Southeast Asia: Startup Ecosystem 2.0
Singapore: Economy Overview
SINGAPORE - Real GDP and GDP Growth Rate (US$ Bn/US$), 2011-2020
Overview Singapore is one of the top-performing economies in the world with GDP per capita among the highest. The average real GDP growth rate between 2011-2020 is around 2.89%. Sectoral Highlights Singapore is one of the global financial centers and key trade hubs. The country’s expertise in semiconductors and data storages also makes it Asia’s high-tech manufacturing hotspot. Business & Investment Climate Singapore ranks 2nd globally in terms of ease of doing business (2020). Supported by robust regulatory and IP framework, pro-business policies and stable political environment, the advanced business ecosystem has attracted global investors, MNCs and regional startups. Source: MarketLine
Notable development priorities in recent years include: Focus on high-tech manufacturing. Accelerate national digitalization. Supporting local businesses. SMEs are expected to be the future impetus of the country. Some of the challenges the country is facing include an aging population and increasing competition from China and India in maintaining the inflow of foreign talents.
SINGAPORE - Digital Economy
Digital economy - Singapore ranks 1st in Asia in terms of digital infrastructure and 1st worldwide in terms of technological readiness. - The digital economy is estimated to be around US$9 Billion in 2020 with a growth rate of 19% toward 2025. Source: MarketLine; Google, Temasek, Bain & Company SEA E-conomy Report 2020 Source: MarketLine, The Economist Intelligence Unit (EIU); Google, Temasek, Bain & Company SEA E-conomy report 2020; World Bank Doing Business report 2020.
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