Singapore

Singapore’s digital economy expanded by $12 billion in 2024, contributing $128.1 billion, 18.6% of thenation’s GDP, and creating 214,000 tech jobs, the Infocomm Media Development Authority (IMDA) saidin its third Singapore Digital Economy Report. The report attributes most of this growth to digitalisation in non-tech sectors, rather than within traditional tech firms. Finance and insurance remained the largest contributors, followed by wholesale trade andmanufacturing. The number of tech professionals in Singapore rose from 208,300 in 2023 to 214,000 in2024, despite a cautious global hiring outlook and ongoing layoffs in the sector. Roles linked to AI, data, and cybersecurity saw the fastest growth. Non-tech industries drove thisexpansion, with a 3.9 per cent increase in tech em...

The initiatives in Singapore and Malaysia to protect gig workers could act as a model for emerging economies to regulate platform labor. Gig work, symbolized by crowd work, on-demand work, and freelancing, has expanded rapidly worldwide. The convenience of being able to accept work with just a smartphone has provided many with flexible working arrangements. Behind this sense of convenience for consumers, however, lurk issues such as unstable working conditions and exclusion from social security for the gig workers. Gig workers are usually denied rights as regular employees. Consequently, they have been pushed outside the scope of basic protection offered by labor laws including minimum wages, medical insurance, sick leave, and compensation for injury at the job. A landmark de...

Algernon Yau says Singapore ‘a friend rather than a rival’ ahead of trip to mark 30th anniversary of economic and trade office in city state Hong Kong’s commerce and economic development chief will visit Singapore next week in his latest global charm offensive to bolster bilateral trade ties as he described the city state as “a friend” rather than “a rival”. Secretary for Commerce and Economic Development Algernon Yau Ying-wah told the Post in an exclusive interview that he would spend two days in Singapore, meeting officials as he sought to reframe a persistent narrative of intense competition between the two Asian financial hubs as a relationship of mutual benefit. “We see Singapore as a friend rather than a rival, because I think everybody is trying to paint a picture [tha...

Singapore’s economic resilience amid US tariff challenges is underpinned by strategic investments injobs, infrastructure, and affordable housing. Following the National Day Rally, economists highlightedgovernment initiatives, such as traineeship schemes, SkillsFuture upgrades, AI adoption, andimproved job matching to support workforce adaptability, productivity, and long-term growth Singapore’s economy is holding steady despite uncertainties from US tariffs, but the focus ahead will beon workers and businesses adapting to disruption, economists said after Prime Minister Lawrence Wong’sNational Day Rally.PM Wong unveiled measures to strengthen job security, expand training opportunities, and helpbusinesses adopt technology, especially artificial intelligence (AI). Economists noted t...

Watching the National Day Rally last night made me feel conflicted. On the one hand, Singapore just posted some record-making economic figures last week - GDP growth was up, industrial output expanded and consumer spending remained strong. Our economy was looking pretty robust and we were hiking pay for low-paying jobs in retail. On the other hand, Prime Minister Lawrence Wong’s speech wasted no time on this. He chose instead to strike a cautionary tone. He highlighted two huge challenges facing Singapore: the coming artificial intelligence disruption and our move toward a super-aged society. He talked about big moves to transform neighbourhoods and homes, as seniors make up over one in five, amid a suite of measures to expand health and other public services for the elderly. ...

Lawrence Wong urged for faster adaptation, stronger social compact ahead of 60th National Day; warns global order of Singapore’s rise. Singapore is overhauling its economic strategy to prepare for an increasingly contested, fragmented and volatile world, Prime Minister Lawrence Wong said on Friday in his National Day Message, delivered on the eve of the city-state’s 60th Independence Day. According to PTI, Wong, who became Singapore’s fourth Prime Minister earlier this year, warned that the global order which enabled the country’s decades-long success is “unravelling before our eyes” and that the road ahead remains highly uncertain. “We expect the global economy to remain troubled for some time. Businesses everywhere are holding back on expansion and new investments,” he said. ...

Prosperity cannot thrive in opacity. When approvals are fast-tracked and counterparties are shielded by layers of proxies and shell firms, risk multiplies When Singapore and Malaysia announced the development of a Special Economic Zone (SEZ) linking Johor and Singapore, it was widely celebrated as a bold leap toward regional integration. Designed to streamline the movement of goods, services and talent, the SEZ holds the promise of reshaping Southeast Asia's most vital economic corridor. The growth prospects are significant. The SEZ is projected to boost Johor's economy by approximately USD 28 billion (SGD 38 billion) annually by 2030, potentially positioning Johor to rival the Klang Valley as Malaysia's economic engine. The initiative aims to attract 50 projects and create 20,0...

Singaporean carrier’s first-quarter net profit plunges almost 60% Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/c6bb891e-a9ac-4e34-b95a-7334a4bd4df9 Singapore Airlines suffered a 59 per cent drop in profits last quarter as it was hit by losses from its stake in Air India, the carrier embroiled in India’s worst aviation disaster in three decades. Net profits at Singapore’s national carrier fell from S$452mn ($301mn) to S$1...

Singapore's economy grew a faster-than-expected 4.3% in the second quarter year-on-year, preliminary government data showed on Monday, despite a dimming outlook due to global economic uncertainty. The trade ministry's advance estimate for gross domestic product in the April to June period compared to an expected expansion of 3.5% according to economists polled by Reuters. On a quarter-on-quarter seasonally adjusted basis, GDP gew 1.4% in the April to June period, the advance estimates showed, avoiding a technical recession after the first quarter's revised 0.5% contraction. "The economy is holding up despite tariff and geopolitical shocks. The de-escalation in the U.S.-China tariff war and front-loading of exports during the 90-day reprieve has cushioned the tariff shocks," s...