Key View

• We expect pay-TV subscriptions in Singapore to gradually decline through our 10-year forecast period as over-the-top (OTT) streaming services proliferate.
• Efforts by operators to reposition their offerings to become ‘mobile-first’ will largely be unsuccessful in reversing the declining market trend.
• Access to sports, namely the

Key View

• The pharmaceutical industry is an increasingly important component of Singapore's manufacturing sector.
• Pharmaceutical exports are a bright spot for Singapore's economy, as the Covid-19 pandemic drives demand.
• Development of innovative pharmaceuticals is a long-term ambition of the government of Singapore.

The pharmaceutical

Key View

• We forecast Singapore’s current account surplus to shrink to 12.9% of GDP in 2020, from 17.3% of GDP in 2019.
• With external demand set to plunge given the global recession, we expect the goods trade surplus to narrow significantly.
• We also expect a small surplus in the services trade balance given that both in and outbound travel is

Key View

• We at Fitch Solutions continue to forecast real GDP growth of -2.8% in 2020.
• Singapore’s economy has bottomed in Q220 with a record 12.6% y-o-y contraction in our view, and a likely continued reopening of both the local and global economies will help drive domestic and external demand over the remaining quarters of 2020.
• While

Key View

• Operators have several business models they can adopt to better engage and penetrate the growing Asian online gaming market.
• The introduction of battle royale format games and the proliferation of smartphones has shifted the dynamics of monetisation in the industry.

Asian telcos are increasingly leaning toward developing products

Key View

• Singapore's drive to phase out internal combustion-engined (ICE) vehicles by 2040 through increased incentives and charging infrastructure is feasible due to its wealthy population, small fleet size and relatively long-term target.

We believe that Singapore's drive to phase out internal combustion-engined (ICE) vehicles by 2040

Key View

• Increased longevity in Singapore will translate into higher demand for healthcare services, medicines and elderly care.
• The country’s medical system will be increasingly geared towards the health needs of the elderly with additional resources announced in the 2020 budget.
• Singapore’s healthcare and pharmaceutical market will

Key View

• We at Fitch Solutions maintain our primary budget deficit forecast at 2.2% of GDP for 2020, but see a possible range of revision to between 2.3-2.6% of GDP over the coming months.
• This is because of the downside risks to the economy posed by the 2019 Novel Coronavirus outbreak, which already has 18 confirmed cases in Singapore as of