Why is Singapore's economy so powerful

Singapore Seaport and Changi Airport recognized as the best in the world

According to the latest ratings, Singapore is recognized as the leading maritime city in the world, in particular in terms of shipping, attractiveness and competitiveness, port and logistics, and Changi Airport has become, according to passengers, the best airport in the world. Let's consider each achievement separately.

The world's best Singapore seaport

The leading maritime city in the world is Singapore. This is evidenced by the Menon Economics report "The World's Leading Maritime Capitals 2017". Hamburg is in second place, and Oslo is in third. China is gradually gaining power, and Shanghai is now on the 4th line of the ranking.

The report compared 15 leading maritime cities in terms of shipping, finance and law, technology, ports and logistics services. The ranking included an overall assessment of the attractiveness and competitiveness of cities.

Interesting fact: the report suggests that Shanghai will take second place in five years, although it still lags behind Singapore. Experts also give forecasts for other maritime cities. So, in five years, Hamburg, Oslo, Rotterdam and London will vie to be the leading European maritime cities.

Despite a weak economic environment in the shipping and offshore oil and gas markets, Singapore has maintained its position by increasing its focus on R&D in the industry over the past few years. In addition, it maintains its position in all indicators, entering the TOP-5.

“Singapore has been able to develop a world-leading service industry that is less affected by business cycles,” the report says.

TOP-5 seaports in the world

LocationShippingFinance and LawNautical TechnologyPorts and LogisticsAttractiveness and CompetitivenessFinal Location1SingaporeLondonOsloSingaporeSingaporeSingapore2HamburgOsloSingaporeShanghaiOsloHamburg3AthensNew YorkTokyoRotterdam

Singapore Indicators for the Shipping Indicator:

  • Fleet size - owner - 4.
  • Fleet size - management - 2.
  • Fleet cost - owner - 2.
  • Shipping company headquarters - 4.
  • Market value - shipping companies - 13.

Singapore indicators for Finance and Law indicator:

  • Legal due diligence - 2.
  • Insurance premiums - 5.
  • Maritime syndicate loan organizer/bookrunner - NA.
  • Portfolio of banks working with shipping companies - 10.
  • Market value of listed shipping companies - 3.
  • Number of registered shipping companies - 3.

Singapore Seaport and Changi Airport recognized as the best in the world

Singapore's economy is a paradise without natural resources and a large territory

Singapore's economic miracle fell on the second half of the 20th century, but the foundations laid in those years still serve the country's good. This city-state is one of the best places for work and business with a high standard of living.

Understanding why Singapore's economy is so strong, what advantages the country uses effectively, and what problems it skillfully avoids.

The city-state that is ahead of everyone

Singapore is the economic center of the Asia-Pacific region. It has been holding the status of one of the largest and most developed economies in the world for several years now. And this despite the fact that the country ranks 171st in the world in terms of area and has almost no natural resources. In addition, it ranks among the leaders in the index of economic freedom. And the World Bank's Doing Business report calls the state the second on the planet in terms of supporting the interests of entrepreneurs.

Singapore's economy is mainly represented by the manufacturing and export of electronics, financial services and tourism.

Active international trade is supported by the activity of the world's busiest cargo seaport.

Leading sectors of the Singaporean economy

Despite a small domestic market and a shortage of natural resources, Singapore confidently weathered the financial crises in 1997 and 2008. He now has a stable positive balance, high national income and no external debt.

A quarter of the country's annual GDP comes from the manufacturing sector. Key clusters: electronics, chemical industry, biotechnology, logistics and transport engineering. In the third quarter of 2017, this sector grew by 35%, driven by an increase in demand in mechanical engineering and electronics.

The next largest sector of the economy is finance. Its growth is driven by a well-developed business environment and political stability. The Singapore financial services market is home to 200 banks. Many global companies choose this city to open regional offices and branches. Thus, the country attracts the best technology and human resources, which facilitates the exchange of data between global and domestic markets.

Medical innovation, aerospace technology, clean energy, healthcare and content development also make significant contributions to the country's economy.

The results of ratings, according to which the seaport and airport are recognized as the best in the world

Changi Airport

You are arriving at Singapore International Airport - Changi. It was voted the best airport in the world last year.

The airport consists of three terminals. Depending on which airline you are flying here, you will get to terminal # 1 or # 2. All terminals are connected by a small train (Skytrain). Be careful! There are stops of this train BEFORE border control and to the baggage claim point, i.e. you can by mistake leave for another terminal, and you, of course, should receive your luggage at the terminal in which you arrived.

Follow the signs after exiting the plane. First we go through passport control, then we collect our luggage.

Then, if you want to get to the city by metro, you need to take a skytrain and get either to terminal 2 or to terminal 3.

Passing through passport control at the airport will not take you much time. There are many racks, border guards work quickly. You will need a completed immigration card (issued on the plane), if not, take it already at the airport at the counter in front of passport control.

If you are arriving in Singapore on a visa-free transit (up to 96 hours), you must have a printout of your ticket from Singapore when you go through border control.

After receiving your baggage, if you have something to declare, go to the red corridor. If not, go through the green corridor. Singapore has very strict laws on smuggling and illegal substances. For example, for carrying drugs - the death penalty.

Currency exchange at the airport at not the best rate. The city will offer you a better course. For $ 100, you get approximately S $ 130. Banknotes are printed on plastic. There are denominations of 2, 5, 10, 50, 100, 1000 Singapore dollars.

How to get to the city from the airport?

Contrasting Singapore attracts more and more tourists every year: some come to the dynamic city of the future, others strive to see the identity of a prosperous country. Architectural, historical and cultural monuments are concentrated on the territory of the state.

Singapore Brief

The Republic of Singapore is a city-state in Southeast Asia. In 1950, it was a third world country, and now it is a member of the "Asian Tigers" group - this is the name of the 4 states of Asia, which are members of the club of 12 countries with the largest foreign exchange reserves in the world. Singapore is the largest Asian cargo port.

The country is located on 63 islands of varying size. According to the current special program, Singapore is gradually reclaiming territory from the sea. For example, in the 60s of the XX century, the area of ​​the state was only 581 km 2, and by 2018 it reached 720 km 2.

The Plurinational State has about 5.4 million people. The indigenous people of the country are Malays, but the majority of the population are immigrants from China (77%), India and other countries whose rich culture has influenced Singapore. The country is not only multinational, but also multi-confessional: the most professed religion is Buddhism (over 40%), Islam, Christianity, Hinduism, etc. are also widespread.

There are 4 official languages: Chinese, English, Malay and Tamil. The time difference with Moscow is +5 hours. The currency in the state is S $ - the Singapore dollar, which is approximately 50 rubles. The capital of the country - the city of Singapore - is considered one of the most modern metropolitan areas in Southeast Asia.

A visa to the country for Russian tourists is required, but a visit to the country without obtaining it is possible on condition of transit of no more than 96 hours.

The country from which you arrive in Singapore and the country where you then fly off cannot be the same. That is, on the Bangkok - Singapore - Bangkok route, you cannot visit Singapore without a visa. But the flight Bangkok - Singapore - Kuala Lumpur will be considered a visa-free transit. You do not need to prepare any documents in advance. Just fill out the immigration card at the airport and that's it. You must have a valid passport and a return ticket to another country with you.


. viasales. u/blog/viza-singapur

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