Singapore boasts a highly developed and successful free-market economy. The environment is remarkably open and corruption free. It also demonstrates stability and a per capita GDP that is higher than most developed countries. The economy depends heavily on exports, particularly in the area of consumer electronics and information technology. There has also been substantial growth within the financial services sector.
The economy contracted in 2009 as a result of the global financial crisis. However, it rebounded 15.1% in 2010 on the strength of renewed exports, before slowing between 2011 and 2013. The government currently hopes to establish a new growth path that focuses on increasing productivity.
Composition of GDP: