Domestic-oriented activities to give Singapore economy greater boost in 2018, says HSBC

SINGAPORE (Dec 18): HSBC Global Research says Singapore’s domestic economy could improve, even as GDP growth is forecast to ease to 2.7% in 2018, from the 3.3% expected in 2017.

“It’s been a blockbuster year for Singapore. Rising external demand has led to a strong pick-up across the manufacturing sector this year, but semiconductors have contributed to most of the upside growth surprises,” says HSBC economist Chen Jingyang in the 1Q18 report on Asia economics.

According to Chen, the global demand for semiconductors has been driven by a global tech upswing since 2016.

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