The Singaporean PM, Lee Hsien Loong, was pleased to announce in late January, 2017 that the Republic’s economy is on solid footing. He feels that the nation’s economy is steady and stable. He announced this via a forum which was put together by the Straits Times and the EDB Society.

Reporters asked questions about the Gross Domestic Product growth of the Republic over the past few years and the PM remarked that the government isn’t currently worried about the nation’s economy. However, government leaders are always examining economic data and trends in order to keep tabs on how things are going. While the economy only grew by 1.8 percent in 2016, which was slower growth than anticipated, the PM feels that growth will accelerate in the near future. Projections indicate that things were picking up during the last quarter of 2016. This upturn may continue this year.

The goal is to increase economic growth by two to three percent each year over the next decades. This is a long-term projection which is likely quite an attainable goal. It’s all about improvement which is steady and will translate into better standards of living for citizens of the Republic. In addition, improvements to income and things that the economy may offer to residents is anticipated, based on the two to three percent growth numbers.

Over the short term, the government is interested in tracking ups and downs and making sure that they are under control. While some downs are normal, the government is quite prepared to do things that will stimulate economic growth if these things are deemed necessary. It’s all about being ready to give the economy a turbo-charge when it’s most important.

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As well, the PM was questioned about unemployment and whether it’s a problem that people in Singapore should be concerned about. He talked about the current numbers of foreign employees in the country and finds that their numbers are strong enough to indicate that unemployment isn’t a big problem. There are positions available, despite some downturns in the Singapore job market, and employers are actually having trouble finding Singapore citizens to fill the positions, so they are hiring people from other countries and having them come to Singapore in order to work.

Singaporeans who have the right skills will be able to fill these positions, so the emphasis should be on skill development among Singapore residents.

As well, the PM feels that the nation is competitive, as its wage levels are higher than comparable wage levels within other Asian nations, including Thailand, Vietnam and Malaysia. While it costs more to hire in Singapore, most business owners find that it’s worth doing. The business environment is a good one in the Republic, with tax laws and other regulations that business owners find to be fair and reasonable.

Singapore is a Land of Opportunity

Now that you know more about the current economic picture in Singapore, you’ll be ready to move forward and do business in the country. It’s very supportive of its entrepreneurs.  If you want to register a company in Singapore you can visit this site https://www.companyregistrationinsingapore.com.sg

About The Author

Rick Staab