SG Morning Highlights | Thai Beverage Reports Slight Dip in Annual Profits Amid Economic Challenges

Advancers / Decliners is 67 / 25, with 41.66M securities worth S$41.39M changing hands.

Singapore's Ministry of Trade and Industry (MTI) has revised its economic growth forecast for 2024 to approximately 3.5%, up from the earlier projection within the 2-3% range. This adjustment follows a stronger-than-anticipated performance over the first three quarters of the year, with third-quarter growth now reported at 5.4%, an upward revision from the preliminary estimate of 4.1%. Looking ahead to 2025, the official growth forecast is set between 1 and 3 percent. The revision reflects not only Singapore's robust year-to-date economic activity but also considers the latest global and domestic scenarios, including varied performances in major and regional economies and expected moderation in some areas.

Singapore has revised its 2024 export forecasts downward due to a weaker-than-expected economic recovery in the latter half of the year, particularly impacting volatile sectors such as pharmaceuticals and shipbuilding. Originally projected to expand by 4-5%, non-oil domestic exports (NODX) are now expected to see a modest growth of around 1%, as reported by Enterprise Singapore. This adjustment follows a disappointing October NODX performance and ongoing challenges in key volatile segments that are anticipated to affect Q4 results negatively. Meanwhile, total merchandise trade growth projections have also been narrowed to around 5%, down from the earlier forecast of 5-6%. Looking ahead to 2025, NODX growth is anticipated to align with global trends, expected to rise by 1-3% in response to the World Trade Organization’s more optimistic projections for global merchandise trade.