Last updated in February 2022.
Strong fundamentals and growth prospects
AA1
MEDIUM 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%
![]() |
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%
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4 |
4.7%
Office machines and automatic data processing machines
|
Specialised machinery
4.5%
|
5 |
4.4%
Other transport equipment
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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