SINGAPORE - Firms in Singapore's manufacturing and services industries remain pessimistic about the business outlook for the second half of the year, amid the ongoing coronavirus pandemic and uncertain global trade and macroeconomic conditions.
However, despite the overall negative outlook, they are slightly more optimistic about the July to December period as compared to the six months from April to September. Across all segments, business activity level is expected to decline for the July to December period compared to January to June. Operating receipts are expected to decrease for the three-month period ending in September, compared with the previous three months.
Overall, a net weighted balance of 7 per cent of firms plan to hire fewer workers in the next three months, with all clusters apart from the biomedical manufacturing cluster projecting a smaller workforce for the July to September period. However, the info-communications and consumer electronics, as well as other electronic modules and components segment, expect orders to be negatively affected by Covid-19 and United States-China tensions.
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