Singapore's economy grew strongly amid global instability, driven by semiconductors and AI, with regional trade growth led by high-tech exports.
Singapore's economy grew 6.1% in H1 2023, with Taiwan as its top trading partner.
Asian economies like Vietnam and Malaysia are benefiting from the global AI boom and high-tech exports.
World Bank warns of risks from over-reliance on AI-related industries if global investment slows.
Summarised automatically by AI from the original article by Free Malaysia Today. AI can make mistakes, so check the original for details.
Singapore’s electronics exports surged 132% in August from a year earlier, prompting an upgrade to its 2026 growth forecast of 4.5%-5.5%. (EPA Images pic)
SINGAPORE: Singapore’s top diplomat touted what he called “a moment of great potential” for Southeast Asia, as economies expand rapidly on surging technology demand even as much of the world faces growing uncertainties.
Speaking during a conference on Wednesday, minister for foreign affairs Vivian Balakrishnan said semiconductors and AI were major drivers helping the region’s economies outperform expectations. He noted that the city-state expanded 6.1% in the first half of the year, with Taiwan overtaking China to become its biggest trading partner.
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