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Singapore GDP growth likely to remain tepid after avoiding technical recession in Q2: economists

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Sharon See

Sharon See

Published Fri, Jul 14, 2023 · 07:53 PM
    • Private-sector economists polled by Bloomberg had expected a 0.5 per cent year-on-year growth and 0.2 per cent quarterly contraction, which meant they were bracing for a technical contraction – defined as two consecutive quarters of quarterly contraction.
    • Private-sector economists polled by Bloomberg had expected a 0.5 per cent year-on-year growth and 0.2 per cent quarterly contraction, which meant they were bracing for a technical contraction – defined as two consecutive quarters of quarterly contraction. PHOTO: BT FILE

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    ALTHOUGH Singapore narrowly dodged a technical recession in the second quarter, as indicated by early data, economists believe growth is likely to remain tepid in the coming months amid the manufacturing downturn.

    “The overall conclusion is that the glass is still half-empty, half-full for the Singapore economy,” said OCBC chief economist Selena Ling. “The anticipated recovery in the global electronics industry, especially for semiconductors, appears to be delayed towards Q4 or even early 2024, so the domestic manufacturing slump may persist into Q3 at least.”

    Still, the services sector should see a tailwind from the uptick in overseas visitors in the second half of 2023, she noted, especially with the upcoming Formula 1 race and festive season in the fourth quarter.

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