Success story: A view of the Singapore city skyline. The offshore and marine industry has been a key pillar of Singapore’s economic transformation into a first world economy. — AFP
SINGAPORE: A big drag on Singapore’s growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren’t betting on a return to the glory days anytime soon.
The industry, along with a top-class finance sector, has been a key pillar of Singapore’s economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost, several defaults and billions of dollars in debt restructurings.
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