Singapore’s manufacturing could see modest recovery in 2024 on global electronics demand

SINGAPORE’S manufacturing slump has likely bottomed out, and the industry should gradually recover in 2024 – though the magnitude and trajectory of this remains uncertain, said observers.

“Manufacturing has been the underdog for 2023. The question is whether we will get a turnaround story in 2024,” said OCBC chief economist Selena Ling.

Singapore’s factory output entered a year-long decline in October 2022, only snapping out of contraction the next October, when output rebounded 7.6 per cent year on year (yoy).