Over the last decade, Singapore has shown extraordinary economic growth. Today it is considered a high-income economy. The growth is driven by several factors. Some of them are private consumption expenditure, local and external demand, and investments.
Singapore’s leading sectors like as pharmaceutical and petroleum refining industry have the potential to attract other countries to invest. In this article, I will talk about the external factors that have an impact on Singapore. I have added a PESTLE analysis of Singapore. PESTLE is a business tool used to study the macro-environmental factors. It is an acronym for political, economic, social, technological, legal and environmental factors. Let’s see how each of these factors impacts the country.