Simply Said, Singapore is Southeast Asia's Most Prosperous Nation While Being a Small Country
The Legatum Institute's analytical center assesses 167 nations each year to determine the Prosperity Index. The study's findings are used by investors and owners of multinational corporations to make investments in the economies of the most advantageous nations.
A total of 300 factors are evaluated cumulatively to create the Prosperity Index. They are divided into 12 major categories, which include:
- The investment's environment
- Economic development level
- Terms for the business
- Independence of the individual
- Health care
One of the richest countries in the world, Singapore boasts a very low unemployment rate, business-friendly regulations, and a high level of prosperity.
The most prosperous nation in Southeast Asia is Singapore, which comes in at number 14 on the global Prosperity Index rankings. Singapore has climbed two spots in the rankings since 2011.
Singapore fares best in Infrastructure & Market Access and Education, but Personal Freedom is where it falls short. Social Capital had the biggest improvement since a decade ago.
The World Bank assessment states that Singapore is a high-income economy with a 2017 gross national income per capita of US$54,530. The nation has one of the most business-friendly regulatory environments in the world for local entrepreneurs, and its economy is considered to be one of the most competitive in the world.
After gaining its independence, Singapore quickly moved from being a low-income to a high-income nation. The city-GDP state's growth has been among the highest in the world, averaging 7.7 percent since independence and reaching 9.2 percent in the first 25 years.
Manufacturing took over as the primary engine of growth for the island nation in the 1960s, when rapid industrialisation propelled its development trajectory.
As one of Asia's emerging industrializing economies, Singapore attained full employment in the early 1970s and joined Hong Kong Special Administrative Region, Republic of Korea, and Taiwan a decade later.
The two foundational industries of Singapore's high-value-added economy continue to be manufacturing and services.
In 2018, Singapore's GDP grew by 3.2 percent overall. The services sector, particularly the information and communications industries, which grew by 6.0 percent year over year, and the finance & insurance industries, which grew by 5.9 percent year over year, continue to be key drivers of growth in value-added manufacturing, particularly in the electronics and precision engineering sectors.
The government predicts that economic growth would decelerate in 2019, with a rate that will be somewhat below the middle of the projection range, in the range of 1.5 percent to 3.5 percent.
Asia's Infrastructure Exchange, dubbed "the go-to destination where infrastructure demand and supply can connect, where infrastructure expertise and financing can be accessed, and where infrastructure needs are addressed," was introduced by Singapore in 2017.
The government emphasized the country's robust ecosystem in its announcement, a system that incorporates actors in the infrastructure industry along the whole value chain, including multilateral institutions, private financiers, attorneys, accountants, engineers, and other professional services.
Singapore is ranked as the world's finest country for developing human capital in the most current World Bank Human Capital Index. This suggests that a child born in Singapore today will be 88 percent as productive as if she had received a thorough education and had perfect health as a child.
The nation continues to improve the agility and adaptability of its workforce in addition to providing substantial financial support by offering ongoing education programs like the Skillsfuture initiative. The amount the government spends on lifelong learning will almost treble, reaching more than S$1 billion annually.
Source: ImmigrantInvest.com, Heritage.org, Prosperity.com, WorldBank.org