International Business Report 2007 - Country Focus: Singapore
International Business Report 2007 - Country Focus: Singapore
This year's survey reveals that businesses in most countries remain optimistic about economic prospects for the year ahead. For the fourth consecutive year, India tops the league table as the most optimistic country with an optimism/pessimism balance of +97%,whilst Japan is at the bottom this year with a balance of -5%.Meanwhile, businesses in the UK are significantly more optimistic about 2007 (+43%) than they were about 2006 (+8%).
Businesses in EastAsia are more optimistic than in any other global region, and although levels of optimism do vary throughout the EastAsian countries/territories, overall optimism has risen significantly. This year over half of all EastAsian businesses are positive about their country's economy (+54%) compared to a balance of +42% in 2006. EastAsia continues to present a very mixed picture however, with optimism/pessimism balances ranging from +88%in the Philippines to -5%in Japan.
Against a buoyant regional and global backdrop Singapore’s exports have grown vigorously in recent years, underpinning extremely robust expansion in manufacturing output, which approached 12%in 2006. In addition, domestic demand was strong, led by fixed investment which also grew at almost 12%.Growth in other sectors such as services and construction was also healthy, contributing to GDP growth at 7.9%.With expansion at this impressive pace, inflation running at around 1%and a healthy trade surplus, the economy remains in very good shape.