Looking Forward To Next Year

Posted on 21/10/2013

As we near the end of 2013, business leaders are looking ahead and making plans for the year to come. Achieve CEO Joshua Yim shared his expectations for Singapore’s economy, the region and the rest of the world in 2014, as quoted in this The Business Times article on 21 October:

Based on the latest developments in major economies such as the United States, Europe, China and Japan, the sentiment of late appears to be more positive than in previous quarters.

The only hiccup seems to be the US shutdown and debt ceiling issue, which has come under control for now. However, this is a factor to watch out for as it may create a blip in the global recovery.

In the Asia Pacific, news has come out that China is still experiencing healthy growth while Japan’s economy is also growing, judging from its buoyant share and export market.

Generally speaking, compared to 2013, the Asia Pacific region and Southeast Asia will do better in 2014. Singapore’s growth has always been dependent on the global economy and correspondingly, its recovery.

Singapore’s economic growth has borne the brunt of the manpower crunch of the past 12 to 18 months. Growth for the year will probably come in around the mid-point of the forecasted 1 to 3 percent. I think this climate will persist into 2014 as the government has sent a clear signal in giving Singaporeans and Permanent Residents priority for jobs through its latest policy of the Fair Consideration Framework. It is not the case that Singapore’s economy does not welcome foreigners but it seems that the immigration tap will not be as open as compared to yesteryear.

Commenting on the human capital industry, I anticipate that manpower requirements in Singapore will probably experience moderate growth from this year’s economic standing, given the potential of the world recovery. The employment market will be even tighter and it is likely to continue to be an employee’s market as the demand for Singaporean and PR workers heats up.

Source : The Business Times, 21 October 2013