Singapore Facts and Figures

Singapore, a sovereign city-state in Southeast Asia, is located at the southern tip of the Malay Peninsula, serving as a strategic maritime hub. Known for its high global connectivity, Singapore is a member of the Association of Southeast Asian Nations (ASEAN) since 1967 and joined the World Trade Organization (WTO) in 1995, highlighting its commitment to international trade and economic collaboration. Impressively, the nation is one of the world's busiest ports and a leading global financial center, recognized for its efficient infrastructure and high standards of living.

Transformative Events Shaping Singapore

One of Singapore’s most transformative milestones was its separation from Malaysia in 1965, marking its emergence as an independent nation. Under the leadership of its first Prime Minister, Lee Kuan Yew, Singapore underwent rapid economic development, transforming from a developing country into a high-income economy within a few decades. Major political and economic reforms, such as the emphasis on education and the creation of a strong export-oriented manufacturing sector, have had lasting impacts. Today, the city-state is a global business powerhouse, boasting one of the highest GDP per capita rates worldwide, with ongoing advancements in technology and finance driving its growth.

Demographics of Singapore

Singapore, with a total population of 5.92 million in 2023, is among the world's most densely populated countries, hosting 7,595 people per square kilometer. The working-age group, constituting 73% of the population in 2022, drives much of its economic activity. The median age is rising, projected at 43 years by 2024, reflecting an aging demographic. Life expectancy remains high at 83 years. The nation’s annual population growth reached 4.9% in 2023, with a low fertility rate of 1.0, indicating slower natural growth. Crude death rates stand at 6.3 per 1,000 persons, and infant mortality is minimal, at 1.8 per 1,000 live births. Urbanization is total, with 100% of its population residing in urban areas.

Economic Profile

Singapore’s GDP totaled approximately $501.43 billion in 2023, ranking 30th globally. Economic growth was steady, at 3.8%, despite inflation easing from 4.8% in 2023 to an expected 3.0% in 2024. The country maintains a favorable trade balance, exporting goods worth $476.25 billion and importing $423.45 billion. Unemployment fell to 3.6% in 2022 from 4.6% in 2021. The economy is dominated by services, comprising 70.9% of GDP, while manufacturing makes up 20.5% and agriculture holds no significant share. In public finance, net lending improved to 3.58% of GDP in 2023. However, central government debt has increased significantly, now at 135.86% of GDP in 2022, compared to 107.51% in 2012.

Military Overview

Singapore maintains a robust military presence, with approximately 73,000 personnel recorded in 2016. The nation prioritizes defense, reflected in its military spending, which has remained stable at 2.8% of GDP in both 2021 and 2022. This commitment to military preparedness is essential for maintaining security in a region characterized by geopolitical complexities.

Conclusion

In summary, Singapore exemplifies a dynamic and resilient nation characterized by a diverse economy, a youthful demographic, and advanced digital adoption. The economy thrives on a strong service sector, supported by strategic manufacturing and robust international trade, highlighted by a positive trade balance. With a high urbanization rate and significant digital usage, Singapore fosters innovation and connectivity among its population. The military's commitment to defense and security complements its political stability, contributing to an environment conducive to economic growth and development. Understanding these interconnected aspects is vital for comprehensive market research in Singapore, as they collectively shape the country’s competitive landscape and future trajectory.