Singapore: Industrial production remains robust - UOB
UOB Group economist Barnabas Gan looks at the latest data on industrial production in Singapore.
Key takeaways
"Industrial production grew by 17.6% y/y (+16.6% m/m sv) in February 2022, exceeding market expectations for growth of 6.3% y/y (+5.7% m/m sv). Excluding biomedical manufacturing, industrial production grew by 16.8% y/y.
The strong performance in Singapore's manufacturing sector is supported by a recovery in global trade, especially amid healthy demand for semiconductors and biomedicine. Other factors that have supported Singapore's manufacturing momentum also include the gradual opening of international borders, which has led to higher levels of maintenance, repair and overhaul by commercial airlines.
"Overall, our forecast is for full-year production to grow by an average of 4.0% in 2022. This suggests that despite the strong underlying growth seen in 2021, global trade activity is expected to continue into the new year."
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Singapore intends to review its energy strategy
Singapore intends to review its energy strategy and is exploring the use of nuclear power. This is according to a report circulated by the Energy Market Authority on Tuesday.
In particular, it is not ruled out that "by 2050, nuclear power could cover up to 10% of national needs". The experts, who "commissioned a feasibility study by the government in 2012, concluded that the technology available at the time did not allow nuclear reactors to be located in Singapore", the authority said. However, the report noted, "Since then, technology has improved significantly and major countries have developed nuclear power plants that are potentially safer than those already built. Such technologies, the authority said, "exist in Russia, China, the US and France".
The Singapore authorities aim to reduce carbon dioxide emissions to zero by 2050.
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Singapore's GDP growth to pick up after anti-COVID measures are lifted - Barclays
Singapore's government plans to ease most of the restrictions imposed to combat the spread of COVID-19 from March 29, and this will be a "strong boost to economic growth", according to British bank Barclays.
"According to our calculations, if we increase the number of people, for example, in recreational areas and workplaces by just 10%, we can expect GDP growth of 3-4%," Barclays senior regional economist Brian Tan was quoted as saying by CNBC.
Authorities in Singapore expect the city-state's economy to grow by 3-5% in 2022.
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Russian tourists will be allowed into Singapore from 1 April
Singapore will start allowing vaccinated tourists from all countries, including Russia, from 1 April. However, there are nuances: entry is only open to people vaccinated with WHO-approved drugs, and Sputnik V is not yet among them.
Vaccinated travellers and children under 12 years old will only need to present a negative PCR test done no more than 48 hours before entry.
In addition, a minimum of 14 days must elapse after receiving the second dose of covid vaccine.
So far, only Russians with overseas vaccination certificates will be able to enter Singapore. There is no direct flight from Russia to Singapore and tourists may have to change planes, for example, in Dubai. Today, the flight from Moscow costs more than 100 thousand rubles, for Sakhalin residents it will become even more expensive, considering the way to the capital.
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New tourism cluster to emerge in Singapore
The Singapore Tourism Board (STB) is working on options for developing an integrated tourism cluster in the Jurong Lake District. The proposal is expected to be finalised in 2028.
In conjunction with these plans, the STB has issued a request for commercial proposals for the development and management of an integrated tourism cluster in Jurong Lake District. Recall that in 2019, STB announced the prospect of developing a 6.8-hectare site in Singapore's largest district to create another centre of attraction for living and tourism outside the central business district.
According to STB's vision, the creation of a new living and tourism district, should involve attractive offerings related to accommodation, retail, entertainment, as well as the availability of food outlets. The tender will be open for seven months and the deadline for bids is October 18, 2022. At the end of the tender, the site will be leased to the winning developer for 60 years.
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