Moody’s has revealed a key beacon for growth in Asia, according to its latest report.
The ratings agency said that Singapore has a very high degree of resilience to global financial shocks, despite the openness of its economy and its dependence on global trade and finance.
Singapore, which is one 3 point 5 times larger than Washington DC in the US, has become one of the key financial centres in Asia over the past 10 years.
The free market economy country has one of the highest GDP growth rates, after the country expanded by 10 percent in the first three months of this year.
With high net worth individuals accounting for 2 point 9 percent of Singapore’s population, the country also has the highest density of wealthy people in the world.
Despite the glowing report, Singapore’s credit outlook does face a set hurdles, including containing consumer price and property inflation over the near term.
Another ratings agency, Standard & Poor’s also highlighted earlier this year, that Singapore faces a high risk of economic imbalances in the banking industry.
Written & Presented by Lianna Brinded