Strong fundamentals and growth prospects

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 February 2022.

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GDP USD397bn (world ranking 35, World Bank 2021)
Population 5.5mn (world ranking 116, World Bank 2021)
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, 2021)

Exports Rank Imports
China, Hong Kong SAR 13.5%
1
16.1% China
China 13.2%
2
11.6% Malaysia
United States of America 10.5%
3
10.4% United States of America
Malaysia 8.8%
4
8.8% Taiwan
Indonesia 6.2%
5
5.9% Japan

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Electrical machinery and apparatus 27.4%
1
22.9% Electrical machinery and apparatus
Petroleum and related materials 14.1%
2
17.5% Petroleum and related materials
Organic chemicals 5.4%
3
5.0% Office machines and automatic data processing machines
Office machines and automatic data processing machines 4.6%
4
4.9% Gold, non-monetary (excluding gold ores and concentrates)
Specialised machinery 4.2%
5
4.5% Power generating machinery and equipment
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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