New jobs expected to be fewer this year

Only 19,000 new jobs are foreseen by EDB.

Amidst global uncertainties, Singapore is hoping to snap up inbound investments this year comparable to 2016 levels, according to Economic Development Board (EDB).

In 2016, investment commitments exceeded EDB's forecasts for all indicators. More so, Singapore attracted $9.4b in Fixed Asset Investments (“FAI”), which is at the upper end of the forecast of $8 - $10b Total Business Expenditure Per Annum (“TBE”) at S$8.3b, exceeded the forecast range partly due to large-scale shipyard projects committed.

"This will lead to the creation of 20,100 jobs when the projects are fully implemented. These results reflect the continued confidence of global companies in Singapore as a strategic location in Asia to drive growth and innovation of their businesses," EDB said.

However, the number of expected jobs was at the lower end of the forecast for the year at 20,000 to 22,000. The job creation range for this year was even lower at 19,000 to 21,000.

More From Singapore Business Review

• Singapore amongst the most expensive cities to relocate to
  

• Infrastructure sharing to reduce StarHub and M1's capex
  

• COE quota for February to April up 8.9%