This pre-Budget 2018 report examines how should policymakers enhance Singapore’s growth strategy for the digital economy and the various types of support that companies require for future growth.
2018 is projected to be a positive year for Singapore's economic growth, with the manufacturing sector taking the lead in economic activity.
Nevertheless, businesses continue to face challenges on a broader scale. Technological disruption in particular continues to be a cause of concern, and geopolitical uncertainty has emerged as a key risk to overall growth.
Towards the end of 2017, we conducted our annual pre-Budget poll for Budget 2018, which garnered responses from 126 companies based in Singapore. These include multinationals, listed and privately-owned companies and SMEs, who shared what challenges they face and how they plan to move forward.
At the same time, we reflected on the views of Singapore CEOs from among the 1261 CEOs surveyed in KPMG’s 2017 Global CEO Outlook report, which discussed the challenges and opportunities that they face.
The insights we have gleaned indicate that in the years to come, companies' growth will hinge upon their ability to digitalise, adopt new and relevant technology, and successfully transform their business models.
Disruption and continuous innovation will increasingly be a source of both competitive advantage and competition. Companies recognise this, and they seek support for their efforts to thrive in the digital economy.
We hope that our perspectives from this research will provide you insights in the lead up to Budget 2018, and also valuable feedback to the Government.