“This should translate into more positive consumption and income from the workforce eventually, as domestic industries recover and benefit from a more robust global demand,” he adds.
RHB Bank Singapore analyst Alfie Yeo is keeping his “overweight” call on the retail-staples sector as he sees stronger consumption on the cards.
“Our economics desk estimates Singapore’s 2023 GDP growth forecast at 1.5% before accelerating to 3% in 2024 – driven by with an improving external environment,” says Yeo in his Jan 3 report.
