Economics
Singapore Bets on Rising Asia Middle Class to Spur Economy
- Southeast Asia to benefit from young population, urbanization
- Political uncertainty won't necessarily detract from growth
Pedestrians cross a road as traffic sits at a junction in the Makati district of Manila, the Philippines, on Jan. 26.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The rise of the Asian middle class will remain the dominant regional growth story for years to come, enough to help Singapore cope with headwinds from the global economy, a top official said.
Even though the city-state’s economy is coming under strain, observers shouldn’t discount positive signs including resilient consumer spending in Southeast Asia and solid increases in air traffic at the Changi international airport, a regional hub, Economic Development Board Chairman Beh Swan Gin said in an interview Monday.