https://www.theedgesingapore.com/singapores-economy-grew-35-2017-pm-lee
Farewell cheers to Singapore in 2017 and welcome to 2018!
Singapore grew 3.5% in 2017 because of China's exports but PM Lee didn't pay tribute to China for SG's prosperity. Without China including HK, SG couldn't have grown this much if we were to exclude international trading. This conclusion can be affirmed by the NODX statistics.
Is this good economic growth sustainable? No! Why?
SG is on the cusp of an inflection point now because many ports associated with China will be up and running in the next few years. Meanwhile, some such China linked ports have started operations recently.
Once these ports build up their capacities and cargo volumes, they will definitely cannibalize SG port. Furthermore, the Arctic sea lane is also becoming commercially viable and this will redirect a lot of cargoes away from the South East Asia sea lane.
Thus, we must enjoy our prosperity while it still lasts!
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