Bleak outlook for Singapore’s electronics, semicon manufacturing amid global slowdown

ELECTRONICS manufacturing in Singapore is expected to decline in 2023 as the industry’s global slowdown continues, amid challenging macroeconomic conditions and weaker external demand for consumer electronics.

And with electronics comprising 40 per cent of total manufacturing, the overall sector may only rebound in 2024 when the global economy improves, said Maybank Kim Eng analyst Lee Ju Ye.

OCBC chief economist Selena Ling expects manufacturing growth to flatline for the full year in 2023, with a likely contraction in the first quarter or half, before stabilising in the second half.