- GDP Nominal: 307.8 billion USD
- Unemployment rate: 3%
- Population: 5.4 million
- Ease-of-doing-business rank: 1st
Singapore has a highly developed trade-oriented market economy. Singapore's economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates and has the 3rd highest per-capita GDP in the world.
The economy of Singapore is a major Foreign Direct Investment (FDI) destination in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.
Direct Selling in Singapore
- GDP Growth Constant USD 2014: 2.9%
- YoY Industry Growth Constant USD 2014: 0.5%
Direct Selling in Singapore accounts for 403 million USD in 2014 and the industry is represented by 400,000 distributors.
Singapore is a market that shares many similarities with Hong Kong: high GDP/capita combined with a small population and territory that limits the industry’s people empowering potential. However, with a wealthy population that is increasingly health conscious the demand for high-quality supplements (6 out of 10 products sold belong to the wellness category) from renowned international Direct Selling companies remains high.
In parallel, the Direct Selling Association of Singapore (DSAS), founded in 1976, is well organized and operating in close collaboration with the Consumer Association of Singapore (CASE) to protect consumers against fraudulent Direct Selling schemes.
Sources: ASENSHIA, World Bank, WFDSA, Euromonitor, Wikipedia