Singapore’s highly trade dependent economy is tightly correlated with global demand. Growth averaged 6.5% p.a. from 2000 to 2008 driven by strong global demand and a large influx of foreign workers—which caused the population to rise over 34%. The Singaporean economy expanded by 2.5% in 2017, up from the 1.9% growth in 2016, driven by the increase in global electronics demand. Expected growth for 2018 is 2% to 3%, driven by the strengthening global electronics cycle.
Singapore’s per capita GDP was US$53,880 in 2017, superseding the majority of advanced economies, ranking 11th, in front of Sweden and the Netherlands. Per capita GDP is expected to grow to over US$60,000 by 2022.