Country Report: Singapore

The country is a global finance, commerce, and transport hub, and is also one of the leading container ports and oil refining and trading centers. It has no notable natural resources and its economy is driven by trade and its strategic port location. The population of Singapore is 5.61 million, with a land area of approximately 720 square kilometers, resulting in one of the highest population densities in the world. The country has a diverse population, comprising three main races: Chinese (74 percent), Malay (13 percent), and Indians (9 percent). The largest religions are Buddhism, Christianity, and Islam. Singapore was a British trading post founded in 1819 for its strategic port location. After an unsuccessful merger with Malaysia, it became a sovereign state in 1965. The country follows the Westminster parliamentary system, with members of Parliament elected to represent the populace and the prime minister serving as the head of government. The president of Singapore is the head of state. Singapore is classified as a high-income country by the World Bank, with high growth rates between its independence and the 1990s, typically exceeding 7 percent per year. The country provides one of the most business-friendly regulatory environments, ranking among the world's most competitive economies. Singapore focuses on high-value-added activities, made possible by heavy investment in infrastructure and education since its independence. In recent years, economic growth has moderated, with growth expected to be between 1 percent and 3 percent in 2017. The country continues to invest heavily in key industries such as pharmaceuticals and biotechnology, electronics, chemicals, and logistics and supply chain management. Singapore has a low incidence of absolute poverty, but a significant proportion of households live in relative poverty, with estimates suggesting 20-35 percent of households live below 50-60 percent of the median wage. The government adopts a "Many Helping Hands" approach, enabling and coordinating a network of social service providers through funding and training opportunities. However, this approach has been criticized for its piecemeal intervention and exclusion of organizations not directly involved in social service provision. The country has various policies to ensure self-sufficiency for employed individuals and support the financial needs of low-income individuals, including the Central Provident Fund (CPF) and the Workfare Income Supplement (WIS) scheme.