Singapore is a high-income economy with a gross national income of US $40,920.00 per capita. It is presently ranked among the world’s most competitive economies.
Forty years ago, post-independence Singapore was confronted with severe unemployment, poor infrastructure, and a housing shortage. Rapid industrialization took momentum in the 1960s and by the end of the decade manufacturing had become the lead sector of the country’s economic growth. By the early 1970s, Singapore had reached full employment and, in the 1980s, Singapore had joined the ranks of Hong Kong, South Korea and Taiwan among the newly industrializing countries in Asia. Presently, the strong manufacturing and services sectors have become the twin pillars of the Singapore economy. There is a wide range of businesses, with a particular focus on high value added activities.
High income: nonOECD
GDP (current US$)
Source: World Bank