Singapore is a sovereign city-state, the largest of its kind in the world. It’s located at the southernmost extremity of Eurasia and lies only about 130 kilometres north of the equator. Its population is 5.6 million and is one of the wealthiest countries in the world with its 66.000 GDP per capita data. Singapore’s economy is extremely open, trade and services provide jobs and income to most its companies and inhabitants.

Singapore is located in the heart of Southeast Asia. The country gained its independence in 1965, but became an independent city state in 1965. The country has an open, highly trade-dependent economy, with an active investment regime and a strong commitment to economic development. It is a major finance, ICT, distribution and logistics hub, and has a well-earned reputation for not tolerating corruption. The country is consistently ranked as one of the most business-friendly countries in the world and is frequently named as one of the most innovative and competitive economies. The World Bank ranked Singapore 2nd in its Doing Business Ranking in 2019.

Due to the COVID-19 pandemic, Singapore registered a negative GDP growth of -6% in 2020, exacerbated by the continued trade war between USA and China. However, IMF forecasts in late 2020 predict a strong rebound of up to 5% in 2021 and a stabilisation at around 2.6% in 2022, depending on the speed of  post-pandemic global economic recovery.