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A successful economy, open to trade and investment
14
Jul '08
Singapore's economy, in terms of international trade and foreign investment, remains one of the most open and competitive in the world with an annual average real GDP growth of 7.9% for the last four years, according to a WTO Secretariat report on the trade practices and policies of Singapore.

This high degree of openness leaves Singapore vulnerable to periodic external shocks, but the economy's flexibility has enabled it to adjust rapidly to these shocks by improving productivity, and thus international competitiveness, which in turn contributes to economic growth and higher living standards.

In the long term, as city-state of around 4.5 million people, which is heavily dependent on trade in goods in services, Singapore will need to rely more on domestic consumption as a source of growth to help balance fluctuations in external demand and thus reduce its vulnerability to external shocks.

The WTO report, along with a policy statement by the Government of Singapore, will be the basis of the fifth TPR of Singapore by the Trade Policy Review Body of the WTO on 14 and 16 July 2008.

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