5. Singapore
CPA Australia members: 8,470
Overview
In 2024, Singapore’s GDP grew by 4.4 per cent after the country attracted a record US$159.6 billion (A$247.9 billion) FDI the previous year. FDI was up 13.1 per cent YOY and was third globally after the US and China.
The overarching theme across the Singaporean economy is innovation, with the digital economy contributing more than 17 per cent of GDP in 2023. In 2024, the Economist Intelligence Unit named Singapore the best country in the world to do business — for the 16th year in a row.
Major sectors
- Precision manufacturing
- AI and digital technology
- Energy and chemicals
- Pharmaceuticals and biotechnology
Key business attractions
Singapore presents an ideal hub location for businesses, with a mix of government incentives, a free market economy, numerous free-trade agreements and a straightforward regulatory environment.
It also has an attractive and stable social, multicultural environment that is well connected to the rest of the world.
Skills in demand
- Qualitative analysis
- Carbon footprint management
- Environmental and social governance (ESG)
Local insight
“What most surprises business travellers is how efficient Singapore is,” says Wei Hock Lee FCPA, Singapore head of assurance at Ernst & Young LLP. “Streamlined regulations and processes, excellent infrastructure and digital platforms, and a skilled workforce make it really easy for companies to do business here.”
“English is widely spoken. Hence, foreign business executives should face few issues doing business.
However, it is also good to note that Singapore is a multicultural society in Asia, where traits such as being respectful, professional and punctual to business appointments are viewed favourably.”
The main future challenge is that Singapore thrives under globalisation, Lee says. As countries increasingly adopt an onshoring or near-shoring approach, Singapore will have to innovate to continue growing.
