The Prime Minister of Singapore anticipates that the economy in Singapore will grow by two and half percent this year (2017). This information comes from PM Lee and he has stated that he plans to utilize IT in order to create new work positions and more opportunities for Singaporeans.
Lee believes that using IT to best advantage will give him the power to make Singapore a great place to reside, work and enjoy leisure time.
Government projections show that the economy’s growth is expected to outpace growth in 2016 by two percent. The PM of Singapore, whose full name is Lee Hsien Loong, told the public about this new and positive economic forecast during his National Day speech, which was held in August.
The forecast was put together by the Ministry of Trade and Industry, which is known as MTI for short. Growth may range from between one and three percent. However, two and half percent growth is expected.
Estimates disclosed during summer of 2017 indicate that the economy is growing at a steady and predictable rate. In the near future, MTI will offer the public access to a new Economic Survey of Singapore, which features GDP estimates for quarter two. For example, information about performance in employment, inflation, growth and productivity sectors will be measured.
Prime Minister Lee made his speech at the Bay East Garden in Singapore. While he spoke, he remarked that the world is a bit shaky economically at present, due to an array of political factors and economic shifts. For example, terrorism is still a big concern and every variable at play (in particular, terrorism) contributes to national and global economic climates.
He also said that global trade, which is a motor for growth, is placed at risk due to protectionism. Upgrades to the economy are being put into place in order to strengthen it. As well, workers and students are developing more skills and getting up to speed with the latest technology.
His government is supporting growth by working with citizens on the issues and getting good results. It’s all about being vigilant about threats to national safety. One aspect of this is to promote harmony between races in Singapore.
In his view, there are a trio of issues which require a lot of work. One is boosting the quality of pre-school education. Another is diabetes education, diagnosis and treatment. The third is the need to develop into a “smart country”.
With the third goal in mind, the Prime Minister wishes to utilize IT in order to boost job creation and business opportunities. It’s all about making the nation a better place to be!
Singapore Has Great Prospects
Slow and steady growth is a good thing. Singapore is attracting a lot of attention from foreign companies. It’s also growing a fintech niche which is one of the best in the world. Since the government is so concerned with supporting its citizens through business incentives and intelligent responses to threats which may negatively impact the economy, there is a lot to look forward to.