Singapore escaped a technical recession in the second quarter of 2023. There are bright spots in the economy, says OCBC chief economist Selena Ling.
Some might think that amid the many challenges - geopolitical tensions, a chaotic global economic order and stubborn inflation - that these hopes may be a pipe dream. But I think they are still achievable.
Manufacturing was the main drag, contracting 7.3 per cent year-on-year on the back of a protracted global electronics downturn; notably, all clusters except for transport engineering recorded output declines. The resumption of tour group travel for Chinese outbound visitors could lead to an uptick in visitor arrivals in the second half of the year, especially with the Formula One Singapore Grand Prix in September and other upcoming entertainment events.Singapore has already seen July visitor arrivals hit 1.4 million, bringing the total number of arrivals in the first seven months to 7.7 million. This suggests that the 12 million to 14 million visitor arrival target for 2023 is within grasp.
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