International Market Development

International market development | Comprehensive analysis of Singapore's economy and market conditions

Author : Bozhou Marine

Update time : 2020-12-31 09:09:10

In this article, we mainly introduce the basic situation of the Singapore market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment, prices, taxes, etc.

  Introduction

The Republic of Singapore (English: Republic of Singapore), referred to as Singapore (Singapore), formerly known as Singapore, Singapore, or Sing Tao, also known as the Lion City, is an island country in Southeast Asia. Its political system is a parliamentary republic.

Singapore is bordered by Malaysia by the Johor Strait in the north, and Indonesia by the Singapore Strait in the south. It is adjacent to the south entrance of the Malacca Strait. In addition to Singapore Island (88.5% of the country's area), Singapore also includes 63 surrounding islands.

Singapore is a developed capitalist country, known as one of the "Asian Four Little Dragons". At the same time, with its geographical advantages, Singapore has become one of Asia's important financial, service and shipping centers. Its economic model is called "state capitalism." According to the 2018 Global Financial Center Index (GFCI) ranking report, Singapore is the fourth largest international financial center after London, New York and Hong Kong. It was rated as the world's first-tier city by GaWC. Singapore is a member of the Association of Southeast Asian Nations (ASEAN), and is also a member economy of the World Trade Organization (WTO), the Commonwealth (The Commonwealth) and the Asia Pacific Economic Cooperation (APEC). The entire city has significant effects on greening and environmental sanitation, so it has the reputation of a garden city.

  Capital

Singapore City is the capital of the Republic of Singapore, located at the southern tip of Singapore Island. Singapore is the political, economic and cultural center of Singapore. It is also known as the "Garden City". It is one of the world's largest ports and an important international financial center.

The downtown area of Singapore is also called the Central Business District (CBD) at the southern end of Singapore Island, 136.8 kilometers south of the equator. This is Singapore's economic, political and cultural center.

  Main City

Singapore is a bit special place, a city is a country.

Singapore is a city-state, so there is no distinction between provinces and cities. Instead, the country is divided into five communities in a way that conforms to urban planning, and they are managed by the corresponding community development council (social council). The five social councils are divided according to regions and are named Northeast, Southeast, Northwest, Southwest and Central Social Councils. These five communities are further divided into 87 constituencies, including 12 single constituencies and 15 collective constituencies.

1) Single selection area: Hougang, Whampoa, Pioneer, Joo Chiat, Yuhua, Fengjia North, Mountbatten, Sengkang West, Punggol East, Bukit Panjang, Podong Brazil, Latin Mas.

2) GRC: Yishun, Jurong, Sembawang, Choa Chu Kang, East Coast, West Coast, Aljunied, Ang Mo Kio, Tampines, Marine Parade, Tanjong Pagar, Bishan-Bus Kiln, Holland-Bukit Timah, Baisha-Ponggol, Momian-Kallang.

Singapore City - Photo | Google

  Jet Lag

There is no time difference between Singapore and China.

  Population and Ethnicity

The total population is 5.7 million (June 2019), with 4.03 million citizens and permanent residents. Chinese account for about 74%, and the rest are Malays, Indians and other races.

  Language

Malay is the national language, English, Chinese, Malay, and Tamil are the official languages, and English is the administrative language.

  Main Holiday

Chinese New Year: Same as Chinese New Year.
Tamil New Year: between April and May.
Vesak Day: Full Moon Day in May.
National Day: August 9th.
Eid al-Fitr: When the new moon appears in October in the Islamic calendar.
Christmas: December 25th.
Singapore's statutory public holidays total 11 days. In addition to the above, there are New Year's Day, Easter, Haji Day, Labor Day, etc.

The Mid Autumn Festival in Singapore - Photo | Google

Natural Resources

Due to the small area, natural resources are scarce.

Competitive Industries

Industry

It mainly includes manufacturing and construction. Manufacturing products mainly include electronics, chemistry and chemicals, biomedicine, precision machinery, transportation equipment, petroleum products, oil refining and other products. New is the third largest oil refining center in the world.

Agriculture

Agricultural land accounts for about 1% of the total land area, and the output value accounts for less than 0.1% of the national economy. The vast majority of food and vegetables are imported from Malaysia, China, Indonesia and Australia.

Service Industry

Including financial services, retail and wholesale trade, hotel tourism, transportation and telecommunications, business services, etc., it is the leader of economic growth.

Tourism Industry

One of the main sources of foreign exchange. Tourists mainly come from China, ASEAN countries, Australia, India and Japan. The main attractions are: Sentosa Island, Botanical Garden, Night Zoo, etc.

Tourism in Singapore - Photo | Google

The slowest growth rate in 10 years in 2019

For the entire year of 2019, Singapore’s actual economic growth rate was 0.7%, the slowest growth rate in 10 years, a sharp slowdown from the 3.1% growth rate in 2018, mainly dragged down by the manufacturing industry. The completed nominal GDP is 507.568 billion Singapore dollars, which is approximately 372.062 billion US dollars at the average exchange rate.

Singapore GDP growth rate trend chart over the years | TRADING ECONOMICS

Recently, United Overseas Bank (UOB) economist Gan and senior foreign exchange strategist Peter Chia lowered Singapore’s full-year GDP growth rate in 2020 to -6.5%, which was lower than the initially expected -5.0%. The continued weakness of the construction and service industries dragged down the overall GDP decline.

Steady growth in foreign exchange reserves

Singapore's foreign exchange reserves trend chart over the years | TRADING ECONOMICS

As of December 7, Singapore’s announced foreign exchange reserves amounted to US$352.6 billion.

The job market picks up

Singapore's unemployment rate trend chart over the years | TRADING ECONOMICS

Singapore’s Ministry of Manpower (MOM) released the third quarter labor market report on December 16, stating that the number of local residents employed has returned to the pre-epidemic level.

Looking back at the employment situation in 2020, in the first quarter, the unemployment rate in Singapore hit a 10-year high, reaching 2.4%; in the second quarter, the unemployment rate climbed again to 2.9%, and the unemployment rate for citizens was even as high as 4%.

Inflation rate fell into negative value again

Singapore Consumer Price Index CPI Trend Chart | TRADING ECONOMICS

Singapore's inflation rate trend chart over the years | TRADING ECONOMICS

Monetary Authority of Singapore: The core inflation rate in 2020 is expected to be -1%-0%, again falling into negative value.

Corporate income tax rate 17%

Singapore corporate income tax trends over the years | TRADING ECONOMICS

In 2020, Singapore’s corporate income tax rate is 17%.

Personal income tax rate 22%

Singapore corporate income tax trends over the years | TRADING ECONOMICS

In 2020, Singapore's personal income tax rate is 22%.

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