The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Singapore has a highly developed and successful free-market economy. Increasingly, the moves abroad are permanent. At the same time, growing numbers of Singaporeans are emigrating for education and work experience in highly skilled sectors such finance, information technology, and medicine.
The growth of the foreign-born population has continued to be rapid as of 2015, the foreign-born composed 46% of the total population. The country has also become increasingly attractive to international students. The country, however, imposes restrictions on unskilled and low-skilled workers to ensure they do not establish roots, including prohibiting them from bringing their families and requiring employers to pay a monthly foreign worker levy and security bond. Skilled workers are encouraged to stay and are given the opportunity to become permanent residents or citizens. More recently, the government has instituted immigration policies that target highly skilled workers.
From the 1980s through the 2000s, the foreign population continued to grow as a result of policies aimed at attracting foreign workers of all skill levels. Consequently, the nonresident share of Singapore’s population plummeted to less than 3%.Īs the country industrialized, however, it loosened restrictions on the immigration of manual workers. Policy was restrictive during the 1950s and 1960s, aiming to protect jobs for residents by reducing the intake of low-skilled foreign workers and focusing instead on attracting professionals from abroad with specialist skills. During World War II, immigration came to a halt when the Japanese occupied the island but revived in the postwar years. Most of Singapore’s pre-World War II population growth was a result of immigration. As Singapore’s economy expanded during the 19 th century, more and more Chinese, Indian, and Malay labor immigrants arrived. Migration has played a key role in Singapore’s development. The working-age population (aged 15-64) will gradually decrease, leaving fewer workers to economically support the elderly population. Singapore is projected to experience one of the largest percentage point increases in the elderly share of the population at 21% between 20, according to the UN. With fertility at such a low rate and rising life expectancy, the proportion of the population aged 65 or over is growing and the youth population is shrinking. Factors contributing to this trend are a focus on careers, long working hours, the high cost of living, and long waits for public housing.
In addition, more and more Singaporeans, particularly women, are staying single. Most married couples have only one or two children in order to invest more in each child, including the high costs of education. Women’s expanded educations, widened aspirations, and a desire to establish careers has contributed to delayed marriage and smaller families. Singapore has one of the lowest total fertility rates (TFR) in the world – an average of 1.15 children born per woman – and a rapidly aging population.
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