De-risking or decoupling in the world economy are broader, longer-term concerns, he said. Read more at straitstimes.com.
The global electronics downturn – with a slump in worldwide demand in advanced economies such as the US and the European Union – has hit Singapore’s manufacturing activity. Electronics accounts for 42 per cent of Singapore’s manufacturing output.lifting Covid-19 curbs in late 2022.
While its economy grew 4.5 per cent year-on-year in the first quarter, its statistics agency had warned: “The situation abroad is still complex and volatile, inadequate domestic demand remains prominent and the foundation for economic recovery is not solid yet.” Over in the US, the Federal Reserve is hoping to achieve a “soft landing” by taming rapid inflation – at 40-year highs – without causing unemployment to rise or triggering a recession.that could happen as soon as next Thursday.“We’ve been progressively strengthening our supply chains over the years through different strategies including stockpiling, diversifying our imports as well as local production where it’s possible,” he said.
“Additional resilience comes at a cost, and we have to think through carefully how much more to put in place. The right way to think about this is we are taking a dynamic and forward-looking approach. It’s not static. So we monitor risks very carefully,” he said. “We look ahead over the horizon and see what new risks might materialise. And indeed if the risks start building, then we buy more insurance along the way.More On This Topic
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