Manufacturing and trade sectors set to drive economic growth in 2H24

Experts predict a boost for manufacturing from global tech recovery.

Singapore's manufacturing and trade-related sectors will propel its economy to growth in the second half of 2024.

Within the manufacturing sector, RHB said electronics, precision engineering, and transport engineering will be bright spots.

“Empirically, these industries are plugged into the global trade landscape and will continue to benefit from the uptick in global Electrical and electronics (E&E) demand and trade activities,” RHB said.

RHB expects a recovering global backdrop to boost Singapore's industrial production growth in 2H24.

Similarly, Nomura forecasts a significant boost in manufacturing output from a global tech turnaround and new pharmaceutical capacity.

"Services will likely also hold up as industrial output improves, making GDP growth more broad-based," Nomura added.

Meanwhile, UOB cautioned that tight financial conditions from elevated interest rates in the US and EU may temper the extent of improvement in externally-oriented sectors like manufacturing.

UOb, however, clarified that these sectors could stage a more meaningful recovery in 4Q24, “should major central banks in advanced economies begin or continue to lower policy rates, which may stimulate investment and consumption activity abroad.”

Follow the link s for more news on

Nomura

RHB

UOB

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia