Singapore’s economy has surpassed the predictions announced at the beginning of the year, according to the city-state’s prime minister. Moreover, the economy is expected to grow more than these projections, as the end of the year approaches. New numbers indicate a growth at the end of the 2% to 3% range. Our Singapore lawyers can offer information on the best industries to open companies in this country at this moment.
Which is why this increase is expected. According to recent statistics, the manufacturing industry rose by 4.6% on a year-to-year basis, which is more than predicted at the end of last year. When it comes to services, this industry is made up of several branches which have had a good performance throughout the year. Officials say that retail, healthcare, logistics and personal services have contributed this growth, however due to the fluctuations over the year, the distribution by percentage has still to be calculated.
Also, the challenge remains in the productivity sector which has underperformed according to the last reports.
Our lawyers in Singapore can assist foreign investors who want to set up businesses in any of the industries mentioned above.
The last projections for the Singapore economy was issued at the end of August and, at the time, statistics indicated a 1% annual growth, which is why investors welcomed the new numbers issued at the middle of October.
In order to help the economy reach the new predictions, the prime minister announced a strong support for all major industries through the Industry Transformation Map. Furthermore, some of the programs have already been issued. These target the construction and the energy industries in Singapore.
New employment, training and job creation measures will be taken in order to enhance the economy not only by the end of this year, but also for the year to come.
If you want to open a company in the city-state and need help, our law firm in Singapore can guide you through the whole registration process. Also, please feel free to contact us if you need other legal services in Singapore.
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