Strong fundamentals and growth prospects
LOW RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD339.9bn (world ranking 36, World Bank 2020) |
Population | 5.7mn (world ranking 114, World Bank 2020) |
Form of state | Parliamentary Republic |
Head of government | LEE Hsien Loong (PM) |
Next elections | by July 2025, general election |

- Stable political system and effective policymaking, including prudent macroeconomic policies
- High-income country that serves as a regional and global hub for trade with the world’s 2nd busiest port
- Strong external position with a track record of current account surpluses, ample foreign exchange reserves, and low public external debt
- Strong business environment and banking sector
- Strategic position at the heart of South-East Asia

- High dependence on exports
- Pressure on productive population due to high old age dependency ratio
- Shift to a mature economy implies slower growth in the medium and long-term
- Land scarcity as the government seeks to expand population in the long run
Trade structure by destination/origin
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
China
15.5%
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1 |
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Malaysia
11.3%
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2 |
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China, Hong Kong SAR
11.1%
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3 |
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United States of America
8.5%
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4 |
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Indonesia
6.5%
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5 |
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Trade structure by product
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
Electrical machinery and apparatus
30.1%
|
1 |
25.5%
Electrical machinery and apparatus
|
Petroleum and related materials
12.1%
|
2 |
16.2%
Petroleum and related materials
|
Organic chemicals
4.8%
|
3 |
5.1%
Gold, non-monetary (excluding gold ores and concentrates)
|
Office machines and automatic data processing machines
4.7%
|
4 |
4.7%
Office machines and automatic data processing machines
|
Specialised machinery
4.5%
|
5 |
4.4%
Other transport equipment
|
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Low
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Medium
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Sensitive
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High
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Payments
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Court proceedings
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Insolvency proceedings
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Payments
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Court proceedings
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Insolvency proceedings
Overall, legal action remains expensive even though the court system is fairly efficient.
The insolvency framework is in line with international standards however in practice, as in most countries, collecting debt from insolvent debtors would prove to be a genuine challenge.
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