The key manufacturing sector is expected to see a gradual recovery in the second half of 2024.
SINGAPORE – Singapore’s economy is expected to stay resilient for the rest of the year, with growth now expected to come in at the upper end of the official forecast although risks such as geopolitical conflicts remain.
MTI’s narrowed 2024 outlook is in line with that of the Monetary Authority of Singapore, which on July 26 had said GDP growth is likely to come in closer to its potential rate of 2 per cent to 3 per cent for the full year. On a quarter-on-quarter basis and seasonally adjusted, the economy expanded 0.4 per cent, matching the advance estimate and unchanged from growth in the first quarter.
But consumer-facing sectors, such as retail and food and beverage services, shrank, partly due to an increase in outbound travel by locals. Nonetheless, as the property market is likely to stabilise with the roll-out of government support measures, consumer sentiments should start to improve, MTI said.
In particular, the electronics cluster is projected to recover more strongly, supported by robust demand for smartphone, PC and AI-related chips. This will in turn boost the precision engineering industry. “In particular, we maintain our view that the tech upcycle is broadening out of North Asia, where the AI boom has largely been playing out.”
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