Current Business Climate in Singapore
Being ranked with Philippine’s Performance in Doing Business 2014, Singapore is one of the top ten most improved business environment in the world. The online filing and payment systems make it easier for investors’ transaction and investments process easy and from anywhere (Lian,78). The system is supplemented by new laws that guarantee the right of borrowers to access their data in the country’s largest creditors bureau. This ease the verification of information and its usage by the banks. Having a good system that deals with construction permits which makes it easier for investors to acquire one which is also more inviting for investors. Singapore also provides its investors with high level of transparency and reliability in business ("Singapore Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption", 2016).
Economic and Financial condition in Singapore
The most important aspect of the economy and the business environment is that it has attained a free status for the economic freedom. This increases its capacity of being an open market. Having taken a dive of 0.6 percent in 2009 due to the financial crisis that affected the world, the economy has grown tremendously since 2010 because of the strength in renewable exports. The growth did not continue with the same trend in 2014-15 as there was low demand for the exports to under 3% as a result of the slow global economy growth as well as slow rate of growth in the country’s manufacturing segment ("Statistics Singapore - IMF Special Data Dissemination Standard - Economic and Financial Data for Singapore", 2016).
The government is playing a crucial role in improving the country’s economy by addressing its feeble productivity and raising its citizen’s wages. The government has also invested much in the field of medicine as they strive to stay at the top of the Southern Asia’s top financial as well as high-technology center. The country is a member Trans-Pacific Partnership free trade negotiations. It is composed of 12 nations. The comprehensive regional partnership negotiation includes other nine ASEAN (Association of Southeast Asian Nations) members plus South Korea, New Zealand, India, Japan, China and Australia. These partnership have provided Singapore with an opportunity to form the ASEAN Economic society with other ASEAN members (Terence, 43).
References
Koh, Kheng Lian. Current Developments in International Banking and Corporate Financial Operations. Singapore: Published on Behalf of the Faculty of Law, National U of Singapore by Butterworths, 2013. Print.
Ng, Terence, Kin Yew. Low, and Charlene Geisler. The Internal Audit Functions and Profession in Singapore: Current Trends, Issues, and Perspectives, 2006. Singapore: Institute of Internal Auditors, 2007. Print.
Statistics Singapore - IMF Special Data Dissemination Standard - Economic and Financial Data for Singapore. (2016). Singstat.gov.sg. Retrieved 27 April 2016, from http://www.singstat.gov.sg/methodologies-standards/data-dissemination-standard/national-summary-page
Singapore Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. (2016). Heritage.org. Retrieved 27 April 2016, from http://www.heritage.org/index/country/singapore
