Country Report Singapore

カントリーレポート

  • シンガポール
  • 農業,
  • 自動車・輸送,
  • 化学・薬品,
  • 建設,
  • 耐久消費財,
  • エレクトロニクス・ICT,
  • 金融,
  • 食品,
  • 機械・エンジニアリング,
  • 金属,
  • 紙業,
  • サービス,
  • 鉄鋼,
  • テキスタイル

28 1 2016

Economic performance impacted by slower growth in China and Southeast Asia.

Singapore key indicators
Singapore industries performance outlook

Political situation

Head of state: President Tony Tan Keng Yam (since September 2011)

Head of government: Prime Minister Lee Hsien Loong (since August 2004)

Population: 5.7 million

Stable political situation       

The People’s Action Party (PAP) has been in power since Singapore’s independence in 1965. The PAP is business-friendly but, compared to Western standards, personal freedoms are limited. The opposition is weak and fragmented and has very few opportunities to present itself in public. In the last general elections held in September 2015 the PAP won nearly 70% of the votes, securing 83 of the 89 seats in parliament.

Singapore’s population consists of ethnic Chinese (77%), Malays (14%), Hindu Tamil Indians (8%) and 1% of other nationalities. Income distribution is relatively equal and, in contrast to neighbouring Malaysia, racial tensions are negligible. The biggest potential threat to security is the possibility of terrorist attacks by Muslim extremists, either indigenous or from abroad.

Economic situation

Slowdown of growth, but strong fundamentals remain

Singapore real GDP growth

Singapore’s income per capita and level of development meet OECD standards. This city state is the main transport and financial service hub for Southeast Asia, but its economy is somewhat vulnerable because of its high reliance on demand from its trading partners and the focus on certain specific sectors such as electronics and pharmaceuticals. Nevertheless, for a small state the economy is relatively well diversified. Singapore’s banking sector is healthy and adequately supervised.

The city state´s long-term growth strategy is to move away from being just a trade, transport and financial hub and to become a centre of high-tech industry. This strategy is starting to bear fruit in the bio-medical sector.

Singapore real private consumption

After growth of 2.9% in 2014, Singapore’s economic growth is expected to slow down to 1.9% in 2015 and 1.5% in 2016, due to lower exports to China and other Asian countries. However, while industrial production contracted in 2015, retail sales grew robustly. Government spending on infrastructure and growing employment in the services sector have helped to boost domestic consumption, with household consumption expected to increase by more than 4.0% in 2015 and by 3.4% in 2016.

The city state continues to be one of the strongest countries in the world in terms of sovereign risk and macroeconomic fundamentals. Therefore, and due to the ample foreign exchange reserves and adequate monetary management of the Singapore Monetary Authority, the exchange rate is unlikely to be affected by changing patterns of international investment.

 

免責条項

本ウェブサイトの記載事項は、一般的な情報提供のみを目的とし、何らの目的においてもこれに依拠すべきではありません。規定条件については、実際の保険契約または該当の製品・サービス契約をご覧ください。本ウェブサイトの記載事項は、買主についてのまたは利用者の代理人としてのデューデリジェンスの実施義務を含め、アトラディウス側に何らの権利、義務または責任を生じさせるものではありません。アトラディウスが買主についてデューデリジェンスを実施する場合は、当社の保険引受をその目的とし、被保険者その他の利益を目的とするものではありません。さらに、アトラディウスおよびその関連会社、系列会社、子会社は、本ウェブサイトの掲載情報の利用によって生じた直接的、間接的、特異的、付随的、結果的損害について一切の責任を負いません。