THE TWO FACES OF S’PORE’S ECONOMY: Struggling sectors
Positive year-on-year growth on the cards due to very low base
The start of the year has bode well for some industries, while others continue to slump. Insight looks at what lies ahead for sectors at both ends of the spectrum, and the challenges that stand in the way of recovery.
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The labour crunch will still be an issue for the construction and marine engineering sectors, given their reliance on manpower from South Asian countries, notes DBS Bank senior economist Irvin Seah.
ST PHOTO: GAVIN FOO
Construction and transportation are still stuck in the doldrums and face a hard road ahead, even as Singapore's economy looks to be on the rebound after its worst recession since independence.
These sectors, along with food and beverage services, real estate and professional services, are among those that saw negative growth in the first quarter of this year, according to the Ministry of Trade and Industry's quarterly economic survey.
