Electronics are still a large part of our lives and people around the world continue to buy the latest models emerged on the market, such as the new iPhone X. But this is only one mere example that sales in the electronics domain will continue to grow in 2018, as manufacturers expect to have an even better year than this year, which is almost over. When it comes to Singapore’s economy, the manufacturing industry is responsible of the fifth of it, making economists to rethink their forecasts when it came to the growth recorded by the country’s economy in 2017.
Irvin Seah, who is a DB senior economist, released a report in which he mentioned that he expects to see a considerable growth in Singapore’s economy, as it should reach 3.2% in the current year, in comparison with a previous prediction of 2.8%. It appears that both the global perspective, which improved steadily, and the incredible performances of the manufacturing industry, such numbers are indeed possible. Thus, manufacturers in Singapore, due to their efficient production strategies, are making economists reassess their forecasts and point toward a more significant economic growth.
Since the last quarter of 2016, the manufacturing industry recorded a constant expansion and it is expected for things to remain in the same manner, even if the pace may end up being slower than in previous years. Concerning the economic growth that should be enjoyed by Singapore in 2018, forecasts are moved from 2.5 to 3%, according to the same Mr. Seah. But, of course, some more pessimist economists state that the mind-blowing growth speed in the outputs of numerous factories will begin to decrease, so the enthusiasm of reaching a more significant economic growth could fade away. But, starting with the previous year, the manufacturing sector in Singapore simply exploded due to a very high demand for electronics at a global level, especially semiconductors.
According to the managing director of Aldon Group, Mr. Allen Ang, the company recorded a growth of 15% in its activity in the first part of 2017, in comparison with the same period of the previous year. Mr. Ang stated that it was the release of a high number of electronic products on the market that led to this change and, even though the company’s activity slightly decreased during this part of the year, he is confident that business will remain strong in the coming year. But, this doesn’t mean that manufacturing companies are not facing any risks. Costs that increase in the business domain and disruptions triggered by the appearance of various technologies, in domains like automation and data management.
http://www.straitstimes.com/business/economy/electronics-surge-tipped-to-continue-next-year
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