12.11.2020, 19:20

Global Business Outlook believes local economy could surpass Singapore

Global Business Outlook believes local economy could surpass Singapore

This comes after the DBS predicted that the nation could grow at a pace of 6% to 6.5% over the next ten years.

The UK publication note that according to Irvin Seah, the Bank’s senior economist, global financiers have begun to regard the country as a potential investment location in the region. 

“Strong FDI from China and Hong Kong during the first four months of this year may well mark the beginning of a new trend,” says Seah.

Global Business Outlook also revealed a report by DBS report which outlines how the nation can benefit from the trade war between the United States and China because of its strategically position in the global manufacturing supply chain.

The report also indicates that FDI moving from China to Vietnam is ‘significantly stronger than usual’.

The DBS’s forecast is largely based on factors such as consistent robust foreign investment inflow and productivity growth over the coming years.

At present, the local economy is worth US$224 billion, 69% of Singapore’s economic size which is worth US$324 billion.