Slump – How much has Singapore’s economy grown this year?
Opportunities – How has the economic downturn changed the way companies hire?
Sectors – How much can finance professionals earn in Singapore?
Growth – What is the future outlook for Singapore’s economy?
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Economic slump in manufacturing
Recent announcements show that the economic downturn in Singapore has continued into the first quarter of 2016, with year-on-year expansion measuring 1.8 percent. This growth was actually higher than economists had predicted. Many experts had forecast only a 1.6 percent growth rate for Singapore in 2016 after a global slowdown shrunk the manufacturing sector by 6.7 percent during the final months of 2015. The slump in manufactured commodities has had a widespread affect with Singapore also dropping places to be rated 20th in Monocle’s Quality of Life Listing.
More opportunities for foreign consultants
However, there are still areas where qualified professionals can expect to command a big salary. Industry experts believe that economic changes in the Singapore economy may offer more opportunities for workers interested in temporary contract work since this type of employment can help companies fill their personnel requirements at a lower cost. Procorre works internationally partnering with companies who want to hire experienced consultants for the length of a project. With operating capacity in more than 120 countries, including many parts of Asia, Procorre can help expatriate workers handle local immigration requirements and reduce the problems that come with living and working in a foreign country.
Finance Sector
With extensive government support, IT is expected to see the most growth, but the financial sector remains another ‘bright spot’ in Singapore’s economy with a triple-A rating and more than 700 institutions that employ a variety of finance professionals. Singapore is an important hub for many areas of the industry and finance employment is expected to remain strong despite minimal growth. The monthly salary for a vice-president in finance and risk runs between S$10,000 and S$17,000, while finance technology developers can expect to command an income of S$7,500-12,000.
Higher growth expected in the coming year
Overall the long term outlook for Singapore is favourable. Global trade is expected to pick up over the next several years and once Singapore’s manufacturing sector gets back on track the rest of the economy is likely to follow. Projected growth for 2017-20 is 3.2 percent, so the opportunities in Singapore’s financial sector and elsewhere are only likely to increase. Stay tuned for the next post to learn about five jobs in the financial industry that are ideal for foreign consultants
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