In Q2’2016, the Singapore GDP grew by 2.2% as compared to the same period in 2015 which is aligned to The Ministry of Trade and Industry’s forecast of between 1-3% GDP growth for Singapore in 2016.
Results for H2’2106 did not come as a surprise pertaining to Life Science/ Healthcare/ Pharmaceutical and IT&T where they remain optimistic due to increased foreign investments and support from the Government whilst Energy and Financial Services remain pessimistic due to oil prices and current economic uncertainties. Financial Services would be impacted further by Brexit where countries and organizations have adopted the ‘wait and see’ approach to see the full impact on the economy.
What came as an initial surprise was the sudden switch from pessimistic to optimistic for the Manufacturing/ Engineering/ Industrial sector which might have been fueled by recent increase in production index and June’s 16.8% growth in non-oil domestic exports. We see an increase in demand for talent in these sectors to help push businesses for the rest of the year, build up a sustainable business plan and pipeline towards 2017.
The Market Report aims to look at the optimism of the market based on the hiring plans for each half of the year. Responses to RGF’s Market Outlook Report for H2’2016 was consolidated in Q3’2016 via online and phone polls. We personally contacted more than 500 professionals, consisting of C to director, senior and middle level management, where most of them hold regional portfolios. Respondents from different sectors were well represented.
Consumer & Digital Media
Healthcare & Life Science/ Pharmaceutical
RGF Market Outlook_Expected Hiring Plans n Growth H22016