2023: Doing Business In Singapore

Doing Business In Singapore

1. What is the current business climate in your jurisdiction including major political, economic and/or legal activities on the horizon in your country that could have a big impact on businesses?

Post COVID-19, the Singapore economy continues to be resilient, with a projected GDP growth of 0.5 to 1.5 percent in 2023, according to MTI Narrows Singapore's GDP Growth Forecast. This is in spite of the economic spillovers arising from geopolitical tensions that weigh on global trade. To help businesses transition to a post-pandemic world and to buffer against elevated inflation and heightened uncertainties, the Singapore Government has implemented a variety of forward-looking policy measures and schemes in its commitment to creating a pro-business environment. Apart from maintaining an overall investor-friendly tax regime, certain economic and manpower policies have been put in place, which include SGD 4 billion to support business growth