Singapore -- (SBWIRE) -- 03/23/2016 -- Richmond Corporate Advisory Pte. Ltd. (http://www.rbcrca.com.sg), a leading corporate solutions provider in Singapore, has published an analysis exploring how the economic forecasts for Singapore in 2016 will impact businesses in the city-state.

The main objective of the article is to shed light on the current state of the Singapore economy and outline the economic forecasts for this year to help entrepreneurs develop their business strategies accordingly.

Small and medium-sized enterprises (SMEs) make up ninety-nine per cent of all businesses in Singapore. Considered as vital building blocks of the economy, the contributions of SMEs are significant in keeping the economy afloat. In 2014 alone, SMEs contributed up to fifty per cent of Singapore's gross domestic product and created jobs for ninety-six per cent of the total employed population in the country.

While the process of starting a business in Singapore is consistently considered as the easiest in the world, managing one and succeeding are entirely different stories. SMEs are still fraught with challenges including manpower woes, staying competitive amidst an aggressive the business environment, uncertainty in the global economic environment, and increasing rental costs.

In a survey conducted by the Singapore Business Federation (SBF), the majority of respondents admitted that they were badly affected by the economic climate of Singapore. Collectively, these difficulties affected growth in the SME sector over the past year.

The DP Information Group released a report that showed 50 per cent of all SMEs experienced either zero or negative turnover growth. Another 47 per cent had zero growth in their turnover albeit they were deemed to be undergoing a transition.

The good thing about these numbers is that businesses are taking action, wrote Jeremy Han, director of Corporate Strategy for the Adam Khoo Learning Technologies Group and a certified Gazelles International Business Strategy Coach. He mentioned that among the strategies business owners are taking are the modification of business models, innovation, technology, international expansion and improvement of services.

Despite the challenges in 2015, the economy of Singapore managed to grow for every quarter. The economy grew 2.1 per cent in the first quarter, 1.7 per cent in the second quarter and 1.4 per cent in the third quarter. The Ministry of Trade and Industry (MTI) revealed on 4 January that the fourth quarter of 2015 registered a 2 per cent growth on a year-on-year basis, marginally faster compared to the previous quarter.

The government of Singapore also remains to be one of the most efficient governments in the world based on the most recent Global Competitiveness Report.

How will your business fare this year? Know the impact of Singapore's economy on your business in 2016. Read the complete analysis here.

About Richmond Corporate Advisory Pte Ltd
Richmond is a leading corporate solutions provider offering expert company formation, accounting, secretarial, bookkeeping, and taxation services to small and medium-sized enterprises in Singapore. Visit http://www.rbcrca.com.sg to learn more about the company and their full suite of services.

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Richmond Corporate Advisory Pte. Ltd.
Telephone: +65 6423 0777
Address: 16 Raffles Quay, #41-01 Hong Leong Building, Singapore 048581
E-mail: acc@rbcs.om.sg