Singapore’s cyclical downsides are a worry but are ultimately manageable, with business confidence, labour markets, and regional spillovers helping to offset the slowdown.
Less positive is the structural issue of low productivity growth. A contraction in investments is a sign of further troubles given Singapore’s reliance on capital formation.
Structurally-Entrenched inflation is also threatening to erode economic competitiveness. Stubborn core inflation is a tell-tale sign of unfavourable wage-price dynamics.
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