After exuberantly celebrating 50 years of independence in 2015, Singapore came down to earth with a bit of a bump in 2016. Economic growth slowed further, employment conditions weakened, property prices continued to fall, retail sales ex-cars were weak and bad loans accumulated in some sectors. Looking into 2017, a mood of caution persists in business surveys, unsurprising since local firms remain concerned about high costs, weak markets and an increasingly uncertain global environment.

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