Singapore Says Macro Fundamentals Sound
World Economy

Singapore Says Macro Fundamentals Sound

Economic restructuring remains a work in progress and more needs to be done to raise productivity growth, said Monetary Authority of Singapore managing director Ravi Menon.
Menon told a forum: “Singapore will not be immune to the global tightening of financial conditions, volatility in capital flows and potential stresses in the regional corporate sector. But our macro fundamentals are sound, and we will weather these storms. And as we continue to invest in the future, in skills, in technology, and in infrastructure, we will emerge a stronger and more dynamic economy,” Asia One reported.
He said a key challenge will be how well and quickly Singapore can upskill as a workforce to thrive in an increasingly digitalized economy. “Raising the levels of skills and competencies and abilities is going to be absolutely critical,” he said, pointing to the need to keep up with rising technologies and disruption.
Singapore companies also face a challenge in deciding how much they can embrace and use technology to bring down costs. Menon noted that it is difficult in an environment with slow growth, tight margins and rising costs to find the resources “to take a forward view and invest in technologies... but that is something we have to do”.
The economy is expected to continue on its modest pace of expansion this year, with gross domestic product growth likely to come in between 1% and 3%, said Menon.
Modern services, including finance and information and communications technology, will be supported by continued growth in the region and Singapore’s growing status as a hub, while trade-oriented industries should also benefit from the mild upturn in global and regional electronics.
“In fact, the strong showing in the last quarter of 2016 indicates that the Singapore economy retains the capacity to ride on cyclical upswings in demand for exports,” Menon said.
Singapore’s exports last November jumped 11.5% over the same period a year earlier, helped by a rise in shipments to the European Union and China.
Menon noted in a question posed during his dialogue with Edmund Koh, head of UBS Wealth Management Asia Pacific, that MAS property measures have made progress in “stabilizing the market. We are very conscious that we don’t go back to the situation we had before,” he said.


Short URL : https://goo.gl/2RHDtu
  1. https://goo.gl/VtQsUt
  • https://goo.gl/yxdGW3
  • https://goo.gl/UNvnTG
  • https://goo.gl/uGQ2Dn
  • https://goo.gl/J3rOOs

You can also read ...

The 2017 “WannaCry” cyber attack demanded affected users wire ransom money via Bitcoin.
You don’t have to be a digital whizz kid to know that the wars...
South Africa Wants to Increase VAT Rates
With an economic downgrade to junk status, a slowly growing...
A woman protests a planned coal-fired plant  in southern Thailand.
Southeast Asian governments are finding themselves caught...
Singapore to Hike GST for First  Time in Decade
Singapore is expected to raise goods and services tax for the...
Malaysia has shown willingness to move towards  a market-oriented mechanism.
Forty-three World Trade Organization members who participated...
62% of Japan Loan Rate  Below 1%
After two years of the Bank of Japan guiding key interest...
China’s Commerce Ministry says the proposed US measures are groundless.
China said proposed US tariffs on imported steel and aluminum...
Fitch Upgrades Greece
Fitch Ratings raised Greece’s sovereign credit rating by one...

Add new comment

Read our comment policy before posting your viewpoints