I read two interesting news pertaining to Singapore in today’s Straits Times.
Firstly, Singapore has been ranked the world’s most competitive economy overall by International Institute of Management Development. It has overtaken Hong Kong and the mighty US for the first time to be at pole position.
On top of that, the casinos in Singapore collected a total of $70 million so far from the entrance levies that were levied on Singaporeans and permanent residents. Bare in mind that RWS opened just three months ago and MBS just weeks ago! The levies itself will be a huge revenue for Singapore. Singapore Tourism Board has forecasted that tourist arrivals are set to hit a record of 11.5 million bringing in $17.5 billion this year. This will not be a one-off thing. Some of the tourists will be high net-worth individuals who will surely be looking to park some money in Singapore.
With these two news coming out today, I believe that Singapore is going to benefit in the long run…