SINGAPORE (Feb 29): Singapore missed its targeted receipts from tourism last year and said 2016 figures may remain flat as global economic uncertainties curb visitor arrivals.

Tourism receipts fell 6.8% to $22 billion in 2015, largely because of a decline in business visitor arrivals and spending, the Singapore Tourism Board said Monday in a statement citing preliminary estimates. The board said it forecasts receipts of $22 billion to $22.4 billion this year.

“Global economic growth may be hampered by the slower growth momentum of the Chinese and US economies as well as uncertainties such as ongoing reforms in China and the impact of the normalization of the U.S. monetary conditions,” the board said on the outlook for 2016. “Increasing regional competition will also pose challenges to Singapore’s tourism sector.”

Tourism receipts from Malaysia, Indonesia and Australia fell the most, by 26%, 21% and 10% respectively, according to the statement. These markets faced economic challenges and their currencies depreciated against the Singapore dollar, leading to fewer visitor arrivals and smaller spending, the board said.

Visitor arrivals rose 0.9% to 15.2% in 2015, and are expected at 15.2 million to 15.7 million this year, the board said in the statement.

The city-state forecast $23.5 billion to $24 billion in tourism receipts for 2015, according to a statement in March last year.