In 2023, economic growth in Singapore will be around 1.1%, lower than the estimate or target of 1.2%. The field that contributes the most to the Singapore market analysis is “other services industries,” where many sectors are involved.
Then, in 2024, Singapore set a growth target in the range of 1% to 3%. The trade and manufacturing sectors are likely to accelerate further due to the trend of increasing demand for electronics globally.
The various sectors included in the economic report to increase GDP Singapore are:
1. Medical Devices
This sector will experience quite a significant increase in 2023, where its value will reach USD 1.3 billion. The reason is due to increasing demand from the Singapore region, the large elderly population, and an increase in government spending.
Without having to wait for imports, this country already has more than sixty medical companies capable of producing sophisticated equipment with high sales value.
2. Manufacturing
Of the various sectors that contribute to state income, manufacturing is always included as one of the most significant contributors every year in this country (20-25%).
This rate happened because of Singapore’s consistency in striving to become an important manufacturing center in Southeast Asia and the world. Several manufacturing sectors that play a major role in increasing GDP include:
- Energy. This country is in fifth position as an exporter of refined oil.
- Pharmacy. Several drugs that have large revenues in the world are produced in Singapore.
- Chemical material. Based on volume, this country is ranked tenth as the world’s chemical exporter.
- Biomedical Sciences. A number of the world’s micro-arrays, mass spectrometers, and thermal cyclers are produced here.
3. Pharmacy and Biomedicine
Just like manufacturing, this sector also plays a significant role in making this country’s growth continue to move in a positive direction. This country has high productivity, particularly in the pharmaceutical and biomedical industries, driven by a surplus in exports over imports.
To make production run smoothly, more than 50 supporting facilities are available. Eight of the world’s largest pharmaceutical companies have also set up factories here, such as Pfizer, Abbott, Novartis, and others.
To analyze the Singapore market analysis and include the mentioned sectors, factors like talent, infrastructure, business-friendly environment, and government policies are essential. That way, if a country wants to be like Singapore, then it has to pay attention to these aspects.
