Singapore dollar strength leads to more travel abroad and challenges for local businesses.
Singaporeans are traveling more due to the Singapore Dollar's strength against the US dollar, reaching its highest level since 2014. This allows residents to enjoy luxury experiences abroad, particularly in Bali and Bangkok. However, the robust currency poses challenges for local businesses, as spending shifts to foreign destinations impacts retail and hospitality sectors. While it benefits travelers, it may hinder exports and manufacturing, raising inflation concerns.
September 05, 2024
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