During 2009's fourth quarter, Singapore's gross domestic production managed to hike by 3.5%, but the growth for the complete year has still remained in the negative category at minus 2.1%.

Singapore Prime Minister Lee Hsien Loong, in his New Year message has said that the next year could see an economic growth of 3-5%, and observers are of the opinion that this could result in a move away from the manufacturing sector as the main driver of the country's economy.

"If we look at current trends themselves, and what happens in developed economies in the West, this is clearly not a sustainable picture. To keep a manufacturing base that high... But at the same time, as we move towards a more developed stage in economic development, we are expecting services to play a bigger and bigger role as the economy develops", said Alvin Liew, economist, Standard Chartered Bank.

During the next year, financial services are expected to see the highest growth; while tourism linked firms are expected to improve as well.

Experts are, however, still waiting to see how the global economy would unwind the current support packages as these could pose some threat to the growth.