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DBS: Optimistic GDP Growth Outlook for Singapore in the Second Half

On June 30, Chua Han Teng, a senior economist at DBS Group, stated in a report that as tensions between the U.S. and Iran ease, Singapore's GDP growth outlook for the second half of the year is becoming optimistic. With improvements in financial markets, business, and consumer confidence amid a reduction in geopolitical tensions, the country's economy may benefit. There also appears to be further development potential in the global AI-driven technology cycle. As major hyperscale cloud service providers strengthen their AI infrastructure, demand for Singapore's storage chips, server-related products, and semiconductor equipment will be boosted. DBS Group has raised its GDP growth forecasts for Singapore for 2026 and 2027 from 2.8% and 2.3% to 4.3% and 3.0%, respectively.

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