Looking forward to next year

As a business leader, what are your expectations for 2014, for the Singapore economy, the region and the world? How do you think 2014 will be different from 2013?

SINGAPORE’S economic growth should continue to be moderate in 2014, with economic restructuring measures continuing to pose a challenge for many businesses. Human capital is a key component of any business and as PrimeStaff operates in the talent acquisition arena, we foresee that the tightening of foreign labour policies will exacerbate the manpower crunch that many companies are already facing. Further tightening measures may be introduced next year so the business community should brace themselves for this possibility.

Regionally, countries that have been on a strong growth trajectory in recent years, such as Indonesia and Vietnam, may continue to experience good growth prospects. However, it may not be as buoyant as in previous years. Of all the countries in South-east Asia, it is likely that Myanmar will experience the highest growth for obvious reasons. Overall, I believe the global economy will still be rather fragile and susceptible to policy missteps and political shake-ups in the US and Europe, as we have witnessed this past year.
 
Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd