Singapore is an island city-state in East Asia which consists of 64 islands. It is one of the most developed countries in the world in terms of its economy and society. Singapore became independent in 1965.
Singapore’s high standard of living has led it to be known as the Switzerland of Asia. It has enjoyed significant economic growth thanks to it its particularly favourable coastal location linking the Pacific region with Europe, which has helped it become an important financial and commercial centre.
The economy of Singapore is based on banking, financial services, electronics, innovation, and its maritime sector. The port of Singapore is one of the world’s most efficient oil exporting and transportation centres.
Despite its past socioeconomic problems, the country’s political system has been stable since gaining independence. Its authoritarian democracy and economic freedom have been widely respected.
In the past decade, Singapore was the only Asian country rated AAA by major rating agencies including S&P, and Fitch and Moody’s.