Analyst finds substantial risk in Singapore’s technical recession

The decline will be largely driven by the weakness in manufacturing.

The recent manufacturing output declined 4.2% on a yearly basis, which could signify further risk to economic growth in Singapore.

According to UOB, the “risks to global and Singapore's growth are tilted to the downside, and there is a substantial risk Singapore may enter into a technical recession in 1H 2023 largely driven by the weakness in manufacturing.”

The central bank even warned that the global electronics industry is in a sharp downturn, which could lead to subdued global investment and manufacturing.

The boost to demand in regional economies from their reopening in 2022 will also fade over 2023, and there will be lower spillover benefits from China's rebound.

Looking ahead, UOB said its forecast for Singapore’s manufacturing outlook will contract by 5.4%.

Follow the link for more news on

UOB

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

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