SINGAPORE: With “major uncertainties and downside risks” in this year’s global economic forecast, Singapore will do more to boost local businesses and encourage innovation, announced Deputy Prime Minister Lawrence Wong on Tuesday .
While the International Monetary Fund and other economists do not expect a global recession this year, a greater-than-expected decline in the United States and European Union economies could lead to one, he added. “Our deep relationships with both the US and China, as well as our partners in ASEAN and the wider region, make us a neutral and increasingly important place for global and regional businesses.”
He added that as unemployment rates in developed economies rise and the incomes of middle-earners have stagnated, governments in the developed world are looking for ways to rebuild their manufacturing capabilities and create jobs for their people. “This is not the first time that we have had to adapt to changes in the world, and it will certainly not be the last,” he added.
He noted that the Government has committed S$1 billion to this and invested in about 60 Singapore-based companies so far, which has “in turn catalysed around S$2 billion of additional investments into these companies”.To continue attracting high-quality investments, Mr Wong said he will top up the National Productivity Fund with S$4 billion and expand its scope to include investment promotion as a supportable activity.
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