📊Executive Summary

Manufacturing activity in Singapore has declined for the third consecutive month due to a prolonged downturn in demand for electronic goods from key trading partners. The Singapore Purchasing Managers’ Index (PMI) fell to 49.5, indicating contraction, with the electronics PMI dropping to 49.1, marking ten months in contraction. This downturn is attributed to a significant decline in new orders and exports, with the Ministry of Trade and Industry forecasting a modest economic growth of 0.5% to 2.5% for 2023. The article highlights concerns over continued weak demand, particularly from advanced economies like the U.S. and EU, which could lead to further challenges for electronics manufacturers in Singapore....