More Singaporeans downbeat on domestic economic prospects

Restructuring is still the major drag.

More Singaporeans have a negative outlook on the country’s economic prospects, ANZ Roy-Morgan’s Consumer Confidence Index revealed today.

The report showed that 15% of respondents expect Singapore to have ‘bad times’ economically over the next year, the highest level ever recorded for this indicator.

Consequently, the number of respondents who believe that Singapore will have ‘good times’ economically dropped 3 percentage points to 45%.

“Though falling international oil prices are providing some short term relief to the Singaporean consumer, this does not appear sufficient to offset the overhang of supply-side restructuring which remains a major drag on the medium term assessment of the economy,” said ANZ Chief Economist South Asia, ASEAN & Pacific, Glenn Maguire.