Recession avoided but businesses remain on guard

Mr Willy Koh, founder and chief executive of medical device maker Racer Technology, says: "Usually for the medtech industry, demand is still there even in times of slowdown, but this is the first time that it is no longer so."
Mr Willy Koh, founder and chief executive of medical device maker Racer Technology, says: "Usually for the medtech industry, demand is still there even in times of slowdown, but this is the first time that it is no longer so."ST PHOTO: MARCELLIN LOPEZ

Wholesale trade, manufacturing sectors, in particular, grappling with impact of global slowdown

Singapore may have dodged a technical recession but high-end manufacturer Racer Technology knows all too well that times are tough and likely to get even tougher in the months ahead.

The medical device maker used to have a pretty clear idea of what demand would be nine months down the track, and it would order raw materials accordingly. But with demand on the slide, it is down to a lead time of just three months.

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A version of this article appeared in the print edition of The Straits Times on October 16, 2019, with the headline 'Recession avoided but businesses remain on guard'. Print Edition | Subscribe