During a Friday morning briefing on the Economic Survey of Singapore, Ms. Yong Yik Wei, chief economist at the Ministry of Trade and Industry ( MTI), was also asked about mutual tariffs by the US.
She argued that the effects should not be discounted because no specifics have been determined.
According to the latest sense, the current suite of price measures, which have already been implemented or are planned, could have a small negative effect on the Singapore economy. Ms. Yong continued, adding that MTI is carefully monitoring the situation and did examine it before determining its impact on the economy.
Digital CYCLE TO SUPPORT GROWTH
RHB’s Mr Gan said the lender maintains its cheerful medium-term view on Singapore’s manufacturing and service industries in 2025.
The he said,” The watch is supported by a robust international and local economic environment and by easing monetary conditions around the world.”
The continued international tech upcycle is a important trend to see, he said, and it may not be affected by US-centric plan uncertainties.
Singapore’s economic development in 2024 was largely attributed to the developing sector’s electronics cluster, which MTI claimed was growing strongly as a result of the global technology cycle’s recovery.
Non-oil domestic exports ( NODX), a key exports indicator, grew 0.2 per cent last year, after contracting 13.1 per cent in 2023, Enterprise Singapore said on Friday. Higher supplies of digital goods were cited as the cause of the rise.
Mr Gan said the manufacturing sector is expected to continue driving Singapore’s business, supported by strong demand for goods such as technology.
In particular, RHB is good on the electronics, precision engineering and carry architecture, which are strongly linked to global business and will benefit from the rising need for electronics, electronic equipment and heightened trade activity.
Singapore is well-positioned to profit from a favorable global tech routine, he said, adding that it is a key player in the global semiconductor supply chain.
RHB sees NODX growing 2 per cent in 2025, within the president’s estimates range of between 1 per cent and 3 per cent.
The bank projects 3 % economic growth for Singapore this year, which is above the MTI’s forecast of 1 % to 3 percent.
Ms. Liu stated that HSBC anticipates more policy help to counteract the effects of the high cost of living and the lackluster performance of domestic-oriented services.  ,
” Governmental aid is likely to complete the heavy-lifting”, she said.