Sign up | Log in



Home  >>   Daily News  >>Singapore>>Economy>>Singapore economy projected to grow at modest pace of 1-3% in 2016: Iswaran
NEW UPDATES Asean Affairs   10 February  2016  

Singapore economy projected to grow at modest pace of 1-3% in 2016: Iswaran

SINGAPORE: The “lively, flexible, quick-witted and versatile” qualities of the monkey are precisely what Singapore need to navigate what is shaping up to be a challenging year of the Fire Monkey, Minister for Trade and Industry (Industry) S Iswaran, said on Monday (Feb 8).

In a speech at the Singapore Chinese Chamber of Commerce and Industry (SCCCI)’s Chinese New Year gathering, Mr Iswaran said the economy for this year is likely to remain slow due to cyclical and structural factors like the continued slowdown in the Chinese economy, weakening growth momentum in the US, and in-sourcing trends in major markets.

“Last year, our economy grew at its slowest pace since the Global Financial Crisis in 2009. The sluggish economic environment is likely to persist this year,” he said. Against this backdrop, he said that the Singapore economy is projected to grow at a modest pace of 1.0 to 3.0 per cent this year.

However, Mr Iswaran said “the situation is not all gloomy”.

For example, he said lower oil prices, though adversely affecting some industries, mean lower energy costs for a broad range of businesses.

Meanwhile, unemployment remains low and there are still short and long term opportunities to be seized in regional markets and sectors like advanced manufacturing, logistics, healthcare, digital and urban solutions, he said.

Addressing calls for a fresh boost of government support for business in the current economic environment, Mr Iswaran made clear that this is different from the economic situation in 2008 when there was risk of a major global recession bringing down Singapore's economy. As Singapore deals with short term challenges, he stressed that it is crucial that for businesses to press on with our longer-term economic restructuring to become more innovative, productive and manpower-lean.

“We must keep a steady foot as we proceed with alertness and caution," he said. "That is the surest path to staying competitive, achieving sustainable growth over the long-term, and seizing opportunities when the economic environment improves, as it will."

Moving ahead, Mr Iswaran said the Government will continue to provide strong, targeted support to small and medium enterprises to help build their capabilities for internationalisation and innovation. The Committee on the Future Economy will also consult closely with the business community to chart the longer-term course for Singapore’s economic growth.

Over the past year, the SCCCI organised 18 dialogue sessions between its Trade Association members and government agencies. Through these sessions, the associations worked with government agencies to jointly address key business challenges faced by their members, including industry land-use, compliance costs, and rising rentals.

The SCCCI recently submitted a comprehensive Pre-Budget 2016 Survey Report with several recommendations for the Government to consider — one of which is to simplify paperwork for business grants, and expedite grant disbursement processes. Mr Iswaran today said government agencies have been actively working to further streamline processes.

“SPRING and IE Singapore have already rationalised their grant programmes into two umbrella schemes – the Capability Development Grant for innovation and domestic capability development, and the Global Company Partnership for internationalisation,” he said. “The upcoming rollout of the Business Grants Portal will further allow businesses to easily identify, apply for and manage their business grants, and enable SMEs to more easily benefit from government programmes.”

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           February 10, 2016 Subsribe Now !
• Fuel mix policy to curb new coal plants Subcribe: Asean Affairs Global Magazine

• ADB, IFC to help extend mobile telecom services across Myanmar
• Singapore economy projected to grow at modest pace of 1-3% in 2016: Iswaran
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• CBRE: Hai Phong remains gateway to world
Mid-term public investment need estimated at almost $495m
Asean Analysis                   February 10, 2016
• Asean Analysis February 10, 2016
Vietnam’s Foreign Policy after the 12th National Party Congress: Expanding Continuity
Advertise Your Brand

Asean Stock Watch February 5, 2016
• Asean Stock Watch-February 5, 2016
The Biweekly Update
• The Biweekly Update January 25, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand