Trade-reliant Singapore will increasingly look to its services sector in the future as it tries to soften the impact of any further global economic crises, the central bank said Thursday.Trade-reliant Singapore will increasingly look to its services sector in the future as it tries to soften the impact of any further global economic crises, the central bank said Thursday.
The announcement comes as the city-state, which currently relies heavily on manufacturing to drive growth, struggle out of its deepest recession in its history as global trade was battered by the global downturn.
"From a sectoral perspective, the engines of growth will shift going into next year," the Monetary Authority of Singapore (MAS) said in its twice-yearly Macroeconomic Review.
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