The Ministry of Trade and Industry (MTI) said it expects the Singapore economy to grow by two to four percent in 2015.
The modest growth outlook is in tandem with the expected pick-up in external demand. Externally-oriented sectors such as manufacturing, wholesale trade and finance and insurance are likely to boost growth.
Some domestically-oriented sectors such as businesses services are expected to remain resilient. However, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
Generally, the domestic labour market is expected to remain tight, with low unemployment and rising vacancy rates.