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 November 2019 forecast, GDP growth in 2020 is expected to range between 0.5% and 2.5%, improving slightly from 2019’s GDP growth of 0.7%. This reflects improvements in the growth outlook for emerging market and developing economies.
Growth in the manufacturing sector is expected to turn around, led by a gradual recovery in the electronics and precision engineering sectors, which are also expected to support growth in related sectors. The information and communications sector, finance and insurance 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 sustained growth in the coming year.
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.
We provide organisations with the professional services they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.