Today Singapore ranked as the world’s 2nd most open economy in the Asian Pacific region. The country is highly developed, and operates under a successful free market system and an environment devoid of corruption. The government runs efficient and competitive tax rates and low public sector expenditure.
At the same time, however, the fact that our European partners have yet to deliver on their commitment to provide further debt relief, according to the Eurogroup decisions of November 2012, and the threat of default and euro area exit brandished against Greece by some of our partners whenever negotiations seemed to stall, even on account of technical matters, weighed heavily on market sentiment, further fuelling uncertainty and negatively affecting the economic climate in Greece.