SINGAPORE (Feb 2): The Singapore Economic Development Board (EDB) announced Thursday that it has lowered its forecast for the number of jobs created from inbound fixed asset investments in 2017.

EDB is expecting to attract between $8-10 billion in inbound investments this year, which is expected to create 19,000 to 21,000 new jobs when the projects are fully implemented.

Last year, a total of $9.4 billion in fixed asset investments were made, which will result in some 20,100 new jobs – just within the 2016 jobs creation forecast range of between 20,000 and 22,000.

In a statement on Thursday, EDB says investment commitments this year are expected to be comparable to 2016 levels.

However, total business expenditure, which surged to $8.3 billion in 2016 from $5.6 billion a year ago, is expected to fall to earlier levels.

EDB says this is due to large shipyard projects committed in 2016, which have long investment cycles and will not recur in the near future.

“We will continue to seize economic opportunities brought about by growth sectors including advanced manufacturing, hub services and digitalisation, and help Singaporeans take up new jobs with skills upgrading programmes,” says EDB Chairman Dr Beh Swan Gin.

Indicator

2015 Actual

2016 Forecast

2016 Actual

2017 Forecast

Fixed Asset Investments
($ billion)

11.5

8.0 – 10.0

9.4

8.0 – 10.0

Total Business Expenditure
Per Annum ($ billion)

5.6

5.5 – 6.5

8.3

5.0 – 7.0

Expected VA per annum
($ billion)

12.3

12.0 – 14.0

12.9

12.0 – 14.0

Expected Jobs

16,800

22,000 – 22,000

20,100

19,000 – 21,000