Singapore Economy

Work abroad sounds like an adventure to many people. However, jobs at Singapore require more than just the obvious Singapore CV writing and translation, they require thorough preparation. You will face problems that probably did not even come to your mind when you decided to seek jobs in Singapore.

Do not take too lightly the influence a job search in Singapore can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

Singapore is known as one of Asia's “Little Tiger” economies, ranking alongside Hong Kong, Taiwan and South Korea. Its economy is driven by electronics manufacturing and financial services. Singapore is a multicultural nation. Close to one-quarter of its population are expatriates or foreign workers from all over the world.

Due to its location, free port status, well-developed infrastructure and low taxation, Singapore continues to be a regional investment hub and financial center. Singapore has a large expatriate European/US community, a reflection of the large representation of overseas companies here.

Singaporean job market is robust and healthy. Employment prospects are strong for job seekers. Talent shortages exist, especially in IT, health, education, construction, finance, insurance, real estate and services.

Some companies and public-sector organizations, including the Ministry of Health, the Ministry of Education and the Land Transport Authority, advertised and conducted interviews in other countries.

art_warning Singapore EconomyMost visits to Singapore are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against civilian targets, including places frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas. In recent years, the Singaporean authorities have carried out a number of investigations and operations against terrorist networks.
You should exercise a high level of security awareness and monitor local news broadcasts and consular messages. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety

Singapore economy - overview: Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Labor force - by occupation: agriculture: 0.1%, industry: 19.6%, services: 80.3%
note: excludes non-residents (2011)

Unemployment rate: 1.9% (2012 est.)

Unemployment, youth ages 15-24: total: 6.7% (2012)

Natural resources: fish, deepwater ports

Industries: electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepôt trade

Singapore CurrencyCurrency: Singapore Dollar (SGD; symbol S$) = 100 cents.
Notes are in denominations of S$10,000, 1,000, 500, 100, 50, 10, 5 and 2. Coins are in denominations of S$1, and 50, 20, 10, 5 and 1 cents.

The currency of Brunei is also legal tender, although coins may not be accepted; 1 Brunei Dollar = 1 Singapore Dollar.

US Dollars, Australian Dollars, Yen and Pounds Sterling are also accepted at many major shopping centers in Singapore.

Credit/Debit Cards and ATMs: Major credit cards are widely accepted. ATMs accept MasterCard, Visa and cards with Plus or Cirrus. ATMs are everywhere, including shopping centers and MRT stations. However, cheaper eateries are likely to accept only cash.

Traveler’s Checks: Larger department stores accept foreign cash and travelers checks at lower rates than you will get from moneychangers. A passport is required when cashing traveler’s checks.

Exchange rates: Singapore dollars (SGD) per US dollar - 1.2497 (2012 est.), 1.258 (2011 est.), 1.3635 (2010 est.), 1.4545 (2009), 1.415 (2008)

Inflation rate (consumer prices): 4.6% (2012 est.)

Other Singapore Economy Info

We hope that your Singapore job search has been successful and you have a Singapore visa too. So, if your Singapore cover letter and Singapore CV are ready, you may distribute them to your future employers and start preparing for a Singapore job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Singapore economy info.


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