Executive bSummary b

I have analyzed the political, economic, social, technological, legal, and environmental
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bd factors of Singapore and have come up with a comprehensive research report, “PESTLE
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bd Analysis of Singapore.” This report provides an analysis of Singapore’s economy from

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bd historical, current, and future perspectives. The report also includes the suitable
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bd business industry to be launched/invested in Singapore.

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This unique report will provide reader with valuable information, insights, and tools
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bd needed to identify new growth opportunities and operate their business successfully in
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bd this market. This report will save hundreds of hours of reader own personal research
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bd time and will significantly benefit reader in expanding their business in this market. In
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bd today’s complex economy, you need every advantage that you can find.
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To make business, investment, and strategic decisions, you need timely, useful
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bd information. This report fulfills this core need and is an indispensable reference guide
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bd for investors, entrepreneur, and many more that operate in this market.
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Introduction b

In a global economy dominated by huge industrial powers, the city-state of Singapore

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bd has created its competitive niche as a destination for regional headquarters, branch
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bd offices bd and holding

bd bd companies bd for bd doing bd business bd all across
bd bd Asia.

Singapore offers foreign investors a highly skilled workforce, English-speaking business

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bd environment, bd business-friendly bd legal bd and bd tax bd systems, bd immense bd logistics and bd

bd transportation capacities, and over sixty double taxation avoidance agreements, among
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bd other advantages. Furthermore, the city-state consistently takes measures to align its
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bd policies with the international standards emanating from the World Trade Organization,
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bd the Organization for Economic Co-operation and Development, and even issue-centric
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bd organizations bd like bd the bd International bd Accounting bd Standards bd Board.

Singapore has consistently been ranked first on the World Bank’s Ease of Doing
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bd Business Index, with particular strengths in “protecting investors” and “trading across
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bd borders.” In fact, the city-state runs in such an efficient, business-friendly manner that
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bd it has been said to run like a corporation itself; “Singapore Inc.”

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Singapore’s excellent strategic location and highly open economy make it attractive for
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bd companies looking to conduct business here. Furthermore, Singapore has a stable

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bd political environment, low taxes and a highly skilled workforce making it one of the
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bd most favorable business locations in the world.

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Singapore’s economy is heavily dependent on exports, with a particular focus on

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bd electronics, technology and pharmaceuticals. bd bd bd bd bd Although these sectors remain a bd bd bd bd

bd cornerstone of the economy, the recent growth of the financial services sector has been
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bd more notable. Singapore has been a part of the World Trade Organisation (WTO) since
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bd its inception in 1995, and has maintained low barriers to trade as part of an outward
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bd looking open economy. bd bd

In Singapore, just as is the case anywhere else in the world, certain industries are more
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bd suitable to be invested than others. Those who invest in such business industries will be
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bd sure to see many financial benefits coming their way. The following are some of the
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bd most suitable industries to be invested in Singapore today:

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Financial Technology (Fintech) bd bd

Singapore has the status of being one of the world’s financial hubs. This fact holds true
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bd with regard to financial technology (fintech). In recent years, the size of the fintech
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bd industry in Singapore has grown tremendously. Due to the implementation of many

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bd incentives from the government as well as individual financial institutions, cashless

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bd payments have become extremely common today. The many e-wallets available in
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bd Singapore facilitate such payments. Therefore, the fintech industry of Singapore has
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bd huge potential for profitability.

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Freelance Economy bd

Many people in Singapore have chosen to join the rapidly expanding freelance
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bd economy. The increase in the influence of social media has done much to facilitate
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bd interaction between freelance workers and their clients. This fact applies regardless of
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bd the line of work in which the freelancer inhabits. Freelancers who have a significant
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bd network of clients can also leverage this large client base to their advantage, resulting
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bd in even more profits and revenue.

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According to the latest set of statistics, there are approximately 200,000 freelancers
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bd who work in Singapore today. Freelancers comprise approximately 9% of all residents

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bd who are employed in Singapore. As Singapore’s freelance economy continues to

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bd strengthen, this figure is only expected to increase significantly.

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It should be noted, however, that on occasion freelancers are sometimes not paid on
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bd time. For this reason, all who intend to become freelancers in Singapore must have high
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bd levels of self-discipline and be able to manage time and money well in order to ensure
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bd that they make significant profits.

