International Business & Economy The Singapore Economy in 2017: Quick Look at What It Means and...

The Singapore Economy in 2017: Quick Look at What It Means and What You Can Do About It

What you need to do to survive 2017

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It’s already the start of February, and 2017’s fortunes are just beginning to unfurl. While the economy is expected to resemble its 2016 growth pattern, there may be some good news in store. And to make the most of what 2017 has to offer, we give you 3 tips on how you can see it through!

But first, here is the bad news. Experts from leading banks do not expect Singapore’s economy to be drastically different from what we have seen in the previous year.

  • The Australia and New Zealand Banking Group expects modest growth of 1.4%. “We do not expect the Singapore growth outlook to improve materially in 2017,” says Weiwen Ng, an economist for Southeast Asia at ANZ.
  • Standard Chartered too has pegged 2017 GDP growth at 1.4%. “External conditions remain extremely challenging and we certainly have to be watchful for materialization of anti-globalization and anti-trade sentiment. Any materialization of that will further dampen the already very weak global trade conditions,” remarks Edward Lee, regional head of research at Standard Chartered Plc in Singapore.
  • “We will likely get more clarity on Brexit this year and if things appear to be moving towards a hard Brexit – that could take a toll on global sentiment and Singapore won’t be spared,” opines Nomura economist Brian Tan.

However, the government is not so pessimistic about the country’s economy.

  • “Overall, we are not doing badly, considering the global economic uncertainties,” said Singapore’s Prime Minister Lee Hsien Loong in a New Year message. “While the labor market has eased, unemployment remains low and we are still creating new jobs,” he elaborated.

Singapore continues to be one of the most politically stable countries in the world. And despite the uncertainties of the global economy, Singapore is expected to weather out this storm.

The last word on 2017 growth

In 2016, the country’s economy grew 1.8%, marginally higher than the expected 1%-1.5% as had been forecast by the government. For this year, the government expects the country’s growth to remain in the 1%-3% range.

Here are our top 3 tips to make 2017 work for you and your career

1. Keep your job and excel at it 

With unemployment rates hitting new highs, 2017 may not be the best year to quit your job. At least, not until you get a new and better one. What’s more, give the current one all you got.

Related: Most Financially Rewarding Careers in 2017

2. Look for value for money deals 

This is great advice all the time, but more so in 2017. With more protectionism likely to hit our shores, it is best to save and only go splurging when the deal is excellent value for money.

Related: Budgeting Tips to Keep Your Money Resolutions on Track This Year

3. Build your skills in the developing sectors 

Despite the slowdown in the global economy, certain sectors continue to see tremendous growth. Keep your ear to the ground, and upskill yourself in areas like artificial intelligence, digital marketing, fintech, data and cloud computing, and UI design among others.

Related: 5 Interesting Online Courses to Take in 2017

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