SINGAPORE – Singapore expects overseas visitor arrivals to grow at a slower pace of between 2.8 and 7.6 per cent this year, hurt by a tight domestic labour market that has made it harder for firms to expand, the Singapore Tourism Board said on Wednesday.
The city-state hopes to attract 14.8 to 15.5 million visitors this year, which is an increase from last year’s estimated 14.4 million, STB said.
STB is targeting tourism receipts of S$23.5 billion to S$24.5 billion this year, up from last year’s estimate of S$23 billion.
Visitor arrivals rose by 9.1 per cent in 2012 over 2011, while tourism receipts grew around 3 per cent to S$23 billion.
Singapore is becoming a playground for Asia’s rich, helped by the opening of two multi-billion-dollar casino-resorts as well as high-end clubs and restaurants helmed by Michelin-starred chefs.
Visitor arrivals grew 13.1 per cent in 2011. In 2010, the year Singapore’s two casinos opened, visitor arrivals soared by 20.2 per cent.
Singapore expects slower rise in visitors this year
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