Regional Competition Amidst Recession

The economy of Singapore faced a slump in the light of the global economic melt down, though the consequences were felt a little later when the economy only grew by 6.4% in 2005. Also another major cause of concern for the foreign investors during the economic slump was the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003 which resulted in the further plummet of the economy. Several investors were looking to pull out from Singapore but the situation was brought under control. The latest concern comes from a possible nuclear threat that is unfolding in Japan. The investors are finding that the local markets have become too small for the huge demands they had anticipated and Singapore is facing stiff competition from the two fastest growing economies of Asia –India and China.

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Nevertheless Singapore is battling all these hardships and is moving ahead in order to steady its economy and is open as always for foreign investors, with the government promising every kind of support and assurance that Singapore still is the best place to do business.

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Through good governance and no corruption, Singapore has thrived as a safe haven for many investors and MNCs to continue building their operations in the island. However with the increasing population growing leaps and bounds in a matter of years to over 6 million population now, the land is filled with high demand for jobs and yet a tight volume of job vacancies. This has led to an outcry by citizens as many see their jobs being taken away by foreign workers and talents.

Business Talk in Singapore

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