5 radical changes ‘struggling’ Singapore needs: Maybank

SINGAPORE (June 30): Maybank Kim Eng on Wednesday said Singapore needs to make “radical changes” to guard against a precipitous loss of relevance to global markets.

“With sub-2% GDP growth expectations and EPS contractions for equities, Singapore is struggling,” says Maybank lead analyst Derrick Heng.

According to Heng, some of the attributes that have been responsible for Singapore’s success so far – including appreciating property prices, high wage growth, high savings rates and lower returns from overseas investments – are now stifling further growth.

“While the government has been evolving steps to address these, we think that radical changes are called for,” Heng add.