0% to 3.0%.

In February 2021, Singapore launched the “Singapore Green Plan 2030”, a whole-of-nation movement to advance Singapore's national agenda on sustainable development. The Green Plan charts ambitious and concrete targets over the next 10 years, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and Paris Agreement, and positioning Singapore to achieve net zero emissions by 2050.

In the most recent World Bank Human Capital Index, Singapore ranks the best country in the world in human capital development. This means that a child born today in Singapore will be 88% as productive when she grows up, as if she enjoyed complete education and full health. Together with strong financial support from the government, the country continues to strengthen the nimbleness and flexibility of its workforce by providing continuing education such as the Skillsfuture initiative. Government spending on continuing education has reached S$0.9 billion yearly.

Last updated: April 2024


Singapore: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

Additional Resources


World Bank Group Singapore Office
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