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With the integrated resorts (IR) and Formula One (F1) race slated to boost the economy by a mile and more, high property prices and a buoyant job market, sentiments are upbeat.
In a poll of 200 working adults, nearly half say they are optimistic about Singapore's economic prospects in 2008. The other half have 'average' expectations; only a handful have negative sentiments.
And in a sure sign of the upbeat mood, seven in 10 expect to get a pay rise in the new year while a third plan to change jobs.
Of the 70 per cent who expect a pay hike, close to half believe they will get between $100 and $300 more while 23 per cent expect a raise ranging from $300 to $500. This works out to a 10 per cent to 15 per cent salary increase for most people.
Human resource manager Margaret Chan, 44, says she already has three job offers and is considering her options.
'Next year should be a good year for me, at least salary-wise.'
Mr Alvin Liew, an economist at Standard Chartered Bank, says it is fair for Singaporeans to feel good about the new year since the domestic economy continues to look strong. The property market is still attracting local and foreign interest, and coming attractions such as the F1 race and IRs are likely to boost tourism here.
But analysts also predict slower growth in the new year - about 5.7 per cent compared to the estimated 8 per cent this year.
External factors such as a weak United States economy and the sub-prime mortgage crisis will likely affect the financial markets and investors will be more cautious, says DBS Bank economist Irvin Seah.
Even so, Singapore's job market will still be robust. Mr Dhirendra Shantilal, senior vice-president of human resource consultancy Kelly Services Asia Pacific, says he expects more jobs to be available in the marketplace.
Statistics recently released by the Manpower Ministry showed that there were 35,500 job vacancies as of September, a 19 per cent leap from a year ago.
Industries such as financial services, logistics, telecommunications, technology, service, tourism and hospitality will be looking to hire.
The growing talent crunch will also mean employees could well receive multiple offers with better pay and incentives, Mr Shantilal says.
Pay increases, which have traditionally been in the range of 10 per cent to 15 per cent, could go as high as 25 per cent, given the talent shortage.
The good times have given Mr Muhamad Zul Fadli, 25, the confidence to splurge on a new four-room HDB flat which cost him $280,000 and a new Mazda car at nearly $70,000.
The logistics manager and father of two says he has been saving up for these two big-ticket items.
'With the income of my wife, who is also a logistics manager, and mine combined, we have enough to buy a home and a car, which we have been eyeing for a long time,' he says.
