Oxford Economics

Following the release of advance gross domestic product (GDP) estimates by the Ministry of Trade and Industry on Tuesday morning, economists are buoyant on Singapore’s economic outlook, despite the dismal numbers reported in 2Q20.

In a report dated 30 June, Vasiljev says the upside may be seen especially for the Eurozone, UK, and US economies. China and Japan’s economies are likely to remain closer to consensus forecasts.

“While we expect manufacturing activity and external demand to pick up as global lockdowns are loosened, any rebound in activity is likely to be modest compared to the size of the fall in 2Q20,” notes Oxford Economics.

In 2018, Singapore had the highest robot density in the world, or the number of robots per 10,000 workers. The report notes that SMEs could be particularly vulnerable to automation and robotisation.

SINGAPORE (Jan 2): Analysts expect a “tepid recovery” for the Singapore economy in 2020, after advance GDP estimates released Thursday pointed to the worst growth performance for the city state since the global financial crisis in 2009.

SIGNAPORE (Oct 17): Singapore’s non-oil domestic exports (NODX) fell 8.1% year-on-year in September – marking the seventh consecutive month of contraction amid uncertainty surrounding the US-China trade war and slowing global growth.

SINGAPORE (Sept 23): Singapore is seen to dip into a technical recession in the current quarter ending Sept 30, say economists at Oxford Economics. The export-oriented city state is bracing for its economy to be hit the hardest across the region amid spil

SINGAPORE (Sept 19): Singapore is forecast to dip into a technical recession in the current quarter ending Sept 30, say economists at Oxford Economics.

SINGAPORE (June 28): The recent US-China trade tension escalations have resulted in the deterioration of the manufacturing and exports sector – causing Oxford Economics to lower its GDP growth forecasts across most of Asia.

SINGAPORE (Mar 29): A weakening trend in Chinese import demand and slower global trade will continue to weigh heavily on exports across Asia, according to Oxford Economics.