Singapore's business investments in 2020 hit 10-year high despite pandemic; EDB ‘cautiously optimistic’ about 2021Businesses committed to investing S$17.2 billion in facilities, equipment and machinery in Singapore in 2020. — TODAY pic
An estimated 19,352 jobs are expected to be created by the 2020 investments, compared with 32,814 jobs from the previous year.Total business expenditures also tumbled to S$6.8 billion last year, a decrease from S$9 billion in 2019. “However, we should not think that the road ahead will be a walk in the park because we have managed to do well up till now.”Companies will take a longer time to decide on their investments in the next year or two, and countries will also compete harder for investments and jobs, said Chan.
“But we are cautiously optimistic that come 2021, if vaccinations roll out successfully... prospects and sentiments will improve,” said Dr Beh, adding that recovery in the first half of this year would likely still be patchy.