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In 2021, Singapore's economic growth breaks out at its highest growth rate in over a decade, as the country emerges from the worst recession since the coronavirus pandemic's impact. Being one of the rare countries in the world without public debt, Singapore exports nearly $500 billion SGD in goods each year, even in the middle of the pandemic time.
According to One IBC’s statistics, Singapore's economic growth rate was at 7.2% in 2021, recovering from a record 5.4% contraction in the previous year. Experts at One IBC believe that the strong recovery stems from the strategy of coping with the pandemic and repealing "no COVID" policies.
Singapore's Ministry of Trade and Industry reported that GDP increased by 5.9% in the last three months of 2021 when compared to the same period the previous year. This rate is higher than the 5.4% growth forecasted by Reuters analysts. Furthermore, the government has previously stated that the country expects GDP to grow by 3% to 5% in 2022.
Singapore's economic growth broke out at its highest growth rate in over a decade last year.
A key goal in this island country's next phase of nation-building is to become a smart nation in order to catch up with the new wave of foreign investment in Singapore. The global technological and economic disruption that occurred during the current pandemic makes it even more critical for Singapore to build a smart nation and digital economy. The digital economy has firmly established itself as a primary driver of global growth. According to Oxford Economics, the global digital economy is now worth $11.5 trillion, or 15.5 percent of global GDP, and has grown two and a half times faster than global GDP over the last 15 years. It is the location where enterprises can become more productive and seize new investment opportunity in Singapore as well as in the borderless digital economy.
This fast-paced of Singapore's economic growth in 2022 will boost the development in key sectors such as healthcare, transportation, urban solutions, finance, and education. As a result, businesses operating in these fields will have the most opportunities for both investment and market expansion.
However, investing in Singapore is anything but easy. Investors will be required to take action in order to learn and apply digital technologies. Legal difficulties are one of the most significant obstacles that thousands of other small and large businesses may face. As a result, it is critical to find consulting professionals with strong experience before seeking for an investment opportunity in Singapore.
Top-tier corporate service providers like One IBC are an ideal choice to address this issue. One IBC Singapore’s headquarters is located at 1 Raffles Building, which is one of the busiest locations in the city center. Since its inception, One IBC has assisted thousands of international businesses in establishing companies in Singapore and many other countries around the world. With a profound understanding and long-term expertise in incorporation services, One IBC is dedicated to closely supporting entrepreneurs in navigating the complexities of the overseas business environment.
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