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THE TWO FACES OF S'PORE'S ECONOMY: Bright spots
Manufacturing to drive nation's recovery for another year
The start of the year has bode well for some industries, while others continue to slump. Insight looks at what lies ahead for sectors at both ends of the spectrum, and the challenges that stand in the way of recovery.
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Manufacturing led the recovery from the Covid-induced recession, growing last year at a breathtaking pace of 7.3 per cent. That was a strong rebound from the 1.5 per cent contraction in Covid-free 2019 and was mainly driven by increased demand for electronics.
ST PHOTO: LIM YAOHUI
DeeperDive is a beta AI feature. Refer to full articles for the facts.
The recent Covid-19 resurgence may have baked in the prospects of an uneven and gradual economic recovery through the year led by the trade-driven manufacturing sector.
That suggests the pace of growth will depend on the health of external demand for goods and services produced in Singapore - a critical node for global trade.
