Singapore has maintained its status as the world’s freest economy, demonstrating a high level of economic resilience. Switzerland is the world’s second freest economy, followed by Ireland. Taiwan has moved up to the fourth slot, the highest rank the country has ever achieved in the Index of Economic Freedom.
Ranked 1st out of 184 countries in the world, Singapore’s economic freedom score is higher than the world and regional averages.
The foundations of Singapore’s economic freedom are sustained by strong protection of property rights and effective enforcement of anticorruption laws.
According to the report, the overall rule of law is well respected in Singapore.
The country scores high in government integrity. It’s property rights score is well above the world average; its judicial effectiveness score is also above the world average.
Singapore’s tax rates are competitive. It’s transparent regulatory environment encourages vibrant economic activity. And it’s openness to global commerce encourages both productivity and the emergence of a more dynamic and competitive financial sector.
Singapore’s overall regulatory environment is well institutionalized and highly efficient.
The country’s business freedom score is far above the world average. The business start-up process is straightforward.
While Singapore has no statutory minimum wage, the Progressive Wage Models in different sectors incorporate a minimum wage feature which ensures that workers are paid a reasonable salary. The National Wage Council also guides wage adjustments.
Inflation is under control despite the challenging external environment.
