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Singapore economy expected to grow 2.7% in 2017: ICAEW report

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Singapore's economy is expected to grow 2.7 per cent in 2017, buoyed by improved growth dynamics and ongoing recovery in global trade, said the latest report by the Institute of Chartered Accountants in England and Wales (ICAEW) released on Thursday.

SINGAPORE'S economy is expected to grow 2.7 per cent in 2017, buoyed by improved growth dynamics and ongoing recovery in global trade, said the latest report by the Institute of Chartered Accountants in England and Wales (ICAEW) released on Thursday.

However, growth will remain uneven across sectors due to differing external and internal factors, said the Economic Insight: South East Asia report.

External-dependent sectors can expect a brighter outlook, while business investment may soon see a modest recovery as business loans rose to 8.1 per cent year-on-year in Q1 - the strongest growth in loans since 2014, it said.

Meanwhile, domestic factors such as the unemployment rate remain a drag, while growth in private consumption and household spending is expected to remain relatively subdued.

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Mark Billington, regional director for ICAEW South East Asia, said: "We are confident that an improved external environment will help sustain Singapore's growth - despite the drag from domestic factors.

"Moving forward, we expect domestic demand to remain the primary driver of growth. As the recovery in external global trade remains unsteady, we envisage Asean nations using more fiscal stimulus to support domestic demand."

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