Singapore is the 20th smallest country in the world and has a population of 5.7 million people resulting in the 3rd highest population density in the world. Though the declining growth rate is at 0.47%, Singapore is named the most expensive city for five years in a row and plans to accommodate this growth through timely land reclamation.
Due to the small size of the population, the size of the labor force remains undeniably small at 3.78 million forming 68% of the population. 54.3% of the labor force consists of high-skilled workers and 45% of the workers are considered semi-skilled or less highlighting the high productivity (i.e., 107) of the Singaporean work force.
As Singapore already has a high literacy rate of 98%, and possess sufficient funds, the growth is heavily reliant on technology.
Singapore is home to several ethnicities spread across the nation. Though one might note high prevalence of the Chinese community, the government led several initiatives to bolster inter-communal integration as highlighted in the doubling of mixed-race marriages from 1997 to 2017 as 22% of marriages.
The religious diversity of Singapore also forms a vital component of the Singaporean society. As observed from the ethnic composition of the state, the balanced religious diversity helps the country in forming a unified society, thus boosting overall morale and productivity. From the figure given below, it is evident that Singapore has a high religious tolerance, thus implying how welcome it is to foreign stakeholders.
Singapore is home to a very young population and most are within their prime working ages of 20-40 years. However, the low population below the age of 10 is disconcerting. Though this does indicate that the present forms the ideal moment to maximize work force utility, the aging population coupled with aforementioned growth rate of 0.47% is a concerning matter provides immigration opportunities.
Literacy rate (% of people ages 15 and above) – 97.5%
Singapore is ranked to have the best infrastructure in the world with a rating of 95.4 out of 100. This implies the ease of communication through superior transport and telecommunications infrastructure which improves overall efficiency in business operations and customer relations. Despite holding such a high rank, Singapore still plans to improve its infrastructure, especially in terms of public connectivity.
Singapore clearly has a superior infrastructure to the rest of the world and especially to its ASEAN counterparts as given below.
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