S'pore becoming more reliant on services sector
ICAEW says the manufacturing sector is expected to remain subdued during the coming year and reckons that economic growth is unlikely to hit 3.3 per cent until 2018
Singapore
DOMESTIC non-oil exports - and hence the manufacturing sector - are expected to remain subdued over the coming year, leaving the economy reliant on the services sector, according to ICAEW's latest Economic Insight: South East Asia report, which also posits that Singapore's economic growth is unlikely to hit 3.3 per cent until 2018.
Stronger government investment and solid spending by households are expected to support service sector activities but services related to oil and re-exports will be vulnerable to continued weakness in regional trade, noted the report.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Australian business strength is shocking even its biggest lender
South Korea’s factory activity shrinks in April, but optimism about outlook ticks up
US sanctions firms in China, UAE for support of Russia’s war
Japan suspects companies are evading disclosure of cross-shareholdings
Germany hit hard as foreign investment falls in Europe: EY survey
South Korea’s April inflation at 2.9% y/y, lower than expected