Steven Wyble is online content editor at Scotsman Guide Media.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
Singapore was founded as a British trading colony in 1819, joined the Malaysian
Federation in 1963 and became an independent nation in 1965. Since then, the
city-state has blossomed into one of the world’s most prosperous countries and
become a global center of commerce and finance.
Singapore boasts one of the largest ports in the world and is a major manufacturer of
electronics and chemicals. Major exports from the country include petroleum products, chemicals, electronics, pharmaceuticals and medical devices. The country’s
transportation, business- and financial-services sectors are other important facets of
the economy, according to the CIA World Factbook.
Singapore’s economy grew by 3. 6 percent in 2017, compared to 2.4 percent growth in
2016, according to a report from Cushman & Wakefield.
This past July, the head of the country’s monetary authority, Ravi Menon, said gross
domestic product (GDP) growth should come in between 2.5 and 3. 5 percent in 2018.
That’s unchanged from an earlier forecast in May, despite the emergence of protectionism risks that could affect trade, and the risk of rapid inflation, according to the
The country has a low unemployment rate, currently at 2 percent. Singapore has a
gross national income per capita of $52,600, according to the World Bank. It also has
the seventh-highest GDP per capita in the world, at $90,500, according to the CIA.
Singapore’s property market is expected to stabilize and strengthen throughout
2018, thanks to broad GDP growth and an expected upcycle in the office and
residential markets, according to a market outlook from Colliers International.
Colliers expects rent growth in the office-leasing market to pick up speed and forecasts a gradual recovery in the retail market this year. Industrial rents are expected
to stabilize, with growth expected in high-specification and business-park spaces.
This past July, in an effort to cool what it perceived as an overly hot real estate market,
the Singaporean government raised stamp duties — which are taxes imposed on the
transfer of assets such as real estate. The announcement of the clampdown caused
the country’s real estate stocks to fall, but the government sees it as a necessary,
preemptive move to keep housing affordable and maintain the country’s quality of life.
One obstacle to growth facing the country is the uncertain fate of a high-speed
railway linking Singapore and Malaysia. The Malaysian government signaled in May that
it plans to pull out of the project. Singapore expects to incur about $221.5 million in
costs related to the planned railway by year’s end and has indicated that it will seek
compensation from Malaysia if it does, indeed, pull out of the project. n
By Steven Wyble
Singapore’s annual GDP growth
rate in first-quarter 2018
Singapore’s inflation rate as of
Singapore’s unemployment rate
as of March 2018