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Presetation Worldeconomy

Singapore is a highly developed country with a Human Development Index of 0.939 and a 4.0% economic growth rate in 2024. The economy is characterized by a strong reliance on international trade, with significant contributions from manufacturing, financial services, and trade. Despite challenges like an aging population, Singapore excels in quality of life, education, and competitiveness due to effective policies and innovation.

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LINH HUONG
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20 views6 pages

Presetation Worldeconomy

Singapore is a highly developed country with a Human Development Index of 0.939 and a 4.0% economic growth rate in 2024. The economy is characterized by a strong reliance on international trade, with significant contributions from manufacturing, financial services, and trade. Despite challenges like an aging population, Singapore excels in quality of life, education, and competitiveness due to effective policies and innovation.

Uploaded by

LINH HUONG
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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WORLD ECONOMY & INTERNATIONAL

ECONOMIC RELATIONS COURSE


( 2024-2025 academic year )
Singapore

Чинь Тхи Тханг-Trinh Thi Hang_IFF24-3


Singapore’s Overview of Socio-Economic
Development in Singapore
Singapore The Worrld
• Level of Socio-Economic Development: Singapore is one of 100
the most developed countries in Asia, with a Human
Development Index (HDI) of 0.939, comparable to many 80
Nordic countries.
60
• Economic Growth: In 2024, Singapore’s economy grew by
4.0%, the fastest annual growth rate since the pandemic, up 40
from 1.1% in 2023 and 3.8% in 2022.
20
• Sectoral Structure of the Economy: In 2022, manufacturing
accounted for about 21.6%, financial and insurance services 0
for 13.5%, and trade for around 18.6% of Singapore’s economy.
-20
• Export and Import Structure: Singapore’s economy is
highly open, with a trade-to-GDP ratio of approximately -40
2019 2020 2021 2022 2023 2024
2.1 in 2021, reflecting its strong reliance on international
trade. Line chart comparing Singapore's annual GDP growth rate with the
global average
Factors Influencing
Singapore’s Economy
• Level of Economic Liberalization: Singapore is known as the world’s most
competitive economy, surpassing Hong Kong and the U.S. in the global
rankings.
• Development of Science and Technology: Singapore is focusing on AI and
fintech, attracting significant investments and leading in technological
innovation.
• Digitalization of the Economy: The government actively supports digital
transformation and smart city initiatives to enhance economic efficiency and
improve citizens’ lives.
• Competitiveness: Singapore frequently ranks at the top of global
competitiveness indices, thanks to its favorable business environment and
efficient economic policies.
Quality of Life and
Social Issues
• Quality of Life: Singapore ranks as the country with the highest
quality of life in the Asia-Pacific region, leading in personal safety

• Social Protection: The government provides comprehensive


welfare programs, including healthcare coverage and financial
support for seniors.

• Education and Workforce Qualification: Singapore has a world-


class education system, contributing to a highly skilled and
educated workforce.

• Population Aging: Like many developed countries, Singapore


faces an aging population, leading to increased healthcare and
welfare expenses
Challenges in Classifying
Countries as Developed or
Developing
Classification Classifying countries can be complex due to
factors like income inequality, small economies,
Difficulties and trade reliance.

Some nations achieve economic growth despite


Flexibility in social challenges, while others struggle
Classification economically despite strong welfare systems.

Lessons from Effective policies and innovation have enabled


Singapore’s rapid growth despite limited
Singapore: resources.
Reference sources

Thank You

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