THE industrial sector is expected to “continue doing well” on the back of manufacturing growth, a report from National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) said.

According to the Ministry of Trade and Industry, the manufacturing sector grew 7.9 per cent in Q1 2022, and is expected to expand by 8 per cent year-on-year in the second quarter this year.

“However, recent interest rate hikes by the US Fed to keep inflation in check may slow down demand and expansion. According to the head of the IMF (International Monetary Fund), the outlook for the global economy has darkened significantly in recent months, and the world faces an increasing risk of recession in the next 12 months,” said IREUS.