They see “green shoots” sprouting in exports and manufacturing amid a brightening global outlook as US customers use up excess inventories and launch new products, leading to the start of a new cycle of upgrades. On the other hand, the services part of the economy is seen to subside as the post-pandemic recovery bounce normalises.
Singapore’s economy is expected to close 2023 with a modest growth of 1.1%. But economists anticipate a slight uptick in the new year, driven by increased demand for electronics and a recovery in China.
Maybank economists Chua Hak Bin and Brian Lee Shun Rong have pencilled in a growth of 2.2% for 2024, thanks to a recovery of the manufacturing sector, which has been a drag on the economy for over a year.
