“Still, y-o-y manufacturing performance is expected to contract for the remaining part of 1H2023 before staging a gradual uptick in 2H2023,” he says.
Singapore’s manufacturing sector could see an improvement in the second half of 2023, despite its disappointing performance in the first four months of the year, according to RHB Bank Singapore senior economist Barnabas Gan.
In line with Gan’s outlook for Singapore’s overall gross domestic product (GDP) to stage an uptick in 2H2023, he notes that the performance of advanced economies has been relatively resilient, thus translating to the return of global risk appetite and improving momentum in externally-related economic data across most of Asean, benefitting externally-dependent sectors such as manufacturing.
