Economy
If you are planning to work in Singapore it has a highly developed and successful free-market economy based on its global competitiveness. Despite having a small domestic market, no natural resources and a small land area, Singapore’s over US$240 billion Gross Domestic Product (GDP) is ranked fortieth in the world by the World Bank (2011). Singapore ranked third out of 142 countries on the Legatum Institute Economy Sub-Index (2013).
The economy depends heavily on exports, particularly in consumer electronics, information technology and pharmaceuticals. Exports in 2012 were valued at US$413 billion and imports $381 billion. The financial services sector is a strong growth area for the country. Singapore’s strong business orientation and political stability has attracted many multinational banking and investment firms. Singapore also has a large ship building industry. The country is the busiest port in the world and is a major transshipment center for global products.
Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8 percent in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and also will continue its efforts to establish itself as Southeast Asia’s financial and information technology center.
Singapore’s economic fundamentals remain strong given the economic downdrafts felt by many countries throughout the world. The GDP growth rate for 2013 is forecast in the 1 to 3 percent range. The country’s unemployment rate for 2013 is forecast to be an enviable 2 percent and inflation is expected to run about 4 percent.
Finding a Job
The Singapore government has adopted a policy of encouraging skilled and well-qualified foreigners who can contribute to the country’s economy to join the workforce in Singapore. If you are planning to work in Singapore, you must obtain a relevant pass from the Ministry of Manpower. Please see our Singapore Immigration section for details on how to secure a Work Permit.
You may also be interested in the following list of the top 10 best-paying jobs in Singapore: computer and information systems manager, editor (newspaper and periodicals), business management consultant, legal profession, research and development managers, futures trader and broker, creative director (advertising), physician and surgeon, commercial airline pilot and flight instructor and fund manager.
To get you started, here is a list of websites that may help you in your job search:
Singapore Part-Time Jobs
Careers
Singapore Recruit
Singapore Job
Jobs