Singapore Regulatory quality - data, chart | TheGlobalEconomy.com (2024)

FAQs

What is the regulatory quality of Singapore? ›

Regulatory quality index (-2.5 weak; 2.5 strong)

For that indicator, we provide data for Singapore from 1996 to 2022. The average value for Singapore during that period was 2 points with a minimum of 1.75 points in 2005 and a maximum of 2.25 points in 2015. The latest value from 2022 is 2.21 points.

Regulatory quality captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development.

Regulatory quality index (-2.5 weak; 2.5 strong)

For that indicator, we provide data for China from 1996 to 2022. The average value for China during that period was -0.3 points with a minimum of -0.58 points in 2002 and a maximum of -0.18 points in 2005. The latest value from 2022 is -0.42 points.

Regulatory quality index (-2.5 weak; 2.5 strong)

The latest value from 2022 is 1.42 points. For comparison, the world average in 2022 based on 193 countries is -0.04 points. See the global rankings for that indicator or use the country comparator to compare trends over time.

MAS is the integrated regulator and supervisor of financial institutions in Singapore. MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices.

Overall quality of life in Singapore

In the Expat Insider Report 2023 ⁽¹⁾, Singapore proudly secures an impressive #6 global ranking for quality of life. Mercer's Quality of Living City Ranking 2023⁽²⁾ further elevates Singapore as the leading city in Asia, renowned for its high quality of living.

Three main approaches to regulation are “command and control,” performance-based, and management-based. Each approach has strengths and weaknesses.

Regulatory affairs professionals are concerned with ensuring that products comply with government regulations, while quality assurance professionals are focused on delivering high-quality products to consumers.

Quality compliance relates largely to meeting the basic expectations of customers. Regulatory compliance, in turn, relates to meeting the safety, environmental, and other requirements established by local, state, national, and regional governments and/or industry associations.

What country has the least regulation? ›

Hong Kong received the best score in the survey of 0.98 point, making it the least-overregulated country.

The answer to this question is yes. The US has more laws on the books than any other country on earth.

Regulatory quality index (-2.5 weak; 2.5 strong)

For that indicator, we provide data for India from 1996 to 2022. The average value for India during that period was -0.32 points with a minimum of -0.55 points in 1996 and a maximum of -0.05 points in 2022. The latest value from 2022 is -0.05 points.

Healthcare, insurance, pharmaceutical, energy, telecommunication, and banking are among the most regulated industries in the United States. These and other highly-regulated industries face a framework of rules and regulations at the federal, state, and sometimes even local level.

The first tier has just two jurisdictions – Canada and Singapore. The research shows that these two jurisdictions have the best rated regulatory environments for financial services. These are followed by the tier two jurisdictions of Hong Kong, Switzerland, the UK and the USA.

The regulatory environment. The four primary regulators in Singapore are the Monetary Authority of Singapore (MAS), the Inland Revenue Authority of Singapore (IRAS), the Accounting and Corporate Regulatory Authority (ACRA), and the Singapore Exchange (SGX).

Singapore's overall regulatory environment is well institutionalized and highly efficient. The country's business freedom score is far above the world average; its labor freedom score is above the world average; and its monetary freedom score is well above the world average.