Resilient growth in a roaring business environment

AA1

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP USD467bn (world ranking 34, World Bank 2022)
Population 5.6mn (world ranking 114, World Bank 2022)
Form of state Parliamentary Republic
Head of government LEE Hsien Loong (PM)
Next elections 2025, general election
  • Favorable business environment
  • Strong public and external finances
  • Disciplined fiscal and monetary policies
  • Stable political environment
  • Strategic geographic position
  • Vulnerable to external challenges
  • Medium term challenges including social inequality and job-skill mismatches
  • Limited renewable energy potential
  • High dependence on exports

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
China, Hong Kong SAR 14.4%
1
15.1% China
China 13.7%
2
12.2% Malaysia
United States of America 9.7%
3
10.4% China, Taiwan Province of
Malaysia 8.5%
4
10.1% United States
Indonesia 5.7%
5
5.6% Japan

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Electrical machinery and apparatus 27.1%
1
22.9% Electrical machinery and apparatus
Petroleum and related materials 17.6%
2
21.2% Petroleum and related materials
Organic chemicals 5.2%
3
4.7% Office machines and automatic data processing machines
Specialised machinery 5.0%
4
4.3% Gas, natural and manufactured
Office machines and automatic data processing machines 4.3%
5
3.8% Gold, non-monetary (excluding gold ores and concentrates)