Impact of Recent Regional Manufacturing and Trade Slowdowns on Singapore's Economy

Mr Desmond Choo asked the Minister for Trade and Industry how have recent geopolitical tensions affecting global and regional manufacturing and trade flows impacted Singapore's economy.

Ongoing geopolitical tensions between major economies have led to rising trade barriers and have dampened consumer and business confidence in many economies, including Singapore. In line with softer global demand, Singapore’s manufacturing output and non-oil domestic exports declined by 6.6% and 16.2% year-on-year respectively between January and August 2023. This has, in turn, weighed on Singapore’s GDP growth, which is projected to come in at 0.5% to 1.5% for the full year, compared to the 3.6% achieved in 2022. We will press on with our Manufacturing 2030 plan to develop Singapore as a global business, innovation and talent hub for advanced manufacturing.