Singapore has a highly developed free-market economy. It enjoys an open and corruption-free environment, stable prices and a per capita GDP higher than most developed countries. Due to the Covid-19 pandemic, the country registered a negative GDP growth of -6% in 2020. Nevertheless, the latest IMF forecasts predict a strong rebound at 5% in 2021 and further stabilisation, subject to the post-pandemic global economic recovery.
Healthcare in Singapore
With a population of close to 6 million, the country boasts the highest ratios of medical doctors and of nursing and midwifery personnel per 10,000 people, as well as the highest health expenditure per capita in the region. Healthcare spending as a percentage of national GDP has increased steadily, a consequence of the country’s ageing population and of a trend towards the earlier diagnosis of chronic conditions.
Today Singapore offers universal healthcare coverage to its citizens through a mixed financing system. The city-state’s excellent healthcare infrastructure has enabled it to become the life sciences manufacturing and R&D hub of South East Asia. Investors are attracted by Singapore’s strong base for research and innovation that helps digital healthcare firms when they are designing new business models. This, in turn, provides digital healthcare companies with the capabilities to export their products or services.
