2014 Economic Review of Singapore

March 10, 2015 | Sharon Cheong

For 2014,Singapore continued to excel in offering lucrative financial opportunities to investors from all over the world.  The low tax rate of 14.2% attracted HR and IT consultants, as well as real estate investors. As a major world economy, the Singapore government works to create an exceptional investment climate.

The Ministry of Trade and Industry (MTI) reported robust growth rates and profitable business opportunities due to the stable political environment.  Companies in every industry reported brisk sales and stable profit margins for 2014. Singapore continued to attract big players in the biotech industry and several important emerging technologies. Among those were next-generation robotics, additive manufacturing, and recyclable plastics.

For some years,Singapore has been widely known as a hub of wealth management for a significant number of Asian countries. The government has worked to draw larger corporations who were important in global biotechnology by regulating both foreign and domestic companies equally. They also offer great educational opportunities in order to keep a highly skilled workforce in the nation. Many companies are extending their employee incentive programs throughout 2015.

Import/Export Business

As a major world import/exporter, Singapore enjoyed a high trade to Gross Domestic Product ratio throughout 2014. The central government enhanced the nation's productiveness by offering no tariffs on imports. The Maritime and Port Authority of Singapore was one of the busiest in terms of total cargo tonnage and thousands of ships entered the harbor from over 100 countries.

With more than 3,000 multinational corporations, the World Bank held Singapore as one of the easiest places in the world to establish a new business. The electronics industry reported the largest industrial output with a 48% product rate. This sector is slated to continue rapid growth over the next ten years. Small businesses were founded that focused on more narrow electronics sectors such as computers and smartphones.

The Singapore Lifestyle

During 2014, Singapore continued to offer an exceptional quality of life with a high number of green spaces, lots of shopping, good restaurants and attractive housing. Singapore remains on the list of favorite places to live in the world. The nation was ranked first in Asiain terms of best places to live and 26th worldwide. The vibrant culture of Singapore drew many festivals, conferences and seminars from around the world. Local celebrations are often colorful and well attended, attracting tourists and inhabitants alike.

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