Singapore, Singapore (PressExposure) January 01, 2010 -- According to the median forecast of 20 economists in the quarterly survey, by the Monetary Authority of Singapore it was revealed that Gross Domestic Product may expand 5.5 per cent next year, after shrinking 2 per cent this year. Consumer prices will probably rise 0.3 per cent this year and 2.8 per cent next year, according to the survey. The central bank had forecast that inflation will be about zero this year and average 2.5 per cent to 3.5 per cent next year.
Several economic indicators also have moved up in encouraging directions. The employment rate is recovering to around the level in December last year. Singaporeâs total employment rose by 14,000 in the three months through September, compared with a loss of 7,700 jobs the previous quarter, according to revised figures released by the Ministry of Manpower. Singapore's exports rose in November for the first time in 19 months, Non oil domestic exports rose 8.7% from a year earlier. The pharmaceutical shipments have improved likewise the non electronic exports witnessed robust growth.
Retail reports are also adding to the good news, Singaporeâs retail sales fell the least in 10 months in October as the growing economy boosted job creation and revived spending. The Singapore Tourism Board is also upbeat about the tourist arrivals next year. The opening of the staggering S$5 billion integrated resorts will further rev up the economic engine.
Singaporeâs quick exit out of the recession is because of the regional trade relationships and is expected to be sustained by the demands of Chinese and Indian markets. The government geared its stimulus package largely towards the enterprises in the form of job credit scheme and reduction in corporate tax. This has immensely facilitated enterprises to wriggle out of the recession relatively unscathed by curtailing costs.
In the year that follows the gallop of global enterprises towards east is expected to accelerate until the US demand situation is restored to the pre recession levels. As this race gathers momentum, enterprises with regional and global expansion plans will find Singapore as an ideal location to set up their business. The city state has the best international reputation, high standards of living, low tax rates and an uncomplicated tax regime, pro business policy and a stable government with zero bureaucratic hurdles for incorporating new companies.
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