Singapore’s economy is ranked as one of the fastest growing economies in the East, and it has been ranked this way because it is one of the most transparent countries in Asia as well as in the world. This has attracted many local and international investors, therefore, assisting the economy to grow its gross domestic product (GPP).
Features of Singapore’s economy
The economy is said to be transparent because all the taxes supposed to be levied to the investors are well stated, and the government places a regulatory environment for all key players in the industry. Most investors like transparency and that encourages foreign direct investments. (FDI).
2. Stable political and legal economy
Political instability is one of the major factors that can cause businesses close up in their countries of operation. For instance, increased political tensions may cause businesses to close down that therefore, means that a business will be most affected because of loss of clients. Also, if the legal system is corrupt, then the business operations in the country will collapse. However, in Singapore has a robust and efficient judicial structure will emphasize on the rule of law when it comes to the business. Therefore, the business climate is conducive to everyone thus creating investor confidence.
3. Open markets
A free market is a market whereby there is no restriction, and there is the same competition of buyers and sellers. In some countries, the government has a stake when it comes to who controls the market. Mostly, the most favoured business has close links with the government. Many investors are pleased with Singapore because the government does not have any favouritism amongst businesses.
4. Trade policies
As a way of attracting foreign investors, Singapore has set the corporate tax at 17% while individual income tax is 22%.The reduced tax rates for businesses has inspired many companies to set up plants in Singapore. The monetary and fiscal policies are created to promote economic competitiveness as well as long-term economic growth. The government has done this by encouraging a stable and conducive environment for all the business to grow because as they do so the economy will also grow.
For a constant change, a country must often engage in the research and development process where they come up with new products for the market because the world is evolving at a very fast pace. Concerning innovation, Singapore they have the latest technology in biomedicine which meets the set standards in the world thereby making them receive foreigners who come to seek healthcare to their world class hospitals such as National University Hospital.
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