For any sustainable growth in Singapore, a service-oriented infrastructure empowering the service economy must evolve in a flexible and dependable way. This will include financial intermediation, business services and information & communications and lifestyle services. There is demonstrable growth and continued strength in the services industries and the service industry was the major contributor to growth in the last 3 quarters of the year. Singapore needs to preemptively alter its economic DNA by not relying exclusively on manufacturing sector. While exports of manufactured goods in chemical, pharmaceutical, biotechnology, electronics and oil refinery products remain key exports indicators, other sources of growth must be nurtured. Such diversification will help reduce the vulnerability of growth to large swings during crises and minimize the economy’s dependence on a few correlated sectors. However, in the near term, it is unlikely that services will take over the mantle from manufacturing as Singapore’s growth engine as it moves into its post-recession gears.
Singapore, despite our size, attracted the global attention when it successfully hosted the world’s first ever Formula One night race. Singapore plays host to the Asia-Pacific Economic Cooperation (APEC) and hosting of the Youth Olympics simply means that Singapore will want to be a hub for such exciting activities and this events will surely reap significant economic spin offs for various trades for the country, in the form of increased tourist influx and swelling patronage for side entertainment and other associated events. Come 2010, our two integrated resorts (IR) namely, Marina Bay Sands and Resorts World, will be launched in Sentosa. The IRs will position Singapore as a must stop-over destination in Asia offering a wide range of entertainment experiences for the leisure and business visitors thus enhancing the tourism receipts. The resorts will promote Singapore’s status as a convention hub in Asia and thereby positively impact the supporting industries, such as hospitality, healthcare, entertainment, F&B, transport & communication etc, apart from attracting huge investments and opening up employment opportunities directly and indirectly.
Singapore is very advantageously located in the Asian region which, is home to the burgeoning middle class demanding quality lifestyle products and services including wealth management services enticing the growing high net worth individuals in Asia.
With such prospects over the horizon in Singapore, it will be a new dawn for Singapore.
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