GuideMeSingapore

According to the International Monetary Fund’s (IMF) Regional Economic Outlook for Asia and the Pacific, Singapore’s economy is expected to grow 8.9% this year. The IMF forecast is in line with that from the country’s central bank – Monetary Authority of Singapore, which forecast GDP growth of 7% to 9%. Further, Singapore’s first quarter employment report reveals that Singapore’s labor market is growing in tandem with the country’s robust economic growth. With companies stepping up hiring, total employment is estimated to have grown by 34,000 in the first quarter. Bulk of these employment gains came from the services and manufacturing sectors.

Analysis by GuideMeSingapore.com shows that there is a positive correlation between Singapore’s economic growth and the level of entrepreneurial activity that occured during the first four months of 2010. During the period from January to April 2010, the firm’s site experienced a 70% increase in visitor traffic, compared to the preceding four months. The site recorded an increase in both returning visitors as well as new visitors. Further analysis reveals that visitors are exploring topics such as ‘incorporation in Singapore’, ‘Tax benefits in Singapore’, ‘relocation to Singapore’, etc. It appears that more entrepreneurs want to learn about incorporating a Singapore company spanning a diverse range of industry sectors.

GuideMeSingapore.com’s analysis also appears to support the Business Expectations Survey conducted by the Singapore Statistics Department. The survey results for the first quarter of 2010 reveal that the services sector expects a favourable business outlook in the first half of 2010, with majority of the firms anticipating business activities to remain stable. The Business Expectations Survey for the second quarter of 2010 reveals that 36% of firms in the services sector expressed positive business sentiments for the period of April – September 2010. This is in contrast to the negative net weighted balance of 48% recorded for the same period of the previous year. Furthermore, sectors such as wholesale trade, transport and storage, F&B, financial services, real estate, business services, and recreational services anticipate favorable business prospects for 2010 and expect an increase in business receipts and manpower.

Generally, entrepreneurs react to expectations of GDP growth rates. With economic growth picking up there seems to be a boost in entrepreneurial activity in Singapore.

Thinking about setting up a business in Singapore? Learn more about Singapore company formation.