Singapore has continued to be one of Asia’s most vibrant economies. The city-state is a world -leader in ease of doing business, has a highly productive workforce and the regulatory environment is ambient for commercial growth. It is no surprise that soon after the lapse of the last global financial crisis in 2009, the GDP recorded remarkable growth and stabilized at an average growth rate of 2.5%.
If you are a prospecting entrepreneur or potential investor, the following industries are a must watch for the remaining part of 2016 and 2017.
Financial Technology – FinTech
The financial sector is well established in Singapore. There are over 100 banks operating as well as over 200 insurance companies. The financial sector constitutes 13% of the overall GDP and the city state is viewed as the leading financial hub in the region over the last couple of years.
Notably, financial technology has emerged as a key growth sector. The fin-tech industry has established itself as the invigorating force in financial services. To fuel its growth, the Monetary Authority of Singapore developed a partnership with polytechnics to enhance Fintech skills. The government also committed S $ 225 million towards developing the industry.
Medical Technology – MedTech
Similar to Fin-Tech, the delivery of medical services has taken a technological turn. The Med-Tech industry grew from U.S. $ 1.5 Billion in 2000 to U.S. $ 5.5 Billion in 2014 and is projected to maintain an average growth rate of over 10%.
Biotech accounted for over 65% of this growth due to startup firms setting up base in Singapore and using it as a springboard to the rest of Asia.
Singapore is Asia’s shopping headquarters. Not only does it provide access to an ultra-modern retail environment, have a friendly regulatory regime and a competitive environment. The demand is set to skyrocket. According to the PWC outlook report on the retail and consumer products sector in Asia, Singapore’s market will grow significantly as a result of growth in incomes. The report cites that by 2018, well over 30 per cent of Singaporeans will be earning more than U.S. $150,000.
Retail growth will be mainly bias on technology solutions with the balance of power shifting to the consumer.
What Fuels this Growth?
High population and increasing wealth in Asia drives this growth. It is forecast that the larger Australasia Region will lead the grow the world in volumes by 2020. Singapore continues to act as a springboard and hub for growth into the Asian markets giving entrepreneurs an edge in their trade.
The above mentioned key growth industries are expected to lead the in the charge in accelerated economic advancement.
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