Key View: Singapore's private consumption growth is set to outpace the country's economic growth, with the fiscal stimulus announced in February 2019's budget providing a boost to domestic demand in 2019. Providing further support to consumption is the country's muted inflation growth and a tight labour market. We do however note that retail sales

Key View

• We at Fitch Solutions have revised our real GDP growth forecast to 2.2% in 2019, down from 2.8% previously, in light of a weak start to the year.
• While uncertainty with regards to the external backdrop remains high, the likely pick up in global growth as of Q219 should lend support to Singapore’s external sector, while domestic

Key View:

• The transport sector will be an important contributor to growth of Singapore’s construction sector over the next decade. A healthy project pipeline comprising of several megaprojects supports our long-term positive view of the transport sector.
• We expect heavy involvement of foreign construction companies, especially for the rail

Key View

• Singapore’s escalating diabetes burden will continue to attract multinational drugmaker investment.
• Combined with the government's incentives to curb the growing health problem, this will support a greater multinational presence over the long term.
• Preventative healthcare measures will be increasingly leveraged upon by the government

Key View

• Changing demographics will be a significant factor driving the increasing demand for healthcare services in Singapore.
• The Ministry of Health aims to develop better ways to improve the access, quality and affordability of elderly care.
• Rising demand for healthcare will necessitate the continued enforcement of cost-containment measures

In order to maintain economic growth and to overcome reduced international competitiveness in traditional manufacturing, Singapore will have to shift to increasingly high value-added industries in the coming years. In our view, chemicals, electronics, biomedical manufacturing and HQ & professional services will be key growth sectors in the coming