Singapore, an island country in Southeast Asia, is located off the southern edge of the Malay Peninsula, between Malaysia and Indonesia. Its official languages are English, Malay, Chinese, and Tamil, and the currency is the Singapore dollar (SGD).
Singapore is one of the world's most prosperous countries, with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with a per capita gross domestic product (GDP) comparable to or exceeding that of many nations in Western Europe.
Singapore has a highly developed and successful free-market economy. The economy depends heavily on exports, particularly in information technology products and pharmaceuticals, as well as a vibrant financial services sector. Based on a May 2019 forecast, GDP growth in 2019 is expected to range between 1.5% and 2.5%, taking into account the Singapore economy’s performance in the first quarter and the weaker external demand outlook for Singapore. The expected slower growth reflects the fact that Singapore is an open economy whose growth is influenced by global factors.
Growth in the manufacturing sector and outward-oriented services sectors are expected to ease, but the information and communications sector, and the education, health, and social services segment, are expected to remain resilient, supported by firms’ robust demand for IT and digital solutions and the ramp-up of operations in healthcare facilities, respectively. The construction sector is also expected to see a turnaround after three consecutive years of contraction.
Over the longer term, the government hopes to establish a new path that focuses on innovation and value creation. Singapore has attracted major investments in pharmaceuticals and medical technology production, and it will continue to establish itself as Southeast Asia's financial and technology hub.
PwC China, Hong Kong, Singapore, and Taiwan work together on a collaborative basis, subject to local applicable laws. Collectively, we have around 800 partners and more than 20,000 people.
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