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Health and Fitness bd bd

The fitness industry in Singapore is among the most rapidly-evolving in the country.
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bd Today, large, well-known gym chains are no longer the primary options of regular
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bd gym-goers. This is because Singaporean gym-goers of today have become more

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bd interested in different and somewhat unusual fitness options. Boutique fitness

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bd businesses in particular have begun to thrive in the current Singaporean fitness scene.
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Tech start-ups have also been working with the Singaporean health and fitness industry,
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bd and such collaborations have boosted the reputation and profitability of both
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bd Singapore’s tech and fitness industries. Such start-ups have understood the change in
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bd tastes of the modern Singaporean gym-goer. They have created programs which enable
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bd their users to sample a variety of fitness activities which span many different disciplines.
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Medical Industry bd

Singapore’s medical industry is held in high regard all over the world. According to the
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bd official Health Care Rankings, the country’s medical system is ranked sixth in the world
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bd and first in Asia. The Singaporean government has been attempting to boost this
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bd reputation by increasing its expenditure on healthcare. The increased level of

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bd expenditure will be channeled towards general and community hospitals, polyclinics,

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bd eldercare centers, and nursing homes. For this reason, the demand for people who
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bd work in the healthcare and medical industry is expected to increase.

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The manufacturing of medical products is expected to grow exponentially in order to

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bd support the country’s healthcare industry. For this reason, the industry requires the
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bd input of researchers and engineers who will be able to design equipment which will be
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bd used by the healthcare professionals of Singapore.

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Recommendation b

Although Singapore is a secure investment haven with stable economics and low risk, it
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bd comes with it the higher cost of investment. The combination of limited land, funneled
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bd labour and imported resources brings up the cost of business in Singapore by a

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bd significant margin, and has to be contemplated by any business owner before vesting
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bd any capital. Opportunity for a supernormal return in Singapore is mitigated by the high
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bd start-up costs incurred. Low risk, low return.

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As a retail market by itself, the population numbers in Singapore are definitely

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bd insufficient to sustain a fast-growing corporation. But to use Singapore as a nexus to

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bd reach out to the South-East Asian market is a much more plausible strategy to consider.
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Conclusion b

After analyzing all these factors, It is clear that Singapore is a remarkable country. It
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bd houses talented and motivated people. It also provides great business opportunities. I
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bd can conclude that its business success in both domestic and international platforms is
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bd highly benefited by government policies. Its enterprise friendly approach boosts

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bd business as well. Singapore’s continuing development has made it a major competitor

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bd in the international market. The compulsory primary education and hardworking

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bd citizen are contributing factors.

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References

BBC (2018) Singapore country profile, available at: bhttps://www.bbc.co.uk/news/world-

bd bd bd bd bd bd

asia-15961759 b

Bock, H. (2019) Singapore is most beautiful city in Asia, 11th most beautiful in the world,
bd bd bd bd bd bd bd bd bd bd bd bd bd bd bd

bd available at: bhttps://www.straitstimes.com/lifestyle/singapore-is-most-beautiful-city-in-

bd

asia-11th-most-beautiful-in-the-world b

EDB Singapore (2018) Singapore flexes its standing as Asia’s technology capital, available
bd bd bd bd bd bd bd bd bd bd bd

bd at: https://www.edb.gov.sg/en/news-and-events/insights/innovation/singapore-flexes-its-
bd

standing-as-asias-technology-capital.html b

Human bd Rights bd Watch bd (2019) bd Singapore, bd available bd at:

bhttps://www.hrw.org/asia/singapore b

Pines, L. (2019) Singapore’s Top 5 Exports & Imports: Why It’s The World’s 14th Largest
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bd Export Economy, available at: bhttps://commodity.com/singapore/ b

bd bd bd

Plecher, H. (2019) Singapore: Unemployment rate from 1998 to 2018, available at:
bd bd bd bd bd bd bd bd bd bd bd

bd https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/ b

Quek, C. (2019) Commentary: The future is tech but where is Singapore’s engineering
bd bd bd bd bd bd bd bd bd bd bd bd

bd and bd IT bd talent? bd Available bd at:

bhttps://www.channelnewsasia.com/news/commentary/singapore-deep-technology-
talent-scheme-foreign-it-enginneering-11870930 b

US bd News bd (2018) bd Overview bd of bd Singapore, bd available bd at:

bhttps://www.usnews.com/news/best-countries/singapore b