Singapore labeled as the Lion City is expected to wrap up the year reaching 1.9% growth in the economy which is a little bit lower compared with the 2% surge in 2016.
Based on the data from the BMI Research, the country was able to expand as it was regarded as an export-oriented economy. The research firm further noted that the external outlook of the sovereign city-state rely largely on the global environment while the global geopolitical climate was expected to sustain an undetermined status as risk branched out due to EU exit, also the possible growth in global trade protectionism
In light of this, a negative impact could hit different sectors in Singapore which could result in a fluctuating economic performance.
While some external uncertainties may further influence the employment projections and increase in wages seems weak during the current reorganization of the labor market.
When it comes to production means, the development looks odd for the three major sectors as the manufacturing beat the previous quarter attaining a 6.6% boost.
BMI deemed that a speculative outlook of the world would weigh on the manufacturing sector of the country, as the small-scale and open countries are becoming dependent on a strong environment due to its economic advancement.