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
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Mindy Tan
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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.
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