PESTLE Analysis of Singapore's Economy and Business Opportunities

Executive efcSummary efc
I efcd have efcd analyzed efcd the efcd political, efcd economic, efcd social, efcd technological, efcd legal, efcd and
efcd environmental factors of Singapore and have come up with a comprehensive
efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd research report, “PESTLE Analysis of Singapore.” This report provides an analysis of
efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd Singapore’s economy from historical, current, and future perspectives. The report
efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd also includes the suitable business industry to be launched/invested in Singapore.

This unique report will provide reader with valuable information, insights, and tools
efcd needed efcd to efcd identify efcd new efcd growth efcd opportunities efcd and efcd operate efcd their efcd business
efcd successfully in this market. This report will save hundreds of hours of reader own
efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd personal research time and will significantly benefit reader in expanding their
efcd business in this market. In today’s complex economy, you need every advantage
efcd that you can find.

efcd efcd efcd
To make business, investment, and strategic decisions, you need timely, useful
efcd information. This report fulfills this core need and is an indispensable reference
efcd guide for investors, entrepreneur, and many more that operate in this market.
Introduction efc
In a global economy dominated by huge industrial powers, the city-state of

efcd Singapore has created its competitive niche as a destination for regional
efcd headquarters, branch offices and holding companies for doing business all across
efcd Asia.
Singapore offers foreign investors a highly skilled workforce, English-speaking

efcd efcd efcd efcd efcd efcd efcd efcd
efcd business environment, business-friendly legal and tax systems, immense logistics
efcd and transportation capacities, and over sixty double taxation avoidance agreements,
efcd among other advantages. Furthermore, the city-state consistently takes measures
efcd to align its policies with the international standards emanating from the World
efcd Trade Organization, the Organization for Economic Co-operation and Development,
efcd and even issue-centric organizations like the International Accounting Standards
efcd Board.
Singapore has consistently been ranked first on the World Bank’s Ease of Doing
efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd Business Index, with particular strengths in “protecting investors” and “trading
efcd across borders.” In fact, the city-state runs in such an efficient, business-friendly
efcd manner that it has been said to run like a corporation itself; “Singapore Inc.”
Singapore’s excellent strategic location and highly open economy make it attractive
efcd for companies looking to conduct business here. Furthermore, Singapore has a
efcd stable political environment, low taxes and a highly skilled workforce making it
efcd one of the most favorable business locations in the world.

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

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

efcd efcd efcd efcd efcd efcd
In Singapore, just as is the case anywhere else in the world, certain industries are
efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd more suitable to be invested than others. Those who invest in such business
efcd industries will be sure to see many financial benefits coming their way. The
efcd following are some of the most suitable industries to be invested in Singapore
efcd today:
Financial Technology (Fintech) efcd efcd
Singapore has the status of being one of the world’s financial hubs. This fact holds
efcd true with regard to financial technology (fintech). In recent years, the size of the
efcd fintech efcd industry efcd in efcd Singapore efcd has efcd grown efcd tremendously. efcd Due efcd to efcd the
efcd implementation of many incentives from the government as well as individual efcd efcd efcd efcd efcd efcd efcd efcd efcd efcd
efcd financial institutions, cashless payments have become extremely common today.
efcd The many e-wallets available in Singapore facilitate such payments. Therefore,
efcd the fintech industry of Singapore has huge potential for profitability.
Freelance Economy efcd
Many people in Singapore have chosen to join the rapidly expanding freelance
efcd economy. The increase in the influence of social media has done much to
efcd facilitate interaction between freelance workers and their clients. This fact applies
efcd regardless of the line of work in which the freelancer inhabits. Freelancers who
efcd have a significant network of clients can also leverage this large client base to
efcd their advantage, resulting in even more profits and revenue.

According to the latest set of statistics, there are approximately 200,000

efcd freelancers who work in Singapore today. Freelancers comprise approximately 9%

efcd of all residents who are employed in Singapore. As Singapore’s freelance

efcd economy continues to strengthen, this figure is only expected to increase

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

efcd efcd efcd efcd efcd efcd efcd
Health and Fitness efcd efcd
The fitness industry in Singapore is among the most rapidly-evolving in the

efcd country. Today, large, well-known gym chains are no longer the primary options
efcd of regular gym-goers. This is because Singaporean gym-goers of today have

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

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

efcd increased level of expenditure will be channeled towards general and community
efcd hospitals, polyclinics, eldercare centers, and nursing homes. For this reason, the
efcd demand for people who work in the healthcare and medical industry is expected
efcd to increase.
efcd
The manufacturing of medical products is expected to grow exponentially in order
efcd to support the country’s healthcare industry. For this reason, the industry requires
efcd the input of researchers and engineers who will be able to design equipment
efcd which will be used by the healthcare professionals of Singapore.

Recommendation efc
Although Singapore is a secure investment haven with stable economics and low
efcd risk, it comes with it the higher cost of investment. The combination of limited
efcd land, funneled labour and imported resources brings up the cost of business in
efcd Singapore by a significant margin, and has to be contemplated by any business

efcd owner before vesting any capital. Opportunity for a supernormal return in
efcd Singapore is mitigated by the high start-up costs incurred. Low risk, low return.
As a retail market by itself, the population numbers in Singapore are definitely

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

efcd to reach out to the South-East Asian market is a much more plausible strategy to
efcd consider.
Conclusion efc
After analyzing all these factors, It is clear that Singapore is a remarkable

efcd country. It houses talented and motivated people. It also provides great business
efcd opportunities. I can conclude that its business success in both domestic and
efcd international platforms is highly benefited by government policies. Its enterprise

efcd friendly approach boosts business as well. Singapore’s continuing development

efcd has made it a major competitor in the international market. The compulsory
efcd primary education and hardworking citizen are contributing factors.

efcd efcd efcd efcd efcd efcd efcd
References
BBC efcd (2018) efcd Singapore efcd country efcd profile, efcd available efcd at:
efchttps://www.bbc.co.uk/news/world-asia-15961759 efc
Bock, H. (2019) Singapore is most beautiful city in Asia, 11th most beautiful in the
efcd world, efcd available efcd at: efchttps://www.straitstimes.com/lifestyle/singapore-is-most-

beautiful-city-in-asia-11th-most-beautiful-in-the-world efc
EDB Singapore (2018) Singapore flexes its standing as Asia’s technology capital,
efcd available efcd at: efcd https://www.edb.gov.sg/en/news-and-

events/insights/innovation/singapore-flexes-its-standing-as-asias-technology-capital.html
efc
Human efcd Rights efcd Watch efcd (2019) efcd Singapore, efcd available efcd at:
efchttps://www.hrw.org/asia/singapore efc
Pines, L. (2019) Singapore’s Top 5 Exports & Imports: Why It’s The World’s 14th
efcd Largest Export Economy, available at: efchttps://commodity.com/singapore/ efc

efcd efcd efcd efcd
Plecher, H. (2019) Singapore: Unemployment rate from 1998 to 2018, available at:
efcd https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/ efc

Quek, C. (2019) Commentary: The future is tech but where is Singapore’s
efcd engineering efcd and efcd IT efcd talent? efcd Available efcd at:
efchttps://www.channelnewsasia.com/news/commentary/singapore-deep-technology-
talent-scheme-foreign-it-enginneering-11870930 efc
US efcd News efcd (2018) efcd Overview efcd of efcd Singapore, efcd available efcd at:
efchttps://www.usnews.com/news/best-countries/singapore efc

PESTLE Analysis of Singapore's Economy and Business Opportunities

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PESTLE Analysis of Singapore's Economy and Business Opportunities

Uploaded by

Copyright:

Available Formats

Executive efcSummary efc

efcd also includes the suitable business industry to be launched/invested in Singapore.

efcd that you can find.

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

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

efcd one of the most favorable business locations in the world.

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

efcd part of an outward looking open economy.

Financial Technology (Fintech) efcd efcd

Freelance Economy efcd

efcd their advantage, resulting in even more profits and revenue.

According to the latest set of statistics, there are approximately 200,000

efcd freelancers who work in Singapore today. Freelancers comprise approximately 9%

efcd of all residents who are employed in Singapore. As Singapore’s freelance

efcd economy continues to strengthen, this figure is only expected to increase

efcd order to ensure that they make significant profits.

Health and Fitness efcd efcd

The fitness industry in Singapore is among the most rapidly-evolving in the

efcd of regular gym-goers. This is because Singaporean gym-goers of today have

efcd Singaporean fitness scene. efcd efcd

efcd span many different disciplines.

Medical Industry efcd

efcd to boost this reputation by increasing its expenditure on healthcare. The

efcd which will be used by the healthcare professionals of Singapore.

efcd Singapore by a significant margin, and has to be contemplated by any business

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

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

After analyzing all these factors, It is clear that Singapore is a remarkable

efcd international platforms is highly benefited by government policies. Its enterprise

efcd friendly approach boosts business as well. Singapore’s continuing development

efcd primary education and hardworking citizen are contributing factors.

efcd world, efcd available efcd at: efchttps://www.straitstimes.com/lifestyle/singapore-is-most-

efcd available efcd at: efcd https://www.edb.gov.sg/en/news-and-

efcd Largest Export Economy, available at: efchttps://commodity.com/singapore/ efc

efcd https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/ efc

You might also like