Gross domestic product per capita is the highest in the Asia-Pacific region (US$65,248 in 2019); and among the highest in the world. Singapore also receives more foreign direct investment (FDI) than most of the world’s developed economies, and over 10% of total FDI inflows to Asia. FDI inflows rose to US$ 92BN in 2019, from US$79BN a year earlier, but dropped by 37 per cent to US$58 billion in 2020, as per Investment Trends Monitor report by the United Nations Conference on Trade and Development (Unctad). This was due to the COVID19 impact globally, adding that Singapore’s FDI decline was gentler than the global contraction of 42 per cent to US$859 billion, from US$1.5 trillion in 2019.
Sumit Dutta is the Founder and Chief Executive Officer of ASEAN Business Partners. Prior to this, Sumit spent 26 years working for HSBC, one of the biggest banks in the world, in countries including Indonesia, Vietnam, USA, Hongkong and India.
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