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Singapore's economy to record moderate gains in 2015

Xinhua, April 28, 2015 Adjust font size:

Singapore's economy "remains on track to post moderate growth of 2 to 4 percent" in 2015, said the Monetary Authority of Singapore (MAS) in its half-yearly macroeconomic review released on Tuesday.

While broad macroeconomic growth is expected to be positive, MAS said that to which extent Singapore will benefit from the cyclical uplift will depend on developments in specific markets and industries.

MAS said that the recovery in the United States, Japan and the Euro zone should support Singapore's external-oriented sectors but this will be offset by a slowdown in China.

The global IT industry is expected to benefit from firmer demand in the developed economies in 2015 but ongoing consolidation in the industry may have spillover effects on the domestic electronics sector as firms restructure and rationalize their global operations.

Some strengthening of global oil prices in the latter half of the year could provide support to the oil-related manufacturing segments, which saw a pullback following the collapse in oil prices late last year, added MAS.

Nevertheless, there will be lingering weakness in segments such as transport engineering, because of the downshift in oil exploration activities.

MAS said the domestic-oriented industries will be supported by firm demand and a temporary respite from the deferment in foreign worker levy hikes. Thus, the domestic economy should record moderate gains for the rest of this year. Endi