Oxford Economics estimated that Singapore's economy is set to expand by 2 per cent in 2024, markedly under the forecast 2.6 per cent growth for the world economy.
aided by a gradual pick-up in trade-related industries led by manufacturing, while a recovery in air travel and tourism would boost domestic-oriented sectors. This was mainly fuelled by the 7.6 per cent jump in non-oil domestic exports following an 8.5 per cent contraction in March.“Electronic exports are likely to remain on an uptrend due to rising demand as the global electronics cycle continues to bottom out, and as businesses are starting to invest heavily in chips again to ride the AI wave,” said Oxford Economics.
Oxford Economic said the first-quarter services gains were driven by the tourism-sensitive accommodation and food services sectors, amid concerts by pop stars like Taylor Swift. Tourist arrivals reached 94 per cent of pre-pandemic levels in the quarter.
Source: Financial Digest (financialdigest.net)
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