Growth, Competitiveness and Sustainability

Singapore is one of the most competitive economies globally, with sound economic fundamentals and an attractive location for businesses to grow and invest. Our businesses receive support to uplift productivity, strengthen capabilities, and access new markets. While our workers are highly regarded internationally, we are ramping up job training and conversion programmes to ensure that our workforce remains capable and future-ready.

Looking beyond the immediate challenges of the COVID-19 crisis, our businesses are preparing to seize longer-term opportunities by harnessing growth in Asia, going digital, and promoting innovation. More businesses are digitalising at a faster pace to capitalise on opportunities brought about by the COVID-19 crisis, facilitated by government support and digital infrastructure.

Read more on our economy and labour market as well as economic opportunities in the programme highlights below.

Ranked world's most open and competitive economy by the World Economic Forum
Singapore's real GDP grew by 2.9% per year between 2014 and 2019
Singapore's labour productivity rose by 2.5% per year from 2014 to 2019
4,000 employers tapped on Adapt & Grow to hire jobseekers
Top 10 in IMD World Talent Ranking 2020
37% increase in direct investment from Singapore to Southeast Asia from 2014 to 2018
Signed Digital Economy Agreements with Chile, New Zealand, and Australia in 2020
$31.8B in sales revenue from the commercialisation of R&D in 2018