Nielsen Tagged Singapore as the 12th most Optimistic Country in the Troubled Times
Yes, there are concerns over the sluggishness of the Chinese economy. It has troubled many. Nielsen Global Survey of Consumer Confidence and Spending has found that it has affected people from all over the globe differently. The agency has also scouted Singapore to judge the mood of the populous.
The agency has ranked Singapore at the 12th most optimistic country on this planet after it gained 2 points to score 101 on the index. Fifty-eight Singaporeans out of 100 are optimistic that they will be able to land excellent jobs over the period of next 12 months. Though, it must be noted that it was the highest gain by any south-east Asian country.
The survey conducted by Nielsen between August and September has found that 31 percent of Singaporeans are worried over the recovery of the economy, 30 percent are concerned about job security, and 21 percent are concerned about life/work balance over the next 6 months.
At the global level, the consumers are more optimistic about the future. The buoyant optimism of the consumers from the advanced economies from the USA, Europe and the United Kingdom is a good sign. However, it is counterbalanced by the pessimistic view of the consumers from the emerging markets like Malaysia, Hong Kong, and Taiwan.
China’s manufacturing sector has slowed further and the Purchasing Managers’ Index (PMI) is holding its worth at 49.8. Some of the experts believe, China’s economic growth is lower than the official figure of 6.9 per cent. Add to it the effects of weak oil and commodity prices, to get the full picture.
Whatever the case, the soft global economy has affected Singapore manufacturing and the service sector. Its mood is pessimistic as per the survey conducted by Singapore Economic Development Board (EDB) and Statistics Singapore. The chemical and electronics industry is not so hopeful of the future which seems a bit bright for the bio-medical industry. However, the future is not totally gloomy.
According to Premier Li Keqiang, “China is firmly committed to restructuring and reforms and the consumption has a lot of room to grow. The Chinese economy is undergoing the transition from investment and export-based one to the consumption-based one.
The Singapore authorities have taken steps to boost the productivity. It has launched Accelerating Productivity (MAP) Program that is aimed at increasing the productivity and innovation of the Singapore companies. They hope to weasel out of this situation like they did in the past.