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The Singapore government's track record on economic management is enviable. It has been able to maintain consistently low unemployment rates, achieve high rates of gross domestic product (GDP) growth, and invest in public infrastructure while keeping taxes and government spending relatively low. Here's a look at what makes their approach so successful.
Taxation rates among the lowest in the world
Singapore has the lowest rates of personal and corporate income tax in the world: one to two percent. The government also doesn't have a capital gains tax, inheritance or wealth taxes, or an unemployment fund charge.
Low public spending
The role of the public sector in the economy has shrunk considerably over the past three decades, while, at the same time, productivity growth has improved markedly. With much lower levels of public spending than Western economies and no income or wealth taxes, all taxes are levied on traded goods and services, with around two-thirds coming from corporate taxes.
Employment rate among highest in developed countries
Singapore provides jobs for everyone who wants one, and because of its relatively small population, it has an unemployment rate of about 2%. The unemployment rate is among the lowest in the developed countries.
Government reserves are over 6 times larger than annual expenditures
The reserves have proved to be an immense buffer against volatility in the financial markets, providing much-needed confidence to markets and investors that the Monetary Authority of Singapore would manage the country's finances prudently.
-Fitch Ratings agency confirmed this view by upgrading SINGAPORE AAA in 2007
-Singapore remains one of only three sovereign governments with negative real interest rates.
Dynamic and resilient economy - Much stronger than Japan, South Korea, Hong Kong and Australia
Singapore's total output value as measured by gross domestic product (GDP) in 2017 was $294 billion, with the service sector contributing 75%. Besides the services sector, construction and manufacturing contribute 23% and 2% respectively to the GDP of Singapore. With a consistently strong economy, global investors are willing to invest in it which has resulted in continued growth and development over the years
Early investments into IT infrastructure (Smart Nation, Smart City)
The authorities made early investments in IT infrastructure, making it easier for companies to do business remotely or relocate workforces cheaply (at least relative to other major cities around the world). These advances were funded by selling off shares of telecom company SingTel—which generated $2 billion after the 1999 IPO—and inserting state capital into private sector banks that struggled in the aftermath of the global financial crisis and major Southeast Asian tsunami in 2004.

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