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IT'S no secret that Singapore's economy has been a pillar of strength in a time of subdued global sentiment in the past year.
A testament to this is the city-state's second position in the World Economic Forum's 2016-2017 Global Competitiveness Report for the sixth year in a row. Such momentum is echoed in the 2017 Budget announcement in Singapore, which reported a steady GDP growth of 2 per cent in 2016.
This growth can be said to be attributed to SMEs, which make up 99 per cent of all businesses and contribute to nearly half of the national GDP in Singapore. To continue this streak, national resources have been channelled to innovation and digitisation for Singapore's future economy, such as the S$4.5 billion allocated to the Industry Transformation Program.
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