Why is Singapore touristy?
The competitiveness of Singapore and its high quality of life comparable to Western powers, makes it a privileged destination for the tourism business (Bouchon, 2012). This type of visitor represents a quarter of admissions to Singaporei.e. more than 30% of revenue tourist (Geotourism, 2015). »
The main advantage of Singapore undoubtedly lies in its stability. An asset thatis certainly not very sexy, but who is reassuring. The City-State has always been a stable country. Politically and financially the country does not change or little.
The second container port in the world Singapore is the second largest container port in the world behind Shanghai. It is connected to over 600 ports worldwide.
Singapore’s income indicators of wealth are excellent, the number of millionaire households is the highest in the world and also the fastest growing.
Singapore’s economy relies in part on the labor of hundreds of thousands of foreign workers. GDP growth has been very strong there since its independence in 1965: about 9% per year on average.
Singapore entered recession at the end of the second quarter of 2020, after seeing its growth slow in 2019. Singapore’s GDP contracted for the third consecutive quarter year-on-year in Q3, by 7.0% according to first estimates from the Ministry of Trade and Industry (after −13.3% in Q2 and −0.3% in Q1).
Many people in Singapore live on credit, others have budget problems, and in case of concern, they pawn their valuables, a recourse that has become more common in recent years.