Singapore has a highly developed market economy. The Singaporean economy is known as one of the freest, most innovative, most competitive, most dynamic and most business-friendly. The 2015 Index of Economic Freedom ranks Singapore as the second freest economy in the world and the Ease of Doing Business. In 2016, Singapore is rated the world's most expensive city for the third consecutive year by the Economist Intelligence Unit. It is the 14th largest exporter and the 15th largest importer in the world. Its main exports are refined petroleum, integrated circuits and computers.
Singapore is a wealthy city state in south-east Asia with a global commerce, finance and transport hub. Singapore ranks 5th on the UN Human Development Index and the 3rd highest GDP per capita. It is ranked highly in education, healthcare, life expectancy, quality of life, personal safety and housing. Singapore has a road system covering 3,356 kilometres , which includes 161 kilometres of expressways. Singapore is considered to be the major international transport hub in Asia. A new fifth airport terminal will double the capacity of Singapore’s airport. A new Tuas terminal will double the capacity of Singapore’s seaports. Singapore Government will be adding 42 new trains to existing lines and increased the number of weekly train trips from about 15,000 to 19,000 which will expand capacity by 25% and reduced wait time by up to 30%.
The country is a major Foreign Direct Investment (FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to its highly attractive investment climate and a stable political environment.
Singapore Government recognises that the current overall foreign workforce should complement the local resident workforce and not replace the Singaporean Core concept, and helps companies greatly as they raise productivity through business restructuring and workforce retraining; raise resident labour force participation rate.