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Singapore Defence and Security Report Q2 2011
Business Monitor International, April 2011, Pages: 81
Singapore Defence and Security Report provides industry professionals and strategists, corporate analysts, defence and security associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's defence and security industry.
An agreement between Singapore and Malaysia in 2010 has laid the foundations for further strategic alliances within the region. Malaysian authorities will hand over Tanjong Pagar railway station in Singapore and relocate their train operations to Woodlands, closer to the border. This land swap agreement is undoubtedly a win-win deal for both parties. It will allow Singapore to reclaim full sovereignty over large tracts of land, while Malaysia stands to gain from increased investment and economic cooperation.
Piracy and terrorism still remain the key security threat for Singapore. The Malacca Strait connecting to Indonesia are classified as one of the world’s main maritime ‘chokepoints’. 2011 is expected to see a further increase in attacks and robberies after a record number in 2010. Government policy will focus on increasing patrols to ward off potential threats.
Singapore's ruling People's Action Party (PAP) will have no problems maintaining its political dominance at parliamentary elections in 2011. A stable and secure outlook for the defence industry ensures there are relatively few short term risks. Moreover, following a stellar 2010, we believe that the government will boost its popularity through an aggressive budget for FY2011/12 (April-March), aimed at helping the poor and the middle class.
Rising wages, a low unemployment rate and a stronger currency will spur private consumption growth in Singapore for 2011. On the external front, we believe that demand will be buoyed by our improved outlook for the US and China. Overall, we project Singapore's real GDP to reach 5.1% in 2011 before dipping slightly to 4.3% in 2012.
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