Singapore operates as a highly developed free-market economy, heavily integrated into global trade networks. In 2024, its nominal GDP reached approximately $547 billion USD and GDP per capita stood at over $90,000 USD, one of the highest globally (World Bank, 2024). The state plays an active economic role, supported by sovereign wealth funds, while simultaneously maintaining high levels of market openness and foreign investment. In 2024, Singapore had $192 billion of foreign direct investment inflows, and ranked among the world’s most businessfriendly economies (Department of Statistics Singapore 2024). Trade regularly accounts for over 300% of GDP, with key partners including China, Malaysia, the EU, the US, and Indonesia.

Singapore is an advanced economy, anchored in services and advanced manufacturing. Services contribute 73% of GDP, while manufacturing — particularly in semiconductors, petrochemicals, and pharmaceuticals — currently contributes 16% of GDP. The financial sector, underpinned by bank secrecy and tax competitiveness, plays a critical role in global asset management, private banking, and fintech. Singapore is among the most competitive financial centres in the world, and is also a major host of crypto funds